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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think there’s not much else I can do with this budget.

161 replies

Itgetsharder · 14/10/2024 14:01

My main income is approximately 2600
child benefits 280

So that’s 2860

Rent 1400
Life insurance 84 (which I will be reducing in the new year, I just can’t do it yet)
Internet and phone 52 (again contract is up in Feb, though most deals are similar)
Netflix 15
Disney 11
Bins 23
Apple 20
DS football 25
Electricity 120

Total 1750
Leftover 1110
Amount leftover is to cover food, petrol, other clubs for dc every so often (they are not monthly costs) more like termly and their dad pays half of them too.
I have my DC 50:50 custody but it doesn’t make a huge difference to food costs.
Im not saving a lot and would like to be saving more although I’m getting there.

Theres not much I can cut is there? The dc watch both Disney and Netflix, I watch Netflix and I use Apple Music etc A LOT.

OP posts:
Original poster
Itgetsharder · 19/11/2024 08:55

Member984815 · 18/11/2024 12:08

I do this yearly as self assessment, it all adds up also the rental tax credit of 1000 , don't forget about that . The rents here are going through the roof I live in a fairly rural area and rental properties are hard to come by . Ones with registered landlords are even harder get

Show quote history

I have all my rent tax credits in already, which is great, I put it in last month. I will definitely be putting in my medical expenses…I always put in the difference between my expenses and what the insurance paid for. This year it’s well over €400 and I can put in the health insurance BIK I pay too. I’m really hoping on a rebate!

OP posts:
Member984815 · 18/11/2024 12:08

Itsannamay · 17/11/2024 23:08

You can claim the tax back on your prescription costs AFAIK. Accountant does ours but I think if you pay €32 a month x 12 months = €384 x 20% = €76.80 in tax back. And you can go back a few years.

I sometimes have to ask the chemist for receipts so I'm not sure if everyone knows about it (they should give receipts to everyone)

https://www.citizensinformation.ie/en/money-and-tax/tax/income-tax-credits-and-reliefs/taxation-and-medical-expenses/

Edited

I do this yearly as self assessment, it all adds up also the rental tax credit of 1000 , don't forget about that . The rents here are going through the roof I live in a fairly rural area and rental properties are hard to come by . Ones with registered landlords are even harder get

Original poster
Itgetsharder · 18/11/2024 12:03

dee104 · 18/11/2024 11:02

There's also a single parent tax credit available. You can apply for it through the myaccount revenue service. Only one parent can claim it however so if your ex has applied already then it'll be denied. I think it can even be backdated to the time of separation.

I have a very similar set up to you. However I earn a small bit more and get just over €100 per week from the working family payment so hopefully you'll get approved for more than the €42.

@dee104 wow, god I hope so. I rang them last week to gauge the timescale and she said 42…I wonder did I do my figures wrong 😑 I do get a bonus in work and heath insurance so this might change figures.

I do have my tax credits changed too! I did that about 3 months ago, I’m hoping I’ll have a bit of a rebate too! That would be fab!

OP posts:
dee104 · 18/11/2024 11:02

There's also a single parent tax credit available. You can apply for it through the myaccount revenue service. Only one parent can claim it however so if your ex has applied already then it'll be denied. I think it can even be backdated to the time of separation.

I have a very similar set up to you. However I earn a small bit more and get just over €100 per week from the working family payment so hopefully you'll get approved for more than the €42.

Original poster
Itgetsharder · 18/11/2024 10:13

Anyotherdude · 18/11/2024 09:51

Get yourself a money manager App, or, if you are able to, set up your own Excel spreadsheet.
The problem with your calculations could be that you don’t seem to be budgeting for annual outgoings E.g. Car Insurance.
You’ve mentioned Life Insurance (my question would be: if you ditch that, what do you gain? If only the premium back, what have you lost? And if you kept the Life Insurance, will it pay out a lump sum in future? So think carefully before cancelling outright).
Do you have a Credit card? Also include that (plan to pay off).
Make a list of all potential outgoings that are a once-a-year expense (Home Insurance, Holiday, Car Tax, TV License, Car Insurance, Hire Purchase Etc.) and note the next date they will be due. Don’t forget Council Tax, either - as this is a 10-month run, you have the opportunity to save that amount in the 2months it isn’t due per year!
As soon as you pay any annual premium, take the amount you just paid, add 10%(or more, if past increases indicate this isn’t enough), divide that amount by 12, and budget for that monthly.
If you’ve got a payment coming up in any number of months less than 12, look at last year’s amount, add 10% and divide that by the number of month until the next due date and budget for that until payment is due, then revert to putting aside 1/12th monthly.
Some subscriptions are quarterly, so do similar for any you may have, too.
Meal plan, and shop using a list. Buy only what you need - food waste costs are often overlooked. Also, batch-cook where possible.
We did this when we wanted to move house. The first three months were difficult (beans on toast months) but once we were on to putting aside a monthly amount for annual/quarterly bills, budgeting for monthly bills and sticking to a meal plan, we were able to start saving any excess!
Good Luck, OP😊

