I have created a budget, but now what?!

Once you have created a budget, it's crucial to regularly track and evaluate its effectiveness. This will allow you to make adjustments as necessary and ensure that you are staying on track towards your financial goals. So, let's explore the importance of tracking and adjusting your budget to achieve long-term financial success.

Tracking and Adjusting Your Budget

By actively tracking your budget, you can gain a deeper understanding of your spending habits and identify areas where you can cut back or allocate more funds.

The easiest way to track your budget is by using a free app like WEMONEY free budgeting app (use joining code: "MUMSBUDGET" when signing up) or software that automatically categorises your expenses and provides you with real-time updates on your financial situation. This can help you easily visualise where your money is going and identify any patterns or trends in your spending.

The free app our members love using for this is WEMONEY. By clicking HERE and signing up with the code "MUMSBUDGET", you will receive $5 from WEMONEY via PayPal payment the Monday after you connect 1 successful bank account.

Some other free budget app options tailored for users in Australia include:

1. Pocketbook: Pocketbook is a widely used budgeting app in Australia. It allows users to sync their bank accounts, credit cards, and bills to track expenses automatically. The app categorizes spending, sets budgets, and provides insights into financial habits.
2. Money Brilliant: Money Brilliant is an app that helps users manage their money by aggregating all financial accounts in one place. It provides budgeting tools, tracks spending, offers bill reminders, and creates savings goals.
3. Frollo: Frollo is an app designed to help users set savings goals, track spending, and manage budgets. It provides insights into spending patterns and offers personalized tips to improve financial habits.
4. Goodbudget: Goodbudget uses a digital envelope system to allocate funds to different spending categories. It allows users to create budgets, track expenses, and sync across multiple devices.

There are also many paid budgeting app options like YNAB (You Need a Budget) and you can try this budgeting software by signing up to their free trial HERE. There are on going monthly costs with a paid budgeting platform so make sure to factor that into your budget!

If you are not a fan of budgeting apps, and scared someone will steal your details (although that is unlikely as all budgeting apps use the same protocols as banks do for open banking) you can also consider the following, however it will take you more time to manage:

1. Spreadsheet Software: You can use spreadsheet software like Microsoft Excel or Google Sheets to create your own customized budgeting tool. Many templates are available online to get you started.
2. Envelope System: This is a traditional method where you allocate cash into envelopes for different spending categories. While physical envelopes are traditional, you can also use this concept digitally with apps like Goodbudget.
3. Banking Apps: Many banks provide budgeting features within their mobile apps. These features often include expense tracking, categorization, and insights into your spending.
4. Expense Tracking Apps: If you're more interested in tracking your expenses, there are apps like Expensify or Receipts by Wave that help you manage and track receipts and expenses, which can contribute to overall budget management.

Choose a tool(s) or app(s) that aligns with your preferences, level of financial activity, and the features you find most useful. The key is to consistently track your income and expenses, set realistic budgets, and regularly review your financial situation to make informed decisions.

You can stay up to date with all new budgeting related companies and products on our linktree HERE. As soon as you visit our linktree you can scroll down on one simple page and stay organised. You can even subscribe for free to our page and get email notification as soon as a new link is added so you are always in the know!

Mums on a Budget Australia loves everything related to budgeting and finances! Check out Save Money Like a Pro! | Mums on a Budget - AU | Linktree to get started on your budgeting journey for free and make to subscribe for free to stay up to date HERE. Everything you need for your budgeting journey is located in ONE simple link.