It’s always a good idea to use a budget to keep track of your personal finances, but it’s vital when you’re up to your neck in debt!
The basic idea is simple. A budget just compares the income you have each week or each month with the things that you have to purchase.
Right, first you need to work out your total monthly income. Include your income from all sources. This means wages, regular overtime, bonuses, any benefits you claim etc. The figures you use must be after tax, so count your take home pay instead of your gross pay. If your income varies, it’s advisable to work out how much income you’ll have at the start of each month.
Have you done that? Write the figure down.
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