• Decrease font size
  • Increase font size
  • Print Page

Your Budget Tool

Work out your Financial Position

Working out your financial position involves doing a budget. Budgeting is the process of balancing income and expenditure so that you can manage your finances.

There are three simple steps to making a budget:

  • Step 1: Enter all your income
  • Step 2: Enter all your expenses
  • Step 3: Subtract your expenses from your income – this is what you have left over i.e. your disposable income

Everyone can benefit from doing a budget – if you're feeling financially squeezed or even the most affluent. A budget is often thought of as something necessary for individuals or families on modest incomes, for people paying off debt or struggling with debt. However, everybody can benefit from a budget.

Understanding your financial position becomes even more important if you are feeling financially stressed or you're in financial hardship. This is because if your debt is piling up and you are missing repayments or are worried you won’t be able to pay all your debts, you need to look at your income, expenses and disposable income to see how much you can afford to repay on your loans, while still having enough money for essential items like housing, utilities, food etc.

Use our budget tool to see if you could save more, if you’re living beyond your means by spending more than you’re earning or if you have more debts than you can afford and you're facing financial hardship (can’t meet your debt repayments).

There are also some helpful tips about improving your financial position.

Remember – Be honest! Completing a budget requires you to include all your income and expenses.

You may need your bank statements and bills to be able to fill out the budget accurately.

If you're going to apply for hardship assistance from your bank or other credit providers (e.g. utilities) having this information will make the hardship process easier as you will be asked about your financial position and what you think you can afford to repay. However, if your overwhelmed call your bank and they can help you work out your financial position.

Income

Fill in your income

If you are a couple you may wish to combine your income and debt to see your overall position as a couple. If so combine your income and expenses.

Once complete please press the Next button below to enter your expenses.

Income

Regular income from investments

Add investment
Add Cancel

Other income (specify)

Add income
Add Cancel

Expenses

Fill in your expenses.

Expenses - household

Household

Other

Add other expenses
Add Cancel

Expenses

Fill in your expenses

Expenses - food

Food

Other food items

Add other food items
Add Cancel

Expenses

Fill in your expenses

Expenses - personal

Personal

Children’s items

Add children’s items
Add Cancel

Expenses

Fill in your expenses

Expenses - entertainment

Entertainment

Expenses

Fill in your expenses

Expenses - transport

Transport

Other transport

Add other transport
Add Cancel

Licences

Add licences
Add Cancel

Expenses

Fill in your expenses

Expenses - medical

Medical

Specialists

Add specialists
Add Cancel

Expenses

Fill in your expenses

Expenses - insurance

Insurance

Expenses

Fill in your expenses

Expenses - education

Education

Expenses

Fill in your expenses

Expenses - savings and contributions

Savings - contributions

Assets

Enter the current estimated value of each of your assets

Assets

Investment property

Add investment property
Add Cancel

Motor-vehicle

Add motor-vehicle
Add Cancel

Other investments

Add other investments
Add Cancel

Debt overview

For each item below enter: original amount borrowed, balance owed, loan term, interest rate, interest type (fixed/ variable), any fees, minimum repayment, current repayments you are making.

Debt overview - Mortgage

Mortgage

Debt overview - credit cards

Credit card

Add credit card
Debt overview - personal loan

Personal loan

Debt overview - car loan

Car loan

Debt overview - investment loan

Investment loan

Debt overview - HECS repayment

HECS payment

Debt overview - student loan

Student loan

Debt overview - store cards

Store cards

Debt overview - lay by

Lay-by

Debt overview - lease / rental agreement

Lease / rental agreement

Debt overview - fines

Fines

Debt overview - unpaid bills

Unpaid bills

Debt overview - money owed to Government

Money owed to Government

Debt overview - interest-free items purchased

Interest-free items purchased

Debt overview - outstanding medical bills

Outstanding medical bills

Debt overview - outstanding child support payments

Outstanding child support payments

Debt overview - overdraft

Overdraft

Debt overview - money owed to family and friends

Money owed to family and friends

Total balance owed: 0

Total current repayments being made: 0

Summary

Financial position summary

If you would like to align your financial position summary with the way you receive your regular income, change the timeframe to weekly, fortnightly or monthly.

Total income:

Total living expenses:

Total income less total living expenses (before repayments):

Total current repayments being made:

Total disposable income:

Total balance owed on debts:

Total estimated value of assets:

Description of financial position

Income and expenses (including repayments) are the same

You are spending what you earn:
You may want to consider cutting back some expenses and reducing your spending in order to build up some savings.
If your income is the same as your expenses, you've got an opportunity to closely reassess your income and expenses to see if you can find areas to reduce your spending on non-essential items so that you can build your savings.
Creating an emergency fund which you can dip into should the need arise can give you financial peace-of-mind. Hopefully you won't need to draw on your 'emergency fund', but it's good to have a savings buffer in the event that something unexpected happens such as losing your job or unexpected bills such as your car requiring servicing.

