How much are you earning a week?

[saveyourtears4]

I own my own business, on average I make £4500 before tax a month (I work 18-22 hours a week) and my outgoings are £1000. £600 for business bills, £400 house bills. (My partner pays our mortgage). I have 30 free hours funded childcare and child benefit for 2 children. I honestly don’t know where my money goes. I’m left with nothing at the end of the month. It’s half term, I have spent £255 on food shop alone, that doesn’t even include what my partner has spent on food. My partner earns £4000 a month after tax. We have nothing left. How are people managing? what is the average monthly wage in the uk?

I dont understand how knowing other people's income will help you here. Sounds like a brag post to boast of earning £4500 a month from. 18-22 hours. If you genuinely need help only you can do this. Take how much you earn after tax, deduct bills and your food then look at what else you buy each month. There is nothing more too it. Only you know what you are spending on each month. What others are spending is irrelevant

No. I’m a very small sole trader. I put money aside for tax but that’s only about £1200 a year and my expenses maybe come to another £500.

You’re right @BrokenWingsCantFly And a plopper to boot. So rude to start a conversation, ask for info/advice and just dip. Probs didn’t expect a bunch of plebs to wander in and bring down the vibes.

I would argue that theyre not "earning" 4500/month, if they've not taken out business expenses yet.....but agree I dont think comparisons often help because everyone's expenses will be different. Although that seems a lot to spend on food, (especially for small children) if it doesnt include meals out

That’s A LOT of money you are wasting!
you need to lay out your whole budget! Here’s ours!
but to answer your question weekly I earn- 715.

Me 3100
DP 4100
CB 280
Total 7480
Housing
Mortgage: 1900.
Insurances(life, house): 150
Property tax: 40
Total Housing: 2090
Utilities
Electricity 150
Waste collection: 30
Broadband & TV: 70
Mobile phones x3: 60
Total Utilities: 310
Food & Groceries
Groceries & household food: 500
Dining out / takeaways: 200
Total Food: 700
Transportation
Fuel: 250
Car insurance & tax: 150
Maintenance & NCT: 100
Public transport / Parking: 20
Total Transport: 520
Education & Kids
School books, uniforms, fees: 50
Activities, sports, clubs: 50
Pocket money/treats: 60
Total Kids & Education: 160
Entertainment & Lifestyle
Family outings, hobbies, gifts: 200
Subscriptions, books, etc.: 60
Miscellaneous expenses (haircuts,nails): 60
Personal spends: 200 x 2 = 400
Total Entertainment: 730
Savings & Miscellaneous
Emergency fund / Savings: 2,000
Holidays (monthly allocation): 500
Clothing: 200
Miscellaneous buffer: 260
Total Savings & Misc.: 2960
TOTAL MONTHLY SPENDING: 7,480

I dont seem to have that option.

Ah ha, Easily done. My maths is quite good, and I can work out a lot of reasonable normal/basic stuff in my head quite well. I can often estimate what our food shop is going to come to at the checkout.

DH is the opposite though. He would have done the same kind of thing as you. Some 15 years ago, we were going to meet an extended family member of his who he hadn't seen for about 12 years. They lived in Barmouth, in Mid-West Wales, and we lived in Worcestershire at the time. DH said we're going to meet 'half way' at Lake Vrynwy. The Lake was around 85 miles from us, and 40 miles from his relative!!! He swore down that it was half way!!!

No harm done though, as it's beautiful there. 😆

Knowing what other people earn isn't going to help you - looking closely at what you have spent your earnings on will. The average household income in the UK is lower than yours.

(Btw, why are you quoting your income without taking costs of the business off? Are your business accounts in a muddle?)

Household income £4500, tiny mortgage, 1 kid. Save £1500-2000 a month. A good life doesn't have to be expensive (certainly not up north!).

Foster carer - I earn just under £1000 a month, plus a £250 a week allowance for the child I look after

Dh was made redundant 6 months ago so he gets UC at £700 ish a month, I'm a TA and earn about £1200 a month so that's £1900. Mortgage and utilities (excluding food, petrol etc) come to about £1700 which leaves very, very little for anything else.

Yep.first thing to do.

Do it for a whole month and you'll see where the waste is.

So you take home around £3200 and only have £1000 outgoing? So £2200 left, and you don’t have enough money? And your partner has no money at the end of the month either. You need to make a list of everything you’re spending and cut back. £225 for one weeks food plus whatever your DH spend on food is ridiculous.

Well you are obviously spaffing it away on something! Write it all down and give us the list/details

You definitely need some sort of budgeting information. We earn quite a bit less than you and are able to save quite a bit now.

I have two teens (one 6ft boy!) and don’t spend anywhere near that on food. We budget £150 pm, typically ranges from £110-£150.

150 a month total on food with two teen boys?! That's impressive. Any tips?!

I thought it must be a typo, and they mean per week? I spend 120-150/wk on 2 adults, 2 teens (neither are 6ft!) and 2 cats

You can use Google to find out the average weekly wage in this country.

What I earn is absolutely none of your business.

Yeah, that does sound much more feasible!

Instead of asking what other people earn, it might be more helpful to speak with an accountant.
You can find out what average earnings are and they are a lot less than your income.

If you haven't taken off business expenses or bills then its not correct that you've earned 4500.

It would be helpful to separate business and personal expenses , and then also look at outgoings. It's pretty easy with banking apps to see where/how much you spend

Oh I do love a good stealth boast thread. 🍿

@Sweetandsaltycaroline & @Mt563 - yes typo sorry! I meant per week but still a lot less then OP with two toddlers in nursery.

@Statsquestion1 I love how you copy and paste that to every single budgeting post. Impressive.

Hmmm - is that the case @saveyourtears4 ???

Why do I feel so sceptical this afternoon?

I think your thread needs to be about what you are actually spending on @saveyourtears4 . How much is your food shop each week? Your bills sound fairly cheap so where is your money going?