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Module 5 of 6
Budgeting as a Single Household
Creating a realistic budget for your new financial situation.
15 min read
Budgeting as a Single Household
Transitioning from two incomes to one requires careful financial planning. This module helps you create a realistic budget for your new situation.
Assessing Your New Income
Calculate your total monthly income from:
- Salary or wages
- Child maintenance
- Spousal maintenance
- Benefits and tax credits
- Investment income
Essential Expenses
Priority spending that must be covered:
- Housing (rent/mortgage)
- Council tax
- Utilities
- Food
- Essential transport
- Insurance
Creating Your Budget
- List all income sources
- Track all current spending for a month
- Identify areas to reduce
- Build in a small emergency fund
Tip: Use our Budget Planner tool to help create and track your budget.
Cutting Costs
Look for savings on:
- Insurance policies
- Energy suppliers
- Subscriptions and memberships
- Mobile phone contracts
Planning for the Future
Even on a tight budget, try to:
- Build an emergency fund (aim for 3-6 months' expenses)
- Continue pension contributions if possible
- Review your situation regularly