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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think I can live off £350 a month

111 replies

SethWho · 21/12/2021 09:52

Just me and DD after bills and rent. Is it possible?

OP posts:
Comedycook · 21/12/2021 11:39

[quote Theresamagicalplace]@Comedycook £350 a month to spend on luxuries is not a tight budget at all.[/quote]
It is... little things always crop up. The kettle breaks, there's a school trip or event. Your child loses their PE kit and it needs to be replaced. Their shoes wear out. You're invited to meet up with a friend in a cafe. I've lived on similar and I can tell you that even being very frugal, it's tight.

INeedNewShoes · 21/12/2021 11:40

No need to make out the op is living lavishly! That is a pretty tight budget

but that £350 isn't for things necessary to live (apart from petrol and clothes for a growing DC) so I think to say you're 'living off £350 a month' is disingenuous.

I can tell you I have a lot less than that left every month after mortgage/food/bills but I would never suggest to anyone that I'm 'trying live off £50 a month' because I'm not, that's just what's left after bills are covered. There are people on MN who have an awful lot less than I do.

BarbaraofSeville · 21/12/2021 11:42

Depends on things like travel costs and whether you've put money aside for things like washing machine replacement, Christmas, gifts when DD goes to birthday parties, car servicing and repairs etc etc. If it needs to cover all those, it could take a bit of a chunk out of the £350.

ChrimboGateauxCatto · 21/12/2021 11:42

Google the website 'entitled to'

Divebar2021 · 21/12/2021 11:44

Some of those costs are not monthly are they ? Clothes, hair & beauty for example. I’d look at second hand clothes actually which would reduce costs. I’d also set up Monzo pots for every main expense you have and save a portion each month.

BarbaraofSeville · 21/12/2021 11:46

But they need to be accounted for monthly, otherwise when you do need to spend the money, you might not have saved enough because you spent money on treats that you thought you could afford, but then it's school uniform replacement time and you don't have the money to pay for it.

Theresamagicalplace · 21/12/2021 11:47

It is... little things always crop up. The kettle breaks, there's a school trip or event. Your child loses their PE kit and it needs to be replaced. Their shoes wear out. You're invited to meet up with a friend in a cafe. I've lived on similar and I can tell you that even being very frugal, it's tight

Yeah I'm currently living on around £450 to cover food, fuel and all luxuries for 3 of us. I know what it's like. £350 for fuel and luxuries alone is not tight. It's not lavish don't get me wrong but it's definitely not tight.

Winceybincey · 21/12/2021 11:48

That’s just over 4K disposable a year. When it’s in monthly bite size amounts it can be easily flittered away and then something crops up (as always) and you don’t have that buffer. There’s also Christmas, birthdays etc. This is what I used to do when I was a single parent….

If you look at it at a yearly amount you could say right, I want 1k stashed away incase of emergency to avoid getting into debt and therefore reducing disposable income even more.

£500 for DC Christmas and birthday.

£500 for days out, little trip away for DC.

That leaves just over 2k. Split that over 12 months and use that as usual spends. The rest - divide over 12 months and put it away.

After a year of you haven’t had to use emergency fund then you could just leave it in an account and not add to it the following year - or as a lesser amount and have more for monthly spends.

It’s the only way I got by as although your disposable is a lot compared to some, I know how easy it is to for it to disappear and then being left on debt.

Tiramesu · 21/12/2021 11:48

Yes, quite doable and lots of people have the same

Winceybincey · 21/12/2021 11:49

Sorry for typos, didn’t proof read before hitting send!

PlanktonsComputerWife · 21/12/2021 11:50

Not exactly breadline, then.

Theresamagicalplace · 21/12/2021 11:51

@Winceybincey

That’s just over 4K disposable a year. When it’s in monthly bite size amounts it can be easily flittered away and then something crops up (as always) and you don’t have that buffer. There’s also Christmas, birthdays etc. This is what I used to do when I was a single parent….

If you look at it at a yearly amount you could say right, I want 1k stashed away incase of emergency to avoid getting into debt and therefore reducing disposable income even more.

£500 for DC Christmas and birthday.

£500 for days out, little trip away for DC.

