Recording your expenditure – Money Matters

August 1, 2012

There is no doubt that people across the UK are experiencing tough times. With stubbornly high inflation even if people have had a pay rise, often they are left out of pocket. In this, the first of 3 advice articles, we will explain how to create a budget and start getting your finances in order.

It sounds obvious, but many people do not have an accurate picture of how they are spending their money each month.

The first step is to record your outgoings and set them against your earnings. If you have access to a computer, use a spreadsheet to do the sums for you. Email for a template or grab a calculator and set pen to paper.

Make one table for your incomings. Make sure you record the actual take home amount and not the one which is before your taxes/ national insurance contributions/ student loan payments are deducted.