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Original poster

How to cut down my outgoings/spending

80 replies

NoveltyFunsies · 09/08/2021 12:33

My monthly take home pay is £1351
My outgoings come to £997 each month
This includes -
Rent/bills - £332
Car insurance - £46
Car tax - £27
Payment to Stepchange - £448
Premium bonds - £50. DP and I pay in each month, we currently have around £3000 so far but this is to pay for our wedding next year
Phone bill - £93

This leaves me £353. I budget £80 per month for fuel, £100 per month for food/eating out, and £40 for spending money on things I want. This leaves me £133 per month, which I feel like isn't very much if something were to happen, or if I had any unexpected expenses.

My rent is cheap because we currently rent an annexe from family. We are allowed to stay here as long as we want, but we would like to buy somewhere in the not too distant future, and need more money each month to be able to do that

The Stepchange payment is to pay off old debts on a no interest plan. The current finish date for this is September 2023, but I can bring that date forward by upping the payment

My phone bill also covers my smart watch and was taken out when we moved into a property with no internet, so I took out a contract with unlimited internet so DP could hotspot from it. This contract ends in Feb 2022 and will then come down to around £30 per month

Can anyone see any ways this can be cut back, or any tips for saving more and spending less on food etc?

OP posts:
ThisIsStartingToBoreMe · 09/08/2021 12:37

Your budget already sounds really good and sensible to be honest.

To save more, could you get an extra job - maybe waitressing/bar work/taxi driver, 2 or 3 nights a week.

Regarding spending less on food, I think £100 a month is already pretty low and would question whether your nutritional needs are being met if you spent less.

when your phone bill reduces by £30 put that towards paying off the stepchange earlier.

You are really going to be in a good position when Stepchange is paid off.

Just out of interest, and you don't have to answer this if you don't want to, how much debt did you owe and what did you spend it on?

ActonSquirrel · 09/08/2021 12:37

Well you've basically justified every expense on there. Including a smart watch. I've never wasted my time with that expensive nonsense even on more than double your take home pay.

Not any room to cut anything in that case.

50ShadesOfCatholic · 09/08/2021 12:41

You seem to have accounted for everything so it appears the only way you can find more money is to increase your income. Easier said than done! But if you have the energy, another few hours a week will boost your income (and detract from your spending opportunities!)

Your phone cost is v high but you've explained that, you'll notice the difference when that's paid off. And your debt repayment seems high too. It'll be a relief to get that paid off.

Keep going!

Original poster
NoveltyFunsies · 09/08/2021 12:42

I felt I had to justify every point because I knew someone like you would make a comment about things being expensive nonsense. There is nothing I can do about having it now.

OP posts:
caughtinanet · 09/08/2021 12:43

@ActonSquirrel

Well you've basically justified every expense on there. Including a smart watch. I've never wasted my time with that expensive nonsense even on more than double your take home pay.

Not any room to cut anything in that case.

I agree, from what you've said there's nothing you can cut

You can't do anything about the watch and I don't have one so don't know how much they cost but that's a crazy amount for internet

Is there no way to end the contract early?

Original poster
NoveltyFunsies · 09/08/2021 12:44

@ThisIsStartingToBoreMe I have looked at getting an extra job, there are lots of takeaway delivery drivers and that kind of thing needed near me. I just wasn't sure if the extra tax I pay would wipe it out and not make enough of a difference, if that makes sense?

OP posts:
ThisIsStartingToBoreMe · 09/08/2021 12:47

The tax will be 20% on everything over roughly £12500 regardless of how many jobs you have so definately worth you getting another one. You still have 80% of it. The more we earn the more tax we pay lol, no getting away from that one.

Just be mindful of moving into the next tax bracket although I think you're a long way from that.

theres loads of youtube and instragram and facebook groups about frugal living - plenty of inspiration out there - I follow Mamafurfur and Dave Ramsey but there are loads more out there and they are great for hints and tips and for getting into a better money management lifestyle.

Original poster
NoveltyFunsies · 09/08/2021 12:48

@ThisIsStartingToBoreMe sorry I posted that too soon! The debt started at around £20k, it was just me being young and stupid and then taking out more debt to pay off other bits. I've got that down to £12k in just over 18 months.

@caughtinanet at the time it was the cheapest one I could get. I needed something that covered the phone and enough internet that we could both use it. I actually enquired with them this morning about getting out of the contract, and they said that if I pay off early, the only thing I can then do is upgrade to a more expensive plan rather than taking out a cheap sim only one. I'm not sure this is the case, so need to look into it a bit more.

