We have tools and information to help you start a budget.
A budget is an estimate of income and expenses for a period of time.
Budgeting makes sure you can manage essential expenses and plan for things you would like. There are plenty of tools to help you.
Go to the Australian Securities and Investment Commission’s (ASIC) 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||$|
|wages or salary|
|other income - such as income from a boarder|
Step 2 - work out your expenses
Work out how much you are spending. Check your:
- bank statements
- credit card statements
- receipts, and
- shopping dockets
Remember to include things that you pay once or twice a year. Items to include may be insurance or car registration.
|Expenses per fortnight||$|
|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
Once you have worked out your income and expenses, use the MoneySmart Budget planner to set up your budget. It’s easy to use and you can save your results online. The budget planner will do the calculations for you.
After you pay expenses, you can put money left over towards savings or other things you want to buy. If you have a goal, knowing how to save each week will help you reach it. Use ASIC’s MoneySmart savings goal calculator to see how much you will need to reach your goal. It will also tell you how long it will take.
Step 4 - review your budget
Remember to review your budget regularly to make sure it’s still working for you. A change in your income, or ongoing expenses can affect your budget.