Sheet 1: Guidance

	
	
	
	
	
	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		

 
		
		

 
		
		
	

		
PERSONAL SURVIVAL BUDGET
		


		


		


		


		


		


		


		


		


		


		


		


		


		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Guidance:
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		
The Personal Survival Budget works out the amount you need from your business to live and whether you can afford to take on a Start Up Loan.
		
	

		


		


		
	

		


		
These are your personal income and costs and should not include your income/costs from the business.
		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		
If your personal expenses are greater than your personal income, your business will need to cover these expenses.
		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		
If your personal budget is in deficit, this will automatically pull into your business cash flows as an Owner Salary.
		
	

		


		


		
	

		


		
Personal Survival Budget should reflect expected expenses for the first month after you draw down a Start Up Loan.
		
	

		


		


		
	

		


		
Individual living costs vary, so start by thinking through all income and costs that you will incur.  You may find it helpful to reference your last 3-months of bank statements to see how much you normally spend, in order to accurately build your personal survival budget.
		
	

		


		


		
	

		


		
If you are receiving housing or council tax benefits you will need to put the full amount of rent and council tax payable in your survival budget as once you start trading you may lose these or have them reduced.
		
	

		


		


		
	

		


		
If you are planning to have a part time job, please let us know whether you currently hold this position.
		
	

		


		


		
	

		


		
Input any comments or assumptions you have in the space below the cash flows.
		
	

		


		


		
	

		


		
Amend your personal Income and Expense categories as necessary.  Some line items may not be applicable to you.
		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		
For more guidance on personal budgeting see: MoneyAdviceService.org.uk