With the cost of living constantly on the rise, living within our means is not always an easy thing to do. Making ends meet can be a balancing act between finding and implementing simple life hacks to make savings wherever we can, and creating and adhering to a realistic personal budget.
So with that in mind, let’s start by looking at some simple ways to reduce everyday spending and then explore in more detail 21 of the best free budget planning tools available today.
Simple life hacks to save money
A life hack is any trick, skill or shortcut that can help us achieve our goals in life. In this case, the goal is saving money, so here are some simple life hacks that can help you do just that.
Avoid paying the ‘lazy tax’
This applies to your energy provider, insurance company or any provider with whom you have a contract. The lazy tax is the penalty you pay for not shopping around, so hit up your current provider for a discount or find a better deal, because there’s bound to be one out there if you only take the trouble to look.
Save on electricity around the home
This can knock hundreds of dollars off your bill each quarter simply by doing simple little things like turning off lights in unused rooms, turning off appliances at the wall when not in use, using the clothesline instead of the dryer, buying energy-efficient appliances and using natural heating and cooling methods rather than running the aircon all the time.
Use black toner in your printer
These days manufacturers make most of their money out of the peripherals rather than the appliances, which is why desktop printers are so cheap and printer cartridges are so expensive. So if you only use your printer for printing documents rather than full-colour pictures, set it to print in grayscale and run it on black toner only (the cost of one cartridge instead of several).
Buy in bulk and shop smart
Groceries are one of our major weekly expenses, so when you see a cheaper price for the same item, grab two of them. The savings will really add up over time and the generic or store brand products are usually as good (if not exactly the same) as the more expensive name brands.
Also keep in mind that if you ever go to the shops to just pick up a few essentials, literally “pick them up”. By forcing yourself to carry your purchases, you’ll be less likely to fill a basket or trolley with things you didn’t intend to buy.
Avoid the cards
While cards are convenient, we pay fees every time we use them at the ATM and studies show we spend more when we use them than when we pay for things with cash. Carry cash instead of cards, preferably larger denomination notes and you’ll probably hang onto your money for longer and be less likely to impulse buy.
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21 free budget planning tools
So now that we’ve got you thinking about ways to budget, let’s look at the best tools for putting your personal plan into action. There are a large variety of free budget planners out there, ranging from spreadsheets to apps and online calculators. So without further ado, let’s have a look at 21 of these tools and at how they can benefit your financial situation.
Basic budgeting tools
1. Notebook
The humble notebook is a great place to start. There’s something nice about physically writing in a notebook and it keeps you accountable too. And the beauty of writing in your own notebook is that you can keep it with you at all times, so a daily, weekly, and monthly budget are very easy to maintain.
2. Envelopes
This simple yet well-known approach to budgeting involves labelling envelopes with categories such as ‘groceries’, ‘petrol’, ‘entertainment’, and so on. When you get paid, allocate cash to each envelope and never draw from another or use your credit card. This simple approach is perfect for settling into budgeting habits and challenging yourself into achieving a surplus each month.
3. Printable planner
Sometimes a notebook or envelope system may seem a little too basic or unstructured. In that case, a simple budget planner that can be printed and filled out is very useful. This particular one also comes in Excel and web-based forms, however, the original printable version is a great tool for getting started.
Budgeting spreadsheets
Spreadsheets are almost the forgotten hero in the computing world. However, they are still as powerful today as they always have been, and remain the perfect form of household budgeting.
4. Monthly Budget Template
Easy to use for setting up a monthly budget, this spreadsheet has a built-in allocation tool to give you some guidance on whether or not you are allocating your income appropriately based on banking benchmarks.
5. Zero Based Budget Template
The zero-based method involves setting a zero base, which means that income less expenses should equal zero for each period. The key to this method is allocating income appropriately, but that means ensuring a portion is allocated to savings and investments. This spreadsheet file is preconfigured to allow for this method of budget management.
6. Vertex42
Vertex42 has a range of budgeting spreadsheets and many work with Google Docs as well if that is your preference. Everything from wedding budgets to yearly household budgets is available.
