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A Household Budget Too?
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A Household Budget Too? |
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As
well as a business budget you should create a household
budget too, using the same budget sheet.
If you
are a director of a limited company, then you should keep the
business budget separate from your household budget.
You should still complete the
household budget as it may allow you to reduce the salary
level you are drawing from the company in order to keep it solvent and increase its ability to pay
creditors. Only do this if you can afford to while still having enough money to cover your
essential living costs. It is particularly important to complete
and use both budgets where there are personal guarantees.
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