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budgeting

If you are struggling to keep on top of your household bills, make a budget today and take back control.

Doing a budget is easy and will help you to understand what money you have coming in, where your money goes and how you can improve your finances.

Step one - work out what money you have coming in

List all of the money you have coming in each month. You can use the budget sheet here to help you do this.

Are you entitled to any extra income?

You may be missing out on financial help that is available to you through welfare benefits. It’s really easy to find out if you’re entitled to any extra income. Just use our online Benefits Calculator, it only takes a few minutes to complete and you’ll find out what benefits you could get, how to claim them and how your benefits will be affected if you start work.

Check today to see if you could be better off now

If you would like some help with a benefits calculation, please call us and we’ll be happy to help on 0300 561 1111 or email money.matters@irwellvalley.co.uk 

Step two - work out what you spend Be honest and realistic.

As well as listing your big spends such as your rent and utility bills, think about the smaller costs that can add up easily throughout the week such as newspapers, coffee and cigarettes.

List the exact amounts and don’t round these up or down as it will affect the overall amount.

Step three - work out what’s left

Put your total income into a calculator and take away your total spend.

Hopefully you should see that you have some money left over.

If you don’t you’ll need to review what you spend to see where you can cut your costs (check out our helpful guide on the back page). You should also look for ways to increase your income such as accessing additional benefits, or taking on extra or better paid work.

Step four - prioritise any debt

If you have any debts you will need to prioritise these and make sure that you have money left over each month to pay these off. On the next page you can read about how we can help you to deal with debts and be better off this year.

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