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Original poster

Thoughts on my budget please

97 replies

rudehealth · 03/09/2018 14:24

Recent divorce to high earning ex (£150k plus £65k bonus).

I won’t bore with detail re reached agreement ie I got the house (lots of equity) but don’t touch his pension etc)

My question is - what do you think of this..

Income £28,200 maintenance from my ex
Child benefit £1668
Child tax credit £5748
Total income £35,616
Monthly £2968

Mortgage £802 per month
Gas and electricity £80
Groceries £30 (not a typo. Aunt pays)
Holidays £5000 annual so £416 a month
Petrol £80
Insurances £220 (car home life health)
Council tax £18 (subsidised)

I can’t put a figure for clothing because it varies. One month nothing, the next £400 (winter coats and boots for example). Over the year I estimate £3500

Miscellaneous?? Stuff for house (off bit furniture / twice yearly carpet clean etc. Really no idea - £2000??

Entertainment: £1000??

After school activities (£1250)

Anything else?

2 children (5 and 8) plus one adult

OP posts:
Borntobeamum · 03/09/2018 14:40

Until you’re secure after a year or so paying all the important bills, I’d be putting a 5k holiday on hold!

Original poster
rudehealth · 03/09/2018 14:45

No chance I’m afraid! Already paid out

OP posts:
Original poster
rudehealth · 03/09/2018 14:46

I should be returning to work by the end of the year.
£45k but pro rata £27k
Will I lose my child tax credit?

OP posts:

Interested in this thread?

Then you might like threads about this subject:

General money
formerbabe · 03/09/2018 14:48

Internet/phone?

ISeeTheLight · 03/09/2018 14:48

Erm that's quite a lot of income if you don't pay tax on it. Equivalent of £50k annual before tax. Your budget is fine but agree with PP that your holiday is expensive. However you should manage fine on those figures. You need a budget is a very good tool to keep track of spending.

formerbabe · 03/09/2018 14:48

Water rates?

Original poster
rudehealth · 03/09/2018 14:49

Good one!
£50 broadband and tv
£28 mobile

OP posts:
Original poster
rudehealth · 03/09/2018 14:49

Oh goodness!
Water £51

OP posts:
Leatherboundanddown · 03/09/2018 14:52

My thoughts are you have a very healthy balance for your budget tbh.

Yes you'll lose yr tax creds on 27k.

When you return to work will you have any childcare costs?

Also, tv licence?

Leatherboundanddown · 03/09/2018 14:54

Your insurances bill is huge. When you are back at work will you be covered for health/life there? How much is your car insurance?

Original poster
rudehealth · 03/09/2018 15:00

Health £110 (fully comp with early cancer)
Life £60
Car £40
Home £15

Life and health covered when I return to work - good point

OP posts:
Original poster
rudehealth · 03/09/2018 15:01

Childcare £75 a week when I return

OP posts:
rainingcatsanddog · 03/09/2018 15:08

I average about £80pm on House maintenance (boiler service, oven clean, gutters cleared, tradesmen like plumbers)

I also save £50pm in a White Goods fund so I can replace appliances like the dishwasher if they suddenly break down.

Ideally I'd like to have a house improvement fund to replace flooring etc

I have £80pm into a Christmas fund

NintendoSwitch · 03/09/2018 15:33

Your yearly clothing estimate seems very high. I'd try to cut back on this and save as much of it as possible.

MadeForThis · 03/09/2018 15:38

Repairs, MOT, car tax.

Original poster
rudehealth · 03/09/2018 16:09

Genuinely very helpful

So many hidden costs!

OP posts:
PickleNeedsAFriendInReading · 03/09/2018 16:10

toiletries? haircuts? dentist? prescriptions? glasses? presents? travel insurance? Those are some of my other largish debits each month.

MrsMoastyToasty · 03/09/2018 16:14

TV licence?
Council tax? (Although if you are the only adult you can get 25%off)
Broadband?
Rent or Mortgage?
Life insurance?
Buildings and contents insurance?

BarbaraofSevillle · 03/09/2018 16:44

Go through the MSE money makeover

Lists all possible bills and prompts you to get the best deal on them all. Little bits saved here and there can add up to more disposable income in the end, which is where you notice it.

But you've got plenty to play with there if you're allowing £3.5k pa for clothes and £2k pa for stuff for the house, probably plenty of scope to cut back - do people really get their carpets cleaned twice a year for example?

Nacreous · 03/09/2018 16:46

Have you considered whether money should be going into a pension if you don’t get any of his? Or will that be covered when you return to work next year?

Consider doing a SOA:

www.stoozing.com/calculator/soa.php

Newsofas · 03/09/2018 16:58

That is £35k net ie after tax and NI. So £50k gross. How do you get tax credits on that income. Sounds like you will be ok. I work full time and earn £35k gross and manage with similar expenses.

Original poster
rudehealth · 03/09/2018 17:06

I get tax credits because it’s all child maintenance from my ex, which is not included in benefits calculations

OP posts:
Original poster
rudehealth · 03/09/2018 17:06

Re pension
I got a small % of his large bonus, which I dumped straight in to my SIPP

OP posts:
Original poster
rudehealth · 03/09/2018 17:07

Thanks nacreous - very interesting link, think I’ll do that

OP posts:
happypoobum · 03/09/2018 17:09

I don't think you will lose all tax credits on a £27k income. Obviously they don't count maintenance payments.

I reckon you will still get £31.40 a week TC, assuming no childcare costs and nobody disabled.