Your Household Budget
The best way to manage your household finances is to monitor the money as it flows in and out of the house. This will help you take control of your finances, which should relieve stress and help you to plan for any upcoming event such as having a family, retirement, a major purchase or taking on a loan.
A budget should be amended on any change in circumstances to reflect the differences in your ingoings or outgoings.
Don’t forget to prioritise your outgoings and never be pressured into paying non-priority debts before priority ones. This table should help you in deciding which payments take priority and the consequences if each one is not paid:-
| Priority Debts | Consequences |
| Rent | You could lose your home |
| Electricity, gas, telephone, water | You could be cut off, however, water cannot be cut off |
| Council tax | A bailiff could take your belongings. You could have money deducted from your wages or benefits. You could go to prison. |
| TV Licence | You could have money deducted from your wages or benefits. A bailiff could take your belongings. You could be fined up to £1000. You could go to prison. |
| Maintenance including child support | A bailiff could take your belongings. You could have money taken from your wages, benefit or bank account. You could go to prison. You could lose your home. |
| Non - Priority Debts | Consequences |
| Catalogue | You could be taken to court and receive a County Court Judgement (CCJ) You cannot be imprisoned. |
| Credit card and store card | As above |
| Personal loan and bank overdraft | As above |
| Overpayment of benefits | As above |
| Doorsetp lender | As above |
Here are two budget planners for you to use, depending on whether you manage your finances on a weekly or monthly basis.
Personal budget sheet - weekly (xls)
Personal budget sheet - monthly (xls)
If you are a new tenant of Yorkshire Coast Homes, our new tenant support officer will help you during the early weeks of your tenancy. This should include help with your utilities, benefit claims and budgeting.
Yorkshire Coast Homes | 
