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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask how much money you have spare a month?

73 replies

whoknewitwouldbethishard · 11/05/2018 08:12

Our income has just changed dramatically and we now only have £400 a month spare after bills and outgoings.

With this, we need to feed two adults and an almost one year old. I'm beside myself with worry here.

Is this a decent amount?

We've lost £600 a month 😩

OP posts:
Jessikita · 11/05/2018 20:22

Don’t listen to the people that reckon they feed a family of 8 on £20 a month! Ok I’m being facetious but you get what I’m saying lol.

Meal planning is your friend and only buying clothes when it’s desperate.

Check out Martin Lewis’s website.

LynetteScavo · 11/05/2018 20:27

So many dick head responses on this thread. But then I should be used to that on MN financial advice threads by now.

So, OP, you won't starve.

But neither will you be having an AI holiday in the Med in August.

Shop at Aldi/Lidl

Cut back on meat as much as possible.Vegetarian mince is cheaper and nicer for lasagne/bolognese.

Plan all meals/birthdays/ Christmas/days out. Don't do anything impromptu.

Only buy things in sales or in eBay. Have your hair cut at the local college if you can.

Look at all direct debits and cancel any you don't need.

It will be OK, but I'd be lying if I said it will be easy and you don't have to be controlling.

Lovemusic33 · 11/05/2018 20:31

£400 is plenty, I spend less than that in me and 2 teens (also one dog and a cat).

whoknewitwouldbethishard · 11/05/2018 20:31

Thank you.

The clothes thing is slightly difficult as our LO is growing SO quick but we generally just by from George Asda for him anyway.

Haircuts etc I'm happy to not have. And we've already contacted tv provider etc to cancel and I've sorted some "luxury" direct debits.

Thanks for the advice x

OP posts:
RandomMess · 11/05/2018 20:35

2nd hand clothes all the way - local buy/sell on FB, car boots, charity shops!

ConciseandNice · 11/05/2018 20:38

We are 5 (with 2 adult occasional spongers) and manage on that. It’s hard, but if we were 2 adults and a toddler we’d absolutely manage.

Fleetwoodmac2 · 11/05/2018 20:46

1500 after mortgage, bills and food.

QuiteCleanBandit · 11/05/2018 20:52

OP are there any second hand childrens clothes sales ?
NCT do brilliant ones , also look on Ebay for bundles ,again some great bargains to be had.
Meal plan -this has saved me a fortune as I only buy exactly what I need .
No more chucking stuff in the trolley "just in case".The first time I did this I couldnt believe how little I needed.
Packed lunches, travel mug for coffee -saves loads pkus small box of snacks and b9ttles of water filled at home for DC.Tesco do fruit for DC to eat as you shop.
Bread-bake your own ,costs about 45p for a nice loaf .If you get a breadmaker from someone its even quicker.
Def switch utilities .

Its doable but tight ,once you get in the hang of things its easier .

wontbedoingthat · 11/05/2018 23:38

We have about £600 after all bills so what's left is for food, house stuff and toiletries, clothes, birthdays, car maintenance and fuel, emergencies, animals, etc. Family of 5. It disappears very quickly. I shop in Aldi, don't buy meat or alcohol, eat out about once a year, buy clothes from eBay and charity shops and am pretty clued up on how to get the most from the money. Dh less so but thats not for this thread!
I check bank balance pretty much everyday with phone app. This ensures we don't go overdrawn and if we miss a food shop so be it, I have enough beans and lentils to get by and I'll just get bare essentials for a week or two.
I'd say it is possible so long as you keep on top of it. Things like birthday money for niece or nephew or a train ticket might surprise you if you're not ready, and car maintenance is a big worry. But if your whole family is working as a team then you'll have a much better chance of not going overdrawn or building up a huge credit card bill.
If you really start to struggle you could make a little money, sell on eBay or gumtree, do surveys and completions or if possible maybe try a small job you could work out of normal hours. Bar work or something like care work.
Good luck. I hope things get easier for you soon

GrandTheftWalrus · 12/05/2018 00:52

I only get 100 a week tax credits. So what you've left is my monthly amount and I need to pay rent from that.

TuTru · 12/05/2018 00:57

We don’t have any spare at all. Not even joking. Nothing. I’m on a tight tight budget and it’s very difficult. If a school trip comes up, even a very cheap one I have to eat less basically 🤨
I’d love £400 spare a month lol xx

Kursk · 12/05/2018 01:12

DH gets paid bi weekly. After all bills, food, savings and fuel we have $150 left over so $300 a month.

Coolaschmoola · 12/05/2018 01:18

The competitive poverty on here is really unpleasant. The whole "I'm poorer than you so quit complaining!" is just grotesque.

£400 is doable, but it's not easy.

PerfectlySymmetricalButtocks · 12/05/2018 03:38

I didn't know I was being competitively poor, I thought I was just answering the question. Hmm

headinhands · 12/05/2018 04:15

This is ridiculous. It's like asking 'how long is your hair?'

MaverickSnoopy · 12/05/2018 05:14

We have about £700-800/month left after all bills. This pays for anything car related, food, Christmas, clothes and every other small thing you can imagine. Our income is set to change though as I'm going to be setting up my own business which may take a while to get going, which means that initially our income would drop by about £400. Like you that concerns me, but we also have some savings to tide us over if needed.

