Business

Krystal’s battling to get ahead, using mum's budget advice

Krystal Cook says the money spent maintaining a car, food shopping and rent make it hard to save money. Photo: Chris Ison / The Morning Bulletin
Krystal Cook says the money spent maintaining a car, food shopping and rent make it hard to save money. Photo: Chris Ison / The Morning Bulletin Chris Ison

BUDGETING has become a way of life for Rockhampton's Krystal Cook.

Since she moved out of home Krystal has been doing her best to save, but admits it's tough when everyday expenses start to add up.

Krystal spoke to The Morning Bulletin after ME Bank's June 2014 Household Financial Comfort revealed a lack of cash savings was one of the biggest concerns for Australian households.

More than half the households surveyed said they weren't able to save money each month, while 12% were overspending by drawing on savings, loans or home equity.

Of those who saved, the amount they put aside each month fell by 12% from $835 a month to $735 a month in June.

Krystal, who is an admin assistant with the Capras, said most of her wage went on essentials like rent, groceries and fuel.

She tries to save at least $20 a week, but said other expenses, like car problems, come up often.

When it comes to groceries, Krystal said she looks for the cheapest brands and meals that can be made for under $10.

"Advice from my mum when I moved out of home was to plan a whole week's food so you're not spending $50 a day at Coles on dinner," Krystal said.

To keep herself on track with saving, Krystal said she also transfers money into a separate account so there's less chance of spending it.

 

 

Money Matters

  • 51% of households said the cost of necessities, including fuel and groceries, was their biggest financial worry
  • 36% worried about the amount of savings and cash on hand
  • Only 46% of households said they saved money each month
  • 12% said they were overspending
  • 36% of households had less than $1000 cash spare
  • 24% said they couldn't find $3000 in an emergency

Source: ME Bank Household Financial Comfort survey (June 2014)

Topics:  budget, money, savings



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