Work Out Your Disposable Income

Having a hold on your finances is vital and a way to work out a budget is to make a detailed statement of affairs

 

Work Out Your Disposable Income

Debt management is not just for people who are in debt, however, most of us have some form of debt that needs to be repaid.

To work out disposable income, make a list of all income and outgoings. Once the two figures have been reached, outgoings are deducted from income and this will give you your disposable income. On a debt management programme, this figure will be the basis from which payments will be made to unsecured creditors. However, a statement of affairs is a simple budgeting procedure that can be put together and used for keeping track of finances.

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A typical statement of affairs is one column for income, which includes salary and/or all benefits, any share dividends, basically any income that comes into your home. Your outgoings should always be listed as secured outgoings first. For example, mortgage or rent payments. This ensures you set aside the monthly payments required to keep the roof over your head. Next will be the council tax, then heating, water and insurances. Outgoings on food, insurance and other incidentals, such as fuel, phone contracts, personal items, credit card payments, loan repayments should follow. This list will cover everything that is paid out on a monthly basis to give an overall figure on what is paid. It is a good insight to debt management and can be edited according to any financial changes that may occur.

Debt management can be daunting, but working out your disposable income is paramount for astute budgeting, enabling financial health which will improve emotional health in tough times. Debt is one of the biggest stress factors in daily life and with the economic climate on shaky ground, redundancy is a risk factor and illness can occur quickly without warning and being more financially astute will prepare you for these events.

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