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The Government will soon announce how much they will be hoping to spend in 2010 – but how much will you be spending and borrowing next year?

At the pre-Budget report on December 9, the Chancellor Alistair Darling will stand up and outline what can be spent and what has to be saved, nationally.

According to the Centre for Economic and Business Research, as of the end of October, the public sector net debt stands at 59.2% of our entire GDP – CEBR says that means the UK deficit for 2010 is £193bn. There is no doubt that because we owe so much the Government will have had to sit down for a long time and work out its finances very, very carefully.

There is no difference between what the Chancellor is doing now and what you should be doing with your finances. Yes, Mr Darling has to work out how to repay a little more than you may owe, but regardless of that you need to set out your own pre-Budget report if you want to be sure to reduce your deficit in 2010.

It means sitting down and assessing all your debts and all your income. Just as the Government will weigh up tax increases with spending, so must you weigh up where you need to pay down debt and where you need to spend.

Of course, the Chancellor has a raft of advisers to help him out, and like him you need to find some advice – so talk to a professional self employed loan adviser. They will be able to not only help you with your own budget, but they will be able to advise and guide you as to how to handle your own budget deficit. It might not be quite as much as £193bn, but we all have debts and we all have to plan on handling them and reducing them successfully in 2010.

SOURCE: CEBR, 19/11/09

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