Working out your personal budget

Filling in your personal budget

Working out a personal budget is important because it helps you:

  • see how much money is coming into your household;
  • see how much money is going out;
  • see how much money you have left;
  • work out the best way to deal with your debts;
  • work out affordable offers to creditors if you think this is the best way to deal with your debts; and
  • plan your future spending.

Once you have finished completing your personal budget, you will be able to see:

  • all the money that you have coming in;
  • all the money you have going out;
  • a list of all your priority debts and any payments that you need to make towards these debts;
  • how much money you have left over to pay your non-priority debts; and
  • a list of your non-priority creditors and what you have worked out you can pay to each creditor.

Why do I need to fill in a personal budget?

  • Once you know how much money you have left over to pay your non-priority creditors, you will be able to decide your best option for dealing with your debts.
  • You should save or print a copy of your budget so that you can keep track of how you spend your money.
  • If your circumstances change, you can log back into Your budget and update your information.

If you have problems using Your budget, contact us for advice. ​​​