To put up another budgeting thread?

[Budgethelp911]

I am really loving the budgeting / spending threads on here. Is anyone willing to help me me with mine? Goal is to save as much as I can to buy a bigger property as I am a single mum in a one bed flat with my son. My salary is Ok but obviously it's just me and my outgoings seem high.

Take home pay including child benefit: £2947 (pension already taken out)
Mortgage and service charge and CT: £838
Food: £350 (including some eating out for lunch or at weekends and some bought coffees. Also all toiletries and household stuff)
Childcare: £435
Energy: £55
Broadband, landline and mobile: £30 -£35
Union: £24
TV licence £12:50
Petrol: £70
Other transport £15
Gym/ exercise/ hobbies/ occasional nights out for me : £215 ( this spend has gone up recently as I did nothing for myself for years)
Clothes for both of us (average over year) approx £40
Activities at weeekend including classes for son £150 approx (not really sure)
Cleaner: £56

Money set aside for:
Contents insurance and car insurance and car tax £60
Car maintenance £20
Haircuts (both of us): £27
Dentist/ Opticians/health: £25
Presents budget (for everyone): £35

This is an underspend of £484 apparently if I added up right (?!) No way do I save that much so the rest must have been going on buying the odd things for the flat as needed and holidays and maybe other things I'm not thinking of or accounting for correctly. Holidays big spends we will be cutting back in for a while.

Savings target £500-£600 per month

Any ideas and any free budgeting tools/ apps anyone can recommend so I can see where it is really going?

Thanks in advance

Could you reduce the food? £350 is a lot for two people?

You're right. I'm just assuming it may come to this once I add in buying my lunch or going to a cafe for lunch or buying coffee which I never plan to do. Plus top up shops, the odd take away. Probably first step is to work out how bad the spend actually is then I will be more motivated to cut it...

You don't need a cleaner. You are paying someone money you need to clean a one bed flat that you are trying to move out of. It's a complete waste of money.

Don't buy coffee either. Buy a good flask and make one in the morning.

Use money when u are out and about instead of a card
Don't eat out so much
U spend alot at weekend for DS and your hobbies what are they ?
I agree u don't need a cleaner for a one bedroom house

@formerbabe. I would agree I don't need a cleaner but it's my sanity. However it's true that once I got a better paid job, I started paying for luxuries.

Agree on the coffee. I really need to kick myself up the arse with that

Keep your receipts! The amount of people who pay by card and DON'T keep their receipts! How can you possibly budget if you don't know what you are spending and on what? I guarantee that you have no idea what you spend on stuff unless you do. Make a spreadsheet and log them on that. It will be an eye opener...

@millimollimandi. You're absolutely right. I don't know where the missing money is going and I thought I estimated high on all the variable things so I do need to work this out.

I would download an app called spending tracker. Put your income in when you get paid and track it all. It's a great way to see where everything is going.

Hi OP, you mentioned you’d find it helpful to use a budgeting app.

Have you tried something like Monzo? I started using it a few months ago, alongside my normal bank account, and it’s incredibly useful because it helps me track where every penny goes.

I also use Internet banking for my normal current bank account, so I can see on there what I’m spending and if I’m going to get overdrawn (can transfer money between different spending pots to make sure I have enough money to last me).

For me, putting money away in different pots and setting up monthly standing orders for money to be transferred into these pots on payday (as well as doing a monthly payday standing order for my savings into a locked pot I can’t touch) has been massively helpful.

Do you think something similar would work for you?

Ban using debit cards - I have bills etc on dd and then have budgets set for other spends eg food, dd’s dance, window cleaner etc.,, I get this out in cash at the start of each month/week and put it in separate envelopes in the kitchen.

My DH and I (and the kids) then get an amount in cash per month to spend as we like eg lunch at work, coffee, alcohol over the amount bought in weekly shop, nights out etc...

Any cash not spent is rolled over to the next month eg if my food is £100 per week but I only spend £90, I will take the remaining £10 into the next week and only get £90 out to add to it.

I then do a sweep of the bank account at the end of the month to put into savings or pay off balance on credit cards.

It really opened my eyes on the amount wasted by just mindlessly tapping your card in the shops, I now consider debit cards the work of the devil, even if I do now carry 3 purses (one got kids, one for me and one for food) to make sure I keep track of change.

Downloaded!

@Stephminx you are my hero! I love your dedication

It's quite depressing to think that all this money must be going on food one way or another or is evaporating

For a few months now I’ve been tracking every last penny I spend on a budgeting app. I’m also a single mum and I’m trying to save for a rainy day. It’s divided into categories (food shopping,fuel etc) and you can add your own ones. It’s really made me see how all the little things add up. I always take my own flask of tea to work and never spend any money when I’m there. I try to go food shopping once a week and meal plan because every time I go into the supermarket I end up buying extra things than just the stuff I went in for

Which app do you use @ComeOnGordon. I am having a look at Spending Tracker suggested by a PP

I was just appalled at how much is frittered away on a coffee here or a sandwich there without realising it. It was those small costs that cost us the most when added up, rather than the “big ticket” items. I mean, seriously, it was a huge amount !

I’ve also tried to avoid supermarkets where possible and use a green grocers, butchers and cheapy shops for cleaning stuff. Swapped out branded stuff as well and in many cases it is no different, but can be a third of the price (and that’s on regular own label, not the value stuff).

@Budgethelp911 I’m not sure what it’s called - it just says “spending” underneath it. It looks like a wallet

YNAB is a really great budgeting too. I've used it for a few years now and couldn't be without it! You get a months free trial too to see if it suits you

I agree with the budgeting app -as it is great to log where money is going and realise how much disappears on the little things.
If you want to get more money in and you have time at home in the evenings I recommend online surveys. NOT money for zero effort - you need to put a bit of time into them.
Best company, especially as the moment are Swagbucks: www.swagbucks.com/p/register?rb=59151827
as they are running a bonus where if you earn 300 points in the first 30 days(you could earn that in a day or two) they give you an extra 300 points bonus. It is lovely to see the money rolling in and your bank balance going up instead of down.

Why don't you set up a regular saver, so that when you get paid, X amount of money is saved

The interest rates are not high, but it's still worth doing

Or you could save into an ISA

Look on money saving expert website

Put money into savings as soon as you get paid, rather than waiting to see what's left at the end. This might make you more aware of your budget and less likely to overspend. You can always take some out of savings again if you have an unexpected expense (assuming it's not a limited access account).

Food is probably your biggest place to make savings. Make packed lunches rather than buying lunch.

If I really wanted to save money, I wouldn't have a cleaner. I know it's a nice to have but if you're at work all day and son is in childcare do you really need it?

I also think £27pm on haircuts seems like a lot, but I have a low bar for this and dont have my hair coloured, blow dried etc, just a standard wet cut.

How are you doing @Budgethelp911?
Swagbucks that I mentioned upthread: www.swagbucks.com/p/register?rb=59151827
are running a bonus where if you earn 300 points in the first 30 days

• I earned that in the first two days - they give you an extra 300 points. Hope it is going well for you.