Work out your total income for a week or a month, then take away what you have spent to work out whether you have any spare money, or whether you're over-committed. You should average out any irregular income and ignore one-off or uncertain amounts. include rent from lodgers or contributions from other people.look at statements for benefits, Child Tax Credit and similar income.check your payslips to get an accurate figure for wages.
HOUSEHOLD BUDGET PLANNER FULL
Work out the total outgoings for a full year and divide by 52 or 12 to get a figure for each week or month.
The next step is to estimate what you spend on everyday items (for example, food, clothes, petrol, pet food and newspapers).įinally, include estimated amounts for unexpected and occasional costs (such as Christmas and birthday presents, car and household repairs, dentist and optician bills or holidays and outings). Don't forget to include anything you pay by standing order or Direct Debit (such as mortgage or rent payments, loan/hire purchase repayments, or child maintenance). Start by working out what you spend: check recent bank statements, and bills for gas, electricity, telephone, rates, insurance and similar expenses. Budget Planner - the Money Advice Service.You'll find several budget calculators on the internet choose the one that suits you best. This will help when you talk to your creditors (those you owe money to), because you'll be able to make realistic offers to pay them back over a period of time.Ī budget planner has headings for different kinds of income and spending, under which you can enter your own figures. If you already have debt problems, a budget will show you how much spare cash you have. With an accurate budget, you'll be able to cut out unnecessary expenses and save money, or stop running up big debts. It will also help you plan for the future and negotiate with any people you owe money to. Find out how a personal budget will help you make the most of your money and avoid over-commitment.
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