Take Control of Your Finances Step-by-Step
Dealing with debt or simply trying to get a clearer picture of your money, the first step is always the same: get organised.
Here’s a simple, step-by-step guide to help you take control of your financial situation - starting today.
Step 1: Gather Your Financial Information
Before you can make changes, you need to understand where you stand. Collect:
Bank statements (last 3–6 months)
Credit card statements
Loan statements
Utility bills
Council tax and rent/mortgage details
Any letters from creditors or debt collectors
Income records (payslips, benefits, child maintenance)
Create a folder digital or physical to keep everything in one place. This will make it easier to spot patterns and identify areas for improvement.
Step 2: List Your Incomings
Write down all sources of income, including:
Salary or wages
Benefits (Universal Credit, Child Benefit, etc.)
Child maintenance
Any side income or freelance work
Be honest and realistic. Use your net income (after tax) to get a true picture of what you have to work with each month.
Step 3: List Your Outgoings
Break your spending into categories:
Essential Expenses:
Rent or mortgage
Utilities (gas, electric, water)
Council tax
Food and groceries
Travel (petrol, public transport)
Childcare or school costs
Non-Essential Expenses:
Subscriptions (Netflix, gym, etc.)
Eating out
Shopping
Entertainment
Debt Repayments:
Credit cards
Loans
Overdraft fees
Add everything up and compare it to your income. If your outgoings exceed your incomings, it’s time to adjust.
Step 4: Create a Budget
Use a simple spreadsheet or budgeting app to track your money. Allocate your income to each category and set limits. Prioritise essentials and debt repayments first.
Tip: Leave a small buffer for unexpected costs. This helps avoid falling back into debt when surprises pop up.
Step 5: Review and Adjust
Your budget isn’t set in stone. Review it monthly and adjust as needed. If your income changes or you pay off a debt, update your plan.
Step 6: Explore Your Options
If your debts feel unmanageable, you may have legal grounds to challenge them. That’s where Rebalance debt solutions, in partnership with Prowse Phillips, comes in.
We offer a comprehensive debt review to ensure your debts are legally enforceable. They have already had £4 million signed off, and are just getting started.
The Prowse Phillips Promise
Minimum Results Guarantee
Our partners are committed to delivering value: guaranteeing to either reduce your debt or identify breaches worth at least the amount paid us in fees. If this isn’t achieved this within the assessment period, they refund the difference. See full terms.
50% Fee Cap Promise
Your fees are capped and protected: you'll never pay more than 50% (inc VAT) of the total debts agreed to be challenged at instruction- regardless of how complex your case becomes or how much work is required. See full terms.
Ready to take control?
Start your Debt Review with today and take the first step towards financial clarity and confidence.
