Covered on this page:

“There’s lots of things to help, like apps and online resources that work for different people. I'm really into having it written down. It’s like how people have a style of learning, you figure out what's your style of saving.”

- Ciara

Getting started

A budget is a plan that guides your spending choices. The following is a good example of how to budget, but it’s always best to budget in a way that work for you.

Using banks to help

Using the right type of bank account for right purpose will help you earn and save more money. Banks usually have three types of accounts that provide different benefits, but some also come with fees:

Everyday accounts

These are day-to-day spending accounts, usually linked to an Eftpos or debit card. They are usually fees-free and you’ll be able to access your account via an app, the internet, or phone.

Savings accounts

These are accounts that are designed for longer term saving. They usually earn you money through interest paid by the bank, but many also charge fees. There are savings accounts that don’t earn much interest but cost nothing, and ones that cost more but offer better interest rates. There are also term deposit accounts reward you for not withdrawing money for certain amounts of time.

Credit accounts

Credit cards and overdrafts are examples of this. These involve borrowing from a bank that you’ll have to repay, most often with interest. Because of the extra interest cost, you should avoid these accounts if you can. You can get help with credit accounts on the Sorted website.