When it comes to planning out your finances, knowing where your money is going every week, fortnightly or month is essential. That’s where a budget planner can come in handy. Map out your spending to get a good idea of where you can optimise your budget and potentially leave yourself tens, hundreds or even thousands of dollars better off at the end of the year.
Free online monthly budget planner
How to use the budget planner
Using the budget planner is pretty straightforward. All you need to do is list the amount you’re earning or spending under each financial category. While it’s simple to understand, it might take you a bit of time to fill everything out and find what the exact value of each item. As you can see, the categories you’ll need to complete are:
- Total income
- Home expenses
- Living expenses
- Vehicle and transport
- Mortgage and debt repayments
- Leisure and entertainment
- Insurance and superannuation
Once you’ve completed all the categories, you can go over to the “view summary” tab to see the totals for each one and your overall spend each week, fortnight, month and year.
What happens if my expenses or income change every month?
While it’s useful to have your numbers be as accurate as possible, it isn’t always easy if your incomings and outgoings are different every month. If this is the case for you, averaging them out over several weeks, months or the last year will likely deliver the clearest results for your budget.
You should review your bank statements to get an idea of how much you’re spending if you aren’t sure off the top of your head. The same applies for phone, utilities and water bills.
Tips for saving money and making more room in your budget
-
Take time to complete a detailed budget
There's no point in trying to calculate your savings until you have a clear idea of where your money is going each month. Put time aside to complete the monthly budget planner carefully and thoroughly, as it’s the first important step on your savings journey.
-
Review your expenses
Once you have a clear idea of where your money is going, think about whether there are any expenses you don’t need. Cancel subscriptions you haven’t used recently or don’t really need. For example, if you haven’t been going to the gym for the past three months and don’t see that changing, don't continue forking out for it.
-
Compare products to find savings
Next, look at all your insurances and other financial products. Have you compared insurance providers and credit cards recently? Have you looked at your car insurance, home and contents cover and private health insurance and checked that you’re getting the best deals available? Even if you only save $20 or $30 a month on each of these items, they all add up over time.
-
Make a ‘wants’ and ‘needs’ list
Think about what your dream is and what you’re saving for. Perhaps it’s a house deposit, a holiday, or a new car. Now, pit that against getting takeaway three times a week or regular retail therapy. If you make those difficult spending decisions at the time you work out your budget, saving up to achieve your dream becomes much easier further down the line.
-
Make your savings work hard for you
As well as reducing unnecessary spending, it’s also important to make sure the money you’ve worked hard to save up earns you as much interest as possible. Compare high-interest savings accounts and choose one which offers you the highest interest rate possible with the lowest fees so you can watch your savings grow even faster.
Where to go if you’re having trouble managing your budget
If you’re feeling the pinch financially, you aren’t alone. Amid a cost of living crisis in 2024, 169,000 people sought help from the National Debt Helpline (NDH) and 647,000 people visited their site. These are increases of 12% and 32%, respectively. Along with seeking out debt solutions with the NDH, you can make use of one of the following free financial support services in Australia:
- Way Forward
- Services Australia
- Mob Strong Debt Help (for Aboriginal and Torres Strait Islander peoples)
- Small Business Debt Helpline
