Budgeting is simply creating a plan so you know what to do with your money, whether it be paying your monthly bills, paying off your debts, or saving. Creating a budget means you can see how much money you have coming in, and how much of that money you're then paying out.
You can complete your budget and get online debt advice here
If you’ve already completed your budget, the outcome could have been one of the following:
If the outcome of your budget was that you are overspending in some areas, this will have been based on industry guidelines for a household like yours. If you don’t think that you’re overspending, check that you have included all of the members of your household that are financially dependent on you.
If you have adults in your household that have a source of income but don’t contribute anything to the household, you may need to consider asking them to help out with the bills.
If you’ve done a budget with only your income, but there are other people earning in the household, make sure that you are all paying a fair share towards the bills. It’s sometimes a good idea to do a household budget to make sure everything is covered and to give a more balanced picture. It doesn’t mean that the other person needs to be involved in any debt solution you enter.
If you have a particular need for high spending (such as special dietary requirements because of a medical condition), then speak to an advisor who can check that your spending is reasonable based on your situation, and can make sure that this is explained in any proposal/correspondence to your lenders. You can contact us at any time on 01925 599400.
You may also want to consider some of the following:
If you’re struggling to maintain payments, or your budget says that you should have money spare and you don’t, then you’ve probably missed something out of your budget – it’s easily done! Try to think further than just your monthly bills. Take a look at your bank statement and look at the other transactions on there, namely cash withdrawals and debit card payments to see if your budget really reflects what you spend: