Whiteboard Wednesday with Walshy

In this episode of Whiteboard Wednesday, Walshy shares his tips on creating a budget that you can stick to.


Welcome to Whiteboard Wednesday, I’m Paul Walshe Founder and CEO of Fair Go Finance.  As part of our loan approval process, we work with our customers to ensure that the loan repayments are affordable and in doing that we prepare a budget with them.  As we’ve done that thousands of times, we thought we’d pass on some of these tips and what we see as being good habits for customers so that they make sure the repayments are affordable.So the three things that we’re going to look at today are really the KISS principle, planning for the unexpected and making use of online tools.KISS: Keep It Simple Stu… Simon

The first element really is KISS – Keep It Simple Simon.  So in terms of making a budget, if you make it too complicated, you’re never going to do it.  So pen and paper, sit down with your partner, look at what your regular income is and your regular expenses are.  So whether it be full time, part time or casual job or other work, hustling on the side (Uber, AirBNB, those kind of things) – income is relatively stable.  Centrelink also could be a part of that as well.

In terms of your expenses, you’re going to have routine regular outgoings – rent, mortgage payments, car loans, food, utilities, mobile phone a whole range of things that you should look at in your budget, but typically they’ll come to top of mind as you do your budget.

Plan for the Unexpected

Now, income minus expenses leaves you an amount of money you’ve got to live on and do other things.  So those other things can be expected or unexpected events and typically your budget should cater for these unexpected outcomes or events occurring.  If you want to go on a holiday, your car needs repairing, kids’ needs, dental bills, medical bills, birthday parties, all these type of things come along seasonally and as we get into Christmas we need to allow some extra budget for presents or for more entertainment.  Factoring these events into your budget is also important and leaving a bit of space for those things to occur.

Use of Online Tools

Now in terms of using some online tools, there’s a range of these tools that are available to help this KISS process.  So ASIC have a really good budgeting tool on their MoneySmart website, there’s also apps out there you can use to hive off a bit of spare change or put some money into other accounts – you can do that yourself or through these apps.

Ultimately it should lead to a bit of a nest egg which means that you’ve got some spare money available and that when you enter into a personal loan you’re comfortable committing to those repayments because you know that they’re within your budget.  All of that will go to help your credit profile and your credit history and your access to credit in the future.

So hopefully you found this useful, for more information like this subscribe to our Youtube Channel or follow us on Twitter.

Thanks very much, bye.

office laptop mobile phone

Related Articles

managing bills and loans

Three tax tips to know before lodging your return

Do you ever work from home? Or use your home internet or personal phone for work purposes? Perhaps you’ve been doing some extra work as an Uber driver or renting

Read More
FairGo Finance Blog Header

4 Smart Ways to Revitalize Your Pipeline

Has 2014 started a little slow for your business? Using this quieter time to plan and organise the following strategies will set the groundwork for revitalizing your most important asset,

Read More
FairGo Finance Blog Header

Do you have a short term cash problem and need a loan?

By Paul | Monday, January 1, 0001 Applying for a loan Do you have a short-term cash problem? Don’t worry, you are not alone. Every day there are Aussies struggling

Read More

Are you eligible to apply?


It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.