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England and Wales > Your Budget > Household Budget

Household Budget

Subsections : Business Budget |Household Budget |Interactive Budget Sheet |Cashflow Forecast |

This section explains how to work out your household budget.

You will need to do a business budget first to work out what you have coming in to the household, along with any other forms of income.

You can then use the interactive budget sheet to record your household spending. This will allow you to see what is left over for creditors.

Stage 4: Household Income
Calculating your income is important if you are to have accurate figures for how much of your debt you can afford to pay off.

Stage 5: Household Outgoings
You are likely to have lots of different household outgoings that are all essential living expenses, such as mortgages and rents, utilities, travelling expenses and housekeeping.

Stage 6: Money for Creditors
This is what you have left once all your income has been taken into account and all your outgoings have been deducted. You can then start to work out how much to pay off each of your debts.

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