Thank you for this advice, I won’t be cancelling the life insurance, I need to change the policy as this is the dual policy I have been paying which includes my ex. I plan on changing the policy soon as we are now separated. So it will reduce.
No council tax here either thank god- I couldn’t cope with another bill like that!

OP posts:
DublinFemale · 18/11/2024 10:07

I worked medical cards, if you want to on me, I can try to see what if anything you may have missed

Anyotherdude · 18/11/2024 09:51

Get yourself a money manager App, or, if you are able to, set up your own Excel spreadsheet.
The problem with your calculations could be that you don’t seem to be budgeting for annual outgoings E.g. Car Insurance.
You’ve mentioned Life Insurance (my question would be: if you ditch that, what do you gain? If only the premium back, what have you lost? And if you kept the Life Insurance, will it pay out a lump sum in future? So think carefully before cancelling outright).
Do you have a Credit card? Also include that (plan to pay off).
Make a list of all potential outgoings that are a once-a-year expense (Home Insurance, Holiday, Car Tax, TV License, Car Insurance, Hire Purchase Etc.) and note the next date they will be due. Don’t forget Council Tax, either - as this is a 10-month run, you have the opportunity to save that amount in the 2months it isn’t due per year!
As soon as you pay any annual premium, take the amount you just paid, add 10%(or more, if past increases indicate this isn’t enough), divide that amount by 12, and budget for that monthly.
If you’ve got a payment coming up in any number of months less than 12, look at last year’s amount, add 10% and divide that by the number of month until the next due date and budget for that until payment is due, then revert to putting aside 1/12th monthly.
Some subscriptions are quarterly, so do similar for any you may have, too.
Meal plan, and shop using a list. Buy only what you need - food waste costs are often overlooked. Also, batch-cook where possible.
We did this when we wanted to move house. The first three months were difficult (beans on toast months) but once we were on to putting aside a monthly amount for annual/quarterly bills, budgeting for monthly bills and sticking to a meal plan, we were able to start saving any excess!
Good Luck, OP😊

Original poster
Itgetsharder · 18/11/2024 09:18

DublinFemale · 18/11/2024 06:57

Any luck on the MC?

No, I can still apply under special circumstances so ill try that

OP posts:
DublinFemale · 18/11/2024 06:57

Any luck on the MC?

Makingchocolatecake · 18/11/2024 04:06

Get the advert version of Disney and Netflix, about £5 each and there's hardly any ads on Netflix anyway.

Look for a cheaper mobile contract. I only pay £4.50 sim only Lebara, loads of minutes/texts and 3gb data I think, I don't use much.

Original poster
Itgetsharder · 17/11/2024 23:49

Itsannamay · 17/11/2024 23:20

Or even the paid Spotify is €12 a month so cheaper and many people prefer it to apple music anyway

Show quote history

I absolutely love Apple music, I’m a big Apple fan/user. The 20 includes Apple TV, music, iCloud storage, arcade fitness etc. I know it seems like an excuse but I’ve had that way too long to get rid and get Spotify. Thank you though

OP posts:
Itsannamay · 17/11/2024 23:20

Itsannamay · 17/11/2024 23:11

I agree with others that small monthly subscriptions are not the main issue here, but have you tried the free version of Spotify ?

Or even the paid Spotify is €12 a month so cheaper and many people prefer it to apple music anyway

Itsannamay · 17/11/2024 23:11

I agree with others that small monthly subscriptions are not the main issue here, but have you tried the free version of Spotify ?

Itsannamay · 17/11/2024 23:08

You can claim the tax back on your prescription costs AFAIK. Accountant does ours but I think if you pay €32 a month x 12 months = €384 x 20% = €76.80 in tax back. And you can go back a few years.

I sometimes have to ask the chemist for receipts so I'm not sure if everyone knows about it (they should give receipts to everyone)

https://www.citizensinformation.ie/en/money-and-tax/tax/income-tax-credits-and-reliefs/taxation-and-medical-expenses/

Tax relief on medical expenses

You can claim tax relief on medical expenses that you pay for yourself or for someone else.

https://www.citizensinformation.ie/en/money-and-tax/tax/income-tax-credits-and-reliefs/taxation-and-medical-expenses

vladimirVsvolodymr · 17/11/2024 22:47

Not sure if you're aware but Olio is big in Ireland now. So depending on where you live there might be some volunteers in your area.

