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A STEP-BY-STEP GUIDE FOR HOW TO BUDGET ON JOBKEEPER

Millions of Australians will be paid around $670 a week after tax under JobKeeper, with more than 850,000 businesses registering so far. 

Helen Baker, a financial advisor and spokesperson at Money.com.au, said it will be 'extremely difficult' for families to get by on such a paltry sum.   

'An income of $670 will be extremely difficult to get by on and is not sustainable over the long term,' she told Daily Mail Australia.

Below is her top tips for staying afloat on the JobKeeper or JobSeeker payments, and the ideal budget you should stick to. 

Her top tips include: 

-  Making arrangements banks, landlords, insurers and utility providers to defer or reduce payments

- Seeking bulk-billing medical services where possible

- Applying for a reduction to rent, and asking for a deferral of mortgage repayments  

- Ensuring other financial commitments have been delayed for six months

- Eliminate non-essential spending  

'The budget caters for a healthy, single person without large ongoing expenses, or in need of ongoing medical support,' Ms Baker explained.  

'We want to show Aussies how they can live off these funds and best manage their finances until they can get back to earning their normal income.'

She explained that JobSeeker and JobKeeper recipients should make tweaks to the budget to tailor it to their individual circumstances. 

'Once you have your budget outlined, use it to negotiate with your financial services providers and/or landlord to negotiate payment reductions or deferral options until the crisis is over,' she said.

'The budget will clearly show your bank or landlord not only that the amount of money coming in will be less than the amount going out, but by how much you will need to reduce your payments.'

'Remember this isn’t meant to be forever. It’s just about keeping your head above water for now.' 

BUDGET FOR JOBSEEKER RECIEPENTS ($550 per week) 

Rent $200/week

Electricity $150/quarter ($12/week)

Internet and mobile phone $105/month ($25/week)

Supermarket items and produce $150/week

Cosmetics and toiletries $7/week

Hairdresser $0/quarter

Car (includes petrol, parking and tolls) $50-65/week

Public transport $40/week

Streaming subscriptions $24/month ($6/week)

Alcohol $30/week

Eating out $10/week

BUDGET FOR JOBKEEPER RECIPIENTS ($670 per week)

Rent $300/week

Electricity $200/quarter ($15/week)

Internet and mobile phone $105/month ($25/week)

Supermarket items and produce $140/week

Cosmetics and toiletries $7/week

Hairdresser $75/quarter ($7/week)

Car (includes petrol, parking and tolls) $50-65/week

Public transport $40/week

Streaming subscriptions $24/month ($6/week)

Alcohol $20/week

Eating out $20/week 

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