Budgeting

Budgeting is a really important part of successfully living independently. Some living costs are weekly, some monthly and some yearly. It’s best to match your budget to the timing or your income eg. If you get paid weekly do a weekly one, if you get paid fortnightly do a fortnightly budget.

Yearly costs like car rego need to be divided by 52 if it’s a weekly budget or 26 if it’s a fortnightly one. Electricity bills come each 3 months so divide by 12 for a weekly or 6 for a fortnightly budget.

Remember to consider everything your spend money on, and add it in. Like if don’t drink regularly but do go to a party every month with a bottle of booze, add it in, or if you smoke, or are addicted to donuts. Even though a donut might only be a dollar a day, it will add up and needs to be in your budget.

It’s important to be honest in your budget, otherwise it won’t add up and you will still be wondering where your money went. Facilities like Centrepay and direct debit can help you streamline payments like electricity and rent and fit well in a budget.

Here’s an example of how to lay a budget out and what might be in it.

Budget  Weekly /Fortnightly
Income  
Wages  
Total  
Out goings  
Rent  
Electricity  
Gas  
Water  
Groceries  
Phone credit  
Eating out  
Entertainment  
Lunches  
Loan payments  
Credit card payments  
Petrol or transport  
Rego  
Car maintenance  
Medical and medication  
Clothing  
Other  
Total   
Income total  
Outgoing total -
Remaining $

There are heaps of Free Budget Apps available, try a few and see what you like!