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Finance

How to become Debt Free while on a Low Income

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2. Know your Income and Expenditure.


Have you ever thought ‘I do not know where my money disappears to each month’? This exercise will show you exactly where your money goes!
Next, undergo the previous months bank statements. Write down all of your income for the month. this might include things like:

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Wages/Salary
Tax Credits/Benefits
Child Maintenance
Rent from Lodgers/Older Children
Second jobs
Now assign different categories for everything you’ve got spent. Examples might be
Bills
Direct Debits
Entertainment
Childcare
Now split all of your expenses into either ‘Necessary’ or ‘Not Necessary’.
So items like utilities would enter the ‘Necessary’ section, and people cups of coffee you purchase in town would enter the ‘Unnecessary’ section.

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