STEP 1
This is a long check list of what your income and expenditure is. The detail is what is important - it will make sure you don't half-do a household budget.
Step 2, further down, is designed to help you start thinking about what elements of your budget are important and what are less important including your debts, some of which will need more attention than others.
List your own and anyone else in the household with an income on a monthly basis or a weekly basis. Use the same system throughout.
|
Salary/wages Monthly |
€ |
|
Bonuses |
€ |
|
Social welfare benefits |
€ |
|
Child maintenance |
€ |
|
Rental or mortgage supplement |
€ |
|
Pension |
€ |
|
Children’s Allowance |
€ |
|
Lodgers |
€ |
|
Insurance payments |
€ |
|
Other TOTAL INCOME (A) |
€ |
|
Rent |
€ |
|
Mortgage |
€ |
|
Mortgage protection insurance |
€ |
|
Buildings insurance |
€ |
|
Other insurance |
€ |
|
Food/housekeeping |
€ |
|
Toiletries |
€ |
|
Baby food/nappies |
€ |
|
Pet food |
€ |
|
Pet insurance |
€ |
|
Other |
€ |
| TOTAL |
€ |
|
Electricity |
€ |
|
Gas |
€ |
|
TV licence |
€ |
|
Waste charges |
€ |
|
Telephone/broadband/TV |
€ |
|
Home telephone |
€ |
|
Mobile telephone |
€ |
|
Broadband |
€ |
|
Satellite or cable TV |
€ |
|
DVD or video rental |
€ |
|
Insurance |
€ |
|
Life insurance |
€ |
|
Contents insurance |
€ |
| TOTAL |
|
Children's clothing |
€ |
|
Children's shoes |
€ |
|
Adult's clothing |
€ |
|
Adult's shoes |
€ |
|
Cosmetics |
€ |
|
Jewellry/handbags etc |
€ |
|
Laundrette/Dry cleaning |
€ |
|
Repairs - cobblers etc TOTAL |
€ € |
|
Bus/train |
€ |
|
Taxis |
€ |
|
Car insurance |
€ |
|
Car tax |
€ |
|
Car repairs/maintenance |
€ |
|
Petrol/Diesel |
€ |
|
Parking TOTAL |
€ € |
|
Education |
€ |
|
School uniform |
€ |
|
School books |
€ |
|
School trips |
€ |
|
Maintenance payments |
€ |
|
Third level fees |
€ |
|
Third level accommodation costs TOTAL |
€ € |
|
Childcare |
€ |
|
Savings |
€ |
|
Pension |
€ |
|
Medical expenses |
€ |
|
Doctors |
€ |
|
Medication |
€ |
|
Health insurance |
€ |
|
Other |
€ |
| TOTAL |
€ |
Repairs and maintenance - use monthly or weekly figures throughout
|
Property upkeep – lightbulbs, paint, repairs etc |
€ |
|
Holidays |
€ |
|
Pocket money for children |
€ |
|
Entertainment – going out |
€ |
|
Cigarettes |
€ |
|
Alcohol |
€ |
|
Keep fit – gym, golf etc |
€ |
|
Further education |
€ |
|
Union membership fees |
€ |
| TOTAL |
€ |
GRAND TOTAL OUTGOINGS
| Household costs |
€ |
| Utilities |
€ |
|
Clothing and footwear |
€ |
|
Transport |
€ |
| Education |
€ |
| Other family costs |
€ |
|
Repairs and maintenance GRAND TOTAL (B) |
€ |
STEP 2
Now you can see what your monthly or weekly income is compared to your expenditure, you can start thinking about how you can adjust your outgoings.
LINK TO HOW TO REVISE YOUR BUDGET
The second step, if you are in debt, is to now work out what are the priority debts and what the secondary ones are.
Again, fill these tables out consistently - use either a monthly or a weekly figure throughout.
|
Mortgage |
€ |
|
Rent |
€ |
|
Electricity |
€ |
|
Fuel/Heating |
€ |
|
Other loans secured on your house |
€ |
|
Court fines |
€ |
|
Family maintenance |
€ |
|
Hire Purchase on your car |
€ |
|
Other secured debts |
€ |
| TOTAL (C) |
€ |
Step 3
Subtract your total of your outgoings (B) from your income (A)
This is the money you now have for your creditors. If this is a negative figure, start adjusting your expenditure until you get a positive figure, no matter how small.
This is now the amount you have to divide up among your creditors.
Anything left over can be used to pay off the your unsecured or secondary debts (See table below)
|
Total Income (A) |
€ |
|
Total Outgoings (B) |
€ |
|
Money for creditors (A minus B) |
€ |
Secondary debts
|
Bank overdrafts |
€ |
|
Unsecured loan |
€ |
|
Credit Union |
€ |
|
Credit Card |
€ |
| Total |
€ |
At this point, your debts could look overwhelming, don't panic. This is normal.
This checklist is just that - a checklist. It is not a plan.
The next steps are revising your budget and then creating a financial plan to take to your creditors.
Link to REVISING YOUR BUDGET
Link to: DEVISING YOUR FINANCIAL PLAN
