The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at
International InvestmentFSCS declares three SIPP operator firms in defaultInternational InvestmentAs reported, the FSCS said last week that it plans to increase the amount it levies on UK financial services businesses by 5%, even though the period of time covered will only be nine months rather than 12, citing “the higher cost of enhancing FSCS ...
Pensions & InvestmentsInstitutions close European mortgage gapPensions & InvestmentsOpportunities in European mortgages are emerging, with pension funds beginning to fill the funding gap left by European banks in the aftermath of the global financial crisis, estimated by McKinsey & Co. to reach €3.4 trillion ($4 trillion) by 2019. Now ...and more »
The SunAmazon launches supermarket with NO checkouts and uses cameras to track what shoppers remove from shelvesThe SunShoppers must scan the supermarket's app on the gated turnstile while sleek black cameras monitoring from above and weight sensors in the shelves help Amazon determine exactly what people take. The items customers pick up are added to a virtual ...and more »
The TimesBitcoin investors seek refuge in gold after price collapseThe TimesDaniel Marburger, director of Coininvest, told The Times that on one “crazy” day, January 16, he sold 30kg of gold worth about £1 million to bitcoin investors as the currency fell 23 per cent. Analysts said that bitcoin's 40 per cent collapse over the ...
Have you met...
Latest Members:










Email this story to a friend:

Adding up your outgoings:

Once you know exactly how much money is coming into your household you need to count your outgoings.16-04-2009

The difference between the two figures is what’s left to clear your debts. By outgoings I mean the amount you spend on your basic living costs.

Decide whether you want to calculate your budget weekly or monthly. It’s usually best to opt for weekly if you get your income weekly and monthly if you get paid monthly. Work out how much you spend or have to put aside each week or month to cover everything.

Add up your rent or mortgage and council tax. If you pay your gas and electricity every quarter add the bills for the last year together and divide by 12 to get a figure for a month or 52 for weekly. Do the same with any other bills you don’t pay monthly like the TV licence and water charges. Don’t forget insurance, car tax, any court fines, travel to work and school, prescriptions.

Once you’ve worked out all the bills calculate how much you usually spend on food and household items like bleach and toilet roll. You can add in bit for clothes, Christmas presents and going out but be reasonable.

It can be very useful to get a check list from your local advice centre so that you don’t forget anything essential. Most will have one. You can find details of various organisations that help with debt problems in the factsheet ‘Getting Help with Debt’.

Once you’re happy you’ve got a realistic figure for what you have to spend each week or month on day to day living subtract that figure from the household income. If you spend more than you have coming in, look for ways to cut your expenditure. If you got rid of your car could you cope and would you be better off? Are you spending more than you can afford on clothes and nights out? If you’ve already cut back as far as you can and feel at a loss to know what to do next get advice.

If you do have some money left over after you’ve paid out for all the essentials, that money can be used to clear your debts. You need to pay off the priority debts first. Those are the debts that could get you into trouble. If you don’t pay your rent or mortgage debts you could lose your home so they are priorities. Gas and electricity could be cut off and you could be fined for not clearing the arrears of council tax. So those are all priorities.

Don’t borrow more money to pay off debts. Get help first. Even consolidation loans which allow you to borrow one sum from which you can pay off all your debts may not be right for you. Get advice before you take on any new loans.  

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks