Money coming in is your final take-home pay or net income.
List your reliable sources of income like wages, child support, and benefits.
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Household budgeting helps you manage and control your month’s spending. An itemised list of standard income and expenses so you can plan how you spend your money and save.
Budgets can help you manage money, control spending, save more, stay out of debt or pay off debt.
Household budgeting is about living within your means, saving money and being a little more frugal where possible.
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Keeping a track of your income and outgoings allows you to analyse your finances identifying if overspending. Help get a full picture of your financial limits.
Gross income is the amount of salary you get paid before any deductions are taken like taxes, health, pension. Net income is the leftover amount after these deductions. If self-employed you can have a fluctuating income so base it on an average income.
Expenses have fixed cost elements and variables use your bank or credit card statements to help you figure out a list.
Subtract all expenses from your income, to see if you earn enough to cover costs or not. Any negative figures, you need to make some adjustments and work out if you spend more than you earn?
Household Budgeting Checklist
Manage and control your month’s spending
Income
Expenses
Know your outgoings, what your costs are every single month. Fixed monthly expenses like mortgage/rent, taxes, loans
Spending Habits
How much money is going out and on what? Write everything down be honest with yourself. Look at statements to see where your money goes.
Categories: Essentials like food, mortgage/ rent, council tax, commuting. Non-essential and luxury items like subscriptions, going out, entertainment etc
Non-Essential Expenses
Identify non-essential expenses. Can you live without them? How much can you save?
Track Spending
Continually track your spending against the budget. Keep your eye on the ball compare it with the planned expenditure.
Help flag up any unnecessary expenses you can reduce or cut out.
Periodically Revisit
Things change taking a fresh look can identify opportunities for amendments.
Frequently asked questions
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