Getting to know your finances

Using this budget spreadsheet can help you get a clear picture of your current financial situation. All you have to do is enter your income and spending in the boxes and this spreadsheet will make the calculations for you. Follow the simple instructions below to get a handle on your spending.

If you download the budget planner and are unable to see the instructions, minimise the 'planner window' to view the instructions in the window behind.

Download: Budget Planner

Instructions for using the budget planner

1. Choose a time period that matches when you receive your income. For example, if you receive DSP, Centrelink payments or a regular wage fortnightly, complete the budget for a fortnight period. If you receive your income on an irregular basis, you might want to think about a different time period, i.e. monthly, or even six monthly.
2. For the time period you have chosen, enter your regular income and any other income you might have into the table.
3. Now enter all your outgoings in the table, including any financial commitments like debt payments. Don’t forget your spending leaks!
4. Your total outgoings are subtracted from your total income. The figure that comes out is your financial situation.

Your financial situation

‘Your Financial Situation’ figure is your total income, minus your total outgoings.

• If you have a positive figure (surplus), you are earning more than you are spending. Great! Check to make sure you have included all your outgoings and don’t forget your spending leaks. If things change and you spend more than you earn in the future, come back and recalculate.
• If you have a negative figure (deficit), you now know how much you are overspending and can adjust your spending accordingly.

What to do next

Even if your financial situation is an overspend, you now know what you are dealing with and there are things you can do. If the overspend is relatively small you can use the budget planner to identify areas of spending that can be cut back. Try reducing your spending in the 'Outgoing' columns and click ‘Calculate Now’ again, until you see how much you need to trim from your spending.

Read through Managing Your Money in this section for more on how to achieve these savings. This will explain the difference between:

• Essentials
• Necessities that can be trimmed back
• What you can live without.

If your overspend is substantial – don’t panic! There are people to help you, and things you can do to get back on track. Making a decision now can help you get out of debt, and stay on track.

Free services that can help

Financial counsellors can make sense of your financial situation and help you develop a plan to sort things out and manage in the future. If you authorise them to act on your behalf, they can also speak to your creditors and negotiate payment arrangements.

A financial counsellor can:

• Help you understand your situation
• Explain the debt recovery process; consumer and credit card laws
• Help you prepare paper work
• Speak to your creditors for you, if you want them to
• Give you information about government benefits
• Help you to manage your income.

At an appointment with a financial counsellor, bring all the paperwork you have about your current debts and living expenses such as: bills, letters, credit card statements, tax assessments and rent receipts. You will also need to bring proof of your income: either the most recent Centrelink income statement, or current payslip if you are employed. Your first appointment will usually last around an hour and a half. After that, if you need more appointments, they'll take about an hour.

BGF Financial Counselling

BGF Financial Counselling is for all people with HIV, whether on a pension or working. If you are living with HIV and have financial problems - such as unpaid bills or credit card debts - you can have a free, confidential chat with a BGF Financial Counsellor. Make an appointment by calling BGF between 9.00am and 5.00pm, Monday to Friday.

Tel: (02) 9283 8666

Email: bgf@bgf.org.au

Web: BGF also produce a series of Factsheets that can help you take control of your finances

Consumer Credit Legal Centre

The Consumer Credit Legal Centre offers financial counselling information, advice and referral five days a week to consumers in NSW.
Call the Credit and Debt Hotline between 9.30am and 4.30pm, Monday to
Friday.

Tel: 1800 808 488 or (02) 9212 4111

Web: www.cclcnsw.org.au

More info

Contact: ACON’s HIV Health Promotion Team

Tel: (02) 9206 2000
Free Call: 1800 063 060
Hearing Impaired: (02) 9283 2088

Email: hivliving@acon.org.au

Acknowledgements

ACON would like to acknowledge and thank Bobby Goldsmith Foundation (BGF) for their generous assistance preparing this information.

Disclaimer

While this Budget Planner aims to provide you with useful information, it is intended as a guide only.  You are advised to seek professional help in assessing your financial situation.  ACON cannot be held responsible for any decisions you make based on the use of this budget planner.