That leaves just over 2k. Split that over 12 months and use that as usual spends. The rest - divide over 12 months and put it away.

After a year of you haven’t had to use emergency fund then you could just leave it in an account and not add to it the following year - or as a lesser amount and have more for monthly spends.

It’s the only way I got by as although your disposable is a lot compared to some, I know how easy it is to for it to disappear and then being left on debt.

This is what I keep trying to do but failing at 😂. It's great advice to make sure you're not caught short with a breakdown or plumbing issue etc
Ubiquery · 21/12/2021 11:52

Hoping to live on the rest of the £350 for petrol, hair and beauty, treats and clothes.

Yes. You could manage on that Confused

Viviennemary · 21/12/2021 11:54

Its the unexpected costs that are very difficult on a tight budget. Car repairs, vet bills, house appliances breaking down and so on.

EmmaGrundyForPM · 21/12/2021 11:59

Definitely doable but hardly extravagant.

How much do you spend on fuel, and do you have your other car costs covered in your "bills" budget? I'm not on a tight budget any more, but last week my car failed it's MOT as it needs it's brakes doing, and I had to dip into my savings as its so close to Christmas. It isn't a biggie, as that is what my savings are there for, but it was an expense that I hadn't factored in. Do you have an emergency fund for things like that? If not, you need to put some of the £350 aside each month for savings.

Twinkleylight · 21/12/2021 11:59

Check the Citizens advice benefits calculator to see what you're entitled to. You might even be eligible for free school meals in which case that'll entitle you to free school holiday clubs.

BarbaraofSeville · 21/12/2021 12:00

@Ubiquery

Hoping to live on the rest of the £350 for petrol, hair and beauty, treats and clothes.

Yes. You could manage on that Confused

How can you say that when you don't know how much petrol she needs to buy? Or how much the DDs school uniform costs Confused.
AnotherEmma · 21/12/2021 12:01

You're not "living off" £350/month if you haven't included food or bills in that figure. It's basically your disposable income or budget for "extras" (fuel is an essential though if you have to drive to work).

Tbh I don't think this thread is going to go down hugely well with people on genuinely low budgets.

What do you want from the thread? Budgeting advice or just some reassurance?

It's tricky to advise without the whole context of your income and outgoings. But you didn't mention whether you get child maintenance and/or Universal Credit. You should look into those if you're not already getting them.

Tal45 · 21/12/2021 12:02

I think it sounds fine - although I would try to save £150 every month so you have a lump sum to fall back on if something big needs replacing.

mam0918 · 21/12/2021 12:03

After bills and rent... yes easily if you are good with money, pay attention and budget.

mam0918 · 21/12/2021 12:04

@AnotherEmma

You're not "living off" £350/month if you haven't included food or bills in that figure. It's basically your disposable income or budget for "extras" (fuel is an essential though if you have to drive to work).

Tbh I don't think this thread is going to go down hugely well with people on genuinely low budgets.

What do you want from the thread? Budgeting advice or just some reassurance?

It's tricky to advise without the whole context of your income and outgoings. But you didn't mention whether you get child maintenance and/or Universal Credit. You should look into those if you're not already getting them.

I assumed that didn't include food, transport costs, emergency savings etc... when I say bill I mean like the gas and electric.
TheFairPrincess · 21/12/2021 12:05

Make sure you put some of that away for Christmases and birthdays. I think it sounds like plenty for 2 people especially if you plan carefully and get creative.

Alcemeg · 21/12/2021 12:05

Learn to love lentils!

I found it tricky keeping up with social pressures, e.g. friends not understanding that you can't afford to join them for an occasion. Also tricky for birthdays/Xmas etc, although back when I was really skint there was no internet shopping, so harder to find bargains!

SleighbellsZ · 21/12/2021 12:05

www.entitledto.co.uk

Look on her op

TheFairPrincess · 21/12/2021 12:07

It’s the only way I got by as although your disposable is a lot compared to some, I know how easy it is to for it to disappear and then being left on debt.

This is really wise and I think a lot of people live like this. When you live month to month it's harder to look at the big picture so it's much better to do this if you can. And if you have disposable income then you definitely can. I need to do this too