Budgeting & using a budget planner
You’ll probably find yourself with less money to live on after you break-up, so try to sort out a new budget as soon as possible.
Many people find that when budgeting, it is helpful to use a a budget planner. A budget planner can help you:
- Work out how much money you’ve got coming in.
- See how much goes out each week or month.
When you’re using a budget planner, remember to include the things you only pay for occasionally or annually, like car taxes or insurances. Also, try to keep a bit aside for emergencies.
Before you start filling in your budget planner
Before you start filling in your budget planner, gather as much information as possible about your finances. This will make it easier to work out how much you’ve got coming in and going out. For example, look at your mortgage statements, wage slips, bills and bank account statements. You could even try keeping a “spending diary” so you keep a record of every penny you are spending.
Once you’ve filled in your budget planner
Once you’ve filled in your budget planner it should be easier to work out how much you need to live on. Make sure you don’t spend more than the amount of money you’ve got coming in.
If you have children, you’ll need to include the costs of what your children need in your budget planner. You could use your budget planner to show your child’s other parent the costs involved in raising your children.
It may also help to get your child’s other parent to use a budget planner too – this is not an excercise to find out how they are spending their money, but to agree how both of you can look after your children. Their budget planner could help you think about what the other parent can afford.
- First agree how you’ll share the financial support for your child.
- Work out how much child maintenance you’ll pay or receive.
- Write it down to avoid any misunderstandings later on.
- Both sign and date your agreement.
Remember, the cost of bringing up a child changes as they get older. So it makes sense to review your budget planner- and your child maintenance agreement- regulary.
If you want to find out more or get started using a budget plan, check out the links below.
Where can I go next?
National Family Mediation - Creating a post divorce budget
Useful information and ideas on budgeting your money from National Family Mediation.
Citizens Advice - Budgeting
Information and useful tools on budgeting, together with advice on how you can improve your finances.
Money Advice Service - Divorce and Separation
Useful information and support on how to deal with the issues resulting from a divorce or separation from the Money Advice Service.