Focus on your budget, not your balance Author: Taylor Campbell We all know what it’s like to overspend on pay day and spend the rest of the week struggling to make ends meet until the next payment arrives. Consider the following You check your balance at an ATM and it shows you have $900 in your everyday account. You say to yourself, “Okay, I’ve got $900 that needs to last for another ten days. I think I can make that work and still give myself a treat. I’ve earned it”. But you might be walking on thin ice. Checking your balance daily is not an effective way to keep track of your spending. Exclusively monitoring your balance can give you a false sense of security. The $900 in your account needs to be allocated to all the expenses you will incur within the timeframe. You see a good chunk of change in your account and you’re more likely to spend on discretionary things when your mandatory expenses have yet to be taken care of. A good budget can keep you on track! Understanding your capacity to spend as well as save through a weekly or monthly budget will empower you to take better control of your finances. Don’t underestimate the power of budgeting.         General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.