Creating a budget

A budget is one of the most important tools you have to get your finances under control. If you have a budget, and stick to it, you’ll enjoy more control over your money.

Why is a budget important?

  • Without a budget, you are financially blind as it's more difficult to track where your money goes.
  • You’re more likely to live from one payday to the next.
  • If you’re unsure about what you can afford, your financial situation is more likely to be a source of stress.


What are the benefits of having a budget?

  • Having a budget is the first step towards achieving financial freedom.

  • You will have a better understanding of your spending habits.

  • You will have more control over your finances.

  • You’ll be able to make smarter plans for the future.


How to create a budget

  1. Know where you money is going. Keep a spending diary for a first few weeks and write down everything that you spend your money on. Your diary will give you a clear record of where your money is going.
  2. When you’re ready to create your budget, download our budget template and add in your details. You will be able to quickly work out what your expenses are compared with your income. Next, prioritise where you want your money to go by focussing on your needs first.
  3. Review your budget – if your expenses are greater than your income you will need to prioritise where you want your money to go by focusing on your needs first.
  4. If you need help, you can contact the National Debt Helpline on 1800 007 007. A financial counsellor will work with you to help you create your budget. This service is free.

Budgeting tool

Use this budget template to create your own budget today.

  • Budgeting tool
    32.5 KB
    Download xls


Contact the National Debt Helpline on 1800 007 007
The helpline can refer you to services that may be able to provide further support, like emergency relief providers in your area.
Concessions and rebates
The Queensland government has published a full list of their concessions and rebates that you may be eligible for.
Learn more
Offer to settle the debt
If you can, offer to settle the debt with a full and final payment. In some circumstances, a reduced lump sum may be accepted.
Debt consolidation
In some circumstances it may be appropriate to consolidate all your debts. This would then allow you to make one monthly payment that is within your budget.

Additional information

Contact us

women meeting with finance councillor
Looking for guidance?
Contact us today to organise a meeting with one of our financial counsellors.

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