Budgeting Tips

A plan for the new year can start with a budget – a spending plan based on income and expenses. Here are some top budgeting tips from the Australian Government, and us at MOVE Bank. First and foremost, if you haven’t already signed up for Your Financial Wellness - an independent online platform which helps you understand your finances so you can make informed decisions about your financial future – MOVE Bank offers all our members full access to the platform. Go to movebank.com.au/wellness or search “Your Financial Wellness” in the search bar.

Budgeting tips from moneysmart.gov.au

Record your income:

A list of all money coming in, including:

  • How much
  • Where from
  • How often (weekly, fortnightly, monthly, or yearly)

This can be your wages, pension, government benefit
or payment, or income from investments or interest.

2. Add up your expenses.

Look at your essential items you need to pay for to live.

These can be fixed expenses, such as rent, bills, rates, groceries, or debt expenses such as loan repayment, credit card or mortgage repayments. Often, we also have unexpected expenses such as car repairs or medical bills.
A handy way to see what’s going out is by navigating to your statement online or that you receive in the mail from MOVE Bank, as well as any other institutions you bank or make payments with.

3. Set your spending limit.

The money left after expenses is your spending and savings. Set aside an amount of spending money for wants, and make a plan so you can stick to it.

4. Savings

Work out a goal of savings and use your budget to work towards it. This could be a percentage of your income, or a set amount you automatically transfer after you receive your income.

5. Adjust your budget

Your budget needs to work for you. If it doesn’t suit your lifestyle, adjust and make changes as things change. Your expenses may go through spikes or sudden increases, or perhaps you can save more with a pay rise or if you pay off some debt.

6. Make budgeting easier

Consider having separate bank accounts, for example:

  • A transaction account for bills and expenses
  • A transaction account for spending
  • A higher interest savings account

You can then automate your budget by setting up a regular transfer to your savings account on pay day, and setting up direct debits for when your
bills are due.

View our budget calculator.


This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. ​