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Original poster

Please advise me financially

58 replies

TryASoapBar · 27/08/2018 20:57

We currently have about £5 (literally) left over after everything is paid for each month. I'm on maternity leave.

I go back to a new job next month. Not only can I afford to work part time in this new job, it's only 18 hours and the money I'll be on makes me weep a little bit. We have been struggling a lot lately.

I'm hoping the wisdom of MN would give me some financial advice if I break down outgoings? It's just me, DS and DH.

Outgoings:

Rent - £930
TV package - £30
Netflix - £10
Spotify - £15
Living room furniture - £30
Gas and eclectic supplier - £110
Loan - £130
My phone - £35
DH's phone - £20
Council Tax - £160
Water bill - £25
Credit car DH - £100
My credit card - £50
Food shopping - £200
DH's vaping stuff - £120

Our new income (monthly), will be £3,200.

Can we realistically afford to save a bit and live comfortably with luxuries?

I'm really not great at estimating. It'll be nice to breathe easily for once :)

OP posts:
FudgeyCookie · 27/08/2018 21:35

Cancel the spotify subscripton and use the free version. Yes it has ads and not many skips but works just as well. I have loads of playlists with different songs on.

ivykaty44 · 27/08/2018 21:36

£110 on tv entertainment & phones 😮 you could easily change something here and reduce that considerably without giving up those types of things

I use www.moneyadviceservice.org.uk/en/tools/budget-planner

I can’t see MOT for car? There are things you’ve not included, try the budget planner and input savings to see what you’d be left with

famousfour · 27/08/2018 21:37

Shock at the vaping.

Maybe ditch st least one of Spotify or Netflix. Can you also get better phone deals? There are good sim only deals for less than £10 per month.

Is your debt on interest free? When will that’s end?

Interested in this thread?

Then you might like threads about this subject:

General money
starryeyed19 · 27/08/2018 21:38

As everyone else has said, Netflix and Spotify can be good to cut back on until you're on your feet a bit. The vaping does sound like a lot of money to spend. Your energy bills sound high. I put £20 a week towards mine on my prepayment meter and I've got about £30 credit. Do you have credit also? Can you adjust the amount you pay?

starryeyed19 · 27/08/2018 21:39

Also, just to put that £120 in context, that's two weeks food money.

Or you could both split that amount and have £60 fun money to spend...

RJnomore1 · 27/08/2018 21:43

Ah sorry I missed the food shopping! Sounds like £200 is an underestimate though.

Back up to £635 then.

strangelove99 · 27/08/2018 21:45

Same as PPs have said. Vaping needs to be seriously cut down - for that cost he might as well just smoke proper cigs!

You say you spend £60/70 a week on food but have only put down £200. You should really put down £260/300. Also, does that include cleaning products/toiletries/nappies/formula (if you use it)? If not, you need to factor these in to your list of outgoings somewhere.

You've got a TV package but also have Netflix. Make a list of all the things you watch regularly and see if you can cancel or downgrade one of these.

Lastly, as you rent I'd always try to make sure you have a month's rent and deposit saved up in case you need to move in the future.

Hogtini · 27/08/2018 21:47

£120 on vaping?! That's £1,440 per year. WTF? You definitely need to cancel spotify and netflix, free version of Spotify is fine. Have you done comparisons for your energy supplier online? Why is your phone so much? Contact your supplier and say you're thinking of leaving (if you're not in contract obvs) and they'll soon come out with offers. Mine is only £12 now.

Original poster
TryASoapBar · 27/08/2018 21:47

Okay so currently at £635 left over.

The vaping, as I say, is an overestimate but DH does spend about £25 a pop on a bottle of juice. Not sure how long it lasts but he isn't willing to budge on the vaping

Spotify and Netflix aren't really mine, they're his. Although I do use the Spotify too and I love it.

The furniture of £30 could be paid off if we paid another £200.

My phone contact doesn't end until April next year but I'm happy to switch to GiffGaff once I do, they seem very cheap.

