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Enough spare spending money every month?

(8 Posts)
eatingforonemore Sat 22-Apr-17 09:28:43

So I've been offered a viewing for a council flat finally and I'm trying to create our budget. We need some furniture and a few other bits and bobs and I'm truly skint with a bad credit rating so it looks like I'm going to need to take a high interest loan so I can get sorted.

After budgeting everything including loan repayments, nappies, childcare and travel back and forth to work etc in left with about £70 a month spending money. Am I leaving myself too little to live on?

LIZS Sat 22-Apr-17 09:31:19

Many areas have charities which recycle good condition furniture and electricals at low cost for those in your situation. Or try freecycle. Don't take out high interest loans just to furnish it.

ChocolateWombat Sat 22-Apr-17 09:41:35

I agree with Liz.
Are you worried about the setting up home costs or the budgeting month by month or both.

Using recycled furniture charities you should be able to set up home pretty cheaply. Often the stuff is better quality than you would buy new, if needing to buy cheapo versions.

£70 spending money, which also has to cover any emergencies isn't much. Things always crop us such as kids shoes wearing out, the fridge breaking down which need money. Ideally you would have a fund of money to cover these, but I can see you're not quite there yet. However, in terms of £70 just for leisure spending, I think you could manage on that. It's not a lot and you'd have to limit going out etc, which would be a bit dull....but it's necessary and worth it to get your own place.

My advice would be to look at your budget again and see if you can reduce the spending side, which will give you more than £70 per month. For example, can you reduce your spending in the supermarket by buying cheaper brands? Can you get a cheaper deal on your mobile or on any deals? Can you cut out Sky TV or similar? THink about what you REALLY need and what you can do without, even if it's just for 6 months. Can you get your loan repayments down? I'm a voluntary debt advisor and one of the things we help people do is manage their debts so that life is affordable and they don't have to run up more debts. As well as looking at budgets and expenditure, this can involve negotiating with creditors so that monthly payments on loans are brought down to more manageable levels. In your local area there will be a money advice service charity which will offer free advice.

Drawing up a budget and thinking about affordability is definitely the right way to go, so you are approaching the issue in the right way. Good luck with finding a few spending savings which will just give you that each few quid each month.

Peanutbuttercheese Sat 22-Apr-17 09:46:42

Don't take out a loan.

Do you have any furniture at all? When we set up I borrowed a sofa from a friend for a few months. We had a bed and a sofa and that was it.

Elmo230885 Sat 22-Apr-17 09:50:55

The British Heart Foundation have large shops selling donated furniture. Always worth a look. I furnished my first home with bits from there. Some also have new items at cheap prices. I still have a gorgeous dressing table with a large mirror I paid £35 for in my bedroom. You can get some great bits of furniture and you are helping out charity.
High interest loans will make your problem worse as you'll constantly be paying off interest.

eatingforonemore Sat 22-Apr-17 10:33:32

I'm hoping I can get a bus card (I'm classed as disabled) so I'll be saving another £60 a month which will put me up to £130 a month extra spending money and I've got my pip claim in but unsure if I'll get anything to be honest.

Just going to get a kodi box so no sky tv for us just going to get broadband unsure whether the fibre is worth it and to just get regular. Trying to find cheaper gas and electricity (it's averaging out at £65 a month at the moment so going to see if there's anything cheaper)

ChocolateWombat Sat 22-Apr-17 10:39:30

All good ideas for saving money.
Yes, don't bother with fibre but go for the basic unlimited broadband package. use FreeView rather than any paid for services. You probably can get better deals on electric, gas and landline if you have one - once you start looking to make savings, there are lots of little things you can do. Try a cheaper version of every food, cleaning and beauty product....even if you only then stick with half of them. Into the next purchase, you will have saved money. Don't buy coffees or magazines. You'll soon find there's more than £70.
Congratulations for being offered a flat. If that's a permanant offer of rented accommodation with controlled rents, it puts you in a strong position.

Ellisandra Sat 22-Apr-17 11:46:09

List all the furniture and bits and bobs you need here, and you'll be told else to go.

Frecycle, charity shops, Facebook pages, asking around... or just waiting.

I doubt that you NEED much of what you WANT - not immediately.

Don't ever get a high interest loan when it's not needed.

House stuff: people can't give it away!

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