Morning guys,
I am trying to get organised for the new year financially. Our current situation is that we are married, 3 kids aged 2,8 and 13. We own our home ( mortgaged) and both work in decent jobs. I am very grateful for what we have and know that a lot of people would be envious of my life - I don't take that for granted.. however I am feeling a little worried about our money and how our budget is going to look for the next 3-4 years.
Our mortgage has increased quite a bit. We don't really want to extend the term as dh is older and will already be 65 when it's paid off. We are also incurring some child care costs, along with the usual cost of living things - everything seems so expensive!
I have spent the last week writing a detailed budget plan. I have been careful to include those hidden expenses - clothes, shoes for the kids, car repairs, prescriptions etc. I am confident that I have covered every single expense. I have also budgeted £120 per week for food although I can actually do it for around £100 if I meal plan. I have also included an amount for birthdays/christmas. We have decided to not include holidays as we can't afford one! We have included a set amount for emergency house repairs - new washing machine etc etc.
After every single thing is accounted for we are left with approx £265 per month as truly/fully disposable income. This seems a very low amount and this worries me. It also makes me feel as though there isn't going to much in the way of fun.
Things will change in a few years when child care costs end and we have created a few debts etc.
I know that I am lucky to be able to make ends meet, but I can't help but feel stressed over it. AIBU?