Make a Budget

When you’re putting together your budget, make sure that you are very thorough. Start by listing all of your income and expenses for your household. Make sure that the amounts you’re entering are realistic and be as honest as you can – you won’t be fooling anyone but yourself.

Under your income enter the following things:

  • Your salary or wage
  • Your partner’s salary or wage
  • The benefits you are paid
  • Child support money you may receive
  • Contributions from family

At this stage you’re going to want to determine if there are any other ways that you can earn extra money or increase your household income. There are many options – sometimes you just need to be creative. You could also claim tax credits or claim benefits. There are a number of organizations, which give grants to people in financial need: search the Internet and see what you can find.

Under your expense category you will list every expense you have. These include, but are not limited to the following:

  • Council tax
  • TV license
  • Clothing
  • Transportation expenses
  • Insurance
  • Childcare costs
  • Medical
  • Dental
  • Water charges
  • Fuel charges
  • Telephone & mobile charges
  • Housing costs
  • Housekeeping

Housekeeping includes many things such as the total amount you spend on food, toiletries, pocket money, sweets, pet food, cigarettes etc. Look around your home and try to include every expense that you might have. If you leave things out it will only make your budget less reliable. We also advise you to take a serious look at your spending and think about the expenses that you can cut back on each month to save money.

After you have compiled your list you can see if you have any money left over to pay your debts. You may even be able to start some savings if you are on stable financial ground. If you think you are in too much financial danger you can contact us with your questions regarding IVAs or general insolvency help. Speak to us at before deciding on debt solutions such as debt consolidation loans or debt management. We will impartially determine what the best debt solution is for your circumstances and go through all your options.