How to budget
We have tools and information to help you start a budget.
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:
- get started with their Budget planner
- download their TrackMySpend app to track your spending on the go
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||$|
|wages or salary|
|other income (such as income from a boarder)|
Step 2 - Work out your expenses
Check your bank statements, bills, credit card statements, receipts and shopping dockets to work out how much you are spending. Remember to include things that you only pay for once or twice a year, such as insurance or car registration.
|Expenses per fortnight||$|
|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|
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.