Once you've built your savings up and have a lump sum, you could consider putting some money into a term deposit and lock your money away for a set amount of time for a guaranteed rate of return.It's worthwhile choosing a bank account that will reward you for regular saving, such as a savings account that pays a bonus interest rate for growing your balance. If your budget plan shows you've got more money coming in than going out, then you're in a good position to use some of the extra cashflow to start kicking your savings goals with a regular savings plan.If you have any ongoing car loan, personal loan and credit card repayments or if you're paying child support, include these as well. Some of your expenses are likely to be regular fortnightly or monthly expenses, such as your rent or mortgage, health insurance premiums, phone bill, gym membership and Spotify subscription. You could also look at your quarterly Business Activity Statement (BAS) and divide by 13. If you're self-employed or have an irregular income, you can work out your average weekly income by taking your last tax return and dividing it by 52 or 12 for your monthly income. If you get paid regularly, just take a look at your pay slip or bank statement. Depending on your how often you get paid, you can do a weekly, fortnightly or monthly budget.Or you might be able to save more if you get a pay rise or you pay off some debt.Handy tips for creating a household budget or personal budget with our budget planner ![]() Your budget needs to work for you and your lifestyle so it's important to adjust your budget as things change.įor example, if your expenses start to increase you may need to reduce your spending, or change your savings goal. Even a small amount set aside regularly will make a difference. Having some savings can create a safety net for unexpected expenses. Once you know how much money you have for 'wants', you can work out how much of it you'd like to save. If you have a savings goal you can use your budget to work towards it. This will help you to see where it goes and keep within your spending limit. Make a plan for what you want to do with your spending money. Your spending money is for 'wants', such as entertainment, eating out and hobbies. The money you have left after expenses is your spending and saving money. If you tracked your spending, use your list of transactions. Include what the expense is for, how much and when you pay it. To make sure you've recorded all your expenses, look at your bills or bank statements.
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