Please critique my budget - freaking out

[financialworrier]

I'm a single parent about to move house and I'm really worrying that I'm going to be over stretching myself with the new mortgage, and I'm considering pulling out and staying put.

Can you critique my budget please?

Mortgage payment will be £900. But I have no savings really, the house will need me to spend money on it - new curtains, new furniture.

Income from salary of circa £3750 pcm.

Other expenses:

DS bus pass £70 a month
DS club fees £25 a month
DS lunches £50 a month
DS pocket money £70 a month
Dog walker £140 a month
Cleaner/childcare £312 a month
Mobile phones £40 a month
Life insurance £23 a month
Fuel £400-500 a month
Groceries £400 a month
Council tax, gas, electric, water £350 a month (estimated)
Internet - £20 a month
TV Licence - £15 a month
House insurance £15 a month
Misc subs - £30 a month

Total bills = £3575 a month!

Leaving less than £200 a month for Christmas, savings, holidays, new clothes, shoes etc.

This isn't sensible is it?

OP, I posted up thread about our similar finances. I have twin 13yr olds.

Just posted on another thread about moving to the bigger house and wishing we'd stayed put as it would have been more affordable. There is indeed more to life than a posh house (although problem neighbours might swing it).

That said, without any extras like pocket money, lunches, cleaners, dog walking, we manage fine and can keep two cars running.
A bigger house meant higher bills, more rooms to clean (myself, but my standards are low) and higher council tax, more to furnish etc.

Good luck to you and DS with this new chapter in your life too.

I thought a hybrid didn't need recharging ? That they ran off petrol but recover otherwise lost petrol energy as electricity during braking ?

Might be wrong.

@Pomgirl relieved to have found someone else who also spends the same on food. I don't even feel like we're that extravagant with food either but I'm obviously going wrong somewhere

@HandsOffMyRights thank you.

Kirsty

that's how my hybrid works, its charges its battery when I brake (sometimes if its got less charge it gets a bit noisy and does something that charges the battery - I dunno the technical term for that!)

mine doesn't ever need plugging in or anything like that

I wouldn't move if I were you.

Why not redecorate instead and see that as the fresh start?

Think of the 'no's' you will have to give your son over the years due to not having the money.

Invest in your pension more, put money aside for DS driving lessons and holidays. You will be able to help him more when it comes to uni etc.

This is much more important than a fancier house.

Good luck whatever you decide!

Will the new house have a spare bedroom? If so then get a lodger. Under the rent-a-room scheme you can charge up to £7500 per year without paying tax on it.

Yep I think I've decided to stay put! Can re-assess in a few years.

Thanks all!

Don not take on such a high mortgage, how much is your current one?
You could reduce other costs by shopping at Lidl or Aldi and making your son packed lunches.
Also switch mobiles to Smarty: £7 per month!
Change cars to a more economical one. Get son to help with housework and reduce cleaner’s hours... then he is earning the pocket money.

*I would not take on such a high mortgage

My eldest Dd gets 70€ a month and pays for all her clothes from that and everything you mentioned. School clothes and sports clothes included. He's having a laugh on that much money.

If your new house is a 3-bedroom, why not get a live in au pair and then that solves your dog walking/housekeeping at a stroke and saves money. Live in au pair is about £80 per week - they can clean, do laundry, walk the dog and provide company for your son. Your food budget should cover an extra person with no real difficulty. I've had au pairs before and a good one solves so many problems.

I love it: OP asks a question, then says NO to all responses.

What is your current mortgage payment?

Isn't that always the way managedmis? I think she'll be sorry but what can you do?

I love it: OP asks a question, then says NO to all responses

I think it may have been a stealth look at how much I earn boast!

DS bus pass £70 a month
DS club fees £25 a month
DS lunches £50 a month - Packed lunch every other day?
DS pocket money £70 a month - My 12 yr old gets £25 pm. My 15 yr old gets £40 pm. £70 is way too much!
Dog walker £140 a month
Cleaner/childcare £312 a month - Do you really need this?
Mobile phones £40 a month
Life insurance £23 a month
Fuel £400-500 a month
Groceries £400 a month
Council tax, gas, electric, water £350 a month (estimated)
Internet - £20 a month
TV Licence - £15 a month
House insurance £15 a month
Misc subs - £30 a month

Sack the cleaner - list the chores and you do what you can in the week/ends - and son can do his jobs evening/weekends.
Sack the childcar - he is 12. He can walk himself to school/be at home alone if he is sensible enough?
Sack the dogwalker - son can do this before/after school and weekends.
Pocket money - Stop that too. He has his clubs paid for already.
Groceries - this can be halved. I spend £260 a month for me, dh and two kids. This includes cleaning products.
Fuel - wow thats alot! - Does work not help you out with this? Can you get a home set up for twice a week?

I've said no to getting rid of childcare and dog walker. If I was on another thread leaving my child alone for 3-4 hours a night 5 days a week, or leaving my dog alone for 7 hours a day I'd be crucified! For those suggesting cutting those, we obviously have different values and I prioritise my child and pet's wellbeing. So no, I can't cut those without being a dick!

All other suggestions I've taken on board, particularly the grocery one. I'll think about cutting pocket money but tbh I bet most people don't hand out much less than that a month to their 12 year olds in pocket money, a couple of quid here and there for the bus/cinema etc.

I'm also going to look at a more fuel efficient vehicle so I have hardly avoided all suggestions.

And if I wanted to boast about my salary I could have started a thread about that under my usual username it's hardly sky high and tbh doesn't look that great against my outgoings as you can all see - nowt to be proud of!

@financialworrier it's a classic lifestyle vs house question, if you're happy with your lifestyle choices currently and don't want to sacrifice any I agree staying put seems the safest option. Plus, what about holidays and fun money? You have more freedom with the smaller mortgage. We chose lifestyle over house and don't regret it, we'll upsize when finances are more fluid.

@namby yes I think you're right.

To all of you feeding a family on £50-£60 a week, HOW?!

I have just been to Aldi for a quick top up shop following this post earlier. £30!! And no meat purchased either! Seriously....

The food shop is easy, plan meals, don’t buy lots of snacks, batch cook on a Sunday. Two people £50pw is easy.

@Bookworm4 what kind of meals are you eating to stay within that budget? Do you have meat once a day?

And does that £50 include your toiletries and cleaning products too?

I’m a vegetarian but there is one meat eater but no need for meat every day. Lasagnes, curry’s, fish pies, moussaka, fajitas, all easy made and able to be batch cooked.

Posted too soon, if you break it down; you are spending £14 per day and that doesn’t include lunch. Breakfast is cheap; cereal, porridge, toast, 2 ppl don’t need £10/12 per night on dinner. Even with meat you can economise, buy in bulk at farm shops.