BUDGETING

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BUDGETING

• Managing your money can be difficult! Learning
  the skills to budget your money is very important
  so that you avoid getting into debt.
• Its a good idea to work out a budget plan and
  then try to stick to it. There is an example of
  a budget plan which you can use included in this
  pack.
• Things you need to think about when budgeting -
• Money coming in e.g. benefits or wages
• Money that you have to pay out e.g. rent, bills
  and travel to work/college
• What you think are essential items and what you
  think are luxury ones.
• Being realistic is the key to budgeting. If you
  are realistic about what you can and cant afford
  then your plan will be easier to stick to.
• Overspending and debt can be a real worry. If
  you feel you are struggling then speak to your
  support worker as they can help you with a
  budgeting plan.
• If you are in a lot of debt, struggling to meet
  repayments and are receiving letters from the
  companies you have borrowed money from then the
  Citizens Advice Bureau can be really helpful.
• Debt and bad budgeting can cause a lot of stress
  so it is better to deal with it and get support
  if you need it. If you dont it can lead to big
  problems.

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BUDGETING
Working Out Your Budget Take away your income
from your outgoings. For example Total Income
equals 100 a week - Total Outgoings of 93 7
left over a week Or Take away your outgoings from
your income. For Example Total outgoings is
110 a week Total Income of 100 Overspent by
10 If you have money left over each week you
are doing well! Try and stick to this budget and
you shouldnt have any problems. If you have
money going out monthly, make sure you have
enough money left over to pay for it. If you
can, try and save some money each week, even if
its only a couple of pounds. This way you will
have some money for emergencies. If you are
spending more money than you have coming in then
you need to try to decrease your outgoings. This
maybe difficult, but with some careful planning
it is possible! Work through any debts you have
with you support worker. If you are in debt,
its a good plan to write down who you owe what
to. If you are not in any debt but overspending
in general you can look out for tips on how to
spend less in some of the other chapters. Another
options is to track what you spend by using a
spending diary (copy included in this pack). It
is often easier to see where you are over
spending when you keep a written log of what you
spend each day.
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BUDGETING
Spending Diary You can use this to make sure you
stick to your budget Or Use it to find out where
you are overspending.