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Huzaifah MunirCitizens Advice
Green Lane
Blackburn
BB2 6PW
10th May 2022
Mr & Mrs D Smith,
123 Hall Lane,
Blackburn,
BB2 8XT.
Dear Mr & Mrs Smith,
RE: Personal Budget
Further to our meeting, please find attached your personal budget, which I hope you will find useful.
I would like you to take not of the following points:
The Importance of Budgeting
Budgeting is concerned with income and spending. “A budget is a financial plan for a defined period,
often one year.” It is important in this case because Mr and Mrs are in a deficit, this means that they
have more money going out than coming. They have £4,269,28 going out and £3,912,72 coming in
and the overspend is £356.56.
Contingency planning
As Mr Smith is on the verge of being redundant he has to look at a ‘plan b’ and find out where he is
going to get his income from. However, he has a few ways of doing this, for example, he has benefits
coming in -job seekers allowance of £77 - which can help him with his everyday life. He has joint
savings of £4,750,00 and it can also help him but he has to spend it carefully. Mr Smith also has a
rental property which he has an annual income of £5000 (net) so this would be another source of
income that is coming and which could help him. However, he needs to make sure that he doesn’t
spend anything that isn’t necessary because it could make his situation worse than it is. This is what
contingency planning is concerned with.
Budget- Areas of concern
Mr Smith has spent a lot of money on different kinds of things such as household bills, living costs,
finance and insurance, family and friends, travel and leisure. However, he can’t really do anything
about the household bills and living costs as they are mandatory costs he has to pay and that is
where most of his money is being spent on and he can’t do anything about this because it based on
the fact that inflation is on a rise so the bills and living cost are also increasing. But what he can do is
cut down on all the other costs which are not necessary to spend on and these are usually known as
discretionary costs. For example, instead of spending £22 weekly for children’s school dinners he can
pack some lunch for them and this would help him save a lot of money. He would also need to cut
off any one-off costs that he is spending yearly such as on Christmas where he is spending £2000. He
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