To think £120 a week is not enough to live on?

[FedUp120028]

So, following an abrupt change in circumstances after food, bills and clubs for the kids I have £120 p/w to live on. I have a 2yo and a 7yo.

This needs to cover treats, Christmas and social life, holiday fun (either a trip or activities) for the next year.

Is this doable, aibu to think it's not? It doesn't seem like much at all. Tips and a reality check please!

It’s more than I have had for a while, for a long time despite a good income my bills and food and childcare left me with about £20 a month. So there were no holidays or fun things.

£120 a week is enough for modest spends. But it won’t go far, no.

£120 per week spare after everything? That’s loads!

£120 a week AFTER food and clubs is plenty. YABsilly

You’ll need to budget for Christmas etc but after clubs etc you’ll be ok albeit it’ll be an adjust if you’re used to having more disposable cash.

So £480 after all essentials? That’s plenty. No it won’t but you multiple holidays of designer clothes but you can live a modest but decent lifestyle and save up for a break if you want to go away

£6240 a year
Quite a lot of disposable cash

Of course it’s doable. Not ideal but hardly living in poverty.

£120 a week so over £6k a year spare
yes you will be ok

is that after everything? Fuel, savings etc? So literally EVERYTHING else is covered?

It won't be loads of fun but it'll be fine. DS' school uniform just cost us about £200+ and he didn't need a new winter coat yet (the last one was only bought in march because he chewed through the zip of the old one!) , I'd be putting some aside each month for uniform, school trips, birthdays, haircuts etc. Some weeks you will barely need to spend any of it.

You're not living on £120 a week though are you. £120 a week is what you have left over for fun.

Plan your big yearly things (holiday £1500, Christmas £500, kids birthdays 2x £100)

Quarterly things (day out £100, hair £100)

One offs (presents for friends, family,. parties £100 total)

Then divide whats left. £6240 - £3100 = £3140÷52 = £60pw

It sounds like your biggest adjustment will be actually living on a budget rather than just spending as and when?

Pay yourself (savings) first, that's my biggest tip.

So after housing, bills, food, clubs and other regular expenses you have £120 a week?

Completely doable, and the norm for many of us. Basically it is for extras, not essentials, and you choose what matters to you to spend it on.

Save up for a big holiday, or use it on lots of smaller treats, or something in between.

I realise it will be a shock to the system if you are used to having more.

Well I got chatgpt to set me a budget and well it didn't look very fun 😅

I dont think I've ever had £120 per week after bills!

Definitely a temporary shock but I've had moments where I've had nothing so I'm sure I can hold out for a year and still have a good life without falling apart 😆

Lots of movie and games nights pending 🩵

Please tell me how to only spend £100 on their birthdays?? I'm so naive!

Planning the yearly/quarterly expenses is a god idea.

I’m not sure chatGPT knows what fun is, but £120 per week is plenty for purely discretionary spending.

I only have £60 fun money a week so you’re doing better than me thats for sure

Quite simple really.
You buy presents up to the value of £100
Once you've spent £100 you wrap them up and dont spend anything else.
HTH

Oh right, well just feels a bit tight! Guess money's tight so that's the way it is.

And also if you have a 2 year old they really, really don’t need expensive presents. Plus too much stuff just overwhelms them - couple of cheap toys, books and some craft stuff and job done.

This is the budget ai set for me

Well what do you normally buy? Buy a smaller one.

Or tell your child the budget and let them decide. Go with a friend to a theme park? Have a more expensive present?

Just be up front. This is the money. It doesn't matter if another child in their class has bells and whistles, this is the amount of money, what do they value and want?

DD recently chose as her birthday present (rather older than yours now!) a meal out at Pizza Express with her BFF who has just gone to uni. Because that was the experience she would value and remember.