Original poster
Itgetsharder · 17/11/2024 20:41

Zanatdy · 17/11/2024 20:19

Your rent is 50% of your income, so really hard to save when your rent is such a big proportion of your income.

Yep 😫 nothing I can do about that at the moment though, so aim is to increase income/reduce other expenses

OP posts:
Zanatdy · 17/11/2024 20:19

Your rent is 50% of your income, so really hard to save when your rent is such a big proportion of your income.

Original poster
Itgetsharder · 17/11/2024 20:17

DublinFemale · 17/11/2024 19:55

But I would be budgeting for it in your monthly costs

Yes this is the aim. I have been using savings for these larger expenses and I need to stop that i suppose

OP posts:
DublinFemale · 17/11/2024 19:55

But I would be budgeting for it in your monthly costs

Original poster
Itgetsharder · 17/11/2024 19:13

DublinFemale · 17/11/2024 19:07

Is Electricity covering heating as well

Nope I get 500L of oil in oct and that tends to be enough.

OP posts:
DublinFemale · 17/11/2024 19:07

Is Electricity covering heating as well

Original poster
Itgetsharder · 17/11/2024 17:38

So with tax the changes look like this so far,

In -2700
CB-280
WFP-160ish

Total: 3,140

Rent 1400
Life insurance 84 (this will be changed soon!)
Internet and phone 52
Bins 23
Apple 20
DS football 25
Electricity 120

Total 1,724
Leftover  1,416

The life insurance will be changing after Christmas and my wage will increase slightly next month as I will be removing my ex from my pre tax work benefits for health and dental insurance. We pay BIK on these. And then my salary will increase by approximately 4.5% in April.

Things are getting there. My main aim is to be able to save 100-150 per month so that when I go to buy I will be assessed on saving that and the ability to pay 1400 in rent too.

OP posts:
Original poster
Itgetsharder · 17/11/2024 14:19

EuclidianGeometryFan · 17/11/2024 14:08

It would help to work out the actual cost of all these things.

Haircuts - how often, how much, then work out a monthly figure
Birthdays - fix a budget for each gift and a small party or treat trip. Divide by 12 to get a monthly figure.
Car costs - look up what you last paid for tax and insurance, add a bit for inflation and get a monthly figure.
Look back through bank statements to see how much and how often you get petrol, work out a monthly figure.

Work out a budget for everything, on a monthly basis. Include clothes, socialising or treats, and an amount for car repairs. Have an amount for saving for household emergencies or replacements, e.g. freezer pack up.

It will be a bit of work but you only have to do it once a year.

Then you know exactly what you have left for shopping for food, toiletries, cleaning supplies etc.
Then work out the shopping budget on a weekly basis. Stick to that limit.

Show quote history

@EuclidianGeometryFan thank you yes, this is proving a bit hard in some categories but I’m getting there. Thinks like car insurance and tax are a bit easier but birthday/Christmas I don’t tend to do a set amount (which I know I should!)

OP posts:
EuclidianGeometryFan · 17/11/2024 14:08

Itgetsharder · 14/10/2024 14:52

But it’s not just for food and petrol it’s for haircuts, birthdays/christmas, money for clubs, car costs(tax and insurance!), holiday clubs, holidays. There’s always something. I know I just need to hunker down and increase my earnings yes.

Show quote history

It would help to work out the actual cost of all these things.

Haircuts - how often, how much, then work out a monthly figure
Birthdays - fix a budget for each gift and a small party or treat trip. Divide by 12 to get a monthly figure.
Car costs - look up what you last paid for tax and insurance, add a bit for inflation and get a monthly figure.
Look back through bank statements to see how much and how often you get petrol, work out a monthly figure.

Work out a budget for everything, on a monthly basis. Include clothes, socialising or treats, and an amount for car repairs. Have an amount for saving for household emergencies or replacements, e.g. freezer pack up.

It will be a bit of work but you only have to do it once a year.

Then you know exactly what you have left for shopping for food, toiletries, cleaning supplies etc.
Then work out the shopping budget on a weekly basis. Stick to that limit.

Original poster
Itgetsharder · 17/11/2024 13:31

DublinFemale · 17/11/2024 12:29

Another thing, if you use plastic bottles some places let you add the savings to a gift card rather than using it in store again another way to save small amounts which add up quickly.

Oooh LOVE THIS!!

OP posts:
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