Managing your personal expenditure

Posted by on Apr 30, 2013 in Blog / News | Comments Off on Managing your personal expenditure


When planning your personal finances, it doesn’t matter what age you are, there is always something on the horizon that you either need to save for or need to budget for. Maybe it’s an extended overseas trip, a first property or another investment property. Or maybe you are setting yourself up to start a family. Whatever the occasion, what is your approach to budgeting for this new or current venture?

There are a number of free and low cost software programs and apps out there that you can use to watch your spending, but do you know how to use them efficiently? A lot of these apps require you to enter all of the transactions manually and let’s face it, we get excited and do this for about a week! I personally had all of my expenses in a spreadsheet for a number of years until I found the Xero software for personal expenses. This software is amazing! You link your bank accounts, credit cards, loans to it and it pulls in all the transactions for you to allocate. It isn’t a free app though, it is $49 per year but for someone who needs to manage their expenditure, this pays for itself time and time again with it’s automatic bank feeds and memorised transactions! Plus at the end of the year, all of your financial information is ready to hand over to the accountant!

With this handy piece of technology, you can compare your actual expenses against your budget and track how you are going. There are a number of reports that you can generate to see where you can make adjustments to your expenditure and also see where you are saving money!

You may ask, why is this relevant for me? I’m not operating a business. But think about the fact that if you have an investment property or share portfolio, you can control your incomings and outgoings and forward plan for your next business venture, investment or leisure activity!

app-trackmyspendFor those who want a more basic app, a great free one is an ASIC app called Track My Spend. You can find a lot of information and handy calculators from the Money Smart site. Have a look at

If you would like more information about Xero personal finance software, setting up a budget for your household or setting up your accounts for your business, we would love to help you get on track!

If you feel that it is time to get a financial planner or accountant involved, send through an email and we can recommend some great resources to manage or increase your financial strategy. A great place to start is Delta Financial Group. They have a really informative blog that gets you thinking about the strategies for your financial future, go to

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