Budget planner

Estimated time: 20 mins

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This calculator enables you to:

  • work out where your money is going
  • check if you are spending more than you can afford
  • save your results online (you will need to 'sign up' to MoneySmart) or use our Excel version

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 change the name of an expense to make it easier to remember?

A: At this stage you can only alter the Excel version. To change an expense name or make a note next to it, click on the cell you wish to change and type over the current wording. NOTE: The team is working on allowing this functionality within the online version and hope to release this soon.

Q: Can I sync my TrackMySpend data with my budget?

A: No, at this stage you will have to transfer expenses manually to your budget planner. The TrackMySpend app is designed to help you track your cash spending. The budget planner is a more holistic long-term income and expense plan.

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.

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

A: No, saving an amended budget will overwrite the selected budget. If you want to save multiple versions, click on the 'New' icon to start a new budget, you will then be able to save this under another name.

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.

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Last updated: 25 Feb 2014

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