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ConsumerUK Guide

 

Family Budget Planner


Knowing exactly what money you have available to spend on your families everyday needs is vitally important and planning such spending is therefore imperative. Firstly you need to prepare your family budget, which is basically a document that lists your family's income and outgoings. To do this follow these easy steps:

consumer rights, family budget planner template, family budget planner app, List your family income, which could be:

 

  • salary
  • rental income
  • benefits
  • child maintenance
  • tax credits
your consumer right, family budget planner software free download, family budget planner free download, family budget planner google docs, Now list your family outgoings, which could be:

 

  • mortgage payments
  • household utility bills (gas, water, electricity)
  • council tax
  • telephone
  • TV license
  • home broadband
  • cable TV
  • household shopping
  • takeaways
  • pets (food, vet bills)
  • hair cuts
  • cigarettes
  • newspapers
  • one-off household costs
  • loan repayments
  • bank costs
  • other finance costs (car leases etc)
  • childcare
  • fuel
  • other travel expenses
  • birthdays/ christmas costs
  • leisure costs (cinema etc..)
family budget planner free, family budget planner online, family budget planner download Now analyse

 

So you will now have established whether your families income is more or less than your families outgoings. Obviously you want it to be 'more' than your outgoings but the chances are that it wont be. Businesses aim to have what is called 'headroom', which basically means that each month there is cash left over after all outgoings have been paid. You need to aim to have exactly the same. Ideally try to make sure that you have at least 5% of your income set aside each month. So, if you have worked out that your total income is £1000 per month you need to make sure that £50 of this is not being spent on your regular outgoings (this is now your Headroom Cash).

It is not enough to do this once. You need to keep on reviewing your family's budget every month as circumstances change.

 

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Disclaimer

 

Whilst every effort is made to ensure that the legal information contained on “consumeruk” is accurate, it does not constitute legal advice tailored to your individual circumstances. If you act upon it, you acknowledge that you do so at your own risk. Neither the Proprietor nor Dean Dunham can assume responsibility and do not accept liability for any damage or loss which may arise as a result of your reliance upon it.

 

Last updated 14.07.2014

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