As someone who has recently graduated, I know how easy it can be start on the wrong track when it comes to paying the bills and budgeting. You don’t have a mortgage or a family to support? That’s fine but you should still have a budget. ‘Every little helps’ and you can start planning and being aware of your spending’s with weekly shopping. 
With young professionals in mind, we came up with a list of suggestions so you can create an easy and realistic budget to plan your basic expenses, and help you master your financial independence:

1. Get to know yourself:
This may sound like a self-help tip, but, in fact, knowing what you consume most on a daily basis is essential to figure out in what areas you can save money or not.

2. Make a list:
After you know exactly where your money is going, write it down and see how much each item costs you weekly or fortnightly (depending on how often you are paid). By doing so, you will find out which ones are the most expensive items and decide if they are essential or not. Knowing your non-negotiables is a key point to make your budget work, otherwise you might cut off items that you really need and, therefore, end up not following the budget.

3. Find Replacements:
Now that you have decided which items you can and can’t live without, it’s time to take it to the next level. A good technique to keep these loved treats (or even needs) as cheap as possible, is to find replacements! For instance, if you are a heavy coffee drinker, consider buying coffee capsules and having them at home instead of ordering coffee in cafes where it can be as expensive as $4.50/ $5 a coffee, which adds up to $25 weekly and $100 monthly. Or if you go out to eat at least 3 nights a week, even just for lunch, you might try to do it only one night in a week and make it a special occasion, so you don’t miss it that much and still have a moment to look forward to in your week!

4. Let it be!
You have already done your planning so now it is time to put it into action! Set up a schedule for you to check how you are coping with your new budget, if you are adapting to your new lifestyle and if it is something that you can live by from now on. Remember, the best way to save money is to make it seem like you are not sacrificing yourself too much. We suggest you check your finances minimum every 4 weeks, but it would be advisable to have a look and assess it every time you receive a pay check.

We hope that these tips will help you create a budget that fits with your needs and assists you with money related decisions.

Good luck and Happy Saving!

Find out more content like this in our section Career Advice.