Landas Budgeting for new Australian Migrants

Landas works with new skilled migrants entering Australia to set them up for success and prosperity.  Once they arrive and have their basic onshoring in place, we highly recommend (and we help) setting up a Monthly Budgeting Process.

Australia presents great opportunities for a rewarding career path, and generally with much higher wages than our customers previously earned in their home countries.

However, Australia is also a country with high taxes and high expenses.  It is critical to be in control of our budget.

Landas will help with your initial budget, and by using a Frollo Budget App, you can then automate updates and guidance by linking this app to your bank account with Open Banking.

Why should you develop a Budget as a new skilled migrant worker in Australia?

Put Simply, budgeting is a very powerful tool that provides clarity, control and peace of mind, helping you make better financial decisions and helping you progress faster toward your Landas financial and Permanent Residency pathway goals.

1. Improve your financial awareness in Australia

   Budgeting gives you a clear understanding of where your money is coming in from, and where it’s going.  You can then fine tune your habits to improve your monthly budget position

2. Control and Discipline

   You have a limit on your incoming funds, but many endless options for your outgoings.  Budgeting develops better financial discipline, making better financial decisions to help your future state

3. You can Accelerate your Goals

   Once you have set a goal like a savings amount, repayment of a loan, or getting set for your Permanent Residency; you can use your Budget to achieve those goals sooner.

4. Reduce your Financial Stress.

   Feel good about your money by using a budget to be on top.

5. Eliminate Waste.

   A dollar saved, is a dollar earned (tax free).  When you get serious about budgeting you can find all sorts of ways to reduce waste, to improve your ability to save and pay down debt.

6. Prepare for Emergencies and Opportunities

   With a good budget, you will be more resilient for an emergency in Australia or perhaps back home; and be ready to pounce when an opportunity emerges.

7. Improve your Relationships.

   With an Open and Transparent budget you can use this to promote open communication about how your money is being used with family and loved ones.

8. Australian Home and Asset Ownership

   By getting your budget right from Day 1, you can build a strong Australian Credit profile, and upon achieving Permanent Residency, it will be a breeze to get a loan to buy your first property in Australia.

9. Stability and Security

   Your Permanent residency offers a sense of stability and security, as it provides a long-term legal status in the country.

10. Quality of Life

    Australia is known for its high quality of life, diverse culture, and beautiful landscapes. Permanent residency allows you to enjoy these benefits on a long-term basis.

The Landas Team will help you set up a basic Australian Budget Plan, that takes in:

• Your expected wages after tax
• Basic estimated living expense outgoings
• Any loan and other fixed financial commitments
• Expected funds to be remitted to your family at home (if not with you)
• Other expected outgoings

We then recommend you set up your own Frollo Budget App

Landas can help guide you on formulating an Online, Automated Budget App that sits on your phone to track your Budget.

With Open Banking, Frollo is able to link the Budget App with your bank account so that all your income and expense transactions are automatically updated.  You can then set categories for your main expenses, and develop an Automatic Budget over time.  Think of this as safety sensors and cameras on your car, they help guide your regular budgeting with low effort.

The Frollo App will help you be your own money manager and keep on top of your personal finances.

This App can also set up a Personal Financial Passport that can be used to help get a larger loan in the future.

Key Features we like about the Frollo Budget App:

1. Automatic Categories

   Automatic categorisation of your regular spending

2. Smart Insights form a Dashboard

   Customise what you want to see on a simple dashboard

3. Smart Budgeting

   Set up a budget in minutes that matches your pay cycle

4. Automatic Goal Tracking

   Set multiple goals linked to your bank account, and track progress

5. Automatic Bill Tracking

   Will find your regular bills and let you know when they are coming up

6. Financial Passport

   Can be used to streamline future borrowings by providing lenders (like a home loan lender) a complete overview of our finances