  • AddsUP has been developed in collaboration with NAB and helps people on low incomes develop financial independence through savings. Savings of $500 are matched dollar for dollar. For more information click here.
  • ANZ offers Saver Plus in partnership with community organisations and is an opportunity to have every dollar saved (up to $500) matched with an additional dollar for your own or your family’s education-related expenses.For more information click here.

Some further steps you can take include:

  • Find ways to cut costs - Review your budget and determine your priorities. Think about which expenses are essential and which ones can be reduced or removed so you can start saving.
  • Speak to your bank or other credit provider to see if you can change your repayments to match your income payments to help you better manage your money. Setting up direct-debits a may also assist with money management.
  • Speak to your utility and telecommunications providers to see if they have repayment plans to pre-pay bills and help you get ahead.
  • Start to build your savings buffer. Remember - three months of expenses should be your initial savings goal. Think about putting this money in a high-interest savings account as this will generally offer better interest rates than your everyday transaction account.
  • Review your budget regularly - you may find that within a short period of time your income is more than your expenses.
  • Call your bank to find out if they offer financial literacy courses to help you set personal and financial goals, plan for expenses, manage debt, understand tax or super and more.
  • Many community organisations also offer these programs. For example, the Smith Family in partnership with ANZ offers the MoneyMinded course. For more information click here.
  • If your income and expenditure is the same because you have large amounts of outstanding debt, and have reduced your non-essential spending as much as possible, call your bank and other creditors (such as utilities or telecommunications provider) to discuss your options.
  • For more information on savings, keeping credit under control or minimising the cost of banking see our factsheets here.
  • The ABA also has smarter banking booklets e.g.'Smarter Banking: Make the most of your money' available on the ABA website.

Income is less than expenses and repayments: This means you're living beyond your means and you need to take some action

It might be scary at first, but the earlier you act, the more options you'll have to get back on track.
Here are some tips:

  • You should think about finding ways to cut back on your expenses. The bigger the negative number, the more you'll need to reduce your non-essential spending. Identify areas where you think you could cut down.
  • If you've taken efforts to cut back on your expenses and reduce your spending, but are struggling to make your budget balance, you should contact your bank. Banks have specialist financial hardship teams to assist customers who are struggling to make their debt repayments.
  • Many banks have financial literacy resources and workshops available for free to help their customers develop their money management knowledge and skills.
  • Make sure you are getting all the benefits and entitlements you are eligible for. This may include family tax benefits, Centrelink income support payments or child support.
  • If you're having trouble managing multiple debts, prioritise your debts. You should think about continuing to make payments towards all debts, but aim to pay off the debt with the highest interest rate first. For more information about what you can do if you are in financial hardship, read more here.
  • If you've got regular debt repayments you can't meet, you should contact your bank and other creditors immediately.
  • If you'd like to speak to a financial counsellor freecall 1800 007 007 or read more here.
  • You can find links to other people who may be of assistance to you here.
  • Many banks have financial literacy resources and workshops available for free to help their customers develop their money management knowledge and skills for example, setting personal and financial goals, plan for expenses, manage debt and more. Call your bank to ask if they offer these programs.
  • Many community organisations also offer financial literacy programs. For example, the Smith Family in partnership with ANZ offers the MoneyMinded course. For more information click here. Wesley Mission offers the program In Charge of my Money (supported by St George). For more information click here.
  • For more information on savings, keeping credit under control or minimising the cost of banking see our factsheets here.
  • The ABA also has smarter banking booklets available here.
  • AddsUP has been developed in collaboration with NAB and helps people on low incomes develop financial independence through savings. Savings of $500 are matched dollar for dollar. For more information click here.
  • ANZ offers Saver Plus in partnership with community organisations and is an opportunity to have every dollar saved (up to $500) matched with an additional dollar for your own or your family’s education-related expenses.For more information click here.

Income is greater than expenses and repayments

This means you could be saving some money.

Even if your income is more than your expenses, you may benefit from some further information about improving your financial literacy, including money management skills. Many banks have financial literacy resources and workshops available for free to help their customers develop their money management knowledge and skills. Call your bank to find out more.
Some further steps you can take include:

For more information, see ABA's booklets 'Smarter Banking: Make the most of your money' and 'Smarter Investing: Build wealth and secure your future' available on the ABA website. For more information on savings or minimising the cost of banking see our factsheets here.