Anyone want to look over my budget?

[workingoutmoney]

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.)

He doesn’t see it like that and to be fair it is in my name and mine alone. I know it isn’t the MN way but we do have separate finances and that won’t change.

Are you and your DH paying the bills fairly? Do you have the same amount of money left over every month?

I see @Vinni8 no, food is a bit ad hoc, whoever happens to be going to the shop / supermarket will be given a list if DH is going or I just get what we need if it’s me. So that’s probably fairly balanced.

I have so many questions, but as you asked about the amount to pay off the debt. I would take 10 months to pay it off at £300 a month.

And then after it's paid use it to go towards savings/pension/escape fund

You should move the money you’re getting from the rental income from savings to the debt.

Why are you and you alone paying for childcare and your kids food?

Yes stop saving and pay off the debt.
ask dh if he will pay half of swimming lessons perhaps?

Because DH pays for the mortgage and the other bills.

I probably should put the savings towards the debt, just feel I should be putting something aside for them.

Lots of questions and confusion here too. Why are you and DP arguing about money? Like what are the arguments about?

I think it's very noble of you to want to save £200 a month to honour your parents/provide for your children, but a break of a few months isn't going to make an enormous difference. I would put that £200 towards your debt at the start of the month then chuck any cash you have left the day before payday towards it as well. Once that's paid off you can continue to add to your savings.

I get how you feel but right now your priority used to pay off your debt. You can put that aside once your debt is paid off and you can do it without any issues knowing that you have no debt. And you will feel much better for that.

Thanks, that probably is sensible for the next few months anyway.

I know how we do things isn’t the MN way but it is just how it is.

What is the interest rate on your debt?
What is the interest rate on the kids’ savings accounts?

You need to put on your own oxygen mask before assisting others around you.

I would recommend The Budget Mom methodology (YouTube) and / or YNAB (app) to help you budget/stay on track.

When you say childrens food, do you mean for a whole month for every meal other than the 3 a week at nursery? Do you need to buy your own food out of that as well? How often & how far do you drive?

I’m on maternity leave currently but when I’m working and having to drive into the office I spend around £150 a month on fuel so if I was on your budget that would basically leave £160 for anything else. If you’re putting some of that money aside for birthday/christmas that would take it down to maybe £100 (£60 a month towards those things), so £100 a month for food for kids. If that only has to cover the odd sandwich etc then it’s doable but if that’s got to cover breakfast, lunch 4 days of the week and 7 dinners a week then it’s not doable really as it would be about £25 a week.

Do you have to pay for those? Thanks.

Yeah I would be using the money that you're putting into savings towards your debt. Once you're debt free in 6-12 months then you will be able to top it up...

I’d say if you’re a teacher with the potential to bring home over £3000 a month, the problem is the number of days you currently work. Can’t you go to 4 days but your partner or any other family help with childcare? Or is it all on you? Is there really no breakfast club or after school provision at all at nursery/the primary your child will go to? We did extended hours til 4 at nursery. Then I worked again after bedtime doing planning and marking etc. One of the good things about teaching is that you only need to be “on site” as it were from 8/8:30-3:30/4!

:So in theory it’s for three meals a day four times a week but like I say DH does pick up some groceries. So it depends really. I tend to make a main dinner like shepherds pie or lasagne or casserole and then lunch is more beans on toast or similar so not too expensive. Neither are big on snacks thankfully.

Fuel is probably around £60. I don’t live far from work but I do have to drive pretty much everywhere because we are quite rural. DH is a Costco member and will sometimes fill up there though.

I wouldn't be looking to reduce hours...you say the wrap around isn't brilliant, does that mean it doesn't fit in with your work, or you don't like it?

It’s all on me @adviceneeded1990 , there really is no way around this.

Thanks @Starlight1979

There is some wraparound but the problem is the mornings. The wraparound only starts at 8 and the traffic around my school is quite honestly horrific - I don’t know how the people on the road itself manage! The road the school is on is gridlocked from 815 onwards, so I’d be hitting it at precisely that point and wouldn’t get to work on time. So I will have to reduce my hours. The only other alternative is to do three days spread over four but I really don’t want to do that because of my little girl.

Morning childminder?

No childminders,

Or you park elsewhere and walk for 5 minutes

What does your DH do? It feels a bit unfair that it’s all on you and this may be the bigger problem. Does he pay the two days difference into your pension? I honestly think a conversation about more team work is needed here!

How long does it take to get from the DC school to your school?