7. Personal Budget Worksheet
What better way to start using Excel budgeting than with Microsoft’s very own template? This file forms the basis of most personal finance budgeting spreadsheets and provides a great start towards managing your money. Simple yet effective, use it to familiarise yourself with spreadsheet budgeting.
Google Documents budget templates
Spreadsheets remain an effective tool, but open source spreadsheets are now mainstream modern tools for the web-savvy budgeter. There are a number of free Google Docs templates available on the drive website, but these are some of our favourites.
8. Simple Budget Planner
An extremely simple monthly planner that’s perfect for those just getting started with the concept of personal budgeting. Well laid out and easy to use, it’s a great introduction to managing personal finances for younger people too.
9. Personal Budget Planner
Exactly what you’d expect from a spreadsheet planner, but with some useful additions like daily spending tracking and comparison, as well as some additional sheets to keep track of who owes you money and to whom you may also owe money.
10. Family Budget Planner
An annual sheet for the entire household budget, this has a large list of categories for both income and expenses. It allows you to keep track on a monthly and quarterly basis as well.
Web-based budget planners
In this day and age, most of what we do is based online. Budgeting is no different, with an almost countless number of online-based budget planners and calculators available.
11. MoneySmart Budget Planner
This Aussie-based tool developed by the Australian Securities and Investment Commission (ASIC) is extremely simple, with colour coded categories that make managing your income and expenses easier. It allows you to save and print your budget when you’re done and caters for the entire household, with periods ranging from weekly to annually. The web app works very well but it’s also available in Excel form if preferred.
12. Mint
A famous online tool developed in the US, this is a fantastic modern day service. The online tool is free to sign up for and use and the cutting-edge interfaces make it intuitive and easy to follow and use.
13. BudgetSimple
The BudgetSimple web app is free to use, and its simplicity makes it effective. It even suggests ways that you can save money. However, even just using it to create a simple budget is very worthwhile.
14. BudgetBrain (Money Saving Expert)
The Money Saving Expert is a useful resource for all things personal finance. The comprehensive budgeting tool requires some time to complete, but it’s well worth it to establish a clear budget. This app is also available in Excel and printable versions for those who are inclined that way.
15. Household Budget Worksheet
This simple online worksheet is pre-categorised but also allows you to add rows and categories of your own. It also allows you to change the period from one to 12 months; simple yet effective.
16. Household Budget Planner
A simple yet beautifully designed web interface allows you to clearly set a budget for yourself. It’s very basic and doesn’t allow saving of data, but your final budget is printable. A perfect start if you find the prospect of categorising income and expenses to be a daunting proposition.
Best budgeting apps
The beauty of downloadable applications is that they allow you to do your budgeting on the go. Manage your finances from your mobile device wherever you are with these five great budgeting apps.
17. TrackMySPEND
This is a great user-friendly app from the Australian Securities and Investments Commission (ASIC) which gives you a clear picture of your purchasing habits and helps you to get control of your finances. It allows you to nominate a spending limit and then track your progress, separate needs and wants to identify areas where you can save money and create favourites to track frequent expenses.
18. Expensify
A great budgeting tool for remote workers, this app lets you track and log work expenses while you’re on the road. It allows you to scan receipts with your phone rather than entering them manually, reconcile credit card statements and log car mileage with the inbuilt GPS, automating every step of the expense management process.
19. Pocketbook
A free Australian budgeting app that lets you track your income and expenses automatically through your bank account, calculate your average monthly spend and set spending limits to help you stay on budget.
20. Good Budget
A highly popular home budget app based on the old envelope budget system, but with a host of modern features. This app lets you track expenses, monitor savings goals and cash flow, analyse spending patterns and sync with your partner.
21. Splitwise
A useful tool for flatmates and people who need to split their expenses and keep track of who owes what to whom. This app keeps a running total and emails you reminders when expenses are due such as paying the rent.
Even the most frugal budgeter may find themselves financially setback when an unexpected expense arises, such as an untimely car repair or higher-than-normal bill. Whatever it is you need money for, SRG Finance are here to help. Our simple application process only takes around 6 minutes, and if approved, you will receive your cash on the same day if your application is approved before 3pm.
