In control of your money?
How accurate are you at matching up your money 'coming in' to your money 'going out?'
By knowing where your money goes, you will have better control of your finances: you will be able to make informed decisions on what you spend money on, avoid running out of money when you need it, and maybe even save up for something special. Use our weekly budget tool to see if you've got your sums right.
Find out if your estimate is the same as your actual income and expenditure.
Income
Work out your weekly income.
Add up the money you get from pocket money or allowances, or any paid work that you do on a regular basis over a month. Now multiply this by 12 and divide by 52. This is your weekly income. Make a note of it.
Estimate expenditure for one week
How much do you think you spend each week?
Enter your estimates into the chart below.
Expenditure
Cost (£)
Travel: e.g. any journeys you pay for e.g. school, college and leisure
Food and Drink: e.g. all your snacks, soft drinks, lunch
Leisure: e.g. going out with friends, sports clubs subscriptions
Entertainment : music, DVDs, games, downloads and magazines
Communication: e.g. mobile phone
Toiletries: e.g. shampoo, make-up, deodorant etc
Savings
Clothes
Other
Total expenses for one week
Keep a record of actual expenditure for one week
Log your actual weekly spend in the sections below - remember to keep notes of everything you spend money on, receipts, or print out mini statements. Be as accurate as you can - that's everything!
Safety tip - make sure you don't enter anything which gives your identity or location away.
Keep track with these notes
Travel - include any journeys you pay for e.g. school, college and leisure
Food and Drink - all your snacks and meals
Communication - mobile phone
Toiletries - shampoo, make-up, etc
Total expenses
So what's the difference between your estimated and actual spend? Did your income cover all your expenses?
If you are spending more than you receive, think about which area you could spend less. What items do you absolutely need and what can you do without?
Amend your figures accordingly.
You might also want to try the cutback tool and see if you can make a difference to your spending.
If you were budgeting for a whole year, you would include interest from a savings account and special gifts in your income. Remember you might want to spend on things like birthday gifts and treats for other people or go on holiday.