To be struggling on 3k per month?

[Strictlyskint]

I am a single mum and really don’t know where I am going wrong. I am usually fine until there is a week to go until payday. Christmas is coming up and I am really stressing

How are you defining frivolous though. A nice haircut is not the same as eating expensive take outs each night and a coffee on a long commute isn't the same as going for lunch at an expensive wine bar everyday. None of those are essential expenditure but they can be seen differently.

Same situation, im touching 3k a month and its silly, i feel i should be fine. I have spent the past yr reducing outgoings etc and here i am a month out from christmas again. I don't understand what im doing wrong each month i sit down go through everything, plan the month etc and boom no money

Hey @Strictlyskinti would say that’s quite a lot on food pw for three ppl unless the dc are teens.

Phones is a lot too. How many phones is that? I pay less than that pm for five phones, inc one with unlimited data. Lots of good SIM only deals.

Car insurance seems high so I’d shop around at least. Maybe you do tho ofc.

Petrol is also high (more than me! And I drive 1000 miles pm just to get to work and back) but I guess that is your commute.

£70 for Sky seems a lot too, would another stream be cheaper?

As others say, there’s still a good deal left. Where’s it going? Try logging it for a fortnight.

£3k take home is a good salary but if you are on your own it’s not vast riches so ignore parental jibes

That’s approx 2500/month, 500 left a month isn’t loads but depends on the size of your household.

I’ve always found that separating out that money and letting myself have it weekly makes it easier to control. Even now in my 40s I’d just smash through that really quickly. Different accounts or pots for different things are really helpful to me.

I have the same problem OP, living adds up. I'm looking forward to when I can take the kids off the books, and then I will be well off. Only another 11 years to go.

Agree with all of the above.

Lots of great advice.

Maybe to make it easier.

Look back at your last 2 months bank statements. This is key.

Cos like people are saying there is £700 unaccounted for.

Work out where that £700 is going.

Probs use a spreadsheet with your expenses for the last 2 months.

But that £7000 that's isn't accounted for is key. And ypu need to work out if those spends can be cut or not.

Why do your parents have any input, are you asking them for money? Mine would not have a clue what I have left at the end of a month.

You are not unreasonable. The cost of living is ridiculous and my husband and I get a good amount between us (not saying how much due to haters)

Have you shopped around for the best tariffs for your electricity?
Do you pack food when you go out, or do you buy food out?
Clothes, drinks, coffee, days out?
Do you drive a lot? Parking?
Phone bill seems high, and could you swap Sky with Netflix?

OP you've got to stop with the 'I don’t think I am very good with money and quite frivolous'. You must have a decent job that clear 3k so I'd assume you're bright enough to handle input ££ not exceeding output ££.

I filed in this budget planner and I was shocked how much I wasn't taking account of. It's a good place to start.

But life is expensive and you've got to tailor your life to what you can afford now, not what you want & not what you used to be able to afford 5 years ago.

Why is your car insurance so expensive? What do you drive & what's your weekly mileage?

Phone - even if you're on it constantly, there's a better contracts than that surely. Are you also paying for a phone or whatever in that?

Also, get a water meter fitted.

I find this is important too. If you have absolutely no money for a bit of frivolous spending you end up giving up proper budgetting. We have a 'no accountability or explanation required' budget that gets spent on anything we fancy without having to justify it. It doesn't even have to be very big. Just there.

You need to work out where the other £1500 is going.

On that income you should manage but its not a huge income, you can't afford to spend willy nilly.

your parents shouldn’t have this idea of your finances unless you’re asking them for help and you’re getting it.
I earn v similar but get £600 child maintenance , do you? Until recently child maintenance was less than half of nursery fees, now nursery is subsidized I try to save £500 a month. The money pits for me are babysitters and ordering deliveroo (often for groceries when I can’t go out for them) and buying things like juice for £2.50 and coffe for myself for £4 when out and about wit my child. Things like dying my hair and Botox 3x a year are v expensive too. I would cancel sky and change to Netflix etc if I were you that’s a big saving. Also check your phone bill might be due to be decreased! With two kids there’s a chance you might be eligible for a little bit on universal credit which can meal you access other things like days out v cheaply

Everything is so expensive, we spend so much on food that often there is not much left at the end of the month. You are not alone OP

Well, there's your answer then.
Sounds like you do have spare money, you're just throwing it all away on frivolities.

We were absolutely pissing our money away on nothing last year so we opened a Revolut account and specifically put £100 a month in there for frivolous spends now. Stuff like coffee etc. It’s so much easier when you can see it.

Do you get any beauty treatments? Nails/brows/hair/lashes? I get these done every month and found I never counted them in my monthly spends but this is really where all of my spare money goes.

OP you need to go back through your bank statements for a year to get a true account of your spending as it's obvious there's a lot left off. Then get a notebook and write down every expense for a month, coffee, lunch etc. then it will become clear. There's also massive savings to be made in your bills as has already been said. Cut your water bill, cancel Sky, etc. You need to count your pennies and budget.

Do you have other smaller outgoings?
Life insurance, contents/building insurance, car maintenance, clothes and uniforms, any subscriptions like Amazon Prime? What about your kids, do they do extra curricular activities that cost? Or money for snacks/sweets when out? What about school lunches?
Is petrol really only £70 or is that just the minimum to get to work and you actually spend more on the weekends?
There's no food on your costings, how much is that realistically costing you?
My household is a large family and it is food where most of our excess spend is!

Your water bill is extortionate unless that includes debt. We have a huge family, not frugal with it and our water is half of that, in a fairly expensive area.

Paying insurance monthly incurs high interest, you’d be better off getting a credit card with 0% on purchases & paying with that. Then set up a direct debit to pay 1/12 each month.
log into internet banking & download a month into excel and sort it by retailer yo see what you're spending where.

Ignore your parents that's really not a lot to live on, kids are expensive and you have two. Do you receive anything from ex? See if you can get a cheaper phone and energy bill. Use MSE or AI to work out if you could cut costs there. Can you cancel sky and replace with netflix/prime? Set a budget for each child for Christmas and don't go over it. Ask family to buy specific useful gifts like a term of kid's activity, school shoes, pj's.

You are overspending on some things and have no idea where a portion of the money is going.

That's your answer.

150 per week on food is quite high for 1 adult and 2 kids especially as you already separated out cat food from that.
My family spend 120 per week on food and that's with occasional alcohol, treats, etc and for a family of 4 (and there's a teen boy in there!).

I started doing a zero based budget. So every penny is accounted for. You’ve got approx £700 a month left over, so you need to find a home for all that money. Either by creating a standing order so you’re paying yourself in to a savings account, or creating envelopes / pots.
Also cat food is fairly expensive, we spend £15 every month for two cats.
Phone bill, I would look if you can reduce this.
Water is very high, but I think this is are dependent.

Check out your bank and c card statements to see where the rest of it is going.

Do you meal plan?