Budgeting

Staying in control

Budgeting is a way of understanding your own money situation, knowing what money you have coming in and what you have going out. It’s also the first step to take if you’re struggling with debt as it helps to show exactly how much you’ve got to offer your creditors.

This area provides you with information to help you increase your income and reduce your spending as well as providing some tips to manage your money better.

If you are having financial difficulties you can produce a budget as part of our online debt counselling service which will also provide a personalised recommendation to your debt problem.

If you don’t have concerns about debts but would like to create a full budget you can do this through our CCCS Money Matters service which will also give you recommendations on financial planning.

FAQs

I cannot open a bank account. What should I do?

Scotland > Budgeting

You may have difficulties opening a bank account if you do not have a passport or a driving licence. Different banks will accept different forms of identification. You will need to check with the bank to find out which other forms of identification they will accept. You may have to try several different banks until you find one who will accept the identification you have. If you have problems opening a bank account please visit the FSA website or contact the Financial Ombudsman.

How do I work out my income or spending for a calendar month?

Scotland > Budgeting

To work out a calendar monthly figure first work out how much you are spending each week. Then multiply this amount by 52 (because there are 52 weeks in the year). This will tell you how much you are spending over the year. Next divide the yearly amount by 12 (because there are 12 months in the year). This figure will be exactly how much you spend each month.

For example:

Sally spends £40 on petrol a week.

£40 x 52 ÷ 12 = £174 per calendar month

How can I find out what benefits I can claim?

Scotland > Budgeting

You may be entitled to some Government benefits to help increase your income. You could speak to your local benefits office or visit Entitled to, a website with a benefits calculator. If you are struggling with debts and would like advice on benefits please call our helpline. One of our specialist advisors will be able to check what you are entitled to.

How do I deal with priority arrears?

Scotland > Budgeting

If you have priority arrears you need to deal with them as soon as possible. Make a budget and work out how much you can afford to pay. You need to pay the normal monthly payment and something extra to the arrears each month. If you need help in dealing with your priority arrears please call our helpline. One of our specialist advisors will be able to help you.