Manage my money

Whether you’re a recruit or senior officer, making and using a budget is the first step to taking control of your money. 

Manage my Money


Consider if you need a budget

You don’t need a degree in finance to plan a budget; just keep it simple. Budgets help you get an overview of your income and outgoings over a set period of time.
The benefit of creating a budget is that it allows you to:
  • Have greater awareness of how you’re spending your money
  • Look for economies that could help you make savings
  • Plan for the future and reach your financial goals
  • Keep on top of your finances and avoid problems

If you’re living pay cheque to pay cheque, or struggling to put any money away for the future, it might be time to create a budget.



Track your spending

Before you can plan a future budget, you need to fully understand your current situation. How much do you earn and what are you spending your money on?

We recommend you track your spending for at least a fortnight (ideally, a month) using a spending diary and record every purchase you make.  

If you don’t feel like writing it down you can download a smartphone app like TrackMySPEND from the Australian Securities and Investment Commission website.

The most important thing to remember is that you must track everything!Record every stick of chewing gum, every magazine and every coffee. Often it’s not the big things like rent, bills and loan payments that cause us to blow our budgets, but all the little purchases added together.

Be sure to include the following in your tracking:

  • Direct debits and repayments
  • Daily spends on transport
  • Subscriptions and regular payments
It’s also worth going through your bank account and credit card statements to find any items you may have missed.



Plan your budget and start saving

Once you know where all your money goes you can create your budget. Remember to allow some room for flexibility. A budget that’s too rigid will set you up for failure, so be realistic and you’re more likely to succeed!
Now you have a budget in place and you’ve found ways to make savings, you could consider a savings account with Australian Military Bank. 
We have a range of flexible savings accounts that offer competitive interest rates. We even have an account specifically for Defence Force recruits! They’re simple to set up, offer 24/7 access. 
Our simple savings account comparison table lets you compare accounts and decide which one best suits your needs.
Our expert, friendly staff are also available to chat through any questions you may have – call us on 1300 13 23 28.

Compare our savings accounts



Review regularly

Once you’ve got your savings account up and running make sure you review it regularly. Nothing is set in stone and your budget shouldn’t be either. You may get an unexpected bonus or an unexpected repair bill – you want your budget to make room for both.
Also continue to focus on those spending leaks. Those daily $4.00 cappuccinos can really add up. Think about it. Even if you only buy one cup on a work day, that adds up to $20.00 a week, or $80.00 a month – or $960 a year! That money could make a nice addition to your next holiday budget. 
Check out the ADF Consumer website for some great money-saving tips.

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