How to budget

We have tools and information to help you start a budget.

Budgeting tools

A budget is an estimate of income and expenses for a set period of time, into the future.

Budgeting ensures you have money for essential expenses and can plan for things you would like. There are plenty of tools to help.

Go to ASIC’s MoneySmart website to:

Our Deduction Statements help you track your deductions and make sure your financial arrangements are correct.

Budgeting in 4 easy steps

Step 1 - Calculate your income

Use your pay slips, Deduction Statement and bank statements to calculate how much money you have coming in.

Income per fortnight $
wages or salary  
Centrelink payments  
other income (such as income from a boarder)  
total income $

Step 2 - Work out your expenses

Check your bank statements, bills, credit card statements, receipts and shopping dockets to work out how much you are spending. Remember to include things that you only pay for once or twice a year, such as insurance or car registration.

Expenses per fortnight $
medical expenses—visits to the doctor or prescriptions  
school fees or child support payments  
your mortgage or rent  
electricity, gas, water and sewage bills  
food and groceries  
transport - car, bus or train ticket expenses  
credit cards or loan repayments  
total expenses $

Step 3 - Set up your budget

Use the MoneySmart Budget planner to set up your budget once you have worked out your income and expenses. It’s easy to use and you can save your results online. The planner does all the calculations for you.

Once you have worked out your expenses, you can put any money left over towards savings or the occasional treat. Read more about managing your money to build savings.

Step 4 - Review your budget

Remember to review your budget every so often to make sure it is working for you. A change in income or big or ongoing expenses should be accounted for in your budget.

Page last updated: 26 May 2016