Budgeting Factsheet
Do you find that you have too many months left at the end of your money? then this factsheet might help you. We all like to have a little bit of money for that treat, be it a night out with friends, or a night in with a takeaway, but do you know if you can afford it?
Whatever your financial situation, however large or small your income, knowing how much you have coming in and going out will help you to start taking control of your finances.
You need to be honest with yourself so that any budget you draw up is realistic and will work moving forwards.
The first step is to complete a budgeting sheet which looks at your income and expenditure. There are various ones available but we have put a link from the Nationwide Building Society below. You may prefer to use paper that is fine, just list all of your income on the left-hand side of the paper and all of your outgoings on the right-hand side.
It is really important that this is accurate and takes into account everything you may need to buy over the course of a year – things like MOT/service costs/repairs for a vehicle, membership or subscription fees for clubs, school uniform as well as your usual monthly expenditure e.g. mortgage/rent, utility bills. Council tax, mobile phone/internet, and food. If you have a takeaway meal once a month that is fine, just make sure you include it in your budget.
Make sure that you include all income – earnings, benefits including child benefit. Be wary of including overtime or bonuses as they are not part of your guaranteed income.
If you live with a partner then it is a good idea to do a joint budget – that way you will know exactly what is coming into and going out of the house.
For more information about the various benefits mentioned please click on one of the following links:
Click on the buttons below and they will take you through the next few steps that you need to think about.