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Chapter 1: What are the core components of banking products?
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Welcome to the Australian Finance Podcast, a podcast for people who want to learn more about their personal finances and get the most from their money. This series is hosted by Kate Campbell from HowToMoney and Owen Rascovitch from Rask Finance.
The Australian Finance Podcast is provided for educational purposes only. The information is general in nature and does not take into account your needs, goals or objectives. What that means is the information does not apply to you specifically. So consider getting the advice of a licensed and trusted professional before acting on the information.
Kate, welcome to the second episode of the Australian Finance Podcast.
Hi, Owen. Good to be back. And today we're going to be chatting about some of the core components of banking products, budgeting and get into emergency funds.
Now, it might sound a little bit daunting. I think I read in a book once that...
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Chapter 2: How can you effectively start budgeting your finances?
So, you know, I've got a friend that isn't afraid to go to Salvos to find a dress or some clothing or, you know, they would even go so far as probably to make something. And it's not because they, you know, they're a miser and they really just want to hoard money. But it's because they, you know, they can be creative.
But also they don't see the value in spending, you know, $150 on a new dress or whatever it might be. So, you know, that's just an example, again, of how you can be creative. And it doesn't have to be a real chore to save money. Yeah.
um and the the idea here is with the the chains of habit is that people you know they start with something really small and they give themselves like a concession and then eventually that snowballs and you get to a point where you know you're indebted you've got multiple lines of credit and it can be you know it can just be toxic so it's best to avoid that just nip it straight away and deal with it have you have you got any examples where people maybe be creative with this sort of stuff or
Yeah, I've seen them. It's actually quite a big, there's the debt-free community on Instagram, which is quite interesting to see the very creative ways people actually save money or cut expenses to become debt-free. And it's really, it's quite good that they're actually sharing their experiences. But whether it be having your cheese and wine night at home with friends instead of going out or
Setting up a home movie theater just for the night so all your friends can come instead of going out to the cinema. I've definitely seen repairing of clothes. Some people have done a whole year without buying clothes as a challenge. I think I'd struggle with that. But very creative ways to get out of debt. And I'll link to some of those in the show notes.
If people seriously want to commit to getting out of debt, they find the way.
Yeah, so we'll talk about that in a bit more detail soon. But let's talk about, can you give me just a simple budgeting strategy? What is a way that once you work out what you're making and perhaps what you're spending, what's a really easy way to think about maybe what you could save?
Well, one of the common methods I've seen online, and I've sort of tried to implement that myself, is the 50-20-30 budget where you're spending 50% on essentials. So your rent, your electricity, everything like that. You're spending 30% on personal, whether that be gym, new clothes, health care. and then 20% is going into savings.
So using those broad percentages, it really can adjust based on whatever your income is. And I find that's a lot easier to use that kind of budget, using those holistic buckets, as you'd say, rather than micromanaging. I did try for a few months having the $50 to healthcare, $50 on clothes, and things come up that you're not aware of or suddenly you have to go get a ticket to see a family member.
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