Budget Planner
Do you truly understand your finances? Use our budget planner and discover where every dollar goes!
Knowing exactly how much money flows into your wallet and straight back out again is central to strengthening your financial position.
When using our budget planner, enter your income correctly. This includes your salary, any income from investments, and pensions. You can choose whether to input answers relating to weekly, monthly and annual income.
Next, try to enter realistic expenses. This includes transport, home expenses, living expenses, insurance, debt repayments, and leisure and entertainment. You will then find out how much money you receive and how much you spend!
Each area will also show a total, allowing you to assess where high levels of spending are going. You can make changes to your outgoings, increasing your savings for your home loan deposit!
Try our budget planner and increase your financial awareness.
What Is a Budget Planner and Why Do You Need One?
A budget planner is your financial roadmap. It helps you see exactly where your money goes.
This powerful tool tracks your income against your expenses.
A budget planner gives you clarity and control over your cash flow. It helps you stop living fortnight to fortnight and start making intentional choices with your money.
By understanding your spending habits, you can identify areas to save, pay down debt faster, and plan for significant life goals, like buying your first home. It transforms finance from a source of stress into a tool for empowerment.
Having a clear budget is crucial when you apply for a home loan. Lenders want to see that you can manage your money responsibly.
A well-maintained budget planner demonstrates your saving capacity and financial discipline, making your application stronger.
Take the first step towards the right home loan.
Apply online to get expert recommendations with real interest rates and repayments.
How to Create Your Australian Budget Planner in 5 Simple Steps
Creating your own budget planner involves five key actions.
You’ll calculate all your income, track your spending, set goals, build your budget, and review it regularly.
This process gives you a complete picture of your financial health.
Following these steps will help you build a practical plan that works for your lifestyle. Remember, the goal is not to restrict yourself but to empower yourself with knowledge.
1. Calculate Your Total Income
First, you need to know your exact income. This forms the foundation of your budget planner.
List all sources of money you receive each month after tax. This includes your salary or wages, any government benefits, investment returns, or income from a side hustle.
If your income varies, calculate an average from the last three to six months to get a realistic figure.
👉 Check out: How Much Can I Borrow for a Mortgage?
2. Track Your Expenses (The Nitty-Gritty)
You need to know where your money is going. Tracking expenses is the most insightful part of budgeting.
Gather your bank statements, credit card bills, and receipts from the last few months.
Categorise every single expense to understand your spending patterns. It is often helpful to group them into three main types:
| Expense Category | Description | Examples |
|---|---|---|
Fixed Expenses | Costs that stay the same each month. These are typically non-negotiable. |
|
Variable Expenses | Costs that change each month. You have some control over these. |
|
Discretionary Spending | “Wants” rather than “needs.” This is the easiest area to make cuts if needed. |
|
This exercise reveals exactly where your money is being spent. Many people are surprised by how much their small, daily purchases add up.
A good budget planner makes this transparent.
3. Set Clear Financial Goals
Your budget needs a purpose. Your goals provide the motivation to stick with your plan.
Your financial goals can be short-term, like saving for a holiday or creating an emergency fund of three months’ worth of expenses.
They can also be long-term, such as saving a $100,000 deposit for a home or paying off your mortgage early. Make your goals S.M.A.R.T (Specific, Measurable, Achievable, Relevant, Time-bound).
For example, “I will save $10,000 for a house deposit in the next 12 months by saving $834 per month.”
👉 Also try: Savings Goal Calculator
4. Analyse and Create Your Budget
Now it’s time to build your budget. Use your income and expense data to make a plan.
Subtract your total expenses from your total income. If you have money left over, you have a surplus you can allocate towards your goals.
If you are spending more than you earn, you have a deficit.
You will need to review your variable and discretionary spending to find areas where you can cut back. This is where you decide which budgeting method suits you best.
5. Review and Adjust Regularly
A budget is not a “set and forget” document. You must review it consistently to stay on track.
Life changes, and so will your budget. Check in with your budget planner weekly or fortnightly to see how you are tracking.
Schedule a more thorough review every month or two. This helps you adjust for unexpected expenses, celebrate your progress, and ensure your budget continues to align with your financial goals.
👉 Also see: What Is a Good Credit Score for a Home Loan in Australia?
Popular Budgeting Methods to Use in Your Planner
Popular options include the simple 50/30/20 rule or the ‘buckets’ strategy for managing goals.
Zero-based budgeting offers maximum control for those who need it.
The best method is the one you can stick with consistently. Feel free to try one and switch to another if it isn’t working for your lifestyle. The goal is progress, not perfection.
The 50/30/20 Rule
This method is simple and easy to remember. It provides a straightforward framework for your spending.
You allocate your after-tax income into three categories.
- 50% goes to ‘Needs’ (fixed and essential variable costs like housing, food, and transport).
- 30% is for ‘Wants’ (discretionary spending like entertainment and dining out).
- The final 20% goes directly to ‘Savings’ and debt repayment beyond minimums.
This is a great starting point for anyone new to using a budget planner.
The Barefoot Investor 'Buckets' Method
This Australian-focused method is incredibly popular. It uses different bank accounts for different purposes.
The strategy divides your money into separate “buckets” or accounts.
- Your income flows into an account for daily expenses (the ‘Blow’ bucket).
- Money is then automatically transferred to other accounts for long-term goals like a home deposit (‘Smile’), building wealth (‘Fire’), and an emergency fund (‘Mojo’).
This automation makes saving effortless because the money is allocated before you have a chance to spend it.
Zero-Based Budgeting
This method gives every dollar a job. It is perfect for those who want precise control.
With zero-based budgeting, your income minus your expenses must equal zero.
You allocate all your income to expenses, savings, and debt repayments. This forces you to be intentional with every single dollar.
It can be more time-consuming but is highly effective for optimising your cash flow and finding extra savings.
Ready to Turn Your Budget into Your Dream Home?
A budget planner is the first step. The next is getting expert advice tailored to your goals.
Whether you’re saving for your first home or want to manage your mortgage and tax situation better, our team is here to help.
Let’s review your budget and create a clear path to your property goals.
