Before you begin you need to decide if your budget is going to be weekly, fortnightly, monthly or yearly. Most people find it helpful to make their budget match how often they get paid. You will need to convert all of your income and expenses to match this time period.
The following chart allows you to convert your budgeting periods
Example: if you have a quarterly gas bill but a fortnightly budget you would multiply the gas bill by 4 to get the yearly amount and then divide the yearly amount by 26 to get the fortnightly amount.
Be organised
To make an accurate budget you need to keep a record of your income and your spending - you need to be organised.
Most people find it works best to have a filing system such as a filing cabinet where you can keep your payslips, statements, bills, receipts and other financial records. You may also find it helpful to keep a diary or a payment & cash receipt book.
Tip: If you have not kept your past payslips, statements and bills most companies will provide another copy on request, although they may charge an extra fee for this.
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