Being independent means managing your cash so you can spend less than your earn. Having spare cash means you can cover surprise expenses and save for something you want.
You can make your own simple budget. For example, a fortnightly budget might look like this:
INCOME
Centrelink payment $...........................................
Other wages/income $...........................................
TOTAL Income $...........................................
LIVING EXPENSES
Rent $...........................................
Electricity $...........................................
Clothing $...........................................
Telephone $............................................
Leisure $.............................................
Groceries $.............................................
Travel $.............................................
Other $.............................................
TOTAL expenses $..............................................
Total income minus total expenses $..............................................
Savings money $..............................................
A TIP: Bills and Receipts
Keep all your receipts in one place because that is the only proof you have that you have paid your bills. If the landlord or agent says you have not paid your rent, the only way you can prove you have, is to produce a receipt.
Look at what bills and expenses you have, such as rent, electricity, phone, food and personal expenses (travel, entertainment). Decide on how often and how much money you are going to put towards each account (e.g., power $10.00 per week, rent $60.00 per week).
One suggestion is to keep your bill money, your food money and your spending money all separately. This will ensure that you won’t get tempted to spend your bill money on
extra food, or your food money on CDs. It may take a couple of months to work out how much money you need to spend each week, but you could start keeping track of how much you spend before you move out.
A budget sheet is a good way to help you organise your own money. A budget should always be reviewed every month or so to make sure you’re on track.
For a budget planner go to:
Sample budget planner
Or:
http://www.commbank.com.au/personal/daybanking/BudgetingAndSaving.asp
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