One of the services offered by the Transitional Accommodation Support Services (TASS), is providing information to TASS clients on ways to manage money that includes working with the client on their financial awareness. This may include the following: identifying needs (shelter, clothing and food) and wants (shoes, latest phone and Batman figurines), ways to save, budgeting for a household and financial recording of expenses.
With the introduction of Credit Cards and now After Pay and Zip Pay, it has become increasingly easy to get items that previously would have taken time to save for. Clients having a financial awareness is of high importance to the TASS service and is something that workers continually highlight using strategies to aid changes in client’s spending habits and their mindset.
Ways to record finances can include: collecting receipts for a fortnight, so the client can see where their money is going and using a financial record sheet where the client can record all their fortnightly expenses. With both of these, the client is able to see how they are spending their money and by making it visual, enables the client to gain a better picture and a greater understanding of financial outlays.
With the introduction of the smart phone and an app for everything, certain financial apps like (track my spend) are a really great way to record financial outlays. Banking apps have also allowed people the ability to transfer money into a saving plan thus doing away with the piggy bank.
The one thing to remember with a budget is, it’s only as good as the information you put in to it.