Budgeting is making a list of what’s coming in and going out of your account each month. You make a list of what you earn, what you owe, and what you spend. Having those numbers in front of you will help you understand exactly how stretched your finances are or if there are some costs you could cut for the time being.
Your finances are as individual as you are. It’s really important that we understand your situation so that we can find options that’ll work best for you.
Save time by using our interactive budget tool
Try our interactive budget tool, Paylink, which will walk you through the budget process. It should take around 10-15 minutes to complete but you can go at your own pace. It can also get information from your credit data to make the process easier (don’t worry - this won’t show up on your credit record and is optional).
You can stop and start Paylink whenever you like, and give us a call if you get stuck. When you get to the end, you can share your budget with us (we’ll call you once we have reviewed it) and also keep a copy to share with anyone else you need to.
If you’d prefer to just fill in a simple budget planner form instead, we’ve included one here.
What you’ll need
Gather your bank statements, payslips, and anything else that’ll help you work out how much money you’re spending and earning.
PayPlan provide this self help guide BudgetSmart where you can find routes to support for many of your regular bills along with ways you can potentially increase or access benefits you may be entitled to.