Where is my money going?

Where is my money going?

It’s easy to lose sight of where your money has gone, but tracking your money by creating a spending diary, making a money plan and paying yourself first can help you achieve your money goals.

Watch this video and complete the activity to learn how to make your money flow where you want it to go.

Transcript

Where is my money going?

You might remember the last thing you spent on, but not everything you spent on. Where did it go?

If you have income, say; pocket money, wages or a student allowance, it is important to know that money is going towards the things you want it to.

Here are four ways to pay attention to your money.

1. Money tracking

Sounds simple right? If we don’t track where our money comes from, and where it goes, we may miss out on opportunities to grow that money and achieve our goals. You can do this with a spending diary, and use your bank app.

2. Money Planning

Now that you’re tracking your income and spending you can plan and change where you are spending or saving. The easiest way is to draw up a budget, which is really just a plan for your spending and saving.

3. Paying yourself First

If you can afford it, when you receive money, you should put some into a savings account or investments. We call this 'paying yourself first' because you save first, before you spend on anything else.

4. Set Money Goals

If you set short, medium and long-term goals this will help you to keep growing your money.

So, Is your money getting away from you? Each time you get paid: track, plan, and pay yourself first. This will get your money flowing towards your goals.

Tracking money animation and learning activity 151 kb, PDF

Learn about tracking your money, making a plan and how to save with this animation and activity. Find out where your money is going and how you can achieve your goals with a money plan and by paying yourself first.

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