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Module 1: The 5-minute budget

Ready to get your finances sorted? Welcome to Finder's 2024 New Year Financial Fitness Challenge.

Hey there! To get the most from the Financial Fitness Challenge you need to be a Finder member. It's free and easy to sign up, so do it now!

How the challenge works

Think of this challenge as circuit training for your wallet. Over 8 modules, our experts will give you tips and guidance to cut costs and boost savings in your everyday spending. At the end, you'll potentially be thousands of dollars better off.

In fact, we've crunched the numbers and have worked out that the average Australian can potentially save $11,200 a year by doing the challenge – or $3,800 if you don't have a mortgage.

There are no fees to take part and no sneaky tricks. All you need is a willingness to save! We all need that – 75% of us are stressed with our current financial situation, Finder research shows.

To get started, you just need to gather some key budget data.

How to compile the 5-minute budget

I get it, setting up a proper budget to track your finances takes time. It's totally a worthwhile task, but in the New Year Financial Fitness Challenge, our focus is on fast wins.

So all you need to do to get started is to get just 7 key pieces of information:

  1. How much you pay for your mobile phone bill each month
  2. How much you pay for your regular grocery shopping each week
  3. How much you put aside in a savings account each month
  4. How much you pay for your mortgage each month
  5. How much you pay for your home internet each month
  6. How much you pay for your energy bill each month
  7. How much you pay for your car insurance each year

If you bank online, you can easily find these by searching in your banking app or online account. If you're more old-school and still work with paper, head to your file of bank statements.

Get a figure for each of the numbers above and you're ready to get started. (If a category doesn't apply to you, don't worry, you'll still have plenty of chances to save.)

Check your financial fitness right now

Before you get going on the challenge, you might be wondering: what sort of shape are my finances in right now? An easy clue is in your credit score.

You can track your credit score for free as a Finder member. If you aren't already signed up, it's worth joining to see how you're doing.

OK, with those key bits of spending data gathered, you're ready to start saving.

Module 1 quiz

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