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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 from other jobs
Income from private enterprise
Work-related bonuses/commission or overtime
Interest from savings
Your partner's basic salary
Job Seeker's Allowance
Income from non-dependants or other property
Any other income
Second mortgage/secured loan
Service charge / ground rent
Child maintenance paid by you
Buildings and contents insurance
Travel and vehicles:
Car maintenance including MOT and breakdown recovery
Parking or road tolls
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
Health / dentist, glasses, prescriptions, health insurance
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
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.