Mortgages & Home Finance 4Homes Money Planner

Date Published:

03/06/2008

Monthly Money Planner

You'll need bank statements, policy documents, old bills and credit card statements. Below are the typical categories of income and spending to consider. You may have more to add or some to take away. Then it's a simple case of adding up what you spend and comparing it to what you earn.

By keeping a monthly record, it will soon become clear where you are over-spending and where you can rein in your outgoings. It also allows you to work out how much you can realistically commit to saving each month towards your dream project. Don't forget, you can print this list off, or transfer it to a spreadsheet for easy planning.

MONEY PER MONTH

Take-home pay
................................................................................ £______
Spousal/child maintenance
................................................................................ £_______
Investment income
................................................................................ £_______
Benefits
................................................................................ £_______
Rental Income
................................................................................ £_______
Other
................................................................................ £_______

TOTAL INCOME
................................................................................ £______

MONEY OUT
(FIXED COSTS)

Home:
Mortgage or rent
................................................................................ £_______
Council Tax
................................................................................ £_______
Buildings insurance
................................................................................ £_______
Home contents insurance
................................................................................ £_______
Home repairs/maintenance (estimate)
................................................................................ £_______

The utilities:
Electricity
................................................................................ £_______
Gas
................................................................................ £_______
Water
................................................................................ £_______
Other types of fuel
................................................................................ £_______
Telephone (fixed line, internet connection)
................................................................................ £_______
Mobile phone
................................................................................ £_______
TV licence
................................................................................ £_______

Transport:
Car insurance
................................................................................ £_______
Road Tax
................................................................................ £_______
Petrol
................................................................................ £_______
Car MOT/repair/servicing
................................................................................ £_______
Car breakdown cover
................................................................................ £_______
Public transport (fares/season tickets)
................................................................................ £_______
Car loan payments
................................................................................ £_______

Food and drink:
Groceries, lunch at work, school meals
................................................................................ £_______

Tax and interest:
Income Tax payments
................................................................................ £_______
National Insurance Contribution
................................................................................ £_______
Repayment of loans (car, furniture, kitchen)
................................................................................ £_______
Credit & store cards payments
................................................................................ £_______

Investment:
Pension contributions
................................................................................ £_______
Private medical plans (inc. dental plans)
................................................................................ £_______
Life Insurance
................................................................................ £_______

Family:
Spousal/child maintenance
................................................................................ £______
Childcare costs
(nursery fees, school fees, student loans)
................................................................................ £______
Pets (including vet)
................................................................................ £______
Clothes
................................................................................ £______

Special events:
(Estimate for a year and then divide by 12)
Birthdays
................................................................................ £______
Holidays
................................................................................ £______
Christmas
................................................................................ £______

TOTAL FIXED COSTS
................................................................................ £______

SUMMARY
Total Income
................................................................................ £_______
Minus Total Fixed Costs
................................................................................ £_______
Your monthly surplus
................................................................................ £_______

The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances.

Ask us your money questions then check back to our blogs and Q&As for answers >>

Check out the mortgage calculator, loans, credit cards & savings comparison tools