Working out your personal budget

Checklist

Use this simple checklist to make sure you take the right steps to work out Your budget.

Can you increase your income?

Before you start to look at Your budget, check to see if there are ways of increasing your income.

Increasing your income

Can you manage your money better?

You might be able to cut down on some of your spending by budgeting better or shopping around for the best deal.

Help with managing your money and budgeting

Work out your personal budget.

Remember:

working out your budget

Use our budget tool, Your budget, to help you.

Follow the advice and guidance in this section to list all your income and outgoings so that you can work out the best way to deal with all your debts.

Working out your income

Working out your outgoings

Deal with any priority debts you have before deciding what to do about your other debts.

Once you have worked out your income and outgoings, it is time to look at how you are going to deal with your debts. Start with any priority debts you have as these are the ones you need to deal with first.

Dealing with your priority debts​​

Decide on the best way to deal with your non-priority debts.

Once you have worked out your income and outgoings and any payments that you need to make to priority creditors, you can decide on the best way to deal with your non-priority debts.

Dealing with your non-priority debts

Do you need to print off a budget summary?

If you decide that making reduced offers of payment to your creditors is the best way to deal with your non-priority debts, your creditors will need to see a copy of your budget summary. You can print off a copy once you have finished working through Your budget.  

Are you self-employed?

If you are self-employed, contact Business Debtline for help with filling in a business and household budget sheet.