Budget worksheet

Many students live on a limited income, so managing and saving money is very important. It will be an advantage for you to have a well thought out budget that you can realistically stick to. It is also important to know how and where to shop to save money, what financial traps to look out for, your rights as a consumer, and what to do if you run into financial difficulties.

Only YOU can create a workable and viable budget for yourself. It is up to you how you spend your money and a budget plan will allow you to stay on top of your finances as well as have a life! A well thought out budget will enable you to:

• increase control over your money
• meet regular expenses
• make decisions about what you can afford and when
• build savings
• plan for the future
• minimise financial stress

Creating your own budget

Use the Budget worksheet and follow the steps below to  develop your own budget. You can also access an online budget spreadsheet at the MoneyMinded website (don't forget to save the spreadsheet before you close it!).

Steps to making your own budget
Step 1: Identify essential expenses	Essential expenses may include: rent, food, transport, electricity and telephone accounts   Start keeping a diary of everything you spend each month as this will tell you exactly where your money is going.   Review your spending patterns regularly and rewrite your plan several times to come up with a realistic budget   Decide whether your budget will apply for each week, fortnight or some other period.
Step 2: Complete Income section	If your income is erratic (e.g., due to work shifts) then make an estimate based on the average income you receive.
Step 3: Complete Expenses section	Be sure to include those less-frequent expenses (gifts, textbooks etc)   You may find that your ongoing weekly/fortnightly expenses are quite substantial, perhaps more than you thought? This is because the amount includes all those long-term and irregular expenses. Therefore, you will need to save some of your income to cover those costs when they arise.   Consider opening a separate bank account to deposit money in each week/fortnight as a way of saving

Tips for saving money when shopping

• Think carefully before you buy – can you really afford it?
• Don’t fall into the impulse buying trap – buy now regret later!
• Beware of sales fever – some so called sales prices are only slight reductions so be aware of the normal price of goods before buying something on sale
• Try to pay cash for items rather than use credit – you can sometimes get a discount on products if you pay cash (excludes food)
• Take time to shop around – you will greatly improve your chances of finding a suitable product at the right price
• Ask businesses about their refund policies and know your rights (see following)
• Keep proof of purchase in case something goes wrong
• Visit the Department of Fair Trading website for tips on staying safe when shopping on-line
• Also see: Consumer rights

Tips for saving money when grocery shopping

• Try buying generic brands – Home Brand, etc.
• Plan your menu for the week before you go shopping
• Shop less often
• Reduce the amount of pre-prepared or takeaway food you buy
• Try to eat before shopping in order to avoid impulse buying
• Watch out for specials advertised in Home Delivery Mail and Local (free) Newspapers
• Buying in bulk can be cheaper - shop with friends or your flatmates
• Brisbane Markets - Sherwood Road, Rocklea

Handout given at Semester 2, 2010 session "Living On Limited Income"