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Original poster

Anyone want to look over my budget?

90 replies

workingoutmoney · 19/12/2024 13:26

So my incomings are

salary - £1948 (after tax)
rental income - £611 (also after tax)

so 2559

Outgoings are

Childcare - £1100
Swimming - £132
Gym - £52
insurance (home and car) £35
Service charges £188
Savings £200
Phone £40

Total £1747

This then gives me £812

I am trying to pay back credit card debt too so have allocated £500 a month to this, leaving me £312 ‘spends.’

This is realistic, isn’t it? Out of that I have to pay for children’s food and entertainment, fuel for car, clothes and toys (but they should be set for a while after Christmas.)

OP posts:
Namechangedasouting987 · 19/12/2024 13:31

Do you not have to pay rent or a mortgage? Or utility bills and council tax?
I guess £312 for fuel and food and everything else is either high or low depending on how may kids, how old, and how far you have to drive for work/ school.... and what about csr expenses like servicing etc...

Overthebow · 19/12/2024 13:31

Where is your food budget? I don’t think £312 is realistic if it’s including food as well as the other things listed. However, your outgoings are high for swimming, gym and then you also save £200 so you do have wiggle room.

Original poster
workingoutmoney · 19/12/2024 13:32

All regular expenses are included above.

Food isn’t but the children eat three days a week at nursery and I guess I am hoping to feed them from the £312 left, but you’re probably right and it isn’t realistic. I do just really want to get this debt cleared though.

OP posts:
JoyousPinkPeer · 19/12/2024 13:33

Not really. What about:
Mortgage/rent?
Electric/gas?
Water?
Car tax?
Council Tax?
Car MOT/repairs

Original poster
workingoutmoney · 19/12/2024 13:33

I’ve included all my outgoings above.

OP posts:
Viviennemary · 19/12/2024 13:37

No mortgage or rent? Childcare costs are high. It's not what I would call a budget. There aren't many bills or regular expenses on it. You need to put all outgoings on it council tax? Utilities bills? Food? You need to think again and come up with a much more detailed budget.

Original poster
workingoutmoney · 19/12/2024 13:38

I feel like I’m on a loop here but I’ve included everything I pay above. I’m just trying to be organised and pay off this debt in the new year and I need to think about how I can do this as quickly as I can but also have to be realistic.

OP posts:
mickandrorty · 19/12/2024 13:53

Sorry but I don't think it is realistic, I think it will be very hard work and you will burnout very quickly on that budget. Maybe start out with paying £300 to CC and see how it goes? You can always throw more at it if you have it left at the end of the month! There's nothing more disappointing than chucking loads at a debt then having to take money out of savings or adding to CC because you have left yourself short at the end of the month.

Original poster
workingoutmoney · 19/12/2024 13:55

That’s so true and thanks - I think you’re probably right Sad

OP posts:
MrsSunshine2b · 19/12/2024 14:01

I think you'll find it tough to pay all food and incidental expenses out of £312. It also seems counterproductive to put £200 into savings when your CC debt it accruing interest- I'd pay off debts first and then worry about saving. If you scrap the £200 savings target and put £600 against your CC debt, £412 would be more realistic to live off, although it won't be much fun and finances will be tight.

Itgetsharder · 19/12/2024 14:01

workingoutmoney · 19/12/2024 13:26

So my incomings are

salary - £1948 (after tax)
rental income - £611 (also after tax)

so 2559

Outgoings are

Childcare - £1100
Swimming - £132
Gym - £52
insurance (home and car) £35
Service charges £188
Savings £200
Phone £40

Total £1747

This then gives me £812

I am trying to pay back credit card debt too so have allocated £500 a month to this, leaving me £312 ‘spends.’

This is realistic, isn’t it? Out of that I have to pay for children’s food and entertainment, fuel for car, clothes and toys (but they should be set for a while after Christmas.)

I’m going to assume that you have no rent/mortgage and that you’re possibly not in the UK so no council tax or water charges?

to be honest, I think it looks quite tight to include all of those expenditures in 312. Maybe you can reduce your savings for a while to pay off your debts. That way you will pay less interest. I know some people love the gym and at their own form of exercise or hobby, but is there any way that you could do this for free? Like it go for a run or do exercises in the sitting room through YouTube? 132 a month for swimming things are quite a lot is that for two children? Once they get to a good stage of swimming, do you really need to carry this on or are they doing it competitively?

