Help me budget please

[jd88123]

Hi, I'm looking for people to give me ideas on how to budget. I've deducted my bills, food and fuel (which is an estimate) and should have around £1400 left for the month but for some reason I am always skint at least two weeks before pay day. This amount is calculated for July as I know what my salary will be. By the way I know this is pathetic as its a lot of disposable money. I try to put in to savings but I always end up transferring back. Online shopping is my go to. I also have my Daughters birthday to pay for. Any tips gratefully received. Thanks 😊

£1400 is a lot of disposable income.

How much roughly do you spend on online shopping?
What are your beauty spends - nails, hair, lashes, waxing?
Do you eat out often?
Do you buy lunch/coffee if you work in the office?

I would suggest you use a budget sheet to list all your outgoings from fixed expenditure to variable expenditure. You will then be able to identify what you have left and in which areas you can cut back on.

£1400 is a hell of a lot to get through in such a short period if you are always skint again 2 weeks before payday!

The obvious answer is to cut out or cut down on the online shopping! What are you buying, stuff you actually need or stuff you can actually do without?

You should ideally budget for birthdays and occasions such as Christmas - ideally work out how much you spend, divide by 12 and put that amount away each month.

As the PP says, you need to go through your bank statement with a fine tooth comb and worlk out exaclt where your £1400 is going.

These thread are posted very frequently and people pour their advice out so generously. I suggest you take a look at some of these threads as your situation is no different to these people's and the advice applies -

www.mumsnet.com/talk/legal_money_matters/4548507-how-to-manage-this-budget-and-spending

www.mumsnet.com/talk/credit_crunch/4556980-good-budgeting

www.mumsnet.com/talk/legal_money_matters/4571000-has-anyone-whos-been-crap-at-money-changer-it-around-later-in-life-and-how

www.mumsnet.com/talk/_chat/4561232-what-am-i-doing-wrong-on-this-salary

@Lovinglife45 it's mostly online shopping for various things from home items to stuff my daughter wants she has expensive taste and asks for hand crafted items off etsy for her hobby. Also take aways and eating out are an issue. I'm a busy mum and ordering in is much easier. Have started to healthy eat so hoping that helps reduce the food bills.

She has expensive tastes but you can't afford those tastes.

Most of us are busy but you shouldn't be so busy you can't provide a meal for yourself and your child. That's a pretty basic requirement of being a parent.

It'll be good for your dd to have a craft budget too, maybe she'll find cheaper alternatives?

I've found de registering from marketing emails helps curb online shopping a bit.

For dinners, it helps to curb takeaways if you have a few frozen or similar in the freezer. A lot of tacos or wrap based meals only take 10 mins - I sympathise sometimes I've got zero mental energy left by 6!

You could keep spending on things you like but budget an amount to spend, for example £150 per month on takeaways/eating out etc.

@QuillBill she is very fussy with food and I agree it is my requirement to do this, unfortunately having depression makes it hard to find motivation but like I say we have been eating more healthy since I am starting to feel better with the nicer weather. Its also hard not to buy the things she asks for when you feel guilty already.

@greywinds thanks they are both good ideas. We have tried crafting the masks she likes but it's very hard to get them to the standard of the professionals. They are "furry masks" and I've no idea how the good crafters make them. You tube makes it looks easy but it's not. I'm hoping the two she has will suffice for now!

@OompaLoompaa that's a good idea setting a takeaway budget. Thanks

How old is your DD?

Fine to spend money on her and buy food she likes but you need to cover the basics first, including savings for annual and irregular expenses like insurance, holidays, Christmas etc.

On your income you should be able to save a decent amount, overpay mortgage etc so you have a financial cushion if you can't work. Also save for DD University or help with setting up home, driving lessons, first car etc.

It's really quite irresponsible to just spend all your money on non essentials when you have a good income. Sorry if that sounds harsh but you'll really regret spending like this in later life if you find you don't have savings when you need them.

Definitely buy in some easy food like nice ready meals, bagged salad etc to avoid ordering in. M&S do a stir fry offer for £6 which is good value and takes minutes to prepare. That sort of thing.

With all this online shopping, you must have so much stuff, is there anything you can sell? Put your energies into that rather than acquiring more stuff?

i would ingrain it in my mind that 1400 is 46 a day.
be it online, fuel, work place gift, or any other fee your limit is 46 (46x30 is 1400).
if you want something worth more than 46, you need to wait 2 or 3 days to purchase it (ie fancy shoes or purse).
IF you don't spend your 46 a day, you can add it to your savings be it 5 or 15 (assuming you have all your services available online and can transfer money) once in the savings you don't touch it (unless an emergency),

I know that I give myself permission to buy things for others (kids, house, pets) more often than myself, but really I'm buying more than they need too. That's worth mulling over.

budget planner

Use this budget planner to work out your income and expenditure.

Work out how much you spend on birthdays, Christmas, holidays, clothes etc and set up a direct debit to a new account to save for these.

Add in less common expenditure such as hair cuts, mot, car tax etc and put money aside each month for these also.

see what money you have left over, and set budgets for hobbies, takeaways etc.

Start saying no to your daughter?

@BarbaraofSeville I'm quite lucky that my mortgage is paid off in 7 years when I'm 40. I do have savings for my Daughter for uni or a house deposit and also an isa she has money saved in so that's not an issue. With regards to selling things I'm not sure any of it is really sellable. A lot of clothes and shoes that would only get a few pounds on vinted. I usually just give to charity. I love m and s food though and do go there now and again as also have dietary requirements and they do a nice selection.
Hopefully next month I can budget better as I have a holiday to pay for in November which is pricey!

Set your daughter a craft budget
stop yourself from impulse buying
Set yourself a takeaway budget
start saving a set amount each month

I have a lot less disposable income than you, two children who do extra curricular clubs that seem to cost extra for medals, kit etc. I’m also saving for summer holidays and Christmas. My children ask and I tell them if they have x they can’t have y or need to save up.

You need to set your daughter a good example otherwise she’ll be like this. It sounds like you spend on her because you feel guilty but she’ll do the same, spend to deal with emotions.

I've been using YNAB for 2 years. Its paid for itself in the first month.
2 years in and my life/finances etc has radically changed because of it. It was recommended on MN on many threads over the years - for good reason.

Ultimately you are in charge of you and your daughters spending. I think more awareness of where your money goes will be super helpful