How to cut down my outgoings/spending

[NoveltyFunsies]

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?

@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.

Someone like me?!

As opposed to Someone like you?

Who's in debt everywhere because they waste it?

You're so rude.

@Viviennemary that is one thing I don't want to change. I have postponed 3 times already.

I wrote that just before your reply. I still wouln't go ahead. It's madness. Ask if it can be postponed.

You can't afford a wedding. Don't have one. Stand in a registry office.

@ActonSquirrel yes someone like you who has to come along and make snarky comments to point out how amazing you are and how awful I am for making mistakes. I have owned it and am dealing with it, yet here you are still sniping at me

You are making bonkers decisions and not listening to advice. So there isn't a lot more to be said.

Going against the grain, but Personally I would reduce the StepChange repayment, £100per month on food is not really enough. If you were to half the repayment you would have a lot more available income and your debts would still be repaid in a reasonable timescale.

@Viviennemary I am listening to advice. I am looking for a higher paid job, I am looking for a second job as well to up my income. I am going to ask about ending contracts and see if I can get out of them. We have postponed our wedding 3 times, and the suppliers have made it clear that we cannot do that again, otherwise we will lose money paid so far. Losing £1000 for the sake of paying £50 a month for a few more months seems stupid

Without you specifically listing what you're paying on "bills" it's impossible to properly advise you.

You could also check out money saving expert site for tips and ideas

The phone/watch situation they're having you on. Once the devices are paid for and the contract term is up you don't HAVE to do anything except have the sim only plan and whatever the equivalent might be for the watch (sorry not sure how the watches work) you don't even have to stay with the same provider legally you can be with whichever company you choose and the original company HAS to make it as easy as possible for you to switch

Bills wise as for the phone really it's a case of shopping around and getting the best deal you can.
Also reducing usage in some areas especially energy.

The £100 for food is that eating out of the house only? If so that actually seems quite steep to me, you shouldn't be needing to eat outside the house that often or if you are (eg at work) then it's better and cheaper to make something at home and take that with you. Is that takeaway coffees and similar?

Groceries generally review and cut back where you can, that doesn't necessarily mean doing without but making wise choices, eg going down a brand level, less reliance on convenience foods/items, making wise use of special offers, getting and using loyalty cards wisely...

Car wise - firstly do you actually need a car where you are? If yes are you motoring in the most efficient way? That's everything from how you drive (yes honestly) to shopping around for insurance to budgeting for mot/service and potential repairs monthly

You are very resistant to advice and aggressively defensive about the mistakes you've made.

Not everything about the wedding will be related to deposits already paid, so make cuts there where you can. Cut any unnecessary extras you haven't already paid for and can't recoup

Yes you've made mistakes the important thing now is to properly and thoroughly review your spending and choices and pull it all back.

@Viviennemary

You are making bonkers decisions and not listening to advice. So there isn't a lot more to be said.

Exactly.

I earn more than double what the OP does in take home pay. I refuse to pay more than £40 on a mobile contact and I think that is daylight robbery.

Debts every where and won't compromise on anything.

It isn't being snarky to point out the obvious.

What's the point of paying for an expensive wedding which is just money to feed people dinner when you have no money for day to day life.

Carry on then.

If you're wedding has been postponed 3 times already, how were you planning to pay for it if it had happened on the original date?

The payments on your list that you need to reduce are the ones that relate to bad money decisions in the past (smartphone, debt, planning a wedding you couldn't afford). But you know that.
You are fantastically lucky to be able to have such rent/bills and I'd say the main thing to make sure about is that you don't make bad such bad decisions again. When your existing debt is paid off, actually get into the habit of saving properly.

The StepChange repayment is huge. Is there any way you can extend the term and pay less per month?

I'm afraid I'm another one saying I'd postpone the wedding for a couple of years at least. There are so many unexpected bills that come with it and you don't have the wriggle room to pay for them.

@Graphista our water and heating is covered. We pay for any electric we use, and also pay towards council tax. I did think that was the case, but my contract doesn't end until Feb 2022, so he said this morning that I can't get out of it before then. I don't believe this is the case, so I'm going to speak to them again.

