Have a quick look at your bank statements from the last three months and find payments for items such as food, entertainment, shopping, fuel. ![]() Remember, many of these are issued quarterly, so if you are creating a monthly budget, you may need to convert the quarterly bill to a monthly figure.įortnightly: (Fortnightly Payment x 26)/12 Other cost such as car registration costs and school fees should also be included, as well as utility bills like your electricity, gas and water bills. Work out your expenses including debt repayments, that come out of your income such as your rent or mortgage payments, car loan payments, credit card payments and insurance premiums. Start with entering all your income that you receive such as your salary, interest, dividends, investment income and any family allowance or benefit payments you receive Follow these steps to create your budget: For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.A budget planner doesn’t need to be hard but will require your commitment to start at the beginning of a certain time period, such as the beginning of a new week or month. This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. You should obtain professional financial advice before making any financial decision. Should you apply for any St.George Bank product, we will make our own calculations and we will not necessarily take the results of your calculations using this Calculator into account. It is intended for use by you as a guide only, and not intended to be relied on for the purposes of making a decision in relation to a financial product. The calculator is generic and does not take into account your personal circumstances. The assumptions may not reflect the ways in which our Bank's computer systems work. This calculator model contains a number of assumptions and they are set out in the i button. Consider its appropriateness to these factors before acting on it. This information does not take your personal objectives, circumstances or needs into account. ![]() Keep checking in on your budget and make tweaks as needed or if your financial situation changes. ![]() 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.Handy tips for creating a household budget or personal budget with our budget planner
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