The ins and outs of budgeting

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Question 1 of 5

1. Question
What are the benefits of having a good credit score?
- More opportunities! Even if you don’t want to apply for credit straight away, you have the option to do so in the future. Additionally, it will be easier to apply for rent and utility accounts;
- You win against the competition. Imagine being rated better than your neighbour;
- You can get bonus points that you can cash in later! Depending on your credit bureau, you can choose some good deals;
- There are no real benefits to having a good credit score.
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Question 2 of 5

2. Question
What sort of expenses should you include in your budget?
- Your monthly spendings focused on what you spend money on for fun such as clothing, shopping, going to the movies, and restaurant bills;
- A budget should include everything from fixed expenses such as rent to variable expenses like groceries and spendings for fun plus any loan repayments and contributions to your savings;
- Set your budget every month as you go, your needs may fluctuate, therefore, you shouldn’t be too set on it anyway.
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Question 3 of 5

3. Question
What is a budget good for?
- It helps you keep a track record of your spendings and makes sure you have enough money left to pay for all areas in life, including important bills and loans;
- It helps you save money and look after your financial future;
- It can help you improve your credit score by ensuring you can pay all your bills on time;
- All of the above.
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Question 4 of 5

4. Question
How much do Australians talk about their finances?
- What do you mean?! We love talking about money;
- At least 50% of Australians don’t talk about finances at all and don’t feel confident with handling money;
- About one-third of Australians don't talk about money at all, according to recent studies;
- Only 17%, most Australians feel very comfortable discussing money issues with friends and family.
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Question 5 of 5

5. Question
Why do some people have more than one savings account?
- Multiple savings accounts help you keep track of different goals by not mixing them together;
- Different goals should have different interest rates. You may get a better deal for one of your savings accounts;
- You can share your savings accounts with different people that your goals are linked to and, therefore, save more efficiently.
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The ins and outs of budgeting

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