Steps How to Budget

Steps how to budget

- Sort your bills in separate piles from weekly, fortnightly, monthly, quarterly
- (ie. Rent, phone, water, electricity, school, clothes, food shopping, petrol/gas, car rego etc)

- 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 $ |