It is important to be realistic about how much money you have coming in and how much you need to pay out.
Use our budgeting tool to take control of your finances today.
Always keep your budget up to date. For example, look at it again when you start or finish a job, finish paying a loan or when your income changes.
How do I work out my budget?
It is a good idea to sit down and work out your budget on paper or using our budgeting tool. You need to look at all your regular bills so you know how much you pay out. This will include:
What else do I need to include in my budget?
You will need to include:
Food and household shopping
Travel costs; for example, to work
Christmas and birthdays
Car expenses such as petrol, car tax and insurance
I pay some things weekly and some things monthly – how do I work out my budget?
Decide if you want to do a weekly or a monthly budget – but don't mix them up.
To convert weekly payments to monthly payments use a calculator to multiply the amount by 52 then divide by 12
To convert monthly payments to weekly payments, use a calculator to multiply the amount by 12 then divide by 52
Where can I find out more about how to work out my budget?
Visit the Money Advice Service website to help you take stock of your day-to-day finances and then use our budgeting tool to work out your budget.
Also – visit our 'Manage the cost of running your home' page for more information and advice.
Am I entitled to any benefits to increase my income?
Visit our 'Maximise Income' page to find out.
What else can I do to take control of my finances?
Open a Budget Account with South Yorkshire Credit Union. Click here for more information.