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All these tend to fall due at the same time, and can be very expensive. For example, if you own a car you will need to account for road tax, insurance, service and MOT. You will also need to include any annual payments. Also any insurance that is paid monthly, for example, buildings, contents or car insurance. It will probably also include your rent or mortgage payments, council tax, electricity and gas bills, water bills, phone, broadband and other utilities. This should include any unavoidable fees, bills and loan repayments. Work Out Your Essential Expenditure on Fixed Price Items If you’re a student who receives a termly payment, probably from a student loan, then you need to do your budget on a termly basis, not monthly.īefore you calculate your average income, consider whether any month was atypical for some reason: did you have a holiday, were you ill, or were you paid for a particularly big project? If so, it’s probably best to remove that month from the calculation to avoid biasing the results.Ģ. Our page on Averages will help with this.
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Probably the best way to do it is to look back at your monthly income over the last six months or so, and take an average. If, as is increasingly the case for many people, you’re self-employed, or you receive an hourly rate depending on how much you work, then this is harder to work out. If you’re employed, receive a pension or benefits and have a regular monthly income, this is relatively easy: it’s your monthly income, less any deductions, taxes, pension payments and the like. Do not be tempted to put off the process of budgeting because you think you may not like the result. It is always better to know what is happening than blithely continue to go deeper into debt. When you are worrying about your finances, it can be easier to decide that it is better not to know your exact situation.
BUDGET PLANNING FOR BEGINNERS HOW TO
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