Critique my Budget!

[kravestix]

After essentials which includes bills (direct Debits, mortgage, gas and electric, insurance, tax, etc.), food and transport, we have £507 left a month.

£100 Emergency Savings
£50 Monthly Spends (to include, car repairs, mots, DIY, barbers, clothes for DC)
£100 Holidays
£50 Days Out
£80 Chrisrmas and Birthdays
£50 My personal Spends
£50 DH personal Spends
£25 DC Savings

=505

Does this seem OK? Are there things I'm missing? Obviously I wish we had a bit more available but this is what we've got to play with.

It would be a very frugal existence if you ask me. Once I have paid all the bills and food shopping/petrol. My spends budget is £50 a week for 2 children and me. That's days out. Hair cut for DS. And bits and bobs it really doesn't go far.

I think it seems to close to the bone and a bit miserable.
You're not going to get much for £50 a month for days out for a family of 7, 2 ice cream each a month maybe.
Can you or dp maximise your income? Could he do cars for friends and family on the side, could you do anything to increase what's coming in?

Nosquirrels , saving for child is wise, maybe £15 or £10, just needs to be re thought.

If you’ve got very little coming in, and 5x DC, then actually I think nothing (£0) is probably better than £15 or £10 between 5.

Better to use that money to put towards ‘unexpected’ expenses - clothes, shoes, stuff required - and then days out etc.

Ultimately you should only save a dedicated amount for your DC if you can afford it on top of your own outgoings and what the kids need here and now.

How big is your emergency pot? Ie if it needs building up to somewhere you feel comfortable then the £100 is needed but won’t be forever. Likewise if it’s where you feel reasonable you could reduce the contribution.

Are you the poster who was recently asking if YWBU to want to go on holiday to Thailand Mauritius on your own ?

I think the monthly spends will depend HUGELY on what it is your budget is providing and what the dcs' Mum provides out of her income and the maintenance your oh pays..

So things like hair cuts I would think would come out of the resident parent's budget. Then there are all the things the dc need - a gift for another child's party they are invited to. A contribution to various things at school (x4 dc).
What about subs for anything they belong to ? Cubs / Brownies / dance / sports teams etc. What abour school trips.

I think £1200 will be quite a tight budget for a holiday for 7, but, OTOH, I think £600 is a lot to spend on days out. So it is down to each family's preference.

If your budget is that close, and you don't absolutely hate the new job opportunity, I'd take it in a heartbeat.

You could save for kids, have better days out/times with family, and even start saving in a private pension.

@Jonesy88

How big is your emergency pot? Ie if it needs building up to somewhere you feel comfortable then the £100 is needed but won’t be forever. Likewise if it’s where you feel reasonable you could reduce the contribution.

It's 0. Everything is zero at the moment.

@Kite22

Are you the poster who was recently asking if YWBU to want to go on holiday to Thailand Mauritius on your own ?

I think the monthly spends will depend HUGELY on what it is your budget is providing and what the dcs' Mum provides out of her income and the maintenance your oh pays..

So things like hair cuts I would think would come out of the resident parent's budget. Then there are all the things the dc need - a gift for another child's party they are invited to. A contribution to various things at school (x4 dc).
What about subs for anything they belong to ? Cubs / Brownies / dance / sports teams etc. What abour school trips.

I think £1200 will be quite a tight budget for a holiday for 7, but, OTOH, I think £600 is a lot to spend on days out. So it is down to each family's preference.

Yes, I was that poster. Originally I was going to put £200-£250 away for holidays. But I put it down to £100 trying to be sensible. £600 for days out does seem a lot. But with 5 DC, days out that aren't free are quite pricey.

@Nancydrawn

If your budget is that close, and you don't absolutely hate the new job opportunity, I'd take it in a heartbeat.

You could save for kids, have better days out/times with family, and even start saving in a private pension.

DH and I have decided that my going for the job isn't a good idea. But hopefully in a few years my income will be increasing to higher than DHs.

I'd be going for the job if it was at all do-able if my budget was this close.