The £100 is for all meals, so I make lunch and take it to work. I shop at Aldi. I don't buy any takeaway coffees or meals, but I occasionally go out for food with friends. If we do it is always somewhere pretty cheap. I do think I could get this down

Unfortunately where I live and work, a car is necessary. We live in a rural area with no buses, and nobody I work with lives near me. I drive around 15 miles a day, and things such as supermarkets are around 25 minute drive

We have already cut back the guest list so I'm hoping the wedding will cost less than planned, but won't know that until a bit closer to the time

I am defensive about it because I know I messed up, I don't need to be told and have that constantly pointed out to me. If I could go back in time and not get into debt then I would, but I can't. I didn't ask for people to tell me I shouldn't have got into debt, or to say I've spent money on stupid things, I know that already. I asked for help with how to cut things out and pay things off quicker

Re the wedding, my parents had offered to pay for it, and were giving us £5k. We stuck to this budget. Unfortunately my dad had a very serious stroke earlier this year, and all money they had has now been spent on sorting out their house and paying for care for him. This is why we've now had to take on paying for it

@HollowTalk I can reduce the payment, but most advice online seemed to be to chuck as much as you can at it to get it paid off quicker

If we postpone/cancel the wedding, which people seem to think is the best idea, we will lose £1k already paid in deposits. I think we can cut the costs of the wedding down to around £3k, but I'm struggling to see how losing £1k is the best route to go down

Water and heating are covered and "towards" council tax - does that mean included in rent? Electric could you possibly reduce usage?

You're right to speak to mobile phone provider again I would say arm yourself with industry info beforehand as they do seem to be trying it on a bit

That's a very small amount for all food. That isn't including other groceries? Cleaning products toiletries etc?

I tend to normally think a car is unnecessary I live semi rurally myself but I am also aware in some areas it's a necessity eg where my mum is she would be stuck without a car

With the wedding don't be tempted into/lead into spending on fripperies that are unnecessary. I used to work in the industry and it's entirely possible to have a beautiful but cost effective wedding

It's easier to advise if you're less defensive and more specific about current outgoings.

It's also good to have a proper budget written down and regularly reviewed including a statement of affairs which includes EVERYTHING even occasional costs (like clothes) averaged out.

I rarely buy clothes too but I set an amount aside in my monthly budget for when I do need to buy them.

You also don't mention any streaming services or other leisure costs which are usually the first place people cut back when they need to save money.

I also cut my own hair which is another saving, I suspect you don't but there can be a huge difference between hairdressers.

If I had that much debt I would be using the wedding fund or Atleast my part of it to clear it earlier. The debt needs higher priority then your wedding sorry. You also need to live on basics till it’s paid off as it’s a good chunk from your wage. You won’t get a mortgage till it’s paid so if that’s your goal then you need to live frugally. No meals with friends, no extras like a smart watch etc. I’ve been in debt, not as much as you but to clear it you need to admit it. It effects you credit score. I cleared mine to get a house.

@NoveltyFunsies

If we postpone/cancel the wedding, which people seem to think is the best idea, we will lose £1k already paid in deposits. I think we can cut the costs of the wedding down to around £3k, but I'm struggling to see how losing £1k is the best route to go down

Sunk costs fallacy. you are not losing £1K - you are saving £3K. Have you approached suppliers to see if they would consider a postponement? I would have thought wedding suppliers were inundated with customers at the moment.

@graphista Council tax is on top of rent. Family pay the main portion of it, and we just pay an amount each towards it. How would we go about cutting electric down? I'm sure we can do it but have no idea where to start. It's definitely a necessity where I am, there are no buses in our village. If I do get a new job, I may be able to get somewhere closer where I could then cycle or walk to work, so that would help

I do believe it is cost effective, I am making the cake, my auntie is a florist and DP's mum is a hairdresser, so things like that are all free/very cheap. I think we can cut the costs down further, but I will look into it more

DP pays for Netflix, and that's the only streaming service we have. I'm sure I can cut down leisure spends too. DP's mum cuts and dyes my hair so I don't pay anything for that

Work more. Get a second job, pay off that debt.

Spending 3k you don't need to on a wedding seems like a mad idea in your situation tbh.

I will speak to suppliers and see if I can persuade them to let us change the date again.

Going against the grain I think £133 a month for unexpected stuff is fine, especially if you're renting so won't need to pay for things like boiler repairs. The months you don't need it, put what's left in a separate savings account and you'll have a good chunk for any car issues in no time.

Definitely don't cancel your wedding for the sake of having a bigger emergency fund - this is madness. You are allowed nice things even if you aren't rich.

Quick question OP, do you live at home with parents or rent your own place?

I'm just trying to work out if the £100pm for food is because its subsidised by your parents shopping too or if your undercutting yourself there?

Honestly the rest of your budget looks great. I'm just concerned if you are allowing yourself enough to eat x

£100pm for food for two adults seems unrealistic. That's £12.50 each pwk.

What kind of meals are you having? Are you exercising as well to help shift weight? Otherwise the weight loss will be temporary.