£412

[headaches80]

Hello everyone.

I’m quite meticulous with budgeting.
mortgage rate has gone up again. I’ve just done my forward planning calculation.

After all bills/ direct debits/ standing orders (all essential stuff like mortgage, energy, c tax, TV licence, life insurance) I have calculated that we have £412 per month left.

This is for food, clothes, gifts, any school trips and unexpected bills. also to include petrol.

I’ve not included the insurance (car, home/contents) etc which I tend to get annually (I’ll cross that bridge when I come to it).

I spend around £30 a fortnight on petrol (getting to work). I downsized my car to pay for Christmas.

How are you splitting your £412 in my shoes? This is joint income, 2 adults and two teens. Both adults working full time.

I’m thinking

£200 shopping
£60 petrol
£40 unexpected/ school trips
£100 left over (will get eaten up no doubt)

its not a lot :(

I know I can sell stuff on Vinted. I don’t have loads of extra to sell and intend to save this option for use ahead of birthdays etc, I made £200 recently ahead of sons bday.

I’m thinking of ditching the TV usage (making licence fee not nec).

if Martin Lewis is correct, I’ll save 17% on energy bills. This will save me an extra £42.50

Any extra income streams or savings that I’ve not thought of?

Yes. That was a typo. It’s gone up £60/m, to £310 from £250, although I notice that the April payment was £318.34, I think the first payment if the financial year is always more. We don’t pay c tax in Feb or March here.

Could your husband earn more?

As you say you live in a nice area - could you put one bedroom on airbnb and the teens share when you have a guest? Or get a lodger? Either way you can earn up to £7500 tax free per year doing this.

Thank you for your response.

I’ve filled in some of the blanks for people. I’ll provide fuller details tomorrow as it’s all scribbled in a notebook for the last few months.

I actually did some market research (I signed up to a company but I think you can only participate once a year) and earned £160 in Amazon vouchers in January. I’ve been using this to bulk buy toilet roll, a bit like your COSTCO suggestion! I’ve about £40 left I’m my Amazon account :)

No private bathroom! But… will definitely do this if we still manage to be here when the children leave home! My brother in law is doing this at the moment and loving it.

Just to add that I’ve been teaching for 15 years and my take home (no student loan) is about £2300 a month.

I’ve not been teaching £15 years.

I guess you’re on M5 or M6?

I don't think it was unreasonable for people to surmise (correctly) that the actual issue (and therefore the best place to focus any solution) must be an extremely high mortgage. Sorry op, that must feel rotten. But I think your energies are best focussed on exploring ways to get that down.

@AliceMcK - I did read what you'd written, but the thread was asking if the OP could feed 2 adults + 2 teens on £45 pw.
You then shared that you'd dropped £45 worth of food at the food bank - but that wasn't really relevant as the OP wasn't asking if someone could do a shop for a foodbank for £45, she was asking if she could feed her family, week in, week out, for that amount. To do which, you would need protein and lots of other things besides .

@headaches80 - people haven't been nasty on this thread.
You've come on and asked for help balancing your family's money. But then, people have realised what you've written doesn't balance with the figures you've talked about, so they've asked for more information so they can help you.
If anything, people have been incredibly patient, considering you've asked for help, but not been at all clear with the details of what you are asking for help with.

Sorry, that came across the wrong way. What I mean is that to be on M3 your take home sounds about right. It’s easy to see that with a large mortgage it could be a stretch.

Great you have a mortgage appointment booked. That is the crux of the problem.

Presumably you have paid a chunk off and the LTV has improved since you took it out?

Have you worked out the multiplier to your joint salaries now?

Thank you. I thought that is what you meant but thought others might misinterpret.

Again, I’m not wanting a political debate, that’s not what this is about. I love my job. I’m sure you do too.

Education has relied on informal solutions for far too long. I didn’t mention teaching in my initial post for this reason. I added it to respond to the work more hours/ do overtime/ ask for a rise comments (which I understand, but there’s the answer). My comment was more to those that suggested I ask for a raise or complain… to who, I ask? My headteacher? He is in the same boat and actually worked out his hourly pay (hours actually worked) the other day! The current strikes are exactly teachers putting their foot down (at my school, no one went on strike as no one could actually afford to!)- hey, there’s my little ‘non political rant’.

I love my job. I’m not going to get a job at McD’s earning £13 an hour, even though I’d probably be better off doing so. I’d hate it and go mad.

This is about how I survive on £412 each month.

We have a reasonable equity (mostly because we were gifted (by my mother) a sum to buy in the first place). It’s around 25% equity.

yes, a calculation of what we can ‘afford’, based on our income, comes in well below what we need. Yes, ironically, private rentals in the area would cost more (within the area we live).

I’ve done a few online calculators tonight.

I’ll put it all together tomorrow. Mostly to prove the horrible people wrong.

If op only gets £60 from a 6% pay rise that means she earns £1000 a month? Teaching assistant?

Thank you. On the whole, you are right.

I wrote the post yesterday evening as I was in despair (having calculated June’s finances). I then went to bed and woke up to some of the replies. I was in a rush to get to work and focussed on the few negative (and, frankly, unkind and bitchy) responses.

When I got home (trying not to be political but this was after a 12 hour day) and read what has followed, I was pleasantly surprised that most were positive and helpful (hence my subsequent response).

I’ve had some excellent ideas that have already put me well on track to make some changes. I actually feel really excited about getting my daughter on board with this too.

My overwhelming gratitude to those that have offered support, kind words, solidarity and the help that was asked for. I appreciate the kindness and the positive/polite constructive feedback. I’ve had a couple of private messages too (mostly suggesting that some people seem to make a habit of kicking others when they are down and offering kind words), I’m appreciative of these.

To those shaming me, accusing me of lying and mocking, then shame on you.

Read my above comment.

We pay tax , national insurance and pension contributions on our salaries. In the months (maybe two overnights per year) that I’ve been able to do additional hours (weekend residentials), around 40% of my hourly pay has been deducted (for tax.NI and pension). THIS IS NOT THE SAME AS THE 40% FOR HIGH INCOME EARNERS. THIS IS THE WORKER BEING PAID 60% OF HOURLY RATE DUE TO (20% tax)….. PLUS….. DEDUCTIONS MENTIONED ABOVE.

My estimation of £60/m increase if teachers get their 6% was an estimate. Don’t forget that tax, NI and pension also come out of any rise (to the person that said a £60 increase would equate to £1000/m salary). If my estimate was incorrect then I’m delighted

I hope you don’t teach maths.

A 6% increase on your gross salary will result in a 6% increase of your net salary, unless there are other implications such as a move in tax bands.

As an example, if you earn £2k/month gross and that works out as £1.5k net, your 6% will be added to the £2k and will result in a 6% percent increase on the net also- you’ll have 6% of the smaller amount (eg, the net pay).

Forgetting tax bands etc for a moment, if I told you I was doubling your gross pay, you’d expect twice as much money in your pocket because the net had also doubled.

What company please?

I hope that YOU don’t teach maths. YOU are wrong. Albeit, not an exact calculation, (I’ll include that tomorrow). I’m pretty accurate in my £60 a month rise (after deductions).

Message me and I’ll happily let you know

Rude

Rude

Rude

Rude