Income and Expenditure Forms

Do you want to get your finances fighting fit and get your money management in better health?

If you want to organise your money and control your cash better – it’s important to get prepared.

Our simple and easy to use Income & Expenditure form could prove invaluable in helping you do this. Planning a budget using the form is a really good way to kick off your financial fitness regime. You need to be as honest and accurate as possible, but you can use the form to give yourself a healthy financial workout, and get your finances back on track.

Evolution Money Tip: Collect your paper work first

• Dig out your payslips and have them handy to accurately record your monthly figure
• Gather together all your bank and credit card statements to review

Start by calculating your income against your outgoings, and assess all the money coming in to your household. This includes your own salary or wages, your partners’ incoming and any benefits and pensions credits that you receive.

Next, record your essential outgoings. Your mortgage/rent, household bills, food, clothing and transport. Go through your statements and it should list all standing orders, and direct debits. To calculate the cost of your average food shop, collect all your receipts for the last month, add up all food spending, then divide by the weeks they cover to reach your average monthly spend.

You also need to make a note of all the other outgoings you have: phones and internet access, cost of running your vehicle such as maintenance and breakdown cover, and then meals at work or school – recording all this information will give you an accurate idea of what you are spending.

You should think about all your regular and irregular spending. Costs such as leisure expenses, dental and medical expenses, pet costs, along with outlays you have for hobbies and interests.

Evolution Money Tip: Being honest & as accurate as possible on the form will allow you to see exactly where your money is going each month.

Your disposable income should go towards repaying any debts you have. If this amount does not meet the contractual repayments agreed with your lenders and you’re struggling to repay what you owe, call us to find out how we could help you clear your debts at a rate you can afford.

For help and advice with your debt problems, our friendly team is just a phone call away.

How calculating you incomings and outgoings can benefit you

After filling in the form you’ll be able to see how much you realistically have as disposable income each month. Plotting your income and expenditure in this way can help you budget and even identify areas where you could cut back spending and save a little money each month.

• Use it to manage your monthly budget and take control of spending
• Use it to see where you can save each month
• Use to see what your disposable income is and plan for your future

Knowing exactly what your outgoings, incomings and your disposable income is each month will benefit you in many ways, especially if you are thinking of taking out a loan to consolidate your existing debts, or looking to do some much needed home improvements. Recording all your financial particulars in an Income & Expenditure form will give you the clarity to see if you can afford a loan.

Evolution Money Tip: Prefer to talk to us directly? Call today

You can also speak to one of our expert finance team. We can help you go through your income and expenditure today and see what lending options are available to you.

Call us for a chat on 0161 814 9158.