Budget planner

Estimated time: 20 mins

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This calculator enables you to:

  • work out where your money is going
  • add your own items (refer to FAQs below)
  • save your results online (you will need to 'sign up' to MoneySmart) or use our Excel version
  • Simplify your budget by using our budget planner wizard new icon
 

About this calculator - further information

Further information

This calculator is designed to help you work out where your money is going, and whether your income covers your expenses.

  • Frequency:  Nominate payment frequency for each item - weekly, fortnightly, monthly, quarterly or annually. (Note: your results will be distorted, if you do not nominate the correct payment frequency).
  • Documentation required:  For the most accurate picture of your financial position, check your payslip for any deductions already made apart from tax (eg superannuation, health insurance, and company cars). Add these amounts back to your income and include them in your expenses instead.
  • Save online budget:  Save your budget online to access your information from anywhere at a later stage.
    Your data saved to the MoneySmart database is safe and private (refer to our Privacy Policy).
  • Save Excel budget:  Save your budget to your computer by using the Excel version (Microsoft Office (Excel) 2003 or higher). Your data will NOT be backed up to the MoneySmart database, and you risk losing your information if you lose or change your computer).
    The Excel version allows for some customising (ie relabeling fields), and can be shared via email (eg with your partner).
  • Print:  You can print your results for future reference.

Budget planner FAQs - frequently asked questions

Q: Can I create my own custom items?

A: Yes. In order to add your own items you will first need to go to settings and choose "enable custom items". You will not be able to change the label of the default items in the budget planner, but you will be able to add your own sub items by clicking on the [add] link.  

Q: Was all my saved data retained in the new version of the budget planner?

A: Yes but please note that 4 items were merged (ie. the amounts of 2 items were merged into a single expense and the frequency was defaulted to 'Annual'). These are listed below. 

Old items (category/item) New item  (category/item)
Financial commitments/Pocket money
Education/Other
Now merged into Children/Other
Home/Other
Utilities/Other
Now merged into Home & Utilities/Other
Shopping/Gifts and other
Entertainment/Celebrations
Now merged into Entertainment & eat-out/Celebrations & gifts
Entertainment/Other
Eating out/Other
Now merged into Entertainment & eating out/Other

If you wish to separate these items you can create your own custom items (see FAQ above).

Q: Where do I find a previously saved budget?

A: Click on 'Select saved budget' (top right of the budget planner) and select a previously saved budget from the drop-down list. If you are not already logged in you will need to login first. 

Q: If I open a saved budget and make changes, can I save it as a separate version?

A: Yes. Open your budget and when you have made the required changes (from the profile select box) choose "Save as". This will allow you to create a new budget based off a previous version. e.g. Open your 2014 budget, modify it and save as 2015 budget. 

Q: Will my budget save automatically?

A: No, you will need to click on the 'Save' icon if you wish to save your budget.

Q: Can I set a monthly budget and compare this with actual income and expenses?

A: No, the budget planner is designed to give you an idea of what you spend your money on. We suggest you update your budget with actual income and expenses on a regular basis to keep it as accurate as possible. If you are looking for something more detailed you may like to invest in bookkeeping software.

Q: What does the Budget planner wizard do?

A: You can simplify your budget by only showing items that are relevant to you.

Related links

Last updated: 02 Sep 2015

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