Feeling the squeeze from home loan repayments and everyday bills? A household budget can help you see where your money goes and work out your next step.
Feeling the squeeze from home loan repayments and everyday bills? A household budget can help you see where your money goes and work out your next step.
Our free household budget planner brings your income, expenses, debt repayments and savings together in one place. Choose an Excel spreadsheet with automatic calculations or a PDF you can fill in on screen or print.
Created by the team at Dynamic Finance Brokers Tasmania, it’s a practical tool for households looking to plan their spending and prepare for changing repayments.
What does the household budget planner include?
The free household budget planner helps you record:
- Take-home pay and other regular income.
- Mortgage repayments, rent and household bills.
- Groceries, transport, health and family expenses.
- Irregular costs, including registration, insurance and maintenance.
- Repayments towards existing debt.
- Savings goals and emergency fund contributions.
You can compare your current spending with your planned budget and check how an extra monthly home loan repayment would affect the money you have left.
Which budget planner should you download?
Choose the Excel budget planner if you want automatic calculations. Enter your current amounts and select how often you receive or pay them. The spreadsheet converts them into monthly averages and calculates your totals. Enter your planned budget as monthly amounts.
Choose the PDF budget planner if you prefer a printable household budget template or want to type into the fields on screen. The PDF includes conversion instructions, but you’ll need to calculate its totals yourself.
Both versions use Australian dollars and include space for your current and planned budget.
How to make a household budget
Start with the income your household can regularly rely on, such as wages, benefits, a pension or other regular income.
Use the amount you actually receive after tax and payroll deductions. Avoid adding expenses already deducted from your pay, as this would count them twice.
If your income varies, choose a cautious, realistic amount rather than building your budget around your best pay week.
Start with the income your household can regularly rely on, such as wages, benefits, a pension or other regular income.
Use the amount you actually receive after tax and payroll deductions. Avoid adding expenses already deducted from your pay, as this would count them twice.
If your income varies, choose a cautious, realistic amount rather than building your budget around your best pay week.
2. Check what you actually spend
Gather your recent bank and credit card statements. Look at your mortgage or rent, household bills and everyday spending.
Include groceries, fuel, childcare, subscriptions, eating out and other costs that apply to your household.
Record what you actually spend before deciding what you’d like to change. An honest starting point makes your budget more useful.
Some expenses don’t arrive every month, but they still need a place in your budget.
Think about council rates, car registration, insurance renewals, school expenses, vet bills and home maintenance.
For example, a $1,200 annual bill needs a $100 monthly allowance if you’re budgeting evenly across the year.
To convert amounts into monthly averages:
| Payment Frequency | Monthly Conversion |
| Weekly | Amount x 52 ÷ 12 |
| Fortnightly | Amount x 26 ÷ 12 |
| Monthly | Use the amount as it is |
| Quarterly | Amount ÷ 3 |
| Annually | Amount ÷ 12 |
Monthly averages help you plan, but check when bills are actually due. If a large bill is due soon, you may need to set aside more than the monthly average to meet it.
Monthly averages help you plan, but check when bills are actually due. If a large bill is due soon, you may need to set aside more than the monthly average to meet it.
4. Include debt repayments and savings
Allow for repayments towards existing debts, including personal loans, credit cards and buy now pay later balances.
For credit cards, record new purchases in the relevant spending categories. Record repayments towards existing card debt separately to avoid counting the same spending twice.
Add savings contributions where your budget allows. These might be for an emergency buffer, an upcoming expense or a particular goal.
If you’ve already included a monthly allowance for an annual bill, avoid adding a second savings contribution for that same bill.
Monthly averages help you plan, but check when bills are actually due. If a large bill is due soon, you may need to set aside more than the monthly average to meet it.
4. Include debt repayments and savings
Allow for repayments towards existing debts, including personal loans, credit cards and buy now pay later balances.
For credit cards, record new purchases in the relevant spending categories. Record repayments towards existing card debt separately to avoid counting the same spending twice.
Add savings contributions where your budget allows. These might be for an emergency buffer, an upcoming expense or a particular goal.
If you’ve already included a monthly allowance for an annual bill, avoid adding a second savings contribution for that same bill.
5. Calculate what’s left
Your monthly budget result is:
Income − living expenses − debt repayments − savings contributions = money left or shortfall.
If the result is positive, decide how you want to use the unallocated money.
If it’s negative, review the shortfall and identify realistic changes. You might check unused subscriptions, compare household bills or adjust a spending allowance.
Sometimes small changes won’t close the gap. Recognising that early can help you seek support sooner.
How would a higher mortgage repayment affect your budget?
If your lender advises that your home loan repayment is changing, update your budget with the new amount.
The planner also includes a check for an extra monthly repayment. This lets you see how an increase would affect the money you currently have left.
For example, if your budget leaves $350 unallocated each month and your repayment increases by $200, that leaves $150, assuming your other income and expenses stay the same.
This is a cash-flow check. It doesn’t calculate repayments from an interest rate or predict future rate changes. Use your lender’s confirmed repayment amount when it’s available.
Review your budget regularly
Check your budget again when your income, household circumstances or repayments change.
After a month, compare your planned amounts with what you actually spent. Adjust categories that were too high or too low.
Start with one or two manageable changes and build from there. Your budget should reflect your life closely enough to help you make decisions.
Frequently asked questions
Is the household budget planner free?
Yes. You can download the Excel or PDF version free of charge.
Can I use it if I’m paid weekly or fortnightly?
Yes. The Excel version converts weekly and fortnightly income into monthly averages. The PDF includes instructions for making those conversions yourself.
Does the PDF calculate totals automatically?
No. You can type into the PDF or print it, but its totals are manual. Choose the Excel version for automatic conversions and calculations.
Can renters use the free household budget planner?
Yes. The planner includes both rent and home loan repayments. Fill in the categories that apply to your household and leave the others blank.
What if my budget shows I can’t meet my home loan repayments?f
You can speak with the team at Dynamic Finance Brokers Tasmania to discuss your situation. We can offer guidance and assistance and talk with your lender on your behalf if necessary. Alternatively, visit Moneysmart’s financial counselling page for information.
Want to review your home loan?
Your household budget can be a useful starting point for a home loan conversation.
At Dynamic Finance Brokers Tasmania, we help borrowers explore whether their current loan still suits their circumstances. A review should consider features, fees and overall costs alongside the interest rate.
Dynamic Finance Brokers Tasmania — Your Partner in Finance.
This article and planner provide general budgeting information and do not take your individual circumstances into account. Keep your completed planner private.
