Updated on 6 June 2025
4 minute read
A budget is a roadmap for your financial journey. It helps you take control of your money. Use our budgeting tips to help you plan how to budget and save for that dream holiday.
Start by adding in your income, then add your expenses in.
Values in the budget planner are estimates only. We recommend speaking with a qualified financial adviser before making decisions for your individual needs.1
A budget helps you track your bills and other costs, know where your money is going, and put aside money correctly. It can also help you to achieve your financial goals. Creating a budget is an excellent way to take control of your finances and prepare for the unexpected.
If you'd like to know more about how to budget, read on for budgeting tips to help you.
To put it simply, budgeting puts you in control of your financial situation.
Using a budget planner can help to review your spending and set a practical plan your future goals. Knowing how to make a budget gives you a clear understanding of the steps you need to take to reach your financial goals. It can also give you real peace of mind that you'll be able to cope with surprises.
Budgets should be both ambitious and realistic. Avoid setting goals that you won't be able to achieve, but don't limit yourself either.
Having a clear goal is a great motivator when it comes to saving money. It could be saving for a home deposit, a family holiday, paying off debt, or having a little extra for a rainy day. You might even be dreaming about sailing the world in your retirement.
Be sure to know exactly how much income you’re earning when using the budget planner. This includes your salary and any other income such as government benefits, side hustles or investment income such as a rental property.
Make a list of all your regular bills. This includes mortgage or rental costs, utilities like energy and water, loans, clothes, entertainment and even your daily coffee! Have you checked your bank statement for direct debits you’ve forgotten about? Are there subscriptions you no longer use? You might be surprised how small regular payments can add up over time.
Salary sacrificing is an easy way to get started if you want to build long-term wealth. It means you automatically make extra payments to your super from your salary before tax. It’s a great way to build up your super, and it can have significant tax advantages.
Contributions calculator
Use our Superannuation Contributions Calculator to see the difference a little extra could make to your super.
You could think about setting up a separate savings account. This is a great way to keep track of your savings and easily check on your progress. It’ll also help you maintain good financial habits.
Log in to your superannuation account to make sure you’re being paid super correctly. You should also review insurance cover premiums, and fees and costs so you don't pay more than you need to. Combining your super or switching your investment options could mean a larger balance for a more secure retirement. And it can all be done in minutes.
Before you combine super, consider whether it's right for you. There may be different insurance or pension offerings between super funds. And there could also be tax impacts.
Log in to Member Online or download our app to check how your super is tracking.
List your debts by balance from smallest to largest. Start by paying off the highest interest rate debts first. This way you can repay your debts one by one until you’ve paid them in full. Credit cards, for example, have high interest rates and paying them off can save you thousands. You might think about setting up a repayment plan with your bank or financial institution to pay off credit card debt as quickly as possible.
There are a lot of resources out there like our Learn hub to help you learn about money matters, including superannuation and investing.
Make it a habit to review your budget monthly to make sure it’s still working for you and your lifestyle. Set a reminder in your calendar to do this at a time that's free of distractions. At first, it may seem difficult but with time it will become second nature. Adjust your budget planner values where necessary – that’ll help you stick to it so you can reach your goals.
We can help you get your super on track for the lifestyle of your dreams. Advice about your accounts is included with your membership.2
Advice optionsNot a member? It only takes a few minutes to join online.
Thinking about financial advice but not sure what to expect? Let's clear up some common financial advice myths and help you plan for a worry-free retirement.
2 min read
It's normal to worry about debts as your retirement gets closer. Find out how you can reduce your debt so you can enjoy your retirement.
5 min read
Choosing the right investment options for your super can have a big impact on the amount you have to spend in retirement.
4 min read
1. This calculator is provided by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228 975) (Australian Retirement Trust).
Australian Retirement Trust has put together this calculator to give you some examples of different financial scenarios, based on stated assumptions and the figures you input. The calculations are intended as estimates only; and they’re not meant to be a substitute for professional financial advice. While we’ve based the information on sources that we believe are reliable and accurate, your actual outcomes will depend on a range of factors outside of our control. So you shouldn’t rely on this calculator when you’re making decisions about a financial product, fund or strategy. Instead, you should consider getting advice from a qualified financial adviser.
Australian Retirement Trust expressly disclaim all liability and responsibility to any person who relies, or partially relies, on anything done or omitted to be done by this calculator.
2. Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867) (SFS) is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide for more information.
