How to Do a Simple Household Budget
Hello, you.
A budget isn't about saying no to everything. It's about knowing where the money goes, so nothing ambushes you.
FOUR STEPS
- Money in. Write down what comes in each fortnight or month, after tax.
- Bills. List the regular ones: rent or mortgage, power, phone, insurance, groceries, petrol.
- The sneaky ones. Add yearly costs (rego, Christmas, school things) and divide by 12 or 26.
- What's left. Money in minus everything else. That's your breathing room, or your warning.
MAKE IT STICK
- Track your spending for one month. Your banking app often does this for you.
- Pick one thing to change, not ten.
- Look at it again in a month. A budget is a draft, not a test.
Free tool: the Moneysmart budget planner at moneysmart.gov.au.
This is general information only, not financial advice. For advice about your situation, talk to a licensed financial adviser or a free financial counsellor.
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