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.

What are the consequences of not having a budget?

  • 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. 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.
  2. If you are creating a budget on your own, keep a spending diary for the first few weeks. Write down everything that you spend your money on. Your diary will give you a clear record of where your money is going.
  3. 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.

Budgeting tool

Use this budget template to create your own budget today.

  • Budgeting tool
    32.5 KB
    Download xls

Tips

One
If you are worried about ongoing debts, talk to a financial counsellor.
Complete the budget template. Other budgeting tools can be found at moneysmart.gov.au including their TrackMySPEND app.
Learn more
Always be on the lookout for simple ways to save money.
Use cash rather than a card — it feels more real.
Set yourself some savings goals.
Pay as many bills as possible by direct debit.
Put some money aside for big bills, such as car registration.
Go back and review your budget every other month.

Additional information

Contact us

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

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