Budgeting
A budget is a realistic written record of all planned income and expenses. It plans for saving and spending and is an important tool to help you ensure all your basic living expenses are covered and help you to achieve your financial goals.
It is important to choose a time period for your budget. Most people like to match them to their pay period.
Start by writing down a list of all your income and expenses. Remember to be honest and realistic, this may take a week to do as you become aware of how and when you spend.
When you've worked out your regular income and expenses you'll be able to see how your money is being spent over that chosen period. You will see realistically if you are spending more than you earn or if you have money left over after all your regular expenses have been met.
If you have money left over, think about how that money could be used, what goals you would like to achieve and how you can reach them.
If you are spending all your income or even more you may like to book an appointment with a financial counsellor to help you to economise your budget or help manage your debt more sucessfully.
These are some useful budget planners available from the internet:
http://www.understandingmoney.gov.au/Content/Consumer/Tools/Planner/
http://www.fido.gov.au/fido/fido.nsf/byheadline/Budget+Planner?open Document