Budgeting For Beginners

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.
 My Budget Shows A Positive Figure

Great! Double check your figures to ensure that you have entered all income and expenses correctly. If not re-adjust your figures accordingly. Surplus cash should be deposited into a separate savings account so that you don't accidentally spend it. 

 My Budget Shows A Negative Figure

Firstly double check your figures to ensure that you have entered the correct information. If your budget still shows a negative figure then you need to start looking at your spending habits to find areas where you can cut back to bring your budget into a positive figure. Some expenses such as utility bills can be reduced by looking at ways to save electricity, water, Gas ETC. You may have multiple debts that you should consider consolidating to reduce your repayments and interest paid each month Click HERE to make an appointment to discuss your options.


Update your budget on the go with the ASIC Money Smart App. This is a very useful tool to assist you to stick to your budget.