Savings can be in the form of things such as cash, investing in shares, contributing to superannuation or, most commonly, paying down or retiring debts (including principal repayments on credit cards, personal debts and mortgages). Once you have a rough idea of your spending, you can simply deduct it from your income to figure out how much you can potentially save each budget period. If you don’t, one big bill is going to blow your monthly budget entirely. Because I budget monthly, I then divide those costs into 12 and include them as line items in my budget (“Household Fund” etc) to make sure I am provisioning for such future costs.

Professional fees: financial, legal and other fees to get my financial affairs in orderĪt the start of each financial year, I make an estimate of my likely expenses in each category.

Holidays: all costs associated with taking a holiday.

Birthdays and Christmas: gifts for myself, my son and others.

Health: health insurance and $1000 a year for unexpected medical expenses.

School: school fees, uniforms and extra curricular activities.

Car: registration, comprehensive insurance, compulsory third party insurance, regular servicing and repairs, parts and roadside assist.

Household: strata fees, council rates, home insurance, water bills and $1000 a year for emergency household repairs.

Then, you need to list all your outgoings across three different types of expenditure: direct debits, variable spending and regular contributions towards large expenses or spending goals (I call these “Future Funds” – more later). For people on irregular incomes, you can either choose to estimate a sum you think you are likely to receive, or you can budget off the minimum you know you will receive.

Because I am paid regularly, I can just divide my annual salary by 12 to get my monthly income. I budget monthly, even though I am paid fortnightly. Download my free monthly budget template here.įirst: set a time frame for your budget and determine your income.

If you’re not, I still encourage you to still have a stab. Ok, let’s assume you are mildly familiar with where your money goes, it’s time to create a budget. I send out links each week to my 10 budget category worksheets. Ready to take control of your financial future Download our free personal budget template, created by our personal budgeting experts. Did you miss my series breaking down my 10 spending categories? No worries, sign up to receive my free weekly newsletter email via this link /moneywithjess or /moneywithjess.

Family budget spreadsheet