Getting a financial summary is the first step to truly understanding where you are with your finances. By understanding this, you’ll be able to choose the best debt solution.
I recommend using a charity’s tool called ‘My Money Steps‘. It’s super simple to use and takes around 20 minutes to complete, although you can do a rough version in under 5 minutes.
The good thing about My Money Steps is that it looks beyond your income and expenses and also looks at your debts such as loans, credit cards and your mortgage.
Once you’ve been through the tool, the main number you’re looking for is the ‘surplus’ amount. This amount will tell you how much money you have left at the end of each month. If this number is negative then it’s how much you’re short each month.