Managing Debt

It can be difficult to keep an income and expenditure of every penny you spend but when dealing with problem debts managing your finances can be the difference between keeping your head above water and going insolvent.

The main point of doing an I and E is to make sure that you are not overspending and have enough to live comfortably after paying all essential bills and other priority monthly payments. An I and E typically need only 2 columns. One titled ‘Income’ and one ‘Expenses’, into the income you should be making a note of any money you have coming in over a monthly period and all outgoings which are essential to your living standards. Once you have done this the ‘Expenses’ column will be filled in every time you spend money on anything.