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Original poster

Help please, don't even know where to start!

17 replies

Sn00p4d · 24/05/2015 10:20

I'm off on maternity leave at the moment on SMP so money is a touchy subject anyway, I'm on 30k a year, at least I was, but my baby was born with a birth defect and has a lot of hospital appointments so I'm returning to work part time. I've realised there's more important things so my salary will be cut in half and I'm not sure how to manage it! I've never been a saver Blush and seem to spend what I have every month, I don't know how I'm going to manage on half of that! I need some tips for managing my money and cutting my cloth really, I'm happy to go without whatever I need to I just don't know where to start trying to get to grips with it all!

OP posts:
nightshade · 24/05/2015 10:25

Don't drive around a lot...Two trips a week...Make sure you do all your errands in one go....menu planning and cooking in bulk.....just don't buy anything unless it is very necessary.....For days out and to manage boredom look at your local councils event planner for free events....join the library....look at all your outgoings and direct debits...cut them down to basics.....

nightshade · 24/05/2015 10:27

Oh and set a weekly budget and stick to it....lift it in cash and when it's done it's done...If you have extra you can treat yourself.....use your debit card as little as possible..

Original poster
Sn00p4d · 24/05/2015 10:32

The debit card one is a good shout thank you, I'll need to hide it, I never have cash and all the wee card transactions add up. I sold my car before Xmas cos I couldn't afford it so that's saved a few hundred between the finance, insurance, petrol etc but it is driving me crazy being stuck in the house! Menu planning is also a great idea thanks, cut down most of my direct debits really only got insurances and a phone bill now which is a tenner a month a loan at 200 and my half of the house which is 700, and therefore the problem!

OP posts:
ssd · 24/05/2015 10:35

check out www.entitedto.com to see what benefits you may be able to claim

and congrats on your baby Thanks

Shnickyshnackers · 24/05/2015 10:41

Check out YNAB it's been a godsend to me and dh, it's a budgeting tool, and there's a great forum too :)

Oodear · 24/05/2015 10:48

Are you on your own?

reddaisy · 24/05/2015 10:53

If you have a partner then you should be budgeting together as his/her income should be shared - you shouldn't have to meet the same outgoings on half the salary you once had. DH and I have our own accounts and a joint account and he puts a lot more into the latter than I do because he earns more.

GuybrushThreepwoodMightyPirate · 24/05/2015 10:54

Remember that half of a 30k salary doesn't mean your take home pay is halved. The tax free personal allowance is £10,600 so if you're earning £15,000 you will only pay tax on £4,400 so you be left with around £1,100 per month. You can use an online calculator to work out the exact amount.

YouMakeMyHeartSmile · 24/05/2015 10:56

Have you got a partner? All our money is pooled, expenses come out and then whatever is left is split between us.

Original poster
Sn00p4d · 24/05/2015 11:04

Yeah I'm married, although we've always kept our finances separate and have a joint account for household stuff. Suppose that might need to be reconsidered but he does tend to pay for food shops and the likes throughout the month, he's on 23k so again not a massive wage, I'm in the habit of jumping into tesco for bread and coming out twenty quid lighter so that needs to stop!

OP posts:
YouMakeMyHeartSmile · 24/05/2015 11:13

Just doesn't seem fair that you will have to significantly tighten your belt and he doesn't when I assume it's been mutually agreed that you will go part time for the sake of the family as a whole?

youarekiddingme · 24/05/2015 11:13

Have you looked into whether you'd be entitled to dla? It's there to help towards the extra costs - hospital parking etc all adds up.

Geneticsbunny · 24/05/2015 11:16

Are you claiming DLA for your baby? You might be eligible and that might allow you to access other help

Original poster
Sn00p4d · 24/05/2015 16:19

Hadn't even considere that to be honest so I'm going to look into it! Yeah it's been a mutual decision, I was the higher earner so it's not something I've taken lightly but at the end of the day I'd rather spend time with the baby while I have the chance, she's growing up too fast as it is! Thank you, given me a few things to be getting on with! :) x

OP posts:
youarekiddingme · 24/05/2015 17:24

Have you ever been on the SN boards here?

Very useful and full of people who have travelled and are travelling your path.

QforCucumber · 27/05/2015 13:53

Make sure your loan is on the best rate available for you, we were paying £325 a month for a loan over 5 years, it had 3 years left to go and we asked for a settlement figure.

got a new loan on a much better rate for the remaining figure over 3 years, and saved just under £50 a month in repayments!

Unescorted · 29/05/2015 15:32

As the higher wage earner have you thought of him going part time?

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