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What is a financial statement and how can I create one?

A financial statement is very important when sorting out your debts.  A financial statement is a summary of your income, your spending and your debts. It is also sometimes known as a ‘personal budget sheet’, an ‘income and expenditure form’ or simply a ‘budget’.

A financial statement is important for several reasons.

  • It helps you keep track of what you need to spend each month;
  • It shows you  areas where you might be able to save money by looking for cheaper deals or spending less;
  • It shows how much you can realistically afford to pay towards your debts.

Start My Money Steps to do a financial statement which you can print, download or email. Your financial statement will be set out in the same way as a ‘Common Financial Statement’ which is a way of doing a statement that is  recognised by creditors and shows that you have had proper advice about your debts.

 

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