Discover how to set up a budget you’ll actually stick to, with expert support, simple tools, and a money plan that sets you up for long-term success.
Why is a budget key to financial freedom?
According to the Finder, Building Wealth Report, 2024: 38% of the wealthiest people say budgeting carefully and reducing expenses contributed most to their net wealth.
Building a personal or household budget is like having a roadmap for your financial future. It helps you balance income and expenses, reduce money stress, and achieve your goals, whether that’s debt relief, saving for a home, or managing the cost of living. A budget that works, aligns with your lifestyle and aspirations, not just your bills.
Unlike traditional tools that track your past spending, MyBudget takes a future-focused approach, showing you where your money can take you over the next 12-months and beyond. It’s budgeting that looks forward, not back.
Did you know? 1 in 3 Australians don’t have a clear monthly budget. (WeMoney, Financial Wellness Report, 2024)
What should you consider when creating a personal budget?
Start by identifying your goals. As Tammy Barton says, “knowing your ‘why’ keeps you motivated.” Are you budgeting to save money fast, get help with debt, or prepare for a big life change like starting a family?
Next, be realistic, your budget should reflect your actual income and expenses. Use a budgeting app, pen and paper, or an excel budget spreadsheet. The method doesn’t matter as long as it’s easy to stick to.
How do you assess your financial situation?
Start with a simple cash flow check: what’s coming in and what’s going out? Break it into these categories:
- Living expenses: groceries, fuel, phone bills, your daily essentials
- Required bills: rent or mortgage, insurance, school fees, non-negotiables
- Debt repayments: credit cards, personal loans, or buy-now-pay-later accounts
- Discretionary spending: meals out, hobbies, gifts, holidays.
This step helps you prioritise needs vs wants and reveals where changes can free up money. If you’re behind on rent or dealing with high credit card debt, MyBudget Debt Solutions Team could provide the support you need.
5 steps to set and achieve financial goals
The key to mapping out your financial objectives is to start with the basics:
- Set clear financial goals: whether it’s paying off debt or saving for a house deposit, or saving for retirement? Clear goals keep you motivated
- Assess your basic living expenses: be honest about where your money is going, include bills, subscriptions, and lifestyle costs.
- Set spending limits: enjoy the little things, but set realistic limits
- Prioritise savings: automate transfers into a dedicated savings account for long-term goals like an emergency fund
- Track your progress: review your budget monthly you’ll spot any unnecessary expenses and adjust your budget as you go.
Ready to start? Use our Savings Calculator to estimate how long it’ll take to hit your short-term goals or long-term savings goals.
How can you manage irregular income in your budget?
If your income fluctuates, base your budget on your lowest average monthly income. Separate fixed expenses from flexible ones and focus on building a buffer.
- List essential expenses and set aside money during high-income months
- Prioritise an emergency fund to cover gaps.
How do you stick to a budget?
To stick to a budget, it needs to feel realistic and flexible. A sustainable budget fits your lifestyle, reflects your real spending habits, and includes occasional costs like birthdays or car rego. If you need help getting started, download MyBudget’s free Personal Budget Template.
“Budgeting isn’t something you do, it’s something you live.”
Tammy Barton, MyBudget Founder & Director
Budgeting behaviours that lead to success
Some of the most financially secure Australians have one thing in common: frugal habits. According to Finder’s 2024 Wealth Building Report, 84% of wealthier Aussies have at least one frugal habit.
For example:
- 59% buy food on special
- 44% avoid dining out
- 34% compare and switch utility providers.
These small habits can make a big difference, especially when paired with a future-focused budget that’s tailored to your goals.
Why is an emergency fund essential and how do you start?
An emergency fund protects you from unexpected costs like medical bills, job loss, or urgent repairs. It keeps you from relying on high-interest debt.
4 easy steps to start an emergency fund:
- Make sure your budget reflects reality
- Set a savings goal (start small if needed)
- Automate savings transfers
- Review and refine regularly.
Learn more about how to save for an emergency fund so you’re never caught off-guard.
What’s the best way to pay off debt?
- Budget for more than the minimum repayments
- Use the avalanche or snowball method
- Automate payments
- Stick to your budget.
Need debt help?
MyBudget offers debt solutions and can support you with:
- Consolidating debt and creating a tailored plan that fits your lifestyle
- Speaking with creditors to reduce stress and stop the unwanted calls
- Helping improve your credit score by staying on top of payments
- Building emergency savings while eliminating debt.
Did you know? We’ve saved our clients over $2 million in debt arrangements in 2024.
How can budgeting help you reach your financial goals?
Budgeting isn’t just about cutting back, it’s about creating a path to the life you want. Use it to:
- Reduce financial stress
- Save for a holiday, house deposit, or retirement
- Plan for life events like a baby or career change.
How often should you review and adjust your budget?
Life changes, and so should your budget. Schedule monthly reviews to catch changes in bills, income, or priorities. Cutting out a few unused subscriptions? That’s a win. Redirecting these funds could help you pay off high-interest debt faster.
Imagine shaving a year off your personal loan just by reining in your subscriptions! Remember, small changes can lead to lasting financial success.
“Nicole tailored my budget for long-term success, not just a quick fix”.
Steve, MyBudget client (Product Review)
Are you ready to set up a budget that sticks?
Whether you need help setting up a budget, managing credit card debt, or finding relief from financial stress, MyBudget is here for you.
We’ll help you:
- Build a realistic money saving plan
- Access budgeting tools tailored to your goals
- Consolidate debt and manage repayments.
Don’t wait, phone us today on 1300 300 922 or enquire online and let’s start your budgeting glow-up today!
Up next: Could a budget save your marriage? MyBudget clients, Michelle and Phil share their story.