Can we survive on £500?

[Ozster]

We are looking to move into catchment area for DD secondary school but it would mean taking on a much bigger mortgage (no surprise there!)

I've worked out that after ALL expenditures (mortgage,bills,petrol,food,kids clubs,childcare) we will have £500 left.

This £500 would be for days out/saving/emergencies.

I know it's not a lot but do you think I could make it work for a couple of years ?
I am at the beginning of my new career so my salary will increase each year.

I was thinking maybe £100 for days out etc and £400 save for emergencies?

Any tips and tricks ?

@Toilenstripes
The local school is awful :( kids smoking and swearing . I see them everyday on he school run
Of course If i didn't have the option to move to a more expensive house I would have to send her there
But this is why I'm trying to decipher whether I could make It work.

That sounds awful. Honestly I think you could make it work for a couple of years. Is there any way you can have a savings buffer for when you start? Are you looking to move next year? Sorry I haven’t rtwt.

Have you factored in that secondary school children cost more than primary school ones? From basic things like uniform costing more, to the things you're expected to provide as standard. And clothes will get more expensive as they grow. I found that savings from not paying childcare got very quickly swallowed up as they progressed towards teen years.

If a car is essential, I'd figure out, from past expenditure, how much that will likely cost you per month. Then do the same for every other essential expenditure (boiler service and repairs, clothing (basic not fancy) and see how much of that £500 you will really have left. It's hard to say if it's enough or not as we don't really know what it needs to cover. If any is left after essential expenditure than the question is perhaps what kind of life will the actual disposable income support and on balance is that the best option for you as a family - no-one else can really answer that.

Impossible to answer as we don’t know your lifestyle. If new cars, repairs, presents, etc have to come out of that £500, then it’ll quickly evaporate.

The local school is awful sad kids smoking and swearing .

I hate to break it to you, but every secondary school will have some kids who smoke and swear on the way home from school. My DC went to our local catchment secondary- Ofsted outstanding, really good school, very middle class area. It didnt stop some children having a fag on the way home or using the F word. If that's your only reason for wanting to.move into a different catchment area I would check out the home journeys of pupils from the "naice" school. You might get a shock.

Can't believe you think that threads like this should be deleted. Some people are quite anxious about having less money when you get used to a certain amount. Having £500 left would give me sleepless nights, doesn't mean I go round poking fun at people who have less than me.

@EmmaGrundyForPM

The local school is awful sad kids smoking and swearing .

I hate to break it to you, but every secondary school will have some kids who smoke and swear on the way home from school. My DC went to our local catchment secondary- Ofsted outstanding, really good school, very middle class area. It didnt stop some children having a fag on the way home or using the F word. If that's your only reason for wanting to.move into a different catchment area I would check out the home journeys of pupils from the "naice" school. You might get a shock.

This. Top 10 state school results in the county. Smoking and swearing not unusual. Smoking less so, to be fair. But both.

I feel like it's not enough as all your other expenses are fixed, if you have a big emergency, you might have to go into debt. Also try and have 3-6 mths of expenses saved in an emergency fund. Since you say your income will increase, I guess you could make it work.

Why would you not check other threads before posting? Looks goady tbh. Plenty of people have less than £50 per month left after the essentials.

Good point about about checking the home journey of the good school too.
The area I am in now, every other street smelled of weed. Lots of kids hanging out in groups and fighting etc it is an ex/council estate.

The area the other school is on is where we go for walks/ parks etc Iw net to college there too so I know the area . It's lovely feels much much safer .

I know you get good and bad everywhere but I don't want to knowingly send my children to a school where I know isn't great. Academically it is Ofsed 'outstanding ' but that doesn't matter

Ridiculousradish
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I think whether you can "survive" on £500/month is irrelevant because obviously you could, as many others need to.

The question is whether you are mentally able to forego a bigger financial safety net, and we can't help you with that.

@CrunchyNutNC well put. I couldn't articulate before I was so exasperated.

Survive comfortably and essential repairs - yes.

Shop at Waitrose, lots of meals out, new expensive clothes, expensive skincare, home improvements, all whilst growing a healthy emergency fund - probably not.

@MrDarcysMa exasperated ? Really ?

Yes, exasperated because of course one can survive on £500 spare a month after living costs.

I suspect you'll be fine on £500 per month.
But to be reassured, I'd do a budget to the nth degree. Add in absolutely everything. Then stick to the budget from now on.
DC are more expensive at senior school. Pricey calculators, uniform, backpacks. Expensive school trips.
Obligatory laptops/chrome books.
Cookery lesson ingredients.
Tech lesson resources.
Costly school dinners, growing appetites.
More expensive hobbies, or expectation of pocket money.

@MrDarcysMa You took the time to reply , twice so one would hope you also took the time time to actually read the posts. But you probably didn't considering your dramatic response.

The £500 isn't 'spare'. It is to cover emergency costs such as boiler or car breaking down, haircuts, uniform, MOT and car services.

And 'of course' according to you ? It's subjective. I don't consider £500 to be a lot as I am used to a lot more since getting a new job . But someone who just about makes ends meets? Yes £500 is a lot to them.