Staying on track with your personal budget
January 1, 2022
Staying on track with your personal budget
You've taken the first step and developed your personal budget for the year. However, don't set and forget and then expect to achieve your personal finance goals! If you don't monitor your progress, your spending habits are unlikely to change.
So, what steps can you take to ensure you are on track with your Personal Budget?
- Track your spending . Keep a record of your spending. Consider using an App to keep track; while your bank statement is a great source, some transactions may not be clearly identifiable. Keep receipts for any cash payments.
From 1 July 2026, new laws will change how every accounting practice in Australia works with their clients. It’s not complicated, but it is important — and understanding what’s ahead will help things run smoothly when the time comes.
Treasurer Jim Chalmers has framed the 2026 Federal Budget as “the most important and ambitious budget in decades”.
Following the recent release of the December 2025 quarter average weekly ordinary times earnings (AWOTE) the annual concessional contribution (CC) cap will increase from $30,000 to $32,500 from 1 July 2026. The annual non-concessional contribution (NCC) cap will also increase to $130,000.
