Budgeting is one of the best ways to take control of your money. It helps you track what you earn, see where your money goes, and make sure you have enough for what really matters—including getting into that first Australian home. A good budget can help you save for the future, avoid debt, and reduce stress about money.

Step 1: Know How Much You Earn

The first step in making a budget is knowing how much money you bring in after tax. This includes your salary, bonuses, money from investments, rental income, or any other source of income. If your income changes from month to month, try to calculate an average. This will help you plan better.

Step 2: List Your Regular Expenses

Regular expenses are the things you pay for every month or every few weeks. These include:

• Rent or mortgage payments
• Electricity, water, and internet bills
• Groceries and fuel
• Phone bills
• Health insurance
• Gym or other subscriptions

These are the basic costs that you must pay to live comfortably. Knowing how much these expenses add up will help you see how much money you have left for other things.

Step 3: Prepare for Irregular Expenses

Some expenses do not happen every month, but they still need to be planned for. These can include:

• Car insurance and registration
• Doctor or dentist visits
• School fees or uniforms
• Holiday and birthday gifts
• Pet expenses like vet visits

A good way to handle these costs is by setting aside a small amount of money each month. That way, when these expenses come up, you are not caught off guard.

Step 4: Track Your Everyday Spending

Small purchases can add up fast. Things like coffee, eating out, shopping, and entertainment can take a big part of your income if you are not careful. Keeping track of these expenses will help you see if you are spending too much on things you do not really need. A great way to track your expenses is to review your most recent three months of bank and credit card statements.

Step 5: Adjust and Improve Your Budget

Once you have listed all your income and expenses, compare the two. If your expenses are more than what you earn, you need to find areas to cut back. This could mean eating out less, canceling unused subscriptions, or finding cheaper alternatives for some of your bills.

Please see the following budget to assist in preparing your family budget for 2025. Click on the following link to download the budget.

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