500 pcm for spends.

[candlelightees]

Could you have £500 only for petrol and monthly spends?

I want to pay off a house renovation loan and get out of debt. All bills food would be covered if budgetws carefully.
I would have 500 left for petrol and anything else. I live 1.5 miles from my work. So petrol isn't that much. This would be for clothes, house stuff, odd £5 for a teen, takeaways, pub, entertainment, cafe visits. Basically fun stuff but petrol and dentist, prescriptions would have to come out of it if needed. Also any school extras for teen such as y11 hoodies, yearbook etc.
so £500 would have to cover everything but household bills and food.

Could you do it? Money just seems to disappear these days. One night out would blow 1/5th of it.
I think I need a boring year. I also want to do tbe garden but that will have to wait.

This would have to be for at least a year I think maybe longer.

I’m assuming this is a joke?

Yes that's plenty.

Yes i could do it. But i think you are underestimating the teen in this situation, i think you should probably budget more for them.

Yes because if I was in debt and wanted to pay it off, I'd limit the takeaways, pub, entertainment, cafe visits quite a lot.

I wouldn't cut them out altogether but I'd certainly limit them.

I have roughly £400 after main bills. I budget it as:

£40 p/w for food shop (occasionally £50 if need household stuff).

£30 p/w for petrol, mostly used for work which is 15 miles away.

This leaves me a little bit extra for maybe one small outing/treat a week as a single person. It isn't anything thrilling but at the same time I am comfortable.

Do able if you shop second hand

What I wouldn't give to have £500 spending money. It sounds like loads to me.

I have that and I find it really tough. I do have a 2 year old to clothe. I find I'm always having to say no to things. Cant do dinner with the girls, hen dos, birthday meals. We seem to have a wedding 4 times a year that involves hotels and travel. Something always breaks (dishwasher, washing machine etc), an MOT wipes me out.

What about holidays or birthdays? I would work it out over the 12 months as some months will be easier than others. 6k for a year should be ok but a teen won't be that cheap so allocate a budget for them

I’d struggle to make £500 last a month.

It's not loads but it's doable. You probably will have to say no to stuff. We have a 'family stuff' budget we try to stick to of £800 a month, which is for entertainment and clothes, personal care stuff, kids extra-curricular stuff such as all their classes etc and we do spend it (and more unfortunately!) every month without being particularly lavish. Depends how much petrol you use too. We budget that separately.

Are you budgeting separately for birthdays and Christmas?

If I was in debt I’d fairly easily curtail the cafe, pub, takeaway type stuff for a year. I wouldn’t need much in the way of new clothes and “house stuff” would wait unless it was essential (I’d replace a broken electric kettle for example but not cushions or decor).

And regardless of debt unless I was disabled or I had to take massive amounts of kit with me I wouldn’t be driving 1.5 miles to work either, I’d just walk or cycle.

Hmmm I managed on that for a few years whilst saving for a house quite comfortably, but DS was significantly younger so costs were lower. I'd go back and track how much the teen regularly needs - you may well be underestimating it.

Oh don’t be so bloody ridiculous. Of course it’s plenty 🙄
So long as it’s to cover needs, plus occasional ‘wants’ and not a lifestyle that was previously funded by much more without compromising

I couldn’t do it because my fuel is £400-500 per month

Although you have said you don’t use much…

I have £400 after all bills, including groceries and fuel being accounted for and it’s fine.

So basically if £100 covers your fuel I assume your £500 will be enough.

My teen costs an absolute fortune. They are constantly out for food or doing things with their friends.

https://www.moneysavingexpert.com/banking/budget-planning/

Use the MSE budget planner to work out your finances.

This.

In other news you mention prescriptions. If you have multiple ones, look into a prepayment certificate as that could save you money.

"One night out would blow 1/5th of it."

Don't buy your own drinks, that's what men are for.

More than enough!
could you even save on petrol by walking to work?

This is about what I have and it's more than fine. I don't have children though.

I try to budget £100 a week for spending money and I rarely keep within that. I don't feel like I spend a lot but it goes quickly. It's not essential spending and I could probably cut back but it would mean a change in my own habits.

It depends if you’re willing to change your lifestyle.

If you still want a night in the pub every weekend, a takeaway once a week, cafe trip every weekend then £500 probably won’t be enough. But if you’re willing to adapt accordingly and do 1 pub trip a month, every other weekend in the cafe, takeaway every other weekend/once a month then yeah it’s doable.

£500 is enough, probably more than most have, but it’s not enough for weekly nights out, takeaways and cafe trips.

So would I but that’s because I’m a spendthrift. I could absolutely do it if I had to.

You can walk to work if it's only a mile and a half - that'll save on petrol.