IN DEBT
1) CREATING A BUDGET PLAN
You will need to first calcutate your expenditure against income to calculate what disposable income you have using a SOA - Statement of Affairs. See below example which you can use, or create your own.
Disposable income is the remaining weekly/monthly amount after bills and household running costs have been deducted. Bills and household costs include essential household costs, for example items such as rent or mortgage, council tax, utility bills, food & petrol.
Once you have a list of the costs, then include any income received. Income is the amount you receive after tax and national insurance contributions. This will help you get a more accurate picture of what you are spending and whether you can reduce any costs.
Be as accurate as you can but DO NOT under-estimate, if your food shopping is £250 then put this amount. Remember this is an early stage and if you feel you can reduce an amount then try it first. You might find it is not possible to reduce an amount and could end up worse off. If it did work then you can correct your budget spreadsheet to the new amount.
1) Budget Plan
3) Prioritizing
7) Bailiffs
8) DMP
9) IVA
10) Loans
11) Bankruptcy
12) Do's and Dont's
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FIGHTING DEBT
a user's guide
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