Own your own budget.

Posted by Paul Ryan • 1 June 2014 • Tags:

The recent budget handed down by the Federal Government reinforces the importance of taking control of your own budget and financial position.

Irrespective of your political persuasion there will always be a perception of winners and losers at budget time. What is considered a benefit one day could so easily be taken away the next.

As we expect our politicians to govern in the best interest of the country, we as an individual or a family need to make similar and tough decisions

Budget - Piggy BankTo help us make better or more informed decisions here is a checklist of the things that might help when reviewing our own budget.


  • Do you know who is looking after your superannuation
  • Do you know the value of your superannuation and is it performing in line with your retirement plans

Home Loan

  • What is the interest rate on your home loan
  • Are you paying interest only or principal and interest
  • Do you have the option of making payments weekly or fortnightly
  • Do you know how to access home loan calculators so you can play around with options in terms of additional repayments and how a simple change can deliver long term benefits

Credit Cards

  • How many credit cards do you have? What is the purpose of each card?
  • Do you know the interest rate you are paying on your credit cards
  • Have you thought about consolidating e credit cards to obtain a lower interest rate
  • Have you thought about cutting up at least one card


  • Is there a better way in which you can preserve your cashflow
  • What finance options are available to help me grow my business
  • Is everyone in your business performing and accountable to the business objectives


  • When was the last time you reviewed your electricity, gas, phone and internet bills
  • How many foxtel channels do you have
  • How regularly are you shopping on the internet?

Like any government, we all need to take a holistic view on how we can function more efficiently to achieve our own goals.

The above checklist relies on you taking appropriate action to ask questions of respective professionals

Superannuation – speak to family, friends and colleagues and ask them if they know a quality financial planner and arrange to meet with at least 2 or 3 to help you compare options

Home Loan - speak to family, friends and colleagues and ask them if they know a quality mortgage broker and arrange to meet with at least 2 or 3 to help you compare options

Credit Cards – use sites like http://www.canstar.com.au/ or http://mozo.com.au/ to help you understand what other options are available – again speak to a financial adviser

Business – seek advice from your own bank, finance broker or search the internet for the type of finance you may be seeking - http://www.intouchfinance.com.au/our-services/business-finance/

Lifestyle – be proactive, speak to existing and alternate providers to see how you can save money and don’t be afraid to make some tough and unpopular decisions.

Running your own budget is the same as a government budget. If things are going well, tremendous however keep planning for the future. If aspects of your budget are causing problems, review your checklist and don’t be afraid to make some tough decisions as you plan for the future.

Happy budgeting and take back control