Trying to work out if we can survive on 1 salary as I was made redundant at the end of last year. After mortgage, bills, car expenses, kids activities etc... how much is your total monthly disposable income & do you manage to save any £'s out of that? Having sleepless nights over this so would appreciate the input.
It doesn't matter how much it is, it depends whether you can balance you income against you outgoings on a monthly basis. That's the calculation you need to do and I would start by going through the past years bank statements. And make provision for your pension if you are going to give up work - it scares me how many folk ignore this.
After bills, nursery, food, car ect we usually have about £200-£300 (depending on nursery if there is a week less in the month). I try to save about £35 a month towards Xmas, but the rest goes on the house as we have just brought. We also tend to invest in year pass' for family days out so its not as expensive to do something.hope that helps, but we have survived on much much less, just put away what you can, it all adds up
We managed on one wage with three dc for a fair few years. It's only the last two years we have gone back up to two full time wages I will say the years with the one wage worked in that we covered the basics and bills but didn't eat out as a family or a couple for years We ran one car between us and the other had to use public transport We didn't have a holiday the whole time and I just never bought myself anything. Now we have more money and kids are getting older and more expensive we can fund school trips the constant school extras the more expensive clothes and shoes now middle dc is in adult sizing etc. We still don't eat out as a family much as I just can't spend £70 on tea I still go to the supermarket with a list and stick to it and I bake and make snacks quiches cake biscuits etc as it's much cheaper than buying everything in. We only holiday in the U.K anyway but go at a cheaper time of year. Still sticking to these things means we can save a fair amount per month
We probably have about £900 ish left over per month but that will go up soon as I'm paying off my car. We try and save half of this a month and use the other half for things the children need the odd trip to cinema with kids and any emergencies that crop up
Remember to count in things that don't immediately spring to mind, I seem to spend fortunes on: Birthday pressies for family and kids parties Postage stamps and birthday cards Car servicing / MOT / tyres Servicing boiler Dentist / optician These are things I always forget to budget for in a monthly list, and always get STUNG!
At the moment, nothing. DH is self employed and was almost entirely off work for 4 months (due to no work) so all our savings went on the rent etc. Car was a lease which had ended at xmas so we're car-less too! I'm also pregnant and we have a 2 year old. It's tight but we're managing. In a few months we should be back to around £200 -£500 spare income depending on work.
It comes down to how you want to live,your expectations & lifestyle. Our bills are 1800 including mortgage plus approx spend £200 on food, socialising fuel etc. But oh earns (sells his soul) well. We've no big savings as we are throwing it at the mortgage. We have no debt.
Working it out on a 5 week month, we have roughly £1,600 spare. That isn't including food shopping and every day costs like travel or clothes and toiletries.
I transfer £200 straight from my wage into a seperate savings account the day I get paid and at the end of the month I try to put whatever is leftover in there as well. We do waste quite a lot on coffee outings and top up shopping though which I'm going to reign in as we need to seriously buckle down and save for a deposit.
As long as your net household income exceeds your essential expenditure, it'll be fine. Everyone has different priorities regarding their finances so it's extremely subjective! When the going gets tough, you have no choice but to scrutinise your finances and you'll be surprised how much income is wasted by sheer non diligence. Hopefully, you'll feel more in control if you have a more accurate handle on your finances. You need to write out a financial statement if you wish people to constructively comment on your finances otherwise it's irrelevant how much disposable income others have.
For me, essentials exclude holidays, savings, expensive tv/broadband/phone contracts, car finance plans, gym memberships and even children's activities. Rent/mortgage and household bills come first. If you need to, reduce your weekly grocery bill - cummulatively, it all mounts up.
My personal finances won't help you but we certainly have been where you are and worse (at one point, both of us were made redundant in the space of 5 maths) There were certainly no pension contributions at this point in time and we were seriously depleting our savings, not adding to them. But it all depends how much your one salary income is.... and your outgoings...
Collectively about £900, this doesn't include fuel or, between us
£300 on food £150 on going out/drinks/take aways £60 for me on nails and waxing
The rest we save/fritter/spend on our daughter/holidays.
We are pretty comfortable. If I see a top I like I'll buy it, if my daughter needs something i can normally go ahead and just buy it. We go abroad for a week twice a year and quite a few little mini breaks in the U.K.
I work four days a week and my husband full time.
We used to spend a fortune before our dc, really shameful to be honest.
I have toiled with the idea of becoming a Sahm but not being able to have holidays etc would make us all quite miserable. We'd also like to buy a bigger house but have decided to wait until our dc is in school so we can use the amount we currently pay for childcare towards a bigger mortgage payment.
We have around £1000 after all outgoings including bills and savings. We both work FT and are frugal in alot of small ways, so that we do manage to save a lot. We pay car insurance in one ho etc shop around for good phone deals etc. We are also prepared in case that all suddenly changes.