Budgeting

Budgeting

A budget shows you if you are spending more or less than you can afford. It enables you to direct your money to where it matters most, so you can stay on top of bills and start putting money towards your future.

It is helpful to look at the money going in and out across a whole year. Include regular payments such as your rent, phone and electricity, car or public transport. It is helpful to us an app or a website to work out your budget, we recommend Budget Planner.

Budget Planner

To work out your budget you should check your bank statements, bills, credit card statements, receipts and shopping dockets, doing this will help you to work out all your expenses. Use your best guess if there is anything you cannot find or if bill amounts vary across the year.

TIP: Download your bank’s App so you can check your bank balance at least 3 times a week.  It may be helpful to download a  Budget Tracking App that connects to your bank account.

Include the money that you receive or are paid over the time period. This could include your pay from your full-time or part-time job, any casual work, your pension, government benefits, child support payments and any money form of investment. If your income is variable, make an estimate based on the past year's earnings.

When working out your money priorities, think about which items you need for your basic living expenses and which are extras or things you could maybe do without if you need to save some money.

Track your spending app

Firstly put a budget in place. We highly recommend you have a read of Money System chapter in You’re the Boss: Money wisdom for life booklet, have a look at Moneysmart Budgeting and listen to Greater Bank Finance Lab - Get Greater at Budgeting.

Once you have outlined your budget, we recommend you start tracking your spending. Easiest way to track your spending is to have an app on your phone. Search for the best application that suits your need. Some applications sync to your bank account, others allow you to add your spending manually, for a list of what is available go to Best Budget Apps 2022.

Help in the community with setting up a budget:

  • Moneycare - Free Financial Counselling is available via phone, face to face and zoom. To book an appointment call 1800 722 363.
  • Saver Plus supports families and individuals on a tight budget to develop lasting savings habits through a financial education program.
Why track your spending?

Major overspending can lead to a debt spiral and severe problems for the future, so keeping track of your spending and sticking to your budget is important.

TIP: Preparing meals at home can save $40-50 per week, reuse dinner leftovers and use the survival stations all over the campuses to reheat your food. Skipping that $4.50 coffee everyday can save you $90 over 4 weeks!

Shop smart
Saving

Easiest ways to save money are:

  • Change bad habits and save the money that isn’t spent
  • Save with a friend and give each other encouragement
  • Save on clothes
  • Find savings on food and groceries
  • Find savings on bills particularly electricity and water
  • Reduce your bank fees

Resources that may be useful: