Budget Planner 2020

In this ultimate Budget Planner Guide, we’re going to take you through the budgeting process step by step, and show you how budgeting can be the best decision you’ll ever make for your financial future. If you’d like to learn how to start saving money and achieve financial goals you never thought possible, this guide is for you.

What is a budget plan?

A budget plan is an accounting tool which lets you easily track your income and expenditure. A budget plan is a crucial part of an effective financial plan, and can be created to track short, medium, or long-term financial goals. You can use a budget plan to save money, pay off debt, or assess long-term goals such as purchasing a home.

A budget plan can initially seem daunting - if you haven’t created a budget plan before, seeing your income and expenses realistically displayed in a spreadsheet can be quite a shock. However, an honest budget plan will be the best way to see how much money you have coming in and going out each week, fortnight, month or year - and help you take complete control of your finances.

Benefits of a Budget Plan

Having a budget that details your income and expenditure will help you to maintain control of your finances and, if necessary, illustrate the problems you may be having with your creditors. It’s true that your debt problems won’t be solved by the fact that you have a budget alone. But beginning with this basic information about the reality of your current situation is essential.

What to include in your budget

Having a budget that details your income and expenditure will help you to maintain control of your finances and, if necessary, illustrate the problems you may be having with your creditors. It’s true that your debt problems won’t be solved by the fact that you have a budget alone. But beginning with this basic information about the reality of your current situation is essential.

Download the FREE Budget Spreadsheet

Discover why 1000+ people have downloaded this famous Australian Budget Spreadsheet
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Create your budget in 7 simple steps

Now let’s look at how you’ll go about setting up your budget. We’ll discuss each of these in more detail below, and you can click any of the steps on the right to automatically take you to the desired section. We’ll use the notes made from the previous section to fill out the appropriate sections of the spreadsheet with your budget information.

We’re going to use this information to fill out the various pages on the Money.com.au Budget Spreadsheet Template. If you haven’t downloaded the spreadsheet, you can do so here. You can refer to Getting Started tab of the Budget Template for a quick guide on each section.

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You can use this guide alongside our budget spreadsheet and tips to start your brand-new budget and create a pathway to financial security and happiness.

Excel Budget Planner Template vs App vs Pen and Paper

So far we have covered the critical components that make up a good budget, and you’ll have likely created your own personal budget spreadsheet. However, in the spirit of being completely fair, we’re going to look at how various methods for creating and tracking a budget compare against each other.

Although we believe the Budget Spreadsheet is the most accurate and easy-to-use budgeting tool available, the best budget tool is the one that works for you and helps you save. Here are the pros and cons of each budgeting method.

Pros

Cons

Budget Spreadsheet
  • Highest level of detail, tracking and forecasting
  • Completely private and secure
  • Highest level of accuracy
  • Offers simple’ and ‘advanced’ expense tracking
  • See beautiful graphs for motivation
  • Can still be stored online via Google Docs (if you desire)
  • Requires Microsoft Excel or Spreadsheet software (though most people have this)
  • Not as easily edited on the go (via your phone)
  • Requires you to manually enter your expenses
Budgeting Apps
  • Convenient (on your mobile device)
  • Potentially automated (can read your bank statements)
  • Always accessible by phone in your pocket
  • Your personal data is stored online, making it open to hacks
  • Some budget apps request access to your bank accounts (bad idea)
  • Difficult to update and manage on small screens
  • Often categorises expenses incorrectly
Pen and Paper
  • None. This method of budgeting is not ideal
  • Not a smart way to track expenses
  • Does not update calculations and totals automatically
  • Easily lost

Download the FREE Budget Spreadsheet

Discover why 1000+ people have downloaded this famous Australian Budget Spreadsheet
Get the free download

Free Budget Planner Template Summary

We’ve created the Money.com.au Budget Spreadsheet to be the ultimate budget planner. Our free excel budget planner template:

Tracks income from multiple sources, at varying frequencies

Tracks every last expense - even the little ones you may miss!

Offers ‘simple’ and ‘advanced’ budget options (be as quick or detailed as you want)

Has unlimited expense categories and suggests ones you are likely to have

Comes with 3 x bonus tools to estimate your savings, figure out how much you need to save and create schedules

Creates beautiful graphs to motivate you to meet your goals and continue saving Helps forecast spending and identifying ways to reduce it

Is 100 per cent FREE to download and use forever

Why is such an amazing tool free to use? Because we don’t believe it’s fair to charge you money when you are already trying to show commitment to saving and making a positive change in your finances.

Do I have to pay for the Money.com.au Budget Spreadsheet?

No. You will never have to pay a single cent to use our spreadsheet. We know we could charge for this valuable tool, but we’re committed to helping everyday Australians take control of their finances. We believe our Money.com.au Budget Planner Spreadsheet can truly change the way you view your finances, and your dedication to making this future a reality is the only investment you ever need to make.

Budgeting Frequently Asked Questions

What is a budget planner?

A budget planner is a way to track your income and expenses. Creating a budget plan allows you analyse the amount you are earning vs the amount you are spending, and helps in balancing your income. A budget plan is also crucial for setting financial goals, and is a popular way of learning how to manage or repay debt.

Will the budget spreadsheet work on my computer?

The budget spreadsheet is made in Microsoft Excel. It is able to work on all formats of Excel. If you have Excel installed on your computer, this will work for you. Otherwise, you can upload the spreadsheet to Google Drive and use Google Sheets to fill out the template.

How do I use a budget to manage debt?

Many people start a budget is to assess their current level of debt and discover ways to either manage their debt obligations or pay debts off early. A budget will display your income vs expenses, and allow you to quickly view where you can make changes to allocate extra cash toward additional repayments, or where you can cut back on expenditure to free up cash flow.

Can I make a budget plan by myself?

You certainly can, but using a budget template will make the process far easier, especially if it’s your first time budgeting. There are also lots of spreadsheets available on the internet, though there are no free templates that are as concise or useful as the one we offer here.