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Managing Your Money Story

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Managing Your Money Story

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  3. Fact Sheets
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  5. Managing Your Money Story

This factsheet is about how making a budget can help your money story

Having a budget helps you keep track of money coming in and going out and helps you reach your money goals

Making a budget

A budget can help you keep track of your income (money you receive) and your expenses (money you spend). A budget can help to make sure that you can afford all your expenses and help you reach your savings goals. This is good to do every year as expenses and things change.

Your pay

Write down all your income that you receive including:

  • How much you get paid from your boss
  • How much you get paid from Centrelink (including child support)
  • When you get paid (weekly, fortnightly, monthly, or yearly)

Expenses

Write down what the expense is for, how much it is and when you pay need to it. Looking at your bank statement can help track your expenses.

Write down all the things you NEED to spend money on: Write down all the things you WANT to spend money on:
  • Housing costs – rent, mortgage or board
  • Electricity, gas and water bills
  • Phone, mobile and internet bills
  • Insurance – car and home
  • Groceries, pet food and takeaway
  • Transport – petrol, public transport, car rego
  • Medical, vet and education costs
  • Debts – loan, credit card or other repayments (if these are out of control call Mob Strong on 1800 808 488 and speak to a financial counsellor)
  • Clothing and personal care items
  • Gym membership
  • Subscription services such as streaming services
  • Entertainment – holidays, movies, eating out
  • Gambling and cigarettes
  • Other personal spending

Spending limit

Add up your pay (income) each fortnight. Add up all your NEED expenses each fortnight. Then take away your NEED expenses from your pay (income), and that is the money you have left over for things you WANT and for saving money.

Income – NEED Expenses = Money for things you WANT and Savings

If there is no left-over money for things you WANT or for Savings call Mob Strong on 1800 808 488 and speak to a financial counsellor.

If you have left-over money you can decide how much you want to save up, and how much you spend on things you WANT to buy such as going to the movies or eating out.

You will not have any money left for savings if you spend all the left-over money on things you WANT.

But that’s your choice!

Saving goals

Having a savings account can help create a ‘safety net’ for unplanned expenses, like if your bills costs more than expected.

If you decide you want to save up some money, work out how much you can save each pay period after you have paid your NEED expenses and put that money in a different savings bank account.

Even saving a little bit every pay can add up over time, and you could earn interest on your savings.

Tips and Tools to help you budget

Help

Call Mob Strong on 1800 808 488 for more information. We are a free First Nations driven legal advice and financial counselling service. We help Aboriginal and Torres Strait Islander peoples from anywhere in Australia. We are a free and independent service. We keep your information private.

Last updated September 2025