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How to get control of your day-to-day finances

Being in control of your day-to-day finances is the first step towards feeling in control of your money.

3 minute read

The first step to feeling like you’ve got a sense of control over your money is to work out what your current situation is. Ask yourself; how much money do I have coming in every time I get paid? And how much do I have left over by the time it’s my next pay day? What am I aiming for? And how much do I have saved?

If you’re spending more than you earn at the moment, understanding where your money’s going could help you figure out ways to lower your costs – and get closer to reaching your goals.

Track your spending

Your bank may offer insights into your spending through internet banking or an app. For example, you may be able to sort your spending history into categories like groceries, eating out, and shopping. It might surprise you to see exactly where your money’s going.

BNZ customers can use the Activity tab in the BNZ app to help them stay on top of their money. 

Set a budget that works

From there, work out how much you’d ideally like to have left over at the end of each week, month, or fortnight, and set yourself some targets, like saving money on groceries by avoiding impulse purchases (shopping online is a good way to do this). Just make sure what you’re aiming for is realistic. Having a clear idea of what you want to achieve with your extra money will help you stay on track. 

It’s a good idea to review your budget regularly to make sure it fits in with your goals, and your lifestyle. Make tweaks where you need to – just try not to lose sight of what you’re aiming for in the long-run. 

Build an emergency fund 

Of course, things aren’t always smooth sailing. Building an emergency fund can help you to stay out of debt if any unexpected costs come up. Set up a separate account and have an automatic payment go into it each pay day. If you choose a savings account you could earn interest on the balance. 

Plan to get rid of your debt

If you’ve got debt, you’ll feel more in control if you’ve got a plan to get rid of it. Here are a few things that may help you get out of debt.

• Only buy what you can afford and cut down spending on 'wants' rather than 'needs'
• Put off buying high-cost items or upgrading expensive technology like a phone or laptop
• Start paying off your current debts - in most cases, high interest debt is likely to be the highest priority for repayment
• Consider applying for a debt consolidation loan so you can group all your debt in one place and preferably at a lower interest rate. 
• Stick to your plan – motivate yourself by thinking about a debt-free future or having the money to achieve a significant life goal, like a special family holiday, or buying a house

It’s not always easy managing money. But taking these steps can help you feel more in control of where you are now, and where you’re heading. 

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This article is solely for information purposes. It’s not financial or other professional advice. For help, please contact BNZ or your professional adviser. No party, including BNZ, is liable for direct or indirect loss or damage resulting from the content of this article.

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