Threads in this topic are removed 90 days after the thread was started.

How much money after paying all the bills?

(79 Posts)
Verycold Sun 20-Jul-14 20:25:22

We are potentially facing a massive drop in income and I'm trying to get my head around it shock If we had about £600 after paying all fixed bills including all extracurricular stuff etc, do you think that's doable? For five people?

DidoTheDodo Sun 20-Jul-14 20:28:43

When my three children were small (admittedly a good few years ago) we had £30 a month left after essentials. £600 sounds extremely doable to me.

Namechangearoonie123 Sun 20-Jul-14 20:28:56

It's not great. We also had that about six months ago (lost 1 k) a month. The 5-600 left has to be managed pretty well.

The most important change for me is watching the bank accounts every day or two.

Namechangearoonie123 Sun 20-Jul-14 20:30:32

It's very easy to spend £100 on food unless you really watch it

Chuck in a hundreds worth of petrol and that last hundred has to cover everything else from birthday presents to shit going wrong.

And shit always goes wrong

SilverShadows Sun 20-Jul-14 20:30:32

Does that include food?

We have nothing out of regular income other than what DH or I earn in Overtime. That pays for treats.

We do have a small amount of savings for emergencies (£2k) but don't add to that.

MissWimpyDimple Sun 20-Jul-14 20:30:59

If that includes food, I don't think you can do it. If it doesn't, then yes.

youbethemummylion Sun 20-Jul-14 20:35:07

Even with having to buy food out of the �600 you can do it and put some by for emergencies. You may have to make lifestyle changes but more than doable. I would kill (not literally) for �600 left after bills!

Verycold Sun 20-Jul-14 20:38:13

Thank you. What I mean is this has to pay for food and everything else that arises

Namechangearoonie123 Sun 20-Jul-14 20:39:02

We manage it but the adjustment has been hard

Verycold Sun 20-Jul-14 20:40:16

We do have some savings for shit going wrong

Mrsgrumble Sun 20-Jul-14 20:40:23

There are great tips on here on living frugally. Like reducing cleaning products- using fairy and bleach, making meat stretch further, cutting down on lunch costs etc. I think you could do it but you will need to be very sensible about things. Days out - tesco vouchers etc.

Mrsgrumble Sun 20-Jul-14 20:41:31

I think you would need two nights of very cheap meals like pasta and pesto with a little garlic bread perhaps, jacket potatoes and beans etc. this would free up some money.

Viviennemary Sun 20-Jul-14 20:42:38

I think it will be very tight indeed. There's always something to be paid that you hadn't included. But some people are very good at budgeting.

That's roughly what we have left over to pay for food/petrol/everything else.
It's not much fun - we don't have takeaways or meals out or do theme park type days out with the kids.
But we eat well at home, plenty fresh veg and fruit and meat. I shop carefully and buy reduced meat to freeze.
I also sell stuff on Fb/eBay if we need extra cash for things.
So it's doable!

Verycold Sun 20-Jul-14 20:54:43

What I haven't looked at yet is the possibility hopefully of claiming some tax credits?

thebigfoo Sun 20-Jul-14 21:21:42

You will have to food budget and so forth, but over all, £600 is ample!

Verycold Sun 20-Jul-14 21:25:20

Does anybody know how quickly you can claim tax credits when losing a job?

Verycold Sun 20-Jul-14 21:34:11

Hopeful bump :-)

I think it's quite quick and they backdate too.
Depends on your income overall - isn't the cut off £26k or something?

LuisSuarezTeeth Mon 21-Jul-14 07:53:09

Write down all your costs, being totally honest, or save all your receipts for a week. Include money you give to the DC, petrol, parking, all food including lunches, coffees etc. £600 sounds great to me, and all figures sound good on paper when they are in the right column!

PPs are right, there's loads of money saving threads on here.

Go to the tax credits calculator to see if you can claim smile

LuisSuarezTeeth Mon 21-Jul-14 07:54:38

Re tax credits, the end of July/beginning of August is the absolute worst time to claim because everyone is renewing.

Preciousbane Mon 21-Jul-14 08:08:00

We lost a similar amount about a year ago when I stopped working due to ill health. We only have one dc at home.

The biggest thing I did was give up my car, I declared it off road and it sat on my drive until I lent it to MIL when her car broke down. It saved me £500 pa just on insurance and tax. I manage to borrow DH car sometimes. Look at your transport costs as huge savings can be made if you can do something radical.

What are the extra activities for your dc?

iamdivergent Mon 21-Jul-14 15:47:14

We have about 500 after all bills are paid. This has to do travel and food plus anything kids need clothing wise. We manage ok. shop at aldi mainly though.

iamdivergent Mon 21-Jul-14 15:48:10

Am sure tax credit cut off is 32k for 2 kids

queenpea Mon 21-Jul-14 16:11:56

What's the tax credit cut off for 3 children? Does anyone know? <thread hijack sorry>

Good luck OP, we live on less and it's manageable. Food budget, strict shopping lists, Aldi, Lidl, markets etc all really help (and never go food shopping when you're hungry!)

Also cut Sky TV, contract phones (GiffGaff is the way forward!). Lots of stuff you can shave away and it really does help financially.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now