Spare Money

[tadpole73]

Thinking of going it alone, but worrying about money.
After paying all household/car bills, fuel, food, school clubs etc - how much money do you have left each month and how many children.
When I say spare money, I mean money that you have left to then buy clothes for you/kids, prescriptions, days out, car parking, dining out, etc
I'm just wondering how much is acceptable

Obviously household bills include:-
Household insurance
Rent/mortgage
Council tax
Water, gas, electricity
TV, mobile. sky, broadband
Car insurance
Contact lenses
Food
Petrol/diesel
Tv licence
Car lease, tax, servicing
Boiler servicing
Childcare
Kids clubs: cubs, swimming, etc
Gym/golf membership

Do you mean going it alone as a single parent?

I think it can all be relative to your income, so giving you a number of what my spare money is wouldn't be helpful as such. However I do understand that it can be a very difficult jump to make.

It's worth remembering that you may be entitled to things like tax credits or council tax discount, which helps. I also found that my water/gas/electricity bills went down a fair amount once exH left. Food bills will also reduce.

I don't run a car at all so that helps, but I only have DD so I'm not trying to transport more than one child.

All in all I have about 15-20% of my income left for saving or big expenses and the day to day costs you describe. I was honestly surprised by how well I've managed.

Entitledto.org.uk
That will tell you your benefit entitlement.
Work out how much your bills will be (rent, water, gas, food etc). Don't forget as a single adult you will get 25% council tax reduction. That should help give an estimate.
I'm not currently a SP but have been in the past to 2 kids. At times I was better off then when I was married

Hi Rainybo, yes I mean as a single parent.
I have taken into account all those reductions, swapping my car for a more economical one, using less food etc and the council tax discount, as well as benefiting from tax credits, child allowance I would get. I wondered if what I felt I needed spare was being totally unrealistic. It's not that I have a major social life etc, just know whilst married, every day it's something having to fork out for like birthdays, school one off events, one off plumber repair (as I'm a homeowner) etc

I do understand, I worried about all those things too. I found building the costs of the things you mentioned into my budget also helped so that they weren't so much of a shock when they arrived.

You sound like you've got your head screwed on, so have faith in your ability to manage.

Single parent too.

I work quite a lot of "savings pots" into my monthly budget so that I have pretty much all bases covered (£50 Xmas, £10 per child bday, £200 Emergency, £200 Holiday, £30 kids shoes & clothes and I keep a rolling slush fund for unexpected one off expenses)

After that I give myself £100 per week on a Wednesday. £35/40 of this goes to petrol, groceries average £30 for me and two kids and then whatever is left goes on days out, birthday party presents, treats etc.

Find it easiest this way and never feel flush on payday and skint towards the end of the month as every week is the same.

How much were you thinking for yourself?

Hi
Hamiltoes, after all bills, good, petrol I'd have £368 a month left to pay for Xmas presents, birthdays, clothes for me and my son, days out, eating out, prescriptions, glasses/dental, car parking, school collections, household disasters etc. Or I could rent a room out to give me an extra £350 per month (after taking their share of council tax off the rent, as I'd charge £400 per month). Id rather not have a stranger in my home tho, and fear £368 isn't enough to cover all that.

That's meant to say food not good!!

Good luck Tadpole

I had the same thoughts as you before I left my husband - and in the end the finances worked out ok, it was the emotional side of the split that was the most difficult for me and my son, which I hadn't expected.

As someone else has said, you sound like you've got your head screwed on. The freedom I felt from the split (financially and personally) was well worth it. If you feel unhappy in your marriage/relationship, and you're sure it can't be saved, then I wish you the best of luck. Life is too short to be in a situation long-term where you are unhappy.

You could probably cut down in places if needed, or look to increase your income if possible. For birthdays and Christmas for example, make an agreement with family/friends that you will spend less, or only buy for the children. People are generally understanding, if your happiness is at stake.

That seems plenty to me leftover but we are currently on a very tight budget due to paying off debt so dream of this much spare per month :)

If u didn't want to rent to a stranger could u get students? There are some companies where they are adults so no added workload to you but if there's problems you can go through student agency. My friend does this and specifies that she will only have girls and self catering.

Thanks for all your comments

I live in a small city and used to host students for 2 weeks at a time. They were between 15 & 18 that brought in around 18.00 per night.