So What Is A Budget?
Put simply, a budget is a description of what money is coming in to the household and what money is coming out; your income and expenses.
Our budget planner gives you a picture of where you are spending your money and how much you have left over each week, month or year. It can also identify areas where you can cut back on your expenses to save even more money.
How To Use The Budget Planner
A budget planner allows you to itemise your income and expenses into categories and then provides a report on how much you are saving or if you are spending beyond your income. Click on each header to expand your options. Each heading breaks down into very details income and expense sub-categories.
- Enter all forms of income received including interest from savings accounts, dividends from shares, family allowance from Centrelink ETC
- Identify your regular expenses such as rent, electricity, water, gas, regular loan repayments
- Check your savings statements over the last 2-3 months to ensure that you have captured all regular and ongoing expenses.
- Each month revisit your budget to ensure that you are on track and have not overspent
- Once you have completed your budget; you should end up with a cash surplus or a cash deficit.