The rising price of fuel is a hot topic at the moment, so if you were asked to tell us the exact amount of money you will spend on fuel over the next 12 months, do you think you could?

This is the predicament faced by Maxxia when we set up your novated lease and the current rising price of fuel is a timely example of why your fuel budget needs to be flexible throughout your lease.

We know that the best anyone can really do is estimate how much they will generally spend on fuel for the coming year. As you can imagine, if you end up driving more than was estimated or the price of fuel goes up, you will spend more on fuel and perhaps the original budget we established may no longer be sufficient.

Why keeping your fuel budget up to date is important

Each pay your whole contribution amount is added to your Maxxia novated lease account — think of it like a bank account for your lease.

Maxxia makes your regular lease payments from this account, reimburses you from this account when you claim and pay those annual expenses — like registration — from here when needed.

If you are spending more than your budgeted amount on fuel, this will reduce the total remaining amount available for your other budgeted items like rego, insurance and maintenance.

Can I use my current novated lease balance instead of increasing my fuel budget?

It’s important to know that even if you have available funds in your novated lease account, your fuel budget may still need to change, this is because your current balance may already be allocated to upcoming expenses.

When we check your available balance, we factor in any future payments that are due to go out in the coming 12 months, expenses like:

• Registration
• Insurance
• Scheduled servicing and tyres

Therefore, although the current balance may be able to cover the fuel expense you are claiming today, it does not provide the full picture of your account.

So, Maxxia monitor future payments when reviewing your current balance, this helps keep your account healthy and on track, but it also means that even with a balance of $1000, we may still need to make changes to your budget so you’re not left short at a later date.

Track your spending with Maxxia Online

Did you know you can track your fuel spend using Maxxia Online?

While we will continue to monitor your account for changes in spending habits, you can also proactively manage your fuel budgets as well.

Our Fully Maintained Novated Lease Fuel Spend tracker allows you to see how much you’re contributing to fuel each month, and how much you’re using.

If you need any help or have any questions about your account, contact Maxxia from within the Maxxia app and Maxxia Online, or call 1300 123 123 between 8.00am and 7.00pm, Monday to Friday.