Getting started
A budget is a financial plan to help you manage your money. By looking at money coming in and going out, you can use your money where it matters most. A budget lets you find ways to spend less and save more to achieve your money goals.
Review or make your budget
Work out how much money you have coming in by using any of these:
- pay slips
- bank statements
- Centrelink Deduction Statements.
Work out how much you’re spending. To do this, look at any of these:
- bills
- bank statements including direct debits
- credit card statements
- receipts and shopping dockets
- annual and one-off costs, like insurance and car registration
- Centrelink Deduction Statements.
You can then see if you have money left over that you could use for your savings. You don’t need to have a big savings goal. Small goals are just as good, like saving for school supplies or furniture. Setting a savings goal means you’ll know how much you need to save regularly to reach your goal. We have information to help you know how to build savings.
Remember to review your budget often to make sure it’s still working for you. A change in your income or costs can impact your budget.
You can use the simple money manager to review or make your budget. It’s available in 9 languages and has audio content to describe each section.
More help with budgeting
We have services to help you manage your money and set yourself up for success. These services may make budgeting easier for you.
Centrepay is a free and voluntary service you can use to pay bills as regular deductions from your Centrelink payments.
You can pay your state or territory housing authority rent through regular deductions from your Centrelink payments using our convenient, secure and free Rent Deduction Scheme.
The statements show the deductions you have set up to come straight out of your payment from us. They also show your upcoming payments from us. Help keep track of your deductions with a Centrelink Deduction Statement.
Getting your income support payment weekly can help you if you find it hard to budget a fortnightly payment. Find out more about the weekly payment option.
To help you manage your money, you can ask for your Family Tax Benefit or Carer Allowance payment to be offset. This means your Family Tax Benefit or Carer Allowance can be paid on a different week to your income support payment. You can call your regular payment line to find out if you’re eligible.
You can talk to one of our Financial Information Service (FIS) Officers for free. Our FIS Officers can share tools, resources and information that can help you make more informed financial decisions.
Find more free financial help and advice including financial counsellors and other financial support.
Tools for managing your money
We have tools to help you manage your money.
Simple money manager
If you buy multiple items with different companies, you may find it hard to keep track of your spending. You can use the simple money manager tool to review or make your budget. It’s available in 9 languages and has audio content to describe each section.
Rent vs buy calculator
Use the rent versus buy calculator to compare the costs of renting or buying something. It may help you save money.