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Budget

2 replies

coco1985 · 23/06/2021 16:10

Hi ladies.

Looking for a little advice, background info. My partner works , I am now a sahm. After bills, food shop and petrol we are left with £700 a month. That would be for clothes, emergencies, days out , presents etc etc general living .

So I'm asking what would you do with that money ? How much would you save etc ? Is that a decent amount after bills and food.
And how do other people manage their money and what do you put away etc.
Or what do you do with the money you have ?
Looking at the best way to save but still have enough for other bits.
Thank you 

OP posts:
nannynick · 23/06/2021 16:46

Month 1 - all to emergency fund.
Month 2 - top up so emergency fund is £1000. Remainder to sinking fund(s) such as Christmas, Winter Clothing, Car Maintenance/MOT/Insurance.
Month 3 - As much as possible to smallest debt and remainder to sinking funds.
Month 4 onwards the same as Month 3 until all debts are gone.
Once all debts gone, increase emergency fund to 3-6 months of expenses.

This is roughly the equivalent of the Dave Ramsey Baby Steps.

meaningfulmoney.tv/2019/03/15/dave-ramsey-uk-baby-steps-5mf037/
also see www.ramseysolutions.com/dave-ramsey-7-baby-steps

coco1985 · 23/06/2021 17:08

Should probably add we are a family of 6 x

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