When it comes to getting your finances in order, it all starts with a budget. If you're trying to save some dough, it's vital you have a budget and stick to it. A budget highlights where your money is going, what t's being spent on, on how you can cut down.

Set aside one night to clear the dining table and sit down with all your bank statements, pay slips, and major bills. Then it's just a matter of jotting down everything you spend money on. Including the morning coffee, the packs of gum. Everything.

Use the Kochie Budget Template to fill in your income, expenses, and find out where your money's going and how much you should have to put towards savings.

Download the Excel version here and get started!

Just fill in the spaces and your household budget will be ready.

Check out this previous post for more tips on putting together a household budget .

My 15-year old son has just started part-time work. How do I help him choose a super fund?

Kylie, Brisbane, QLD

Kylie, it’s great you’re taking a real interest in your son’s financial future. Encouraging your kids to get into part-time work is great because it teaches them important life skills and puts them on the path to financial independence. This is a big step for your son and he will need your guidance on everything from setting up a super fund to filling out a tax return.

Super funds

Kids under 18 years of age are only required to be paid 9 per cent compulsory super if they work at least 30 hours a week and earn over $450 in one calendar month. Working this much in school holidays is enough to qualify.

Most employers will choose a particular super fund and offer it to all new employees. They often select a fund that specifically caters to their industry. Kylie, your son can opt for his employer’s ‘default’ fund or he can choose another fund.

Think about this… 5.4 million Australian families would face financial hardship if either parent dies.

According to research conducted by Rice Walker Actuaries there is a gap of $1.3 billion between the level of life insurance cover of average Australians and the amount needed to cover their financial commitments.

I’ve talked about the problems of underinsuring your home before. Well this is underinsuring your income needed to provide for your family if you die. I think we’d all hate to die and leave our family in financial strife. But this is exactly what is happening.

So much has been written about the debt crisis in Europe that it can send your head into a confusing spin. The easiest thing is to just tune out.

But don’t. Europe is on the brink of tearing itself apart and the ripple effect around the world, and on your life, could be significant.

After spending last week in Italy, Greece and Germany you get a very real sense of how serious it is. A dismantling of the European Union could send the region in to a serious recession.

For Australians a serious European recession could see prices for our commodities fall, spark a global banking crisis which pushes up interest rates and makes credit harder to get, causes sharemarkets to fall which impacts our superannuation returns and hits consumer and business confidence.

To get an understanding of how this could have happened to Europe, Italy and Greece are great case studies. They’ve been brought to their knees by widespread tax evasion,  rampant corruption and a lack of competition.

Here’s a simple guide to what’s happening in Italy and Greece.