Step 2 Work out your business and household budget

​Help with managing your money and budgeting for your household

Extra advice:

think about opening a budgeting account

Sometimes it is easier to cope with paying bills if you open a separate bank account. You can pay regular amounts into this account to help you plan ahead and keep up with your regular bills. Setting up direct debits or standing orders will mean that regular payments you have to make can be automatically taken out of your account.

This section gives some useful hints and tips to help you make the right decisions.

Planning ahead

When money is tight, it is very hard to stick to repaying debts when an important bill needs paying or the car or house needs an urgent repair. You can spread out these payments and make budgeting much less stressful if you regularly put a bit of money aside to pay for expenses such as these.

Christmas, birthdays and holidays also put a big strain on your household budget. Think about opening a savings account or joining a credit union. If you join a credit union and start saving with them, you will also be able to apply to borrow money once you have proved you are a reliable saver. Check The Money Advice Service website for information about credit unions.