Now you’ve written everything down, it’s time to start building your budget. Our free printable budget template can help you with this. It may even have sections that you haven’t accounted for yet.
Download our budget template now (PDF)
Once the budget’s filled in, print it off if you can. If not, you could copy out the budget yourself using the categories from our template. We have the same budget template in Excel, too.
Alternatively, you could copy out the different budget categories on a piece of paper, if this is best for you.
Next, you need to work out what you have left over each month, once everything’s paid for. You can do this by deducting the total amount you spend each month from your monthly income.
If you’ve got any money left over after you’ve paid for everything you have a ‘budget surplus’. If you’re spending more money than you’ve got coming in you have a ‘budget deficit’.
Whatever you have - or don’t have – left over will determine what the best debt solution for you might be. We’ll take a closer look at this tomorrow.
For now, take a deep breath and relax. Call a friend, go for a walk, or watch your favourite TV show. Be proud of yourself. You’ve come a long way already. There are just a couple more steps to go until you get your debt under control.