Budgeting
What is a Budget?
A budget is something which helps us improve how we handle our money. It allows us to understand where we stand financially and allows us to plan for future expenses.
If you’re in debt, a budget may help you assess what you can do in order to get on top of things and reduce debts quicker. You can find out how much you can pay realistically towards them or where you can reduce costs in order to free up some extra funds.
Need help making a budget?
Come to us for information and we’ll help.
Click "GET IN TOUCH" to start your journey, one of our friendly team will then be in touch to give you all the information you need to deal with your enquiry and refer you to one of our regulated associate experts.
We may pass you onto a FCA regulated debt advice firm for a full advice call who would look into a range of options for you, May not be suitable in all circumstances fees may apply.
We are a debt help lead generation organisation & may be paid a referral fee from the FCA regulated firms.
Creating a Budget
What’s coming in each month
What’s going out each month
Any spending you make on things like rent/mortgage payments, council tax, food, bills and other payments such as debt repayments.
It may help to keep your receipts to work out what you have been spending, or you can go back through bank statements in order to add this up.
What’s left over each month
Known as ‘disposable income’, this is the money that is left after all your expenses have been covered. This is calculated by subtracting your monthly spending from your monthly income.
You may find that you have a small amount of money left over this month, or you might realise that you are spending more than you have coming in. Once you have worked out how much money you potentially have left each month, you will be able to begin to budget.
Click “DEBT HELP” to start your journey, one of our friendly team will then be in touch to give you all the information you need to deal with your enquiry and refer you to one of our regulated associate experts.
Reducing Spending
Once you’ve carried out the steps above, you will start to become aware of your spending and it will become clearer to spot where you can make savings. Even small savings in some areas will bring bigger savings for you in the long run.
Here’s some ways you can begin to cut costs:
- Consider different providers
- Change shopping habits
- Meal Plans
- Spending and Saving Apps
Increasing Income
This is definitely easier said than done – we recognise that not everybody has the time or ability to increase their income by simply picking up another job, or renting out a room in their home.
However, it’s always worth checking if there is any way you could increase income through things like benefits or pension payments, or if you are owed any rebates. There are various ways to check this online for free through government websites.
If you are eligible, these extra funds could help increase your income each month and you could find yourself in a much better position financially, with the ability to make payments to reduce your debts and contribute to other important payments.
