Step 2 Work out your business and household budget

Checklist household budget

Use this simple checklist to make sure you take the right steps to work out Your budget.

Can you increase your household income?

Before you start to look at your household budget, check to see if there are ways of increasing your household income.

Ways of increasing your household income

Can you manage your money better?

You might be able to cut down on some of your household spending by budgeting better or shopping around for the best deal.
 

Help with managing your money and budgeting for your household

Work out a household budget

Remember:

working out your budget

Use our budget tool, Your budget, to help you.

Follow the advice and guidance in this section to list all your income and outgoings so that you can work out the best way to deal with all your debts.
 

Working out your household income

Working out your household outgoings

Deal with any priority debts you have before deciding what to do about your other debts

Once you have worked out your income and outgoings, it is time to look at how you are going to deal with your debts.
Start with any priority debts you have as these are the ones you need to deal with first.
 

Dealing with your priority debts 

Decide on the best way to deal with your non-priority debts

 
Once you have worked out your income and outgoings and any payments that you need to make to priority creditors, you can decide on the best way to deal with your non-priority debts.