Places for People: Financial Services

First steps towards a balanced budget

Budgeting can seem very daunting, but taking a few easy steps can help you get a grip of your finances and save money.

Find out exactly what your income is – including any benefit payments
Find out exactly what your outgoings are each month or week – include everything that you pay out, however minor it may seem, the little things add up
Subtract your expenses from your income and see what you have left (surplus), it may help to use our handy budget calculator
If you have much more surplus left on paper than you think you should have then consider keeping a spending diary to see what you may have missed
If you have very little, no or negative surplus then you could look at cutting down on some areas of spending, our money saving tips could help
If you are unable to reduce your spending then consider maximising your income, there may be benefits that you are entitled to that you are not currently claiming, please click here for information on services that can help you with this
If the level of your debts is too much to handle using the above steps then you may need help, firstly work out your level of debts in the following order:

Priority Debts:

Mortgage / rent
Secured lending
Council Tax
Gas and Electric
Water rates
Court fines
Maintenance payments
Social fund / benefit overpayments

Credit debts:

Hire Purchase agreements
Other unsecured credit (highest interest first)

If you are unable to manage these debts then you could receive help and assistance to make arrangements with your creditors, please click here for a list of agencies and helplines