by Moses Campbell
If you are having debt problems, one of the best pieces of debt advice that can be given is to make a budget. That way you are going to know exactly what money you have coming in and what you are spending it on. From there you can prioritise payments and be clear about how much you can afford to pay on your unsecured debt each month.
<b>Income</b>
The first thing to note down when you are making a budget is what your income is. If you get a regular monthly salary from your job that will be easy, you just have to remember to only note what you get after tax.
If you don't get a fixed amount each month then you should look back and see how much you usually get paid. Also note the least amount and consider what the situation would be if you get that one month. The best thing to do though is probably to figure out the average, and if you get more one month that should be saved to take care of when you get less than the average.
At the moment, remember that this is not about making cuts yet, and it is not even about the debt that you owe. So you should make sure that you note down all of the income that is coming in to the house, even if they are not responsible for any of the debt.
Once you have your complete budget, if you're having problems each month then it's likely that you are spending more than is coming in. One way to go about remedying this is by increasing your income.
Increasing the amount of money that is coming in does not necessarily mean that you are going to have to get a second job. That's a possibility, but it's not always necessary. You may be able to get some government benefits, for example if you're on a low income. Or perhaps you could simply get overtime at your work. There are lots of potential avenues open in this regard.
<b>Spending</b>
Just as you should note down all of the sources of income that you currently have before you start thinking about supplementing that income, you should note down all of the expenses that you currently have before you start thinking about making cuts.
Remember, the aim at this stage is just to get a clear picture of how things are right now in terms of how much money you are spending. So don't be tempted to put down less than you actually spend because you know you can make cuts, as that is just going to make it unclear what the current situation is.
Now that you have noted down both your income and your expenses, you can compare the two. If you've been having trouble paying, or missed payments, then you should find that you're expenses exceed your income. Now is the time to start thinking about all of the things you can do to remedy this situation, including getting free professional debt advice for dealing with your unsecured debt.
As well as thinking about your debt though, you should also make cuts in other areas of your budget. At this point it is very important to be clear about what the priorities are. Your essential living costs have to come first of course, things like food and rent. Also other important payments like those made on secured debt.
After you have taken care of all of the most important payments, you can start thinking about cutting back on everything else. This includes the amount of debt you have to pay, for which there are debt management plans and other solutions as well. For that it is recommended that you get in touch with expert debt advisers for free debt advice.
If you want some more ideas on ways to make use of <a href="http://www.debtadvice.net">advice on debt</a>, check out the place where Samuel Adams regularly is found writing at: <a href="http://www.debtadvice.net">http://www.debtadvice.net</a>.
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New Unique Article!
Title: Debt Advice: Making A Budget
Author: Moses Campbell
Email: chrispaddock@hotmail.co.uk
Keywords: debt advice,budget,budgeting,advice on debt,debt relief,credit tips,credit,debt,debt consolidation,money management,finance
Word Count: 643
Category: Credit
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