how much do you need to live on

[user1496940061]

Hi
I'm a single parent with 2 young kids.
I have £550 per month to live on after all the bills.
I find that diffult to live on - andy Advise on how to be smarter with money - thanks

Gosh, I really feel for all of you living on these tight budgets. It has given me dos for thought

Food for thought!

Your problem is that you've not had to budget before and have seen a big drop in disposable income. When you've been able to spend freely before, now you have to think very carefully. That needs a big change in mindset and will take some getting used to.

You can save huge amounts by taking your own food, which is very expensive at attractions. You could easily spend £20 on lunch for the three of you when it would cost less than a fiver to take stuff from home. If you don't have one already, a coolbag and a couple of small ice packs will be a good investments.

Also look for vouchers/2 for 1s etc for entrances etc. There's nearly always something. Also work out what you can do locally that's inexpensive. No need at all for your DCs to miss out on things, just need to look at it a different way and remember that it doesn't have to cost a lot to be fun. Look on your local council website. Our city has loads of country park type places that are free or very cheap to enter and park.

Your absolutely right.
I now have the house to manage by myself yet losing 35% of income !
It will take time but the advice has been great
Thanks everyone

Have you looked at reducing all your bills, cancelling sky etc to free up extra money? If you haven't done this before it can really be worthwhile.

Have a look at: www.moneysavingexpert.com/banking/Budget-planning

Also sign up to their weekly email to learn a different money mindset over time.

Where do you do your food shopping? If you can get to Lidl or Aldi, your money will go so much further than Waitrose, Tesco or Sainsburys.

If there are attractions you like to visit regularly, annual passes can offer a good saving. Sometimes you only need to go 2 or 3 times in a year for it to be worth it.

Yes i have done that. Scalled back on all what I can. Just kept the gym as my way to keep busy when I don't have the kids

And I use a mix of Asda and aldi and Lidl

Think it's a matter of new mindset and being more imaginative. Maybe drive when out with friends to save a few £ here and there.

TBH that seems a reasonable disposble income to me. I take it that's including tax credits/ child benefit etc.?

That's what's left from salary once all bills are paid !

That's what's left from salary once all bills are paid

So you have child benefit and possibly tax credits on top of that?

No I don't as I don't qualifly for any extra benefits

No I don't as I don't qualifly for any extra benefits

If you are earning so much you don't get child benefit then you must have some level of outgoings to only have £550 left for the month. Perhaps you need to look at where you are spending.

You must get child benefit?

BzyB how on earth do you manage to feed 4 people, one of them a teenager on less than 50 quid a week?? That sounds hard.

You aren't over £60k and only have £550 a month left? How much is your mortgage/rent?

I have large out goings!
I have taken on the house by myself which is a big challenge - agree it may need to be looked at!
The Ex gets child allowance.

*earn