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Budget Basics: How to Make a Budget (When You’ve Never Done One Before)

Budget Basics: How to Make a Budget (When You’ve Never Done One Before)

💰 Budget Basics: How to Make a Budget (When You’ve Never Done One Before)

Budgeting might sound like one of those boring adult things you’ll deal with later – but knowing where your money goes can actually make life easier right now. Whether you’re saving for a phone, managing Centrelink payments, or just trying not to run out of cash before the weekend, a basic budget can really help.

The good news? It’s not about spreadsheets and stress – it’s just about having a plan for your money.

Here’s how to start.

  1. Figure Out What Money Is Coming In

Start by writing down how much money you usually get each week or fortnight.

This could include:

  • Centrelink payments
  • Casual work income
  • Allowance or pocket money
  • Any other support or one-off income

💡 Tip: Always work off your actual “take-home” pay – what hits your bank account.

  1. Track What You’re Spending

Next, list the things you regularly spend money on. You can look at your bank statements, phone app, or receipts to help.

Break it into categories like:

  • Food & snacks
  • Transport (fuel, bus/train, Uber)
  • Phone bills or subscriptions
  • Going out or takeaway
  • Clothes
  • Essentials (toiletries, school stuff, etc.)

💡 Tip: Be honest! Knowing where your money really goes helps you make changes.

  1. Add It All Up

Now subtract your spending from your income.
→ If you’ve got money left over: awesome! That’s where savings start.
→ If you’re going into the negative: that’s your signal to make a few changes.

It’s normal for a first budget to feel tight – the goal is just to see clearly.

  1. Set Some Small Money Goals

Try picking one or two goals to help you stay on track.

Some ideas:

  • “Save $20 each fortnight for Christmas gifts”
  • “Cut back takeaway to once a week”
  • “Track every dollar for 7 days”

Even small changes can add up fast when you stick with them.

  1. Use What Works for You

Budgeting doesn’t need a fancy spreadsheet. You can try:
✅ A free budget app like TrackMySPEND or MoneySmart
✅ A notebook and pen
✅ A whiteboard or sticky notes
✅ Using separate bank accounts (one for spending, one for savings)

The best budget is the one that’s simple enough to keep using.

💬 Final Thought

A budget isn’t about missing out – it’s about having control over where your money goes. When you know your numbers, it’s easier to make smart choices (and still have room for fun).

👉 Our youth service is here to help if you want 1-on-1 support with budgeting, job hunting, Centrelink, or just figuring things out.

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