Where does the time go! If you’re at the head of a family and are always asking yourself that, you’re definitely a busy mum – and if you’re frazzled by the thought of trying to keep the family finances in order, you’re at the right place. With inflation and interest rates rising, keeping on top of money is more important than ever.

We’ve put together five easy and simple budgeting tips that every busy mother can put to work straight away.

Audit your finances

You should establish a short-term budget for all of your home expenses. It’s important to assess how much money you receive each month and where it all goes. By determining how much money is spent in certain areas, you may put restrictions on specific luxuries or needless expenses. This way you can see where everything goes and reroute your funds to save or pay debts. You can also audit your possessions – what can you sell that you no longer need?

You may also want to set an appointment with Centrelink to find out if you are entitled to benefits as well.

Plan out your purchases

Planning out your purchases can go a long way to save money. Buying a new appliance should only be considered during end of financial year or end of year sales, for example. Your weekly shop can be dictated by what’s on special and where – and planning out your meals in advance can help you stock up on staples so you only need to add one or two ingredients to make a hearty and satisfying meal for the family.

Make saving a habit

As part of your budget, you should set aside some money for savings – which can be helpful in an emergency or as part of a fund for a family holiday, future education, or as a deposit for a house or big-ticket item like a car.

One way to help this along is to take advantage of a high interest savings account. These accounts offer bonus interest or consistently high interest to encourage regular deposits. Be sure to separate the genuine high interest savings accounts with everyday accounts offering “introductory” or “honeymoon” interest rates – as they will expire eventually. Your saving can set an example for the kids, too.

Compare on your essentials

Examine your gas and electricity bills and compare them to those of other households with equivalent sizes – this is usually on your bill somewhere. Use government websites to compare your energy plans and see if you can find a cheaper alternative. Do this for your internet, mobile, and any other recurring services – or eliminate them altogether if you can. Do you need to pay for 30GB of mobile internet a month if you work from home?

Also, look into measures to lower your energy use if you find that you are spending more than the typical family. That may mean getting rid of inefficient appliances such as your second fridge, non-LED lighting, or using heating or cooling less.  It all adds up and every little amount makes a big difference.

Consolidate debts

If you find that you have a lot of small debts like credit cards hanging over your head, you may want to consider taking out a personal loan to consolidate your debts and pay them off in one single payment. This helps reduce interest and each payment you make gets you closer to zero – which can take even more stress off your finances!