Creating a budget
Making a budget is the best way to achieve your goals. By knowing exactly where your money’s going you’ll be able to make small adjustments that really pay off in the future. If you want to track your spending, have a look at the ASIC Moneysmart track my spend app – you’ll be able to keep track of your expenses on the go.
The easiest way to do this is to consider all money going in, and out, of your account and what you have remaining.
||Parents, work etc.
||Bills, entertainment, food etc.
Other expenses you may want to consider to include, especially as you move out of home and out on your own:
Managing a budget
It can be easy to lose track of where you’re spending your money. Have a look at your bank statement and see where you’re spending. If you notice you’re spending a lot of money on coffee or magazines for example, ask yourself if you really need to be buying these so often as they could be pushing your goals further away.
If you need a little help, follow the RACQ Budget Planner. You’ll be able to see exactly how much you can save each month and really get your savings rolling.
If you want a little extra help making a savings plan, or sticking to it, have a chat to someone you trust like your parents or another family member. If you want any advice about bank accounts or interest rates, RACQ Bank has specialists who can help you make the most of your money.
Setting up the right accounts
Maximise your savings, by having the right accounts set up to manage your money.
With a bit of hunting, you’ll find accounts that won’t charge you if you want to spend your money, and savings accounts that’ll help your balance grow.
View your bank accounts as ‘buckets’. Have one bucket for spending and one for saving. By separating them you won’t risk accidentally spending money you should be saving to reach a goal.
a. Transactional accounts (spend bucket)
Your transactional account will link through to a Visa debit card, or similar, so you can access your money through eftpos and ATMs. Your transactional account is what you’ll use for your spending.
b. Savings accounts (savings bucket)
Putting money aside is a great habit to get into and will help you achieve your goals. Whether you’re after a new car, holiday, or just want to save for the future – having a solid savings plan will help you get there. When you’re opening a savings account, look for one that has no account fees and a high interest rate. The higher the interest rate, the more money you’ll be making!
Superannuation and retirement
Superannuation, also known as Super, is a way to save money while you work and provide an income when you retire. A super fund will manage your super money on your behalf, making decisions on where to invest your money, based on the option you choose. If you don’t choose an option, super funds have a default fund that they will allocate your money to.
You can either choose which super fund to use, or have your employer choose for you. We’ve got a list of what to look for in a good super fund:
- Investment returns over the past 5 years (compare apples with apples – look at the fees and what period the returns are based on. E.g, a 5-year average return for the period ending 30 June may be quite different from a 5-year average return for the period ending 30 September)
- Investment Choices available to you
- Fees, makes sure you know what you are paying for – lower fees don’t always mean a good super fund
- Websites like Canstar or ASIC’s Moneysmart are helpful if you want to compare different super accounts. If you’re after more information on fees or investment options you can check out the product disclosure statement (PDS) or the super fund’s website.
When you join Free2Go you'll get access to amazing discounts, benefits and member only competitions for free!
To join Free2Go, you must be living in Queensland and be 16-24 years old. *12 months free Roadside Assistance available to 17 year-olds. Two years half-price Roadside Assistance available to 18 & 19 year-olds.
Retail partners, offers and discounts may change at any time without notice. Visit racq.com/discounts for the conditions, limits and exclusions for each offer. Vouchers must be pre-purchased through RACQ.
^Basic Excess Waiver Offer may be withdrawn at any time without notice. This offer is available to 16-19 year old learner drivers only. Any incident that occurs before the withdrawal date will be eligible for the Offer. The offer is available to any RACQ Comprehensive Motor Vehicle Insurance Policyholder. The Learner Driver must be a valid Free2Go member with RACQ at the time of any incident. The Offer applies specifically to the "Basic" excess that would otherwise be payable under the RACQ Comprehensive Motor Vehicle policy. Other valid excess amounts may be payable. Insurance products (excluding Travel Insurance and the Life and Income Protection Insurance suite of products) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS, and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
#Offer available to new and existing Free2Go members and participants who apply for a new Fixed Car Loan. Approval of RACQ Bank Car loan applications is subject to eligibility criteria. Offer available until further notice and can be withdrawn at any time.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. Terms, conditions, fees, charges and lending policies apply. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, before deciding.
Limits, exclusions & conditions apply. RACQ Operations Pty Ltd (ABN 80 009 663 414, AR 234978) is an authorised representative of Tokio Marine & Nichido Fire Insurance Co., Ltd (Tokio Marine & Nichido) ABN 80 000 438 291 AFSL 246548, the insurer underwriting this product. This is general advice only. We do not provide any advice based on any consideration to your objectives, financial situation or needs. Please review your own needs and the combined Product Disclosure Statement and Financial Services Guide before deciding to buy this insurance.