How MyBudget works: the process, what gets managed for you, and what it costs

MyBudget builds you a personalised 12-month budget, then runs it with you — paying bills on time, keeping repayments on track and building savings alongside. It has done this since 1999 for more than 130,000 Australians.

Your first appointment is free, there is no obligation, and there are no long-term lock-in contracts. Call 1300 300 922.

The three steps

1. Chat with a Money Coach

A Money Coach gets to know your financial situation and what you want to achieve. It is confidential and obligation free, and takes about ten minutes. You do not need anything organised beforehand — most people book because something is not working, and the conversation starts wherever you are.

2. Get a personalised 12-month budget

Based on your income and expenses, MyBudget designs a budget built around your lifestyle and goals. The budget is free, and it is yours to keep whether or not you go further. Nothing obliges you to join after seeing it.

3. Live free from money worries

From there you can run the budget yourself, or have MyBudget manage it. If MyBudget manages it, your money is organised around the plan: bills scheduled and paid, repayments made, savings building while debt comes down.

What a managed budget actually does

Your bills are paid on time

Money Coaches schedule and pay your bills, which removes the most common cause of late fees — a bill arriving in the wrong week rather than an inability to pay it. According to Founder and Director Tammy Barton, 97% of clients’ bills are paid on time.

Your debts are worked down inside the plan

Repayments sit inside the same budget as everything else, so paying down debt does not quietly come at the cost of the electricity bill. Where it helps, MyBudget can speak with your creditors on your behalf.

Your savings grow at the same time

You do not have to finish paying off debt before you start saving. A managed budget builds an emergency buffer and works towards goals while the debt reduces.

You can see twelve months ahead

Most budgeting apps show what already happened. The MyBudget app shows what is coming: upcoming bills, projected balances and future cash flow across the next twelve months.

Your plan changes when your life does

Budgets go stale when circumstances shift. A Money Coach adjusts yours when income changes, a bill lands unexpectedly, or your goals move.

What it costs

The first appointment and your personalised 12-month budget are free. If you join, there is an establishment fee spread across your initial 12-month budget rather than paid upfront, plus an ongoing weekly administration fee covering day-to-day money management, app access and Money Coach support.

Both are shown in your proposed budget before you join. There are no hidden costs and no long-term lock-in contracts. A separate schedule of incidental fees applies to specific requests — unbudgeted withdrawals are free, immediate out-of-run transactions are $22.00 and the arrangements fee is $55.00 (AUD incl. GST, effective 16 October 2023, subject to change).

Who it suits

• Living pay to pay and wanting to break the cycle
• Carrying credit card, personal loan or buy now pay later debt
• Saving towards a home deposit or another goal
• Managing an irregular income, such as FIFO work
• Planning for a change, such as a new baby
• Simply tired of managing it all yourself

You do not need to be in financial trouble to use it. Plenty of clients are managing fine and want the time back.

Service scope and advice

MyBudget provides budgeting and money management support. A MyBudget budget plan is not itself a loan or formal debt agreement. Check the relevant provider’s disclosures for the scope of any separate lending or debt agreement service.

Questions about how it works

What can I expect at a free MyBudget appointment?

Your MyBudget journey begins with an initial conversation with one of our Money Coaches. They will chat to you about your financial position and gain an understanding of the financial goals you want to achieve. Once we have this snapshot, we will connect you with your very own Personal Budgeting Specialist. We can arrange a time convenient to you (and your partner where relevant). At that session we create a customised 12-month Personal Budget Plan that is yours to keep for FREE! This budget plan provides you with a detailed understanding of how, together with the support of MyBudget, you can live a life free from money worries and achieve your financial goals.

Do I qualify for MyBudget services?

Many people qualify for MyBudget services if they have a regular income paid into an Australian bank account and meet our eligibility requirements. During your free appointment, we’ll review your financial situation and explain whether our service is the right fit for your circumstances. If you’re looking to reduce debt, build savings or get better control of your money.

Can I access my money whenever I need it?

Yes. You can access your money whenever you need to and remain fully in control of your finances. Your personalised budget is flexible, so you can request updates as your circumstances change. Through the MyBudget Client App, you can track your spending, upcoming bills and 12-month budgeting plan, while transfers between your MyBudget account and personal bank account are fast and straightforward. Our personal budgeting service helps you manage your money with confidence and live life free from money worries.

What if I get an unexpected bill?

If an emergency or unexpected bill appears, simply contact MyBudget by phone, through our app or via your online client portal. Your Money Coach will review your budget, look at your upcoming bills and savings, and help adjust your plan so the new expense can be covered where possible. This might include reshuffling payments, using part of your savings, or updating your money saving plan. Our aim is to reduce your stress and help you manage surprises without losing sight of your longer term financial goals.

What makes MyBudget different?

MyBudget combines expert financial coaching with smart technology to give you a personalised money management system that makes budgeting easier. Unlike traditional budget apps or budget spreadsheets that you manage on your own, we help you organise bills, reduce debt, plan for future expenses, build savings and stay accountable. We can even negotiate with your creditors for you. With more than 25 years of experience, our team guides and supports you every step of the way so you can finally feel in control of your finances.

How much does MyBudget charge?

Every appointment to set up your personalised budget is completely free. If you decide to join, your fees will depend on the complexity of your financial situation and the level of support you need. Our mission is to improve financial wellbeing, so our fees are designed to be an affordable investment towards helping you achieve your financial goals.

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Important information

This page provides general information only. It does not take your personal circumstances into account and is not personal financial advice. For the scope and licensing of a particular service, check the service provider's current disclosures or contact MyBudget.

Call MyBudget on 1300 300 922 for a free, confidential, no-obligation appointment. Your personalised 12-month budget is free and yours to keep.

Related guides and tools

• Budgeting help
• Free budgeting resources
• Money guides
• MyBudget FAQs | Common Questions Answered