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Get to grips with your money

Step 1 of 2 – Take stock

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Setting aside a few minutes a week is all it takes to review your finances. A good way to take stock is to make a budget – list everything that’s coming in and where it’s going. You can use our online Budget calculator to help you do this – either complete it online or print it off fill in by hand.

Have your recent bank statements and bills handy to help you fill it in accurately.

Tips to help you take stock of your money

  • Don’t forget occasional items, such as birthdays, Christmas or other festive presents and holidays.
  • Think about other things that you pay for once a year, such as car tax and insurance. It's helpful to put in a monthly amount for these, perhaps by estimating and dividing up the average that you'd spend during the year.
  • Keep a spending diary – try writing down every penny you spend for a month.
  • Check to see if there are any State benefits or tax credits you may be entitled to. Contact the Benefit Enquiry Line or look on the government's Directgov website – see Get more help.
  • Make sure you review your budget regularly. If your circumstances change – for example, you get a pay rise or your bills increase – look at it again.
  • If you haven’t got enough money to cover your expenses, see where you can make savings. Go to Step 2 for some ideas on where you might be able to do this.
  • Once you have worked out your budget, think about your financial goals and when you want to reach them. Use our Financial healthcheck to help you.
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