Family Budget - Software

Why do you need Shoppingmate Budget?

• Big picture in mind with Shoppingmate:
  Knowing the picture of you and your family financial state. Shoppingmate budget gives you overview your income and expense by year, quarter, month, fortnight and week. You should be able to know where the money comes and goes.
• Keeping track financially in Shoppingmate:
  With Shoppingmate budget control, you should be able to control your spending. A sizeable portion pays for housing, food and basic living. Another portion pays for transportation. You should be able to manage to use the rest of it. Shoppingmate budgeting allows you to track your yearly, quarterly, monthly, fortnightly and weekly expenditures so that you can plan key savings strategies for important short- and long-term goals.
• Using Shoppingmate budget to limit your spending:
  Having a financial budget with Shoppingmate may find that about 5-10% of your total spending may be for purchases that are not needed when you doing your grocery shopping. If you plan your grocery shopping before shopping with Shoppingmate, you may save extra 5-10% of each shopping and you will be able to use them for your future plans include buying your first home, going back to school, saving for your child's college, paying down debt or simply setting aside cash for a special trip. Shoppingmate budget control will identify expenses that can be cut so that you can set goals on making important long-term savings.
• Discipline yourself with Shoppingmate:
  Shoppingmate is only a useful tool to manage your budget. The budget sets are only guidelines on what and when items can be purchased. You are the only one to make it succeed. Discipline yourself and being consistent!
  * Setting Goals:
  budgeting supports your financial goals, which may include:
  — saving for your first home
  — paying down debt
  — preparing to go back to school
  — planning for retirement

  Good budgeting skills add these goals into the budget.

  * Prepare for Emergencies:
  question: if you were to lose your job, how long could you survive on available funds?
  If you had to stretch those funds, what reductions can you make in your existing monthly expenses?
  That is the key benefit of a budget. It helps preparing for emergencies with established expense reduction plans.
  

• What's In The Budget:
  Here are general guidelines.
  

  * Income: the budget starts with how much money you bring home on a monthly basis. Income sources include:

  — employment income
  — alimony received
  — investment income
  — social security
  — support payments
  — savings
  

  How much income should be allocated for the budget?

  — your goal should be around 90% or less
  — the remaining 10% of your income gets allocated for savings

  * Housing Expenses:
  housing expenses will likely be your largest expense item, especially if you own a home. Housing expenses include:

  — your mortgage payment with escrow (taxes, insurance)
  — monthly rental payment if you do not own
  — utility services (electric, gas, oil, water, sewage, garbage, etc.)
  — telephone, internet, cable
  — house repairs and maintenance

  How much for the budget?
  — about 32-35% of income if you own; 15-20% if you rent

  * Transportation:
  transportation expenses include:

  — auto loan payments
  — auto insurance
  — fuel expenses
  — maintenance and repairs
  — taxes, licensing
  — parking
  — public transportation

  How much for the budget?
  — about 9-12% of income

  * Daily Necessary:
  - food
  - lunch
  - dinning out
  - drink

  How much for the budget?
  — about 20-30% of income

  There is an interesting story that you may want to know. If you think these strategies are useful or you have suggestions, please email us contact@squaressolutions.com.au.