TeenLifeMum · 19/12/2024 14:05

When does childcare cost reduce (when dc gets some free nursery hours), that’s when you can make a big dent in debt. Until then, chip away £200 a month and reduce the pressure on yourself.

Your insurance is very low and gym membership high. Do you use it?

Original poster
workingoutmoney · 19/12/2024 14:06

Thanks. Unfortunately I signed up for the gym on a whim and am tied into it for the next eight months: stupid I know. I wish I could cancel it!

Swimming is difficult because it’s so hard to get into, they are both still in a preschool programme and doing well so reluctant to pull them out.

I think for the savings it comes from the rental income which my parents left me … so it feels like a gift to my children from my parents (it is for their ISAs.) that probably is stupid though!

OP posts:
Original poster
workingoutmoney · 19/12/2024 14:07

@TeenLifeMum i know, I’m trying not to count down until DS goes to school! (September.) But the problem is I have to reduce some hours then and so that’s why I’m so keen to get rid of this debt.

OP posts:
Itgetsharder · 19/12/2024 14:08

Are you a single parent or do you have a partner? Can they help you a bit if so?

Original poster
workingoutmoney · 19/12/2024 14:10

@Itgetsharder i am married, hence the non payment of council tax and mortgage etc as he pays that and I pay for the childcare. But we’re arguing a lot about money which is why I’m trying to be in a strong position.

OP posts:
Gazelda · 19/12/2024 14:11

What about birthday gifts, haircuts, to subscription, car repairs, socialising, dental treatment, food etc. that'd be incredibly tight on 312.

FriendlyNeighbourhoodAccountant · 19/12/2024 14:12

The ones people forget are annual or ad hoc costs that end up eating into your monthly spends when they come out in one go... Car tax, dentist fees, haircuts etc.

Itgetsharder · 19/12/2024 14:13

workingoutmoney · 19/12/2024 14:10

@Itgetsharder i am married, hence the non payment of council tax and mortgage etc as he pays that and I pay for the childcare. But we’re arguing a lot about money which is why I’m trying to be in a strong position.

sorry if I’m being nosy but what are you arguing about? Specifically the fact that you’re under pressure or the fact that you have debts? I think he needs to be aware that any debts are both of your debts so the more you can work on it together the better. However, if that’s not possible, then you need to work on paying off the debt before making any more savings if possible.
Also again being nosy, but if you’re in a precarious financial position, why do you need to reduce your hours?

Original poster
workingoutmoney · 19/12/2024 14:14

I tend to get my hair done every ten weeks or so, but the childcare costs aren’t as much as that every single month because my children are TTO. So I’ve kind of incorporated that into my childcare costs, if that makes sense.

Car stuff is on DH. I can’t really think of anything else - next dental appointment isn’t until June.

OP posts:
Original poster
workingoutmoney · 19/12/2024 14:16

@Itgetsharder both really. It’s been tough. I’m not totally sure where to start but there’s probably fault on both sides. My debt isn’t actually loads (£3000) but feels a lot as I don’t earn much!

Reducing hours - this is because the wraparound at school isn’t brilliant. I am a teacher so it’s hard to be flexible, however I can reduce to two days a week but over three, so starting late and finishing early to get DS. I still have to pay three days of nursery for my other child though.

When they are both at school that won’t be too bad but the next two years will be tight.

OP posts:
Vinni8 · 19/12/2024 14:19

Confused by this set-up tbh. You said the leftover needs to cover food, clothes and toys children. Is your husband matching this money or something, so you only need to cover half those costs?

Original poster
workingoutmoney · 19/12/2024 14:20

I am a bit confused about what’s confusing to be honest.

OP posts:
Itgetsharder · 19/12/2024 14:22

@workingoutmoney I feel this is all very unnecessarily unfair on you. Maybe I’m wrong, but I’m under the impression that you feel like this is all yours to solve?
You need to sit with your DH and he needs to realise that this debt is not just yours you were married so it belongs to both of you.
Can he in any way change his hours to help with collection and pick up? Why again is this all on you? There must be something he can do. This is very unfair on you and I’m sorry that it’s that way. I think you need to be 100% honest with him sit him down and make a plan and tell him what needs to be done.

Vinni8 · 19/12/2024 14:23

@workingoutmoney it's just quite an odd way for a married couple to work things out

I was just trying to establish if that money you mention is to cover ALL of the children's food, clothes etc or if your husband will be paying for some as well, meaning that your left over money doesn't have to stretch so far