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Being able to manage your money effectively is an important, but often overlooked, skill. By managing your money well, you’ll be able to pay for all the things you need to, and you’ll also be able to save up for the future.

One of the best ways to manage your money better is by budgeting. A budget is a list of all planned expenses and income. A budget can be simple to draw up; all you need is a pen, paper, and a calculator. Alternately you could use a online budgeting planner.

  • Budgeting tips

    • Gather every bill, bank statement, and wage slip you can find. Try and get as much information as possible in order to best come up with a weekly average
    • Once you have this information record all sources of income, including all wages and benefits (check out the benefits section of our website for further information. Remember to deduct tax and national insurance from any wages
    • Next create a list of all weekly expenses - this has to be everything you spend your money on, from food and travel to rent and council tax.
    • When you have your completed lists, add up your expenses and your income
    • By subtracting your expenses from your income you will have either a negative or positive balance. Ideally your income and expenses should be equal or you should have an excess of income
    • Excess income could be put towards clearing debts or into savings

    If your expenses are greater than your income, then you will need to adjust expenses where possible in order to balance them with your income

  • Further advice

    You can speak to a member of our advice and support team for more budgeting tips and you can also find lots more information on the Money Advice Service website.

    The Money Advice Service is an independent service, set up by government to help people make the most of their money. It provides free, unbiased money advice to everyone across the UK online, over the phone and face to face, their website has loads of information, from tools and calculators to help keep finances on track to tips for shopping on a budget. You can also read more advice and support with your money on this website.

  • Contact us

    The quickest way to get in touch with our Advice and Support team is to use our online referral form. If you want to speak to a member of any of the teams, your YHN Housing Services Officer can arrange this for you.