This fact sheet is to be used in conjunction with Creditline's interactive budget planner. 

 A) The aim of the plan is to make you aware of all the possible areas in which you do, or may, spend money. The following are some comments to assist you.

The money plan is based on what suits you. For example, if paid fortnightly, all your expenditure is worked out on a fortnightly basis. Maybe a weekly money plan is best, to coincide with grocery shopping. Remember, this is your Money Plan.

• If you have any children, include Parenting Payment in your income (or any other "extras", eg. board).
  
• Initially write down what you think you are doing with your income. If not sure, particularly re smaller items, keep a record of where every cent goes for one pay period at least.
  
• To determine amount for a quarterly items, eg. electricity, phone, divide an average bill by 13 (weekly income); 6 (fortnightly) or 3 (monthly). For yearly accounts, and repairs/maintenance divide by 52, etc.
  
• House repairs - allow an amount each year (based on a 10 year cycle) to cover repairs to fences, gas, water and sewerage pipes, lawn mower, hot water system, gutters, roof, etc. As well there is external and internal paining to be done say 5 years.
  
• Car repairs - to recover replacement of tyres, services on car, spare parts, repairs to engine and car body, depreciation, etc.   See for operating costs:  http://www.mynrma.com.au/cps/rde/xchg/mynrma/hs.xsl/operating_costs.htm

• School Costs - includes uniforms, shoes, books, pencils, excursions, sport fees.
  
• Savings (household repairs) - similar to house repairs where we allow for repair and replacement (over 10 year period) of items within the house such stove, fridge, washing machine, microwave, dishwasher, TV, video, stereo, beds, furniture, bed linen, curtains, carpets, small electrical items, crockery, cutlery, etc.
  
• Personal spending - includes items such as hobbies (including photography, books, crafts etc).

B) What to do next -

• Review the plan. Determine your priorities. If necessary, decide where economies can be achieved.
  
• Utility providers often have budget repayment plans available on request, as do some Electricity suppliers, to pre-pay bills from weekly/fortnightly/monthly income.
  
• Before you apply for credit find out what repayments are. Be sure you have the necessary surplus-REGULARLY at the bottom of your Money Plan.
  
• Save that 'margin' for 3 months before committing yourself.
  
• If the children receive pocket money, encourage them to budget.
  
• Lastly, review your plan regularly.  

DISCLAIMER The information provided in this information sheet is of a general nature only, and is not intended to be legal advice. There may be errors or inaccuracies or the information may not be completely up-to-date. Always check the information provided before relying on it. The information relates to consumer law in New South Wales, Australia.