Working out your personal budget

​Working out your outgoings

Filling in the Your outgoings part of Your budget will help you work out how much money you need to spend on basic living expenses. At this stage, don't include any debts, arrears or credit payments.

Your budget is split into different areas of spending.

  • Your outgoings – fixed – this section includes your mortgage or rent, and bills for utilities like water, gas, and electricity. It also includes travel, care and health costs, school costs, pensions and insurances, and professional costs.
  • Your outgoings – flexible – this part includes spending on communications and leisure, food and housekeeping, and personal costs. 
  • Your savings – If you have money left over after meeting your essential living costs, it might be a good idea to pay a regular amount into a savings account.

What if I am not sure how much to include?

On the following pages, we give you hints and tips on:

  • how you might be able to reduce some regular bills and payments;
  • how to work out the right amount to put in your personal budget for your regular bills and payments; and
  • what is reasonable to spend on things like housekeeping and clothing.