USING YOUR PERSONAL BUDGET PLANNER
Using a budget and sticking to it can help you take control of your finances. By simply planning ahead, you can make your money go a lot further. That’s where your Austral Credit Union Personal Budget Planner can really help. How many times have you been caught short of cash when that unexpected bill arrives? By using your Budget Planner to record both your income and expenses, you can plan ahead and put money aside to cover all your expenses. A budget can also help you establish a regular savings plan. If you have any difficulties completing your Budget Planner or if you are unsure about how to organise your personal finances, call the credit union and arrange to talk to one of our friendly and experienced staff. If you require additional copies of the Budget Planner, contact your nearest branch of the credit union and we’ll organise to send copies to you.
INSTRUCTIONS
Section A: Known Payments “Known Payments” are fixed expenses such as a home loan, rent and so on. Complete this section by converting your “Known Payments” to regular weekly amounts. Record the weekly totals in the space marked “A. Total Weekly”. Section B: Variable Expenses Variable expenses may be expenses which you pay once a year (eg. car registration) or regular expenses which may vary throughout the year (eg. electricity bill). To give you a good idea of how much to allocate each month for these expenses, you should use last year’s annual total as a starting point. Simply divide this amount by 12 which will give you monthly totals. Spread the monthly totals across the twelve months and write the yearly total in the table under TOTALS in Section B. Once you have calculated the Annual Total for all the items in Section B, add 10% to that figure to cover inflation and any unforeseen contingencies. Once you have done this, divide this new total by 52 to give you a total weekly amount. Write this figure in the space marked “B. Total Weekly”. Section C: Sundry Cash Expenses (weekly amounts) This section looks at more general expenses - things such as living expenses, food and so on. Record the total weekly amount in the section marked “C. Total Weekly”. Once you have done this, add up totals from Section A, B and C and record this figure in the box marked “A + B + C Total”. This figure gives you the amount of money you need to put aside each week to take care of all your expenses. Section D: Income Source This section takes a look at all your income, including your wage or salary and any interest earned on your savings. Once you have completed this section, convert the total income amount into a weekly total by dividing your annual income by 52. Record this amount in the box marked “D. Total Weekly”. Comparing Expenses Against Income Record the weekly figure for total expenses in the box marked “ABC Weekly Expense Total”. Now to compare your weekly income against your expected expenses, record your total weekly income in the box marked “D. Weekly Income Total.” If your income is greater than your expenses, that’s great! You can put this extra amount towards your savings. If your expenses are greater than your income, that’s not great! However, to help you, at the bottom of the last page of the Budget Planner, we have provided you with some handy hints on how you might be able to better balance your budget. Remember, if you have any difficulty or want to ask further questions regarding your budget, simply contact your nearest credit union branch. Our friendly staff are more than willing to help you with any questions you may have.
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Personal Budget Planner
Name Member No. For Period Commencing & Ending
EXPENSES
A. Known Payments Credit Union Loan Home Loan Other Loans Rent / Board Other Other Per Week Per Fortnight Per Month
Converted to Weekly Amount
B. Variable Expenses Car Reg. / 3rd Party Ins. Car Insurance House Insurance Contents Insurance Council Rates Water Rates Electricity Gas Telephone School Fees & Books Health Insurance Life Insurance Union Fees Vehicles Service / Maint. Clothing Store Cards VISA Card Other Other Monthly Totals
Jan
Feb
Mar
Apr May Jun
Jul
Aug Sep
Oct
Nov Dec Totals
Annual Total Add 10% for inflation & contingencies etc. Divide this amount by 52 weeks B. Total Weekly $ page 2
C. Sundry Cash Expenses (weekly amounts) Food Fares Petrol Personal Items (i.e. toiletries, clothing, etc.) Children (canteen, pocket money, sport, misc., school, etc.) Alcohol Magazines / Newspapers Entertainment Other Other B. Total Weekly $
A + B + C Total $
INCOME
D. Income Source Income Source Employment Income from Salary / Wages (after Tax, Super, etc.) Spouse Income Part-time Pension Investment Interest Dividends Other Income Child Endowment Total Income $ Divide by 52 to determine Total Annually
D. Total Weekly $
COMPARISON
“ABC” Weekly Expense Total $ Income is greater than your expenses?
Good! You should however, decide how to use your surplus cash to your best advantage. Austral Credit Union has an excellent range of savings and investment accounts to suit your particular needs.
“D” Weekly Income Total $
Expenses are greater than income?
Not so good. It’s still not the end of the world though. There are a number of things you can do. 1. Reduce your expenses where possible - those expenses most easily reduced will be found in sections B and C. 2. Increase your income - if overtime or part-time work is available to you, it may be best to take it. 3. Have your pay transferred directly to your credit union account - your savings earn interest and are easy to access with credit union cheques, Redicard and VISA card. 4. Make an appointment to see one of our experienced staff to discuss your budget problems - we’re here to help.
KC43206 PERSONAL BUDGET PLANNER 11/2003
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