Tracking

income and expenses tends to be more useful when your situation is not expected

to change significantly in the future.

Setting

up a system of accounts often involves setting up a system of transaction and

savings accounts to control spending and saving to invest (or pay down debt).

Budgets

are forward looking, focus on cash flow and tend to be most useful when your

situation is expected to change significantly in the future.

Bank

deposits are not guaranteed by the government in Australia and so it is good to

split your savings between multiple banks.