As others say budgeting is key. Personally, I spread the cost across the year. Eg if I want to spend £500 on Christmas then I save £42/month. I do this with things like birthdays, car costs and school uniform too. Then there are some things clothes, hair cuts etc that I save for each month by putting money aside. All of this is tracked on a spreadsheet and goes into a separate bank account. So there's usually between £1-1.5k sitting in there but it cannot be spent unless it's on the spreadsheet and then gets taken off the total for that particular budget iyswim. If you're interested pm me and I'll send you my spreadsheet. I have found this method has literally saved our bacon. Otherwise I would have thought to myself that we had more money than we did and then would struggle with things like Christmas and birthdays.

I also put into a separate bank account the 2 council tax free months money and the child benefit/child tax credits from the 13th payment each year. So I only use 12 payments towards bills etc and the 13th is extra if you like. This year that money has pooled together and will pay for a caravan holiday. I also occasionally do surveys and mystery shopping. As I'm setting up a business I don't have much free time so I've not done much recently but if you put effort into both you could probably make about £100/month. But do consider making money from other things too. Do you have a skilled - cooking/sewing etc/car repairing etc? Is there something you can make a bit of money from in your spare time. A friend of mine set up a Facebook page and started selling really lovely handsewn things. She hasn't made her fortune but she makes a small amount each month which helps. Could you do dog walking/babysitting/cleaning to fit in when your DH is home?

The other thing we have done is take out a tesco credit card for everyday spending. We use it like our bank account but every time you spend £8 on it you get clubcard points and if it's at tesco you get double (I think). For example we have just renewed our home insurance and we got clubcard points for it. We pay our gas/electric bill and we get clubcard points...same for shopping at Aldi etc etc. I know someone who does the same but pays it off with their nectar credit card to get points on that one and then pays that one with an air miles card and then pays it off with cash. She gets lots of points but I don't have the time or the inclination to do that. I sit down once a week and I transfer the relevant amount to a separate bank account for paying it off at the end of the month. The money has to be there in the first place in order to be able to spend on it, that's the rule. Had it about a year now and it's working really well. It means that in the summer we'll get a free trip to a theme park and have also had a couple of free meals out. We also have a bank account with 6 free cinema tickets which pays for our date nights. Just couldn't do it otherwise. Always be on the ball for offers and deals.

For food our budget was £220/month but I've just upped it to £250 (family of 4) because we kept overspending. I can't seem to keep it down at the moment so I've cut money from other areas.

As someone else said it's about control. You have to be SO disciplined. Discipline and organisation. I totally get why you're worried though and those people who don't, probably don't understand that we all have different income, outgoings and circumstances.

MaverickSnoopy · 12/05/2018 05:15

Sorry I promise I put that into paragraphs! Doesn't read like it on my phone though.

Fightthebear · 12/05/2018 05:56

That’s useful advice on planning a budget Maverick.

I also do a monthly and annual budget so the incidentals are accounted for in the annual budget and not a surprise Eg, car maintenance, Christmas, school holiday childcare costs, boiler breakdown, holiday budget.

Badcat666 · 12/05/2018 06:18

I recommend using my supermarket before u plan a shop. Will help you see which shops may work out cheaper for you. I get most of my shopping online at tesco and mine is around £100 - 150 a month for 2 adults and 2 hungry cats but that's when I run out of cupboardy things and includes a lot of snacks for the other half. By shopping online I save a ton of money as I don't impulse buy and tend to play "fantasy food shop" with my online basket before deleting loads of things. I also check my cupboards and freezer beforehand.

We used to eat a lot of chicken breast but now I buy either a whole chicken and cut it up and buy cheap drumsticks and thighs as they are so much cheaper than chicken tits and go further and are more versatile. Also your freezer is your friend! I buy cheap bags of fresh veg like peppers, carrots and leeks or loose when available etc and cut them up and freeze them into handy portions in bags so they don't go off. I even dry out mushrooms in the oven and save a ton there!

Also do not be afraid to buy supermarket own brands. You really can't tell the difference these days and will save you a lot of money over time. This includes cleaning products.

We now only have a takeaway once a month as a treat. I also got a cheap blackboard to hang in the kitchen to note down when we've run out of stuff so I don't forget or buy things we already have. Also don't buy something unless you are really running low. This month we stocked up on tinned things and next month well be topping up on spices etc.

It is workable just takes a bit of planning. Xxx

Badcat666 · 12/05/2018 06:23

Oh and for kiddy clothes are there any charity shops in your area? My niece and partner are on a super tight budget and uses her local charity shops for clothing and just recycles them back as her little one gets too big for them. Kiddies don't care what they wear as long as they are clean and comfy and she has a small selection of nice outfits for her if they are going out to see family or on a day out.

SleepFreeZone · 12/05/2018 06:30

Although I don’t have to budget i do choose to anyway and I really like getting tins/toiletries/cleaning products from B&M. They are so much cheaper there I’ve found. I’m sure it’s the same in shops like Poundstretcher/Wilko etc so it might be worth seeing which discount shop is near to you locally.

I also love charity shops for clothes. We have one nearby that does 6 items for £2.99. Of course the clothing isn’t brand new (although sometimes it is!!) but I’ve managed to kit my kids out really successfully this way and myself actually whilst spending just a few quid.

SaturdaySauv · 12/05/2018 06:51

On mat leave with two of us and a baby I spent around £40/week. I bought meat on offer and then batch cooked and froze meals, ate lots of eggs for cheap but high quality protein, shopped online to remove temptation of treats in the supermarket, made and froze things like soups and curry pastes when the ingredients were on offer. I ate a fair amount of toast!
I think it’s doable but not easy.

NeverTwerkNaked · 12/05/2018 07:37

For clothes I find the Facebook local selling sites good. I always buy 2nd hand for preschool.

When money was v tight after ExH left I had a jar and money from any stuff I sold on local selling sites went in the jar and I used that money to buy the DC clothes from local selling sites.

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