There are a range of budgeting services and budget advisors in Australia that can help you budget your money better. The best option for you will depend on your financial situation, whether you can DIY with a bit of guidance, and whether you're also seeking financial product advice (e.g., investment advice).
Your budgeting service options include:
We'll get into more detail in the comparison table below, but here's a rough guide for determining which budgeting service will be the best fit for your needs:
The table below outlines the key differences between the professionals that offer budgeting services, including financial counsellors, financial coaches, household cash flow managers, and financial advisers.
| Financial counsellors | Financial coaches | Household cash flow managers | Financial advisers | |
|---|---|---|---|---|
| Typical client situation | Financial hardship | Living pay-to-pay | Overwhelmed | Significant savings |
| Typical fees | Free (if in hardship) | $400-700 | $2,000-4,000 | $2,000-5,000 |
| Financial goal setting | ✓ | ✓ | ✓ | ✓ |
| Spending awareness | ✓ | ✓ | ✓ | ✓ |
| Budgeting | ✓ | ✓ | ✓ | ✓ |
| Saving tips/strategies | ✓ | ✓ | ✓ | ✓ |
| Accountability partner | ✓ | ✓ | ✓ | ✓ |
| Capability building | ✓ | ✓ | - | ✓ |
| Investment advice | - | - | - | ✓ |
| Insurance sales | - | - | - | ✓ |
| Kickbacks/commissions | - | - | - | ✓ |
| Debt advice | ✓ | - | ✓ | ✓ |
| Negotiating/disputing debt | ✓ | - | ✓ | - |
| Regulated qualifications | ✓ | - | - | ✓ |
Managing your money can feel overwhelming, especially when you're juggling bills, savings goals, and daily expenses. While many people try to budget on their own, using a professional budgeting service offers several advantages that can make a significant difference in your financial health.
The key reasons our financial coaching clients mention for seeking out a budgeting service include:
Once you've decided which type of budgeting service is the best fit for your needs, here are some resources to help you find the right professional for you:
Budgeting services help you design a budget (spending plan) that aligns with your income, lifestyle, and savings goals.
Budgeting can sometimes be overwhelming, so some people appreciate the help of a budgeting service in walking them through the process and providing professional guidance.
Some budgeting services also offer to help you see where your money has been going by categorising your historical spend (typically the last 12 months). When speaking with a budgeting service, be sure to check whether this is included in the price as it's often excluded, or an add-on. At Afford a House Financial Coaching, we include historical spend categorisation in all of our coaching programs at no extra cost as we believe it's a critical input in developing a realistic budget and understanding what changes may be required. For example, if you're currently spending $200 per week at the pub, but you're only budgeting $40 per week going forward, what are you planning to do differently? If the pub is mainly about the socialising, where are you going to catch-up with your friends instead? By identifying what you're going to do differently, you have a better chance of your plan being successful.
During the planning stage, budgeting services can help ensure you don't overlook any irregular expenses (e.g., car replacement), establish realistic amounts for each expense category, and provide suggestions on how you might be able to adjust your plan to make it work (based on your preferences and priorities). For example, they might ask about your priorities, then highlight that you've indicated fashion isn't that important to you, but at the same time you're spending $500 per month on clothing and accessories. This feedback should not be delivered in a judgemental way - it's simply about highlighting a discrepancy between you thoughts and actions that you can reflect on.
Budgeting services also offer to help you implement your budget and make it a reality. This includes how you'd practically split up each pay, how you can automate your savings, how you'd put money aside for irregular expenses, how you can use tools to track your day-to-day spending, etc. Once again, check how much implementation support is provided by the budgeting services you contact as some might simply give you the plan and leave you to implement it yourself (or require you to pay for another session).
Yes, there are a range of professions in Australia that you can hire to help you make a budget. These include financial counsellors, financial coaches, financial advisers, and household cash flow managers.
They can all help you create a comprehensive, realistic budget for your household that fits within your income and includes day-to-day expenses, irregular expenses, and your savings goals.
The main difference between these services is their add-on services. For example, financial advisers will also offer investment advice and household cash flow managers will also offer to manage your budget for you (for an ongoing fee).
Yes, Financial Advisors can help you make a budget, but they're one of the most expensive ways to get budgeting help.
Financial Advisors in Australia tend to focus on financial product advice, rather than just budgeting, so they rarely offer a simple cost-effective budgeting service. Instead, their fees are typically $2,000-5,000 depending on the level of advice required.
Obtaining budgeting help from a Financial Adviser will generally only make sense if you're also seeking financial product advice (e.g., investments, superannuation, insurance) at the same time. Financial Advisers are the only profession in this article that are licensed to provide financial product advice.
Yes, financial coaching can definitely be worth it. They can help you reduce financial stress, afford your preferred lifestyle, and reach your goals sooner. However, these benefits are dependent on your commitment to being open and making the necessary changes.
If you're keen to learn more about how financial coaching can help you better budget your money, then schedule a free 15-minute call now.
Our goal during this no-pressure chat is to get to know you, learn more about your financial challenges and goals, and answer your questions about how financial coaching can help you manage your money with confidence and smash your goals.