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12 July 2014
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Finance? We can work it out...
Do you know what your outgoings are? When did you last work out what you spend each month?

You need to know what your current financial situation is, in order to make changes and improvements.
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Make a budget

Start by writing down your income and entire outgoings. To avoid any unwelcome surprises, think about all your important money dates throughout the year when you have to pay bills or have big expenses - for example, birthdays, Christmas, weddings and so on.

Decide whether you are going to work out your weekly or monthly balance. This will affect your calculations as some costs may be for the whole year and will need dividing up. Now you're ready to write down your spending.

Income

  • Wages

  • Benefit payments

  • Pension

  • Other

Outgoings

  • Bills you can't avoid (e.g. mortgage, council tax, phone, water...)

  • Transport (e.g. car loan, petrol, road tax, parking...)

  • Planning for the future (e.g. savings, house insurance, pension...)

  • Debt repayment (e.g. loan, credit card, overdraft...)

  • Children (e.g. nursery fees, pocket money...)

  • Pets (e.g. vet bills, food...)

  • Bills you could avoid, but probably don't want to (e.g. Christmas, birthdays, going out, clothes...)

Total Income - Total Outgoings = What's left

Congratulations! You have started to take charge of your finances by working out your budget. Use the tips from this minisite to help you deal with your debt or start to save. Think about how you could reduce the cost of everyday living by spending more efficiently.

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