The government-funded Money Advise and Budget Service has a very useful budget checklist which every household should run through even if it’s not in debt. It will help you focus on your outgoings.
Make a budget by listing all your income and all your outgoings
Include annual items like gym membership or car tax and divide them by 12 or 52 depending on how you are paid
Get this absolutely right by creating a daily diary of your outgoings
Calculate the totals on a weekly or monthly basis, depending on how you are paid
Defining a budget is one of the first steps towards getting your debts cleared.
The government-funded Money Advise and Budget Service has a very useful budget checklist which every household should run through even if it’s not in debt. It will help you focus on your outgoings.
-
Make a budget by listing all your income and all your outgoings
-
Include annual items like gym membership or car tax and divide them by 12 or 52 depending on how you are paid
-
Get this absolutely right by creating a daily diary of your outgoings
- Calculate the totals on a weekly or monthly basis, depending on how you are paid
For those in serious difficulty, it might be wise to make a phone call to MABS. It offers a free, confidential and independent helpline service which will ascertain how much help you need.
MABS also follows a code, that is recognised by the main banks and credit card companies, on what to include in your budget and what not.
For example it has addressed the question of whether you should include any savings in a budget or whether you should retain any of your income for entertainment. “Is it reasonable to allow a person bring their kids to a McDonald’s once a month, for example?” it says. “These are all legitimate questions. And we think the answer is yes,” says a spokesman. So a reasonable amount for ‘family entertainment’ is acceptable
Userful links
Budget calculator: your check list for a spending diary
Budget planner: itsyourmoney.ie
