Budgeting will help you keep in control of your money and can help you avoid getting into debt.
Here are some simple steps to take when planning a budget.
- Be honest - if you don't note down everything you will only be fooling yourself
- Take it seriously - learning how to budget could help you live within your means whatever your circumstances
- Work out your income and outgoings - make a list of the money you get each week or month and what you need to spend it on - food, rent, pay bills etc
- Make sure you account for everything - you will need to plan for bills which are probably paid quarterly not monthly. Also try to have some money for emergencies
- Check out if you are entitled to any other sources of income - your local Citizens Advice Bureau (CAB) will be able to help you
- If you have any debts you will be able to work out how much money you have left over to put towards paying back your creditors
If what you are spending is more than your income:
- Check to make sure that you are getting all the help you are entitled to - benefits, allowances or other funds.
- See if there are any things you can cut back on - but make sure these are not essentials like food, heating and water.
Don't be afraid to ask for help.
All the contacts listed below can offer you help, advice and information.