Steps how to budget

  1.  Sort your bills in separate piles from weekly, fortnightly, monthly, quarterly
  2. (ie. Rent, phone, water, electricity, school, clothes, food shopping, petrol/gas, car rego etc)
  1. Divide each bill to how often you get paid.

I get paid weekly so I divide my monthly phone bill up by 4weeks. For example my bill is $70, divide it by 4 = $17.50. My electricity is quarterly, divide it by 12 weeks. (3months is 12weeks)

EXAMPLE: Paid Weekly

Weekly

Fortnightly

Monthly

Quarterly

Annual

Rent

$250

Insurance

$25

Phone

$70

Water

$300

Rates

$500

Total

$250

Total

$25

Total

$70

Total

$300

Rates

$500

A

$250

Divide by 2

B

$12.50

Divide by 4

C

$17.50

Divide by 12

D

$25

Divide by 52

E

$9.60

Total

=A+B+C+D+E

$314.60

EXAMPLE: Paid Fortnightly

Weekly

Fortnightly

Monthly

Quarterly

Annual

Rent

$250

Insurance

$25

Phone

$70

Water

$300

Rates

$500

Total

$250

Total

$25

Total

$70

Total

$300

Rates

$500

Times by 2

A

$500

B

$25

Divide by 2

C

$35

Divide by 6

D

$50

Divide by 52

E

$19.20

Total

=A+B+C+D+E

$629.20

2. Add up all your bills for the fortnight or weekly

3. Add up all your income - include: paid work, pension, parenting payment, child support etc.

Weekly

Fortnightly

Work

$400

Centrelink

$100

Child Support

$100

Total

$500

Total

$100

A

$500

Divide by 2

B

$50

Total

= A+B

$550

BILLS TABLE

Weekly

Fortnightly

Monthly

Quarterly

Annual

Rent

$

Insurance

$

Phone

$

Water

$

Rates

$

A

$

Divide by 2

B

$

Divide by 4

C

$

Divide by 12

D

$

Divide by 52

E

$

Total

=A+B+C+D+E

$314.60

INCOME TABLE

Weekly

Fortnightly

Work

$

Centrelink

$

Child Support

$

Child Support

Total

$

Total

$

A

$

Divide by 2

B

$

Total

= A+B

$