![]() ![]() For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Any advice contained in this document has been prepared without taking into account your particular objectives, financial situation or needs. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries. The information is intended to be of a general nature only. ![]() Bucketing your money – the better way to save and spend.If you can learn how to budget and manage the money you have, you can ease some of your financial stress in the process. Living on a low income doesn’t necessarily need to be a disadvantage. They can help you with managing your debts, budgeting and other money related issues. Anyone can use this service, not just customers of the Department.Īlternatively, you might like to work with a financial counsellor if you’re experiencing financial difficulty. For budgeting and general help with managing your money, The Department of Human Services has a free Financial Information Service (FIS). In Australia, there are a few options for how to get help when you need it. If they offer this service, it means you can pay off your bills in instalments, either fortnightly or monthly, so you won’t be up for a big amount at once. You can get in touch with your utilities providers and talk to them about ‘bill smoothing’. That’s not the name of a rap song – it has to do with your regular bills. ![]() You could call one sub-account ‘bills’ and another ‘groceries – it’s totally up to you! Plus, we’ve removed account keeping fees on all Suncorp personal and business deposit accounts – forever!Įxplore Suncorp’s Everyday Accounts Smooth your bills To manage your daily money, Suncorp’s Everyday Options Account gives you the flexibility to set up sub-accounts – up to 9 of them – to separate your money according to what you want to pay for. Check out an Everyday Options Account with Suncorp You can also pay a visit to your local library, where you can borrow books, DVDs and other resources for free! Paying attention to how you spend your money will help you avoid the temptations of impulse purchases as well. ![]() Keep an eye out for free activities in your local area, such as outdoor concerts. Get creative when it comes to entertainment options too. You could try buying basic food items (think dried fruit, coffee or tea) in bulk, or look for the generic brand instead of the more expensive named options. Saving money on things like food and entertainment is possible (even on a low income). The sooner you’re able to reduce any debts you might have, such as high interest credit cards or personal loans, the more money you might have to start saving or simply enjoy daily life. This can be a big step towards managing your money, especially if you’re on a low income. The Department of Human Services has information on income support, so it can be a good idea to do your own research to find out what you’re entitled to ahead of time. Centrelink offers a low income Health Care Card which, if you’re entitled to it, offers discounted services for public transport and medication. In some cases, you might be entitled to financial support from government agencies if you have a low income. A little knowledge can go a long way, especially if you’re new to budgeting. It’s free to use and calculates the difference between your income and expenses when you input your information. If you’re not sure how to set up a budget, try Suncorp’s Budget Planner. When you don’t have a lot of money coming in, it’s important to check your bank statements regularly and budget accordingly so you have enough to cover your basic needs, like rent and utilities. To get you started, we’ve got some great money saving tips and ideas to help you manage your money while still enjoying life at the same time! Start by setting up a budgetįirst things first, you need to know how much money you have and what regular fixed expenses you have. Learning how to budget and save on a low income is a useful skill to have at any age and in any circumstance. It can be helpful to invest a little bit of time in planning ahead and understanding your spending habits to make things a little easier on you and your family. Taking care of your day-to-day expenses on a low income can be difficult. ![]()
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