Zyra's website //// Get out of Debt //// Finance //// Money //// Site Index

Income and Expenses Checklist

As part of the "Get Out Of Debt" Feature.


About this list: This "Income and Expenses Checklist" is part of the feature explaining How to Get out of Debt . It's not an exhaustive list, but it's to help you to remember things to put on your own "back of an envelope" calculation when working out your financial solvency. As with the Travel Checklist, it's not saying "all these things must be included", it's instead saying "Have you remembered to include [this]?", and "Have you remembered to include [that]?". If you find things which aren't appropriate to you, ignore them and continue.

This list started by being based on an income and expenditure checklist by Capital One, although it was part of a credit card application. I have, of course, added various things and adapted the list considerably. You may adjust it further, and if you've got things to add, please write in and the list will be amended.

For your own calculation, add or remove items as appropriate. Your own calculation should be about your own income and expenses, as explained on the page about How to Get out of Debt. And now, the list...

 

Income:

Basic salary

Income from other jobs

Income from private enterprise

Work-related bonuses/commission or overtime

Interest from savings

Your partner's basic salary

Pension

Child benefit

Housing benefit

Income support

Tax credits

Job Seeker's Allowance

Disability benefits

Child maintenance

Income from non-dependants or other property

Any other income

 

Expenses:

Rent/mortgage

Second mortgage/secured loan

Endowment policy

Service charge / ground rent

Council tax

Utilities:

water

electricity

gas

home telephone

mobile phone

Internet (ISP)

other utilities

Tax

Child maintenance paid by you

Court fines(!)

TV licence

Life assurance/pensions

Buildings and contents insurance

Other...

Travel and vehicles:

Public transport

Car insurance

Road tax

Fuel

Car maintenance including MOT and breakdown recovery

Parking or road tolls

Other

Housekeeping:

Food and milk

Cleaning and toiletries

Newspapers and magazines

Tobacco and alcohol and other drugs for personal use

Laundry and dry cleaning

Clothing and footwear

Pet food

Lightbulbs

other

(Other outgoings)

Health / dentist, glasses, prescriptions, health insurance

Repairs/home maintenance

Hairdressing

TV, video and other appliance rental

Subscriptions to cable TV networks

School meals and meals for work

Pocket money and school trips

Lottery and football pools

Hobbies and leisure - pub outings, gym, etc

Gifts - xmas, charity, etc

Vet bills and pet insurance

Postage

Any other expenses?

 

Now, as per the page How to Get out of Debt , you should add up all the income, and separately add up all the expenses. Make sure they are all in the same time units (per week, per month, etc). Then, the final calculation is to subtract the income and expenses and see if you are making a profit or a loss, on an ongoing basis. The page also includes a famous quote by Charles Dickens.