Around this time of year, some of us have a bit of extra down time, thanks to a string of public holidays.

While extra days off are great for rest, rejuvenation and socialising, they also offer the opportunity to get the budget or new year spending goals back on track. It doesn’t have to take too long, either. Here are five things you can do fairly quickly to get a snapshot of where your budgeting is at and where you may be able to save. 

1. Review spending for the past few months

Consider pulling out those online bank statements for the first three months of the year to get an idea of where your money is going. Often, your bank will let you download a statement, then it’s a matter of adding up where you spent your money.

2. Categorise your spending

Once you know how much you spent and where, think about putting what you bought into categories, such as food and drink (home), dining out and takeaway, entertainment, rent/board, bills and unexpected expenses. This should give you a better idea of how much money is going on ‘wants’ (dining out and entertainment) vs. needs (rent, bills, groceries).

3. Figure out what can be cut out or reduced

After you’ve worked out where your money is going, you may wish to identify where you may be able to make some savings in the next few months. Questions to ask may include:

• Are there any recurring expenses I can get a better deal on?
• Can I reduce how often I eat out or get takeaway?
• Are there any savings I can make on entertainment?
• What are my priorities for the next few months?

4. Do a subscription stocktake

How many active subscriptions do you have? These days, it’s fairly easy to accrue several without even realising. Collectively, that could add up to quite a bit of money leaving your bank account each month.

Think about going through your bank statement and listing all of the subscriptions you have and then tallying up how often you’ve used them in the past month. Then, consider cancelling the ones that you’re no longer taking advantage of.

5. Set a mini goal or two

Is there anything you’d like to save for in the next three months? Or something you’d like to not spend on? Setting little goals can keep us accountable and also give us something to celebrate more frequently when we achieve them. The long weekend may be a great time to have a think about this.

Like every article on this website, this is not personal financial advice. If you’re in debt and need some extra help, you can contact the National Debt Helpline: 1800 007 007.