![]() ![]() It's a good idea to keep a notebook with you and, for the first couple of months, note everything you spend. It's important to keep track of your actual income and expenses to make sure your budget is accurate. You may also want to take professional advice before you make a decision.Ī budget is only an estimate of what your income might be, and what you're likely to spend. ![]() Shop around before choosing a savings or investment product to make sure you're getting the best deal. If it's a reasonably large amount, it's a good idea to invest it so the money grows. You may want to think about putting spare money into a savings account to pay for unexpected expenses, or towards a major expense (such as a holiday or a new car). make sure that everyone who lives with you and earns money is paying their shareīudgeting is all about making sure that you have money left over after paying all your bills.find out if you can get additional benefits or tax credits.dealing with debts immediately - it is very important to pay your priority debts first and then deal with unsecured credit debtsĪt the same time, it's important to make sure you're getting as much income as possible:.cutting everything down to the bare essentials in the short term.shopping around (especially for ongoing commitments such as gas, electric and telephone costs).You need to think about reducing these payments. These include credit cards, bank loans and overdrafts, catalogues, and finance company loans. ![]() If you complete your budget and find that you have no money left, you may need to remove the payments for unsecured credit or ‘non-priority’ debts. Make sure you can cover your essential household bills and housekeeping first. If your spending is higher than your income, you will have to prioritise your spending and cut back on commitments you can't afford. 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.
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