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- How do I prepare a budget?
How do I prepare a budget?
Step 1: Track your spending
Keeping track of how much you spend for a couple of weeks will help you learn where your money goes. You can:
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Step 2: Choose a time frame
Decide if your budget time frame will be:
It can be helpful to choose the time frame that matches your pay period. If there are expenses you only pay once a year:
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Step 3: Write down your income
Your income is all the money you have coming in. Examples include:
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Step 4: Write down your expenses
Your expenses are all the things you spend money on. Examples include:
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Step 5: Work out the difference
To work out the difference between your income and expenses:
If you spend more than you earn, that is, your expenses are greater than your income, see if there are ways you can increase your income or reduce your expenses. Once you have prepared your budget, review it regularly, as your income and expenses may change. If you need help preparing a budget, talk to a financial counsellor. Phone the National Debt Helpline on 1800 007 007. |
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More resources
Rania Tannous, Head of Legal, Corporate, Legal and Governance, AMP; Patricia Troll, Senior Legal Counsel, AMP Financial Services Legal, Legal and Governance, AMP; Lynette Brailey, Program Coordinator, Financial Assistance Service, Cancer Council NSW; Stephen Bray, Financial Planner, FM Financial, TAS; Angela Daly, Senior Social Worker, Cancer Services, The Adem Crosby Centre, Sunshine Coast Hospital and Health Service, QLD; Sandra Hodge, Consumer; Sandi Johnson, Consumer; Antony Mitchell, Financial Counsellor, Financial Counselling Program, Cancer Council VIC; Lucy Pollerd, Social Worker, Peter MacCallum Cancer Centre, VIC; Heather Richards, Consumer; Deb Roffe, 13 11 20 Consultant, Cancer Council SA.
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