Activity - personal budget and repayment calculator
budget you will need to know how
much you should repay to each of your
Firstly, you will
have to identify
which of your debts are most important.
These are the debts that you should
tackle first because if you fail to
repay these you might have to face severe
consequences (e.g. the loss of your
home, disconnection of gas or electricity,
etc.). In order to start repaying your
debt, you can contact the creditors
of your priority debts and renegotiate
After you have
taken care of your priority debts, you
can start to allocate the money you
have available fairly to your remaining
creditors. A good way to do this is
to allocate the money to each creditor
on a pro rata basis. Pro rata
means that you allocate the money to
each creditor proportionately to the
total amount of your debts.
This is how it's
Add up all
the debts, to give the total amount
For each creditor, multiply the money
you have for credit debts by the total debt for that creditor.
Divide the result by the total amount
of all your debts.
The result is the repayment for that
Tip: Use either all monthly figures or all weekly figures.
To change a weekly figure to a monthly figure, multiply by 52
and divide by 12. To change a monthly figure to a weekly figure,
multiply by 12 and divide by 52.
The repayments calculator will do all the hard
work for you! Just enter the amount you have available to repay
debts, your creditors' names and the total amounts of the debts
in the columns below, click the Calculate button, and it will
work out the repayments for you. The calculator also converts
weekly amounts to monthly and vice versa, so make sure you put
them in the right column. (
Note: you can use a mixture of weekly
and monthly amounts.)
All the repayments can be calculated automatically.
However, if you wish to fix the amount of a particular payment, type
the amount in the weekly or monthly column.