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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

How do I work this budget?

2 replies

birthdaymayhem · 30/05/2019 12:55

I'm quite new to budgeting and bad with numbers.

After the bills are paid and finances split I have £150 left over each month for my personal spending. It's actually £200 but I put £50 into a savings account for myself it's (currently at around £400) which is going to be my safety net.

I owe out £100 which I have just under 2months to pay off and also have an overdraft of £100 to pay off.

Between now and November I want to save £500 for something special. And between now and February/March time another £500 for something else which is very important.
In between I have a significant birthday for a very close family member coming up which all in will probably cost about £100 an event which will cost £60 and another which will be about £40. So £200 in total.

Also the leftover money is for clothes (lost weight so not much fits) and my makeup/skincare which is about £20-30 a month tops. And I need to start a budget for car repairs as we have both agreed to pay for any repairs/services out of our own money - but I don't know how much I should be putting aside for that?

My brain is a bit mashed from working out the family budget and I'm not sure if this is realistic in any way and how I should go about this...

Anyone good with this sort of thing?

OP posts:
birthdaymayhem · 30/05/2019 13:00

Just realised I made a mistake.

I don't have to save 500 by next March it's more like 200-250. But still seems unrealistic.

I wouldn't want to but if it came down to it I can partially break into the safety net savings to scrape the £500 together by November (I'd rather not) as it's very important.

OP posts:
whothedaddy · 30/05/2019 13:09

£150 a month to spend
(£50 in savings- don't say if this is for the things mentioned above or an emergancy fund)
savings totals:
May £400
Nov £700
Feb £850
This should more than cover the spending you mentioned.

If you need to pay off £100 in 2 months and beauty costs you £20-30
that means spending money of £70 a month for the next 2 months (£150- 50-30)
I'd do the same the following 2 months to clear the overdraft.
You don't mention when the birthdays and things are but after October your monthly personal spends are £120.

With the clothing you wish to buy, could you ebay old stuff to buy new?
Also try using a cashback website for any/all online purchases to boost your personal spending.

It's tight but not impossible.

Watch the little spending, £10 on a takeaway here and £3 on a coffee there soon adds up.

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