OP posts:
Original poster
TryASoapBar · 27/08/2018 21:49

You say you spend £60/70 a week on food but have only put down £200. You should really put down £260/300. Also, does that include cleaning products/toiletries/nappies/formula (if you use it)? If not, you need to factor these in to your list of outgoings somewhere

That includes all cleaning products, no formula here as I breastfeed.

Nappies are also included

OP posts:
starryeyed19 · 27/08/2018 21:52

If he's not going to budge on vaping, you're in trouble. Is the £25 every week? Or monthly? It seems like the areas people are telling you to cut down on are all his...

Original poster
TryASoapBar · 27/08/2018 21:54

My apologies as I didn't really make it clear in my OP, but finances for now aren't really too big of a deal as I'm back to my new job in a few weeks and I'll have a big improvement coming in with regards to money

OP posts:
lifechangesforever · 27/08/2018 21:55

I don't know how £120 is spent on vaping?! DH vapes and I bet he doesn't even spend that in 6 months.

Netflix and Spotify would be the first off the list, although I have and love both.

Original poster
TryASoapBar · 27/08/2018 21:56

lifechanges Can I ask if you'd get rid even with our new finances that will be coming in?

OP posts:
Pinkyyy · 27/08/2018 21:58

If finances are not a big deal then what is the purpose of this post?

Original poster
TryASoapBar · 27/08/2018 22:00

Pinkyy I did explain in the OP

To get an opinion of what is realistically saveable/if we can save and life comfortably with luxuries

OP posts:
MrsGrindah · 27/08/2018 22:01

Well to answer your question. Yes obviously you can save . Hope the new job doesn’t involve maths!Grin

Twolittlebears · 27/08/2018 22:02

I would cut Spotify and choice either TV package or Netflix. Also I presume your TV package also requires paying the TV Licence. Is that included?

Everstrong · 27/08/2018 22:04

You have to try and get your head around short term pain for long term gain.

The way to have more free money is to get rid of the debt as quickly as you can. At the moment you have £5 spare after all the bills are paid. It’s great that this will change when you go back from mat leave but (heaven forbid) of something happens and one of you loses your job or needs a long period off with ill health then you’re up the creek financially.

Cancel the Netflix and Spotify and TV package. Take the extra £55 that gives you and chuck it at the debt. Get one paid off ASAP then chuck the money you would be paying towards that on to overpaying the next debt.

Sell what you don’t need, put the cash towards the debts. If you got rid of your debts you’re talking about having an extra £310 a month. Then you can reinstate your Spotify/netflix etc. You might even find the urge has passed at that point and you can live without it!

Pinkyyy · 27/08/2018 22:07

I see. Well the £120 for vaping is realistically what can be saved, or in fact used to but luxuries that both of you can benefit from

OrcinusOrca · 27/08/2018 22:15

My DH and I earn more than you, have no DC, and we still don't have Netflix. I get Amazon prime in the run up to xmas but cancel it in the new year. Spotify etc none of that is worth it to me. We have about £1k 'free' after food/travel/bills to save or do what we want with. A tenner for Netflix etc does start to add up and we don't watch it enough to make it worth it.

I often find everyone thinks they are better at budgeting than they are (myself included). A big part of it is how you choose to cut your cloth, and from the sounds of it OP, there are a few things that sound like necessities for you that are not for others on here, so you'll probably never get the answers you want in that sense, it's very individual.

Ginmakesitallok · 27/08/2018 22:20

Ffs - get him on cheaper juice. Onepoundeliquid do really good juice for £1 for 10 ml. I spend max £15 a month. And he doesn't need new mods!

chipsandpeas · 27/08/2018 22:21

£25 on a bottle of vape juice what is it liquid gold???
Go to home bargains and you can get vape juice for £1

anotherangel2 · 27/08/2018 22:27

£310 a month on debit. That is a lot of money. I am guessing you are only paying the minimum on credit cards? You really need to make life style changes to get rid of this cycle of debt. £55 a month on entertainment packages - these need to go.

Original poster
TryASoapBar · 27/08/2018 22:28

another the £50 is an overpayment, of about £35

OP posts:
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