How Will the Federal Budget Affect Your Personal Budget?

MyBudget 4 HEALTH From July 2015, there will be a $7 co-payment for GP visits and an increase in the cost of prescriptions. HOW WILL THE Consider adding some extra savings to your household budget to cover potential doctor visits. If you currently pay for medication, increase your budget by $5 per prescription for medicines covered by FEDERAL BUDGET AFFECT YOUR PERSONAL BUDGET? the PBS. 1 FAMILY TAX BENEFITS EDUCATION From January 2016, education fees will increase and students will be required to pay back their student From July 2015, about 60% of families with kids under 16 will lose Family Tax Benefit B.* loans faster. You have 12 months to make sure that you have savings If you have a HELP debt, be aware that you may see and surplus in your household budget. Take the opportunity now to look at where you can a reduction in your take-home pay, which is why it's important not to spend everything you earn. If can afford it, think about making additional payments towards your HELP loan to reduce your long-term you cut back spending or increase your income. interest costs. DISABILITY 6. FUEL Some Disability Support Pension recipients under the age of 35 may have their eligibility reassessed. From August 2014, motorists are going to experience more expensive petrol with a fuel levy. If you drive a car, you'll need to increase your petrol budget or identify ways to reduce your fuel use. It's more important than ever to make sure that you have a savings safety net to fall back on. Even small savings of $5-$10 a week will add up over time. 3 EMPLOYMENT PAID PARENTAL LEAVE From July 2015, new parents will be eligible for up to From January 2015, unemployed people under the age of 30 will be required to wait six months for a reduced unemployment benefit. $50,000 over six months. The new scheme will make it more affordable Young working people should aim to have enough savings to cover their for one parent to stay at home. However, don't forget to adjust your budget for the extra expenses for a period of six months. So start setting expenses that a new baby brings. aside money from each pay if you aren't already. PLANNING IS THE KEY! Start adjusting your budget now and ease into the changes before they come into full effect. *Source: abc.net.au MyBudget is Australia's largest, trusted personal budgeting specialist since 1999.