Can Anyone Help Explain How To Present A Budgeting Sheet?

[hari]

I am in the process of trawling through our finances to fill in the budgeting sheet that Ell-enn provided.

 

I've got a few queries.

 

1. Do you recommend I fill in things that are quite frankly laughable to us at the moment such as newspapers and Christmas:-o

 

2. Is the aim to ensure that whatever we have left is the exact amount we can offer as a repayment?

 

3. If after outgoings our money ' leftover' is £300 is it o.k to divide this amount up between the priority debts or are we expected to pay it all to mortgage arrears?

 

4.If we don't complete any 'non essentials' will the judge view at as we are living beyond our means with no hope of moving forward with the arrears?

 

I know this budgeting sheet is not for the judge but it will form the basis of the n11m which I will be completing tomorrow with Ell-enn.

[OLIVE.FAMILY]

The sheet the Ell-enn provided needs to be filled out exactly how you spend on esential living.

 

You have kids, they expect christams, haircuts, pocket money. A newspaper is what keeps you informed. Very important at the mo with all this credit crunch stuff.

What are your priority debts?. Credit cards and unsecured loans are NOT priority, Gas, Elec and Council Tax are priority.

 

You can actually give this to the judge if the time comes.

Dont worry. You need to live. It does help if you can show you can have tried to cut back. Reduce the sky package. We had the movies and got rid of them. Shop around for new insurances. Shop around for phone and TV packages. We saved about £50 a month doing this.

 

Hope this helps

olives xx

[gizmo111]

Your budget sheet must include everything you spend. It is something you will have to live on for the next few years, and you won't be able to reach for the plastic to bail you out.

[hari]

Thanks Olive and gizmo ...It's O.K I've figured it all out. I just thought it had to look a certain way and be composed of bare essentials for living.

 

Its just hard to quantify what we need to spend for erratic things like b'days Christmas and such. We have not been in a position for the last few years to approach it that methodically. We have been trying our best to pay the mortgage and thats all!!!

 

Fingers crossed all will go o.k at the court and we can then move forward...here's hoping.

 

x