Step 2 Work out your business and household budget

​Monthly household outgoings: fixed costs

This section includes regular bills, you may not have much control over what you spend.

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Rent

Include your full rent payments here. Write any Housing Benefit you get as income in the Your household income section of Your budget. Don’t write your rent arrears in the Your household outgoings section. There is space to include any rent arrears payments later on.

 

Mortgage

Include your full mortgage payments here. Write any Loan for Mortgage Interest payments, or Universal Credit housing cost payments, in the Your household income section of Your budget. Don’t write your mortgage arrears in the Your household outgoings section. There is space to include any mortgage arrears payments later on.

 

Pension

Only include what you actually pay into a private pension yourself. If you are also employed, do not include any payments that have already been taken out of your wages by your employer.

Council tax

Check whether you can claim Council Tax Reduction. You normally pay council tax in 10 monthly instalments, but some councils will accept payments every week or every two weeks. If you live alone, you will be entitled to 25% off your instalments. The amount you include in this section should be your full council tax. Include any Council Tax Reduction you get in the Your household income section of Your budget. There is space to include any council tax arrears later on.

Council tax

TV licence

Allow £13 a month for a colour licence. If you don't have a TV licence or have fallen behind with your payments, you will need to come to an arrangement to pay because you can be fined for not having a licence.

Find the easiest way to pay your TV licence