As we head into a new financial year, Moneysmart is encouraging Australians to take a simple but powerful step to manage cost‑of‑living pressures: set aside ten minutes to build a budget using its free Budget Planner tool – now featured in Moneysmart’s new cost‑of‑living hub.

As many Australians start preparing to lodge their tax returns, the new financial year is a natural moment to take stock of your finances. It’s an opportunity to reset spending habits, review your income and expenses, and plan for the financial year ahead.

Moneysmart research shows that cost‑of‑living pressures are reshaping how many Australians manage their money, but few have a clear budgeting plan in place.

• While nine in ten Gen Zs (91%) aged 18 to 28 have or plan to do something in response to the increased cost of living – such as cutting back on non-essentials, borrowing money or even starting a side hustle - just four in ten (39%) have done a budget.
• It’s a similar story for older Australians (aged 29 and older) as 82% report doing something in response to the cost of living, but just one in three (32%) have done a budget.
• Women are more likely than men to do a budget. This is especially true for Gen Z women at 45% compared with 34% of Gen Z men. For those aged 29 and over, the difference is just 34% compared to 30% in favour of women.

ASIC Commissioner Alan Kirkland said the start of a new financial year is also a practical reset point for managing money.

‘Taking time to set a budget can help you make the most of your income and plan for upcoming expenses,’ said Commissioner Kirkland.

‘When the cost of everyday essentials rises, it’s easy to feel like money decisions are out of your control. Taking the time to build a budget is one of the simplest ways to regain control. It helps people see where their money is actually going, where small changes can make a difference, and how their choices affect the rest of their budget.

‘The Budget Planner lets people see how cutting back in one area – like subscriptions or eating out – can free up money for essentials such as groceries, bills or savings. It’s about helping you make informed trade‑offs, not telling you what to do.

‘You don’t need to have all the answers or make big changes overnight. Just spending ten minutes building a budget can be a powerful first step towards feeling more confident about your money.’

To help Australians take practical action, Moneysmart has launched a new cost‑of‑living hub, bringing together budgeting guidance, tools and information in one place. The hub is designed to help people understand their spending, explore ways to save and make informed decisions during financially challenging times.

How the Moneysmart Budget Planner work

The Budget Planner guides users through their income and everyday expenses, including the cost of housing, groceries, transport, insurance and entertainment, to create a clear picture of their finances.

Users can:

• enter income and expenses in one place
• choose to budget weekly, fortnightly or monthly
• see spending broken down by category
• save, print or update their budget as circumstances change

This clear overview helps people understand how their spending compares across different areas.

The planner can be accessed via the Moneysmart webpage, or consumers can download an Excel version to save their budgets on their own devices.

Seeing where small savings can make a difference

A key benefit of the Budget Planner is helping people see how cutting back in one area can free up money elsewhere.

For example, reducing spending on discretionary items like subscriptions, eating out or even just takeaway coffee can ease pressure on essential costs such as groceries, bills or savings goals.

By visualising these trade‑offs, users can make choices that better reflect their priorities and financial situation.

Rather than encouraging drastic changes, the Budget Planner highlights small, manageable savings that can be easier to stick with over time.

The Budget Planner and other resources are free, independent and easy to use, and suitable for people at all life stages.

ASIC commissioned YouGov to conduct the survey. The sample is comprised of a nationally representative sample of 1,127 Australians aged 18 to 28, as well as a nationally representative sample of 1,180 Australians aged 29 and over.