Monthly budget where to cut back

[stormynight1]

electric 133
council tax 145.12
tv licence 13.25
water 15
waste 27.72
phone 132.03
insurance 34.01
food 330
service charge 120
wifi 34.48
car lease 376
insurance 70
credit card 83
boiler 12
gym 55
sofa 43.16
internet 40
petrol 208
parking 48
Total 2037.91
The cost is for 2 of us but trying to cut back where would you cut the costs?

If you've just got into new contracts for phones and the car then make a note in your calendar for when you're out of contract and then keep the old phone and switch to a cheaper deal. Same with the car, if you have savings you could buy a cheaper car outright or just lease something smaller.
It's often worth paying off credit cards with savings if you are paying a lot in interest, or paying them off more quickly than the minimum payment.
£48 on parking seems high. Could you park for free further away from work/wherever you're going and walk?
Is there any alcohol or eating out in the food budget that you could cut?

@RussianSpy101

I don’t understand why the boiler and sofa are monthly payments? Cheaper car Cheaper phone(s) Cheaper broadband

presumably bought both on credit with monthly repayment plan.

It doesn't look like you ca reduce much tbh.

Although once your phone contract runs out I would not renew your contracts. Just buy a sim only deal.

Sounds like the issue you have is more CASH FLOW than in/out goings for the next 3 months? In which case, use savings (that's what they are there for surely?) And/or credit cards (with a cash back/points) - use points for food eg Tesco or Nectar, Boots for toiletries and sell stuff on Facebook marketplace or Vinted. Look on Moneysavingexpert - you can sell gold jewellery etc - lots of good ideas.

What's your public transport like? Could you get rid of the car and the parking charge and save anything by using public transport instead?

Always remember DFS - Don't Finance Sofa's. Once that ends, keep saving £20pm and replace furniture at charity shops.

Once you stop the car financing, keep saving £200pm towards next car.

Might have missed it, but are you saving for Car Tax, Dentists, Clothes, Shoes, Passports, Electrical Replacements, Christmas and Birthdays? These really hit the finances if not properly planned and budgeted for.

Generally, as you become able, start saving for things rather than relying on credit. Put the money in Premium Bonds.

@stormynight1

electric 133 council tax 145.12 tv licence 13.25 water 15 waste 27.72 phone 132.03 insurance 34.01 food 330 service charge 120 wifi 34.48 car lease 376 insurance 70 credit card 83 boiler 12 gym 55 sofa 43.16 internet 40 petrol 208 parking 48 Total 2037.91 The cost is for 2 of us but trying to cut back where would you cut the costs?

When are you phones up? Move over to a sim only contract. I’ve done this for a year just to see how I feel. £12 a month unlimited everything.

Pay upfront for the year for insurance- saves a small amount but then it’s one less thing a month.

Shop around for deals on electricity/ work-fi etc. Try to reduce usage. Turn plugs off etc.

How much do you have on the sofa, cards etc? And what is the interest rate? Can you consolidate them on a 0% card and pay more into it now to help make savings in the next 12 months?

Cars are worth more money right now, I’d shop around for a good deal or consider buying the current one using a loan broker to get you a good deal on monthly payments.

Gym for two people is reasonable.

Petrol and parking, is this for work? Could you do car shares? Walk to work? Find someone cheaper to park or not take the car?

Six of us have iphones from the same provider and it costs me £140 a month. It comes off as one payment and it makes me wince every month a see the payment coming out. I think I'd have a heart attack if that was for two! I've already got an alert on my phone for the day in Oct that the last two phones come out of contract and I can hopefully get it down a lot cheaper.

Phone is way too high. Can you get a better deal?

your food bill could come down
do you need to pay to park?

The phone seems mental. I have an iPhone 8. Does everything I need it to and was second hand off eBay. Don't see the need for a brand new phone. For 4 of us for phones on sky mobile (broadband thru them too) we get for £18. Plenty gb and in fact we have nearly 30gb sitting in the piggy bank to use.

How much is on the credit card and how long left to pay it @stormynight1? I would cancel the gym and put the 55 towards paying it off! Then you'll have 138 per month

Also can the phone be reduced...132 is extortionate!!

Buying a sofa on HP is a luxury and a sinking cost. A decent suite in a furniture charity shop costs approx £250.

Cancel gym membership and use that towards credit card payment. Walk when you can and go swimming once or twice a month.

Look at when your phone contracts end, then go sim only.

Why do you have costs for WiFi and Internet? When your contract ends there are plenty of good broadband deals about.

Have you checked your eligibility for UC?
@https://benefits-calculator.turn2us.org.uk

Car lease seems extortionate.

Are you buying on HP to impress others? Think about where your priorities lie - social status or financial stability?

@Alwayscheerful

What is waste? Is boiler a service plan. Phones , pay them off and switch to sim only £10 / £12 each Why internet and wifi?

Waste In our area in South East you have two companies providing water. One for the clean water. One for the waste water that they deal with. I would think that this is what the op means.

I don't understand why you've run up so much debt when you have savings. It would be cheaper in the long run not to do this.

132 quid on phones????

SIM only as soon as your contracts run out....buy a decent phone case and look after your handset....decent SIM only deals are about 12 quid a month....you don't need a new phone every two years....also I got some great tips here....

beamoneypro.com

Phone could be reduced
Credit card should go entirely
Gym could go entirely
Car lease could be reduced/find cheaper transport alternative to lease

Also what do you do at the gym....if it's just cardio it's a compete waste....you could go running or cycling instead.....if you do resistance training such as weight then again you do t need a gym for that....have you heard of calisthenics....basically very little equipment and uses body weight exercises.....sack off the gym and do it at home

how much savings do you have and what debt do you have? It’s pointless having savings unless the debt is 0%
it’s very simple OP…reduce/get rid what you can (whatever you decide that to be) and pay off the debt ASAP! And don’t go buying Apple Watches etc on contracts again…it’s ridiculous and so unnecessary

What a complete non issue. You're about to get loads of money in 3 months and also have your car, credit card and sofa paid off? Get a grip OP there are people out there actually struggling