Budget Planner

This budgeting tool provides general information only.

What's the benefit of setting up a budget? That's simple - a good budget will not only make sure you've got enough money to cover all your expenses (including some money for fun), it can also help you save money on a regular basis as well.

The first step in a successful budget is working out what money you have coming in and what money you have going out. Once you’ve got a clear idea of your incomings and outgoings, you’ll be in a good spot to look at any adjustments you could make.

Our online budget planner template can take the hard work out of doing the sums on what you’ve got coming in and what’s going out. 

Handy tips for creating a household budget or personal budget with our budget planner

  • Depending on your how often you get paid, you can do a weekly, fortnightly or monthly budget.
  • Make sure you enter all your income. If you get paid regularly, just take a look at your pay slip or bank statement. If you're self-employed or have an irregular income, you can work out your average weekly income by taking your last tax return and dividing it by 52 or 12 for your monthly income. You could also look at your quarterly Business Activity Statement (BAS) and divide by 13.
  • Include all of your expenses. Some of your expenses are likely to be regular fortnightly or monthly expenses, such as your rent or mortgage, health insurance premiums, phone bill, gym membership and Spotify subscription. If you have any ongoing car loan, personal loan and credit card repayments or if you're paying child support, include these as well.
  • If your budget plan shows you've got more money coming in than going out, then you're in a good position to use some of the extra cashflow to start kicking your savings goals with a regular savings plan. It's worthwhile choosing a bank account that will reward you for regular saving, such as a savings account that pays a bonus interest rate for growing your balance. 
  • Once you've built your savings up and have a lump sum, you could consider putting some money into a term deposit and lock your money away for a set amount of time for a guaranteed rate of return. 
  • Keep checking in on your budget and make tweaks as needed or if your financial situation changes.


You may find these useful

What’s the difference between a term deposit and a savings account?

Knowing the differences between the two could help you understand how they can support you at different stages of your saving and investing journey

5 times a term deposit could come in handy

Whether you’ve come into some cash or want to avoid the temptation to dip into your existing savings, here’s some ways a term deposit could help you.

The Detail

This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it.

This calculator model contains a number of assumptions and they are set out in the i button. Please click it for more details. The assumptions may not reflect the ways in which our Bank's computer systems work. The calculator is generic and does not take into account your personal circumstances. It is intended for use by you as a guide only, and not intended to be relied on for the purposes of making a decision in relation to a financial product. Should you apply for any Bank of Melbourne product, we will make our own calculations and we will not necessarily take the results of your calculations using this Calculator into account. You should obtain professional financial advice before making any financial decision.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.