This calculator model contains a number of assumptions and they are set out in the i button. Consider its appropriateness to these factors before acting on it. This information does not take your personal objectives, circumstances or needs into account.

Keep checking in on your budget and make tweaks as needed or if your financial situation changes.

Once you've built your savings up and have a lump sum, you could consider putting some money into a term deposit and lock your money away for a set amount of time for a guaranteed rate of return.It's worthwhile choosing a bank account that will reward you for regular saving, such as a savings account that pays a bonus interest rate for growing your balance. If your budget plan shows you've got more money coming in than going out, then you're in a good position to use some of the extra cashflow to start kicking your savings goals with a regular savings plan.If you have any ongoing car loan, personal loan and credit card repayments or if you're paying child support, include these as well.

Some of your expenses are likely to be regular fortnightly or monthly expenses, such as your rent or mortgage, health insurance premiums, phone bill, gym membership and Spotify subscription. You could also look at your quarterly Business Activity Statement (BAS) and divide by 13. If you're self-employed or have an irregular income, you can work out your average weekly income by taking your last tax return and dividing it by 52 or 12 for your monthly income. If you get paid regularly, just take a look at your pay slip or bank statement. Depending on your how often you get paid, you can do a weekly, fortnightly or monthly budget.Handy tips for creating a household budget or personal budget with our budget planner

Household budget calculator excel