Want to get your finances in order but not sure where to start? Budgeting is one of the most effective ways to save for something special, tackle your bills, or take control of your money.

Whatever your goals, a well-planned budget can help you make it happen. Here’s how to create a budget that’s easy to stick to, plus some handy tools to make budgeting feel much more manageable.

Start by setting your goals

First things first, figure out why you’re budgeting. Are you saving for a holiday, a new car, or building an emergency fund? Setting specific goals will keep you motivated and make it easier to stick to your budget.

Know your income

Write down every source of income you have after tax. This could include your salary, money from a part-time job, or any other payments you receive. Understanding your total income gives you a clear picture of what you have to work with and helps you create a realistic budget.

List your bills and expenses

Next, make a list of your expenses. Include fixed costs like rent or mortgage payments and variable expenses such as groceries and utilities. If you have outstanding debt, allocate some of your income for repayments, aiming to pay more than the minimum if you can.

Calculate your total expenses over a week, month, or year and compare them to your income. If your expenses are greater than your income, you’ll need to identify areas to cut back. Simple adjustments can make a big difference, such as switching to a cheaper phone plan, shopping around for better utility rates, or cancelling subscriptions you no longer use.

Financial tools that make budgeting easier

Calculating expenses and tracking spending manually can be time-consuming. These days, there are many smart tools that make budgeting easier. Let’s look at some of your options.

Simplify bill payments with Budget Wise

Tired of juggling bills or worrying about due dates? A Budget Wise Account could be a game changer. Budget Wise works by spreading your bill payments out evenly throughout the year. Simply nominate your bills, and Budget Wise calculates a regular deposit for you. All you need to do is make the regular deposit every payday, and when your bills arrive, Budget Wise will take care of the payments. No more dipping into your savings when bills arrive.

Plus, it’s fee-free, even if your account becomes overdrawn. At the end of the year, any remaining funds in your Budget Wise Account are transferred to your nominated bank account, providing an additional savings boost.

Use a savings calculator to plan your goals

Once your bills are sorted, set aside a portion of your pay for savings. Our Savings Calculator can help you create a savings plan and set a timeframe for your goal, whether you’re building a rainy-day fund or saving for something you’ve always wanted.

Manage everyday spending with a budget planner

Budgeting isn’t just about covering the essentials; it’s also about enjoying life. Allocate a portion of your income to things you love, like dinners with friends, weekend getaways, or hobbies. Our Budget Planner Calculator can help you track your expenses and keep your spending in check. Improving your financial wellbeing while enjoying the things you love has never been easier.

Adjust your budget as needed

Life happens, and your budget should be flexible. If you spend more than anticipated or your expenses increase, don’t panic. Review your budget and make the necessary adjustments. It’s also wise to revisit your budget regularly when planning big life changes, like buying a home, having a baby, or approaching retirement.

Ready to make budgeting easier?

Open a Budget Wise Account today and take the stress out of paying bills.

Prefer to speak to us? Call us on 1300 361 066 or visit your local branch.