Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Help with sorting finances

5 replies

Tryingtogetaflatstomach · 21/08/2022 09:13

My earnings are all over the place due to having different jobs, zero hours contracts, both weekly and monthly pay, so on.
I'm looking for one permanent job so this should fix things.
Over the last month I've earned £1650 net approx to give an idea, this is what I earn roughly but depends.

Split rent with my partner, so £375 each. I pay more council tax as I earn much more so I pay £95. I also owe £140 to DWP for an advance I had, I pay £70 a month which finishes in October thank god!!
Zero utilities, internet or TV licence as all included in rent.
I've got 2 things on Payl8r, one is £17 which ends in October, one is £31 until next April.
£2200 credit card debt to pay off.
Netflix, then I've recently changed to a new phone plan which is £15 a month. £6 a month bike insurance.
I'd like to save at least £200 a month. I managed it last month but I'm so bad with money.
No children or other commitments, I try to live on £100 a week which includes food, transport, beauty, going out etc. (This is after bills) no overdraft or loans etc.
I think people manage on much less, I should be able to manage better.
Just looking for advice really. I don't buy any expensive clothes, make up etc. I don't have a car. Don't drink any alcohol.
We're very lucky to not have utilities to pay. Just want to know how others would manage with this Budget and outgoings

OP posts:
GrandSlamFinalee · 21/08/2022 09:20

So if I did the maths right you have a little over £600 in fixed outgoings.

That leaves you with £1000 a month.

Food shop - if you’re sharing with your partner you should be spending £40-50ish max pp on the weekly shop. This is a high figure but let’s leave it there. £200 a month.

You still have £800 left at this point.

Are transport costs fixed or depend on how many times you’re working in a week? Car or public transport? If car, add insurance etc to your fixed outgoings. If public transport, are you on the cheapest rate / travel card option?

Say another £200 on transport - I’m exaggerating all figures.

You still have £600 left.

Beauty and going out - I spend barely anything on these so I don’t know how much yours are but if you’re trying to save, limit them. £100 a month?

Now you have £500 left to save. Of course you might allocate some of this to fun stuff instead of saving it all, but you’ve got a lot of disposable income.

Any pensions? Insurances?

Tryingtogetaflatstomach · 21/08/2022 09:23

Yes, the net amount I've listed is once my pension has been taken out.
I don't use public transport daily but take the bus a couple of times a week for work, or may go and see my parents/friends on the train which is around £10 return.
Wanting to pay the credit card back at £150 a month ideally.
We have a tiny freezer which doesn't help.

OP posts:
Lunar270 · 21/08/2022 09:26

Looks like you need a spreadsheet, or to write it all down and add in things you generally spend your money on, after outgoings.

I appreciate you're trying to save but the interest on your £2200 credit card bill will be high (unless 0%). It's worth looking at what they're charging you each month. If you're just paying the minimum then it's worth clearing it off before saving anything IMO.

Next clear everything else down as loan interest is higher than anything you'll get from savings.

It's hard not to nowadays but if you can go debt free then you'll find managing money and saving easier.

Otherwise, withdrawing cash is proven to lower spending, if you don't do that already.

GrandSlamFinalee · 21/08/2022 09:28

You need to sit down with your last 3 months’ statements / bank app, and work out how much you’re spending on transport each month.

You also need to set a budget for food. Tiny freezer - that’s not an issue. Plenty of meals you can batch cook and they’ll keep in the fridge for 3-4 days. There’s no harm in eating the same meal two or three times a week.

Even with a £50 food shop (doubled to £100 by your partner - this is A LOT for two people), you could pay £150 a month in credit cards and still have £250 left to save.

The issue is not lack of disposable income. Is lack of knowledge on where it’s all going.

Sit down, make a budget, analyse current outgoings (including every little top up shop or coffee to go on the way to work etc). You just need to know what and where you are spending.

Lunar270 · 21/08/2022 09:28

Sorry, posted before reading your reply OP. Good to see you're paying £150 off the CC but would ideally be more.

New posts on this thread. Refresh page