OP posts:
DGFB · 09/08/2021 12:49

Don’t cut your food bill, healthy food is important. You’ve done all you can. You either need a higher paying job or a second one

Elieza · 09/08/2021 12:50

You said you both live together yet all the bills are referred to as yours.

How much does dp earn and contribute to your joint household?

50ShadesOfCatholic · 09/08/2021 12:51

I think it all seems very hopeful. You've done exactly the right thing to tackle your debt and your budget looks very sensible. It's so boring repaying debt but it'll all be worth it and you'll be so much better off when you're done.

Gufo · 09/08/2021 12:52

Could you plan a cheaper wedding and pay off your debt that way?

Original poster
NoveltyFunsies · 09/08/2021 12:52

@Elieza this is my portion of the bills, and I pay off my own debt as I don't expect DP to pay for my mistakes when we weren't together. He is self employed, and earns around £1400 per month. His outgoings are similar to mine. He pays the same £330 for rent/bills, he pays the pet insurance, finance for his car and other bits as well as his own food etc

OP posts:
ActonSquirrel · 09/08/2021 12:53

@NoveltyFunsies

I felt I had to justify every point because I knew someone like you would make a comment about things being expensive nonsense. There is nothing I can do about having it now.
Well you spent the money on things you did not need despite not earning much and having debts.

There isn't much people can say.

Original poster
NoveltyFunsies · 09/08/2021 12:53

@Gufo unfortunately we can't change anything for the wedding now as all deposits have been booked and contracts signed. It was meant to be June last year, but is now next year due to Covid. If we pulled out we would end up losing all our deposits

OP posts:
ActonSquirrel · 09/08/2021 12:54

All you can do is wait to change things, debts to be paid off or increase income

Original poster
NoveltyFunsies · 09/08/2021 12:55

@ActonSquirrel well done for pointing out the obvious, that's very helpful. I already know I got myself into this situation hence why I am trying to do everything I can to get out of it. Do you get a kick out of making sur people know you're better than everyone else?

OP posts:
ThisIsStartingToBoreMe · 09/08/2021 12:57

@ActonSquirrel oh give her a break! Have you got anything useful to add here that no-one else has said and that will actually be of use to the OP to pay off her debt earlier?

Original poster
NoveltyFunsies · 09/08/2021 12:58

I am hoping to get a higher paid job, and have been applying, but the wages aren't great where I live. I think the most I could get is maybe another £1.5k per year

OP posts:
Viviennemary · 09/08/2021 12:58

In your position it isnt really wise to try and save up for an expensive wedding with the level of debt you have. Nearly £500 a month on debt repayment is a lot even for somebody on a much higher salary than yours. Put the wedding off until the debt is repaid. Its the only sensible option.

NoSquirrels · 09/08/2021 12:59

I think having over £100 a month left over for an unspecified ‘something’ happening is great. What do you need to pay for out of that £133? Clothes/car maintenance costs/presents/hair cuts etc? Budget all those out and see if you can actually up your savings/debt pay off.

Original poster
NoveltyFunsies · 09/08/2021 13:01

@Viviennemary the wedding is £4k in total, and can't be changed now. Everything has already been booked and deposits paid. It was supposed to be last year, but has been moved due to Covid.

OP posts:
Viviennemary · 09/08/2021 13:02

Ask if you can postpone it for a year if deposits are paid.

ThisIsStartingToBoreMe · 09/08/2021 13:02

I am hoping to get a higher paid job, and have been applying, but the wages aren't great where I live. I think the most I could get is maybe another £1.5k per year

Go for it! Thats over a grand more for you. The other thing to try is to get yourself a higher paid job offer and then go back to your employer and try to get them to match it. Martin Lewis says the quickest way to increase your income is to ask for a payrise!

Original poster
NoveltyFunsies · 09/08/2021 13:03

@NoSquirrels I try to pay for any car costs out of what I've budgeted for fuel. Luckily I've never had any big bills so far, but my car is getting older now, and I do worry how I'd pay if something big went wrong. I rarely buy clothes, but that will hopefully change soon as I'm in the process of losing weight. I'm going to wait until the last minute before buying any new ones

I just feel it doesn't give me much leeway if anything happened, but maybe that amount is better than I realise

OP posts:
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