Budgeting can be tough for some people, especially those with limited funds. However, AIA Voices finance expert, Anna Haotanto, the founder of The New Savvy website, says a low income shouldn't be an obstacle to budgeting.
"A lot of people are paralysed because they think they need a large sum," she says. "Start small and start early."
Paula Pant, founder of the Afford Anything podcast, recommends increasing savings by at least one per cent annually to ensure growth.
Financial experts recommend at least 10 per cent of your income should go to your retirement income. Another 10 per cent goes to an emergency fund and for long-term financial goals.
Campbell advises, "Always have at least three, if not six, months' worth of emergency funds. This covers food, shelter, transportation, medicine and clothing."