Talk to Barclays about budgeting - £200 voucher prize draw! MORE QUESTIONS ADDED! NOW CLOSED

[MichelleMumsnet]

Barclays have asked us to find out how Mumsnetters approach budgeting and what banks can do to make the process easier.

Here’s what Barclays say, “Raising a family is no walk in the park and presents its fair share of challenges (from how much TV the kids should watch to making sure they get their 7-a-day) and budgeting for childcare is probably one of the biggest challenges mums and dads face, especially if you’re a working parent.

The Government’s planned childcare subsidy for September 2015 means that working parents can join a new scheme offering a 20% rebate on childcare costs, worth up to £2,000 a year. For many working mums and dads this is big news – but a long way off. So, how do you handle budgeting in the meantime?

We’d love to find out more about the budgeting challenges that you’re up against as a working mum or dad – and what could be done to make managing your money easier before the subsidy is introduced in September next year.”

So, how do you manage budgeting within your family? Maybe you have a comprehensive spreadsheet which you use to keep track of spending? Or perhaps you are a keen voucher collector to help save money? Do you have any ideas on how your bank could help you make budgeting easier? Whatever they are, we’d love to hear them.

Everyone who adds their thoughts to this thread will be entered into a prize draw to win a £200 Love2Shop voucher.

Thanks and good luck,

MNHQ

[SnowyMouse]

I find online banking helps, as I can check whenever I want.

[fabilundie]

I have no idea how we budget as my husband pays all our bills and I have only to look up for the credit card! As we only have one income our budget has to happened really hard!

[PurpleCrazyHorse]

I have a spreadsheet with everything on and use the onTrees app (previous MN product test!) to keep on top of our spending. It makes it really easy to see all our bank accounts and credit cards all in one place.

DH and I also have a pocket money account each that I put a little bit of money in each month, it's for buying our own treats (i.e. fulfilling my yarn addiction!). This has put a stop to the random spending on our joint account and it's much more controlled. In just a couple of months we're out of our overdraft and back up to zero

I've tried using a pre-pay card for grocery shopping but it was a hassle to upload money and remember to check the balance. If my bank did one and I could access it via the online banking it would be brilliant. My bank has an app too, so it would be really easy to transfer money to it and check the balance before going shopping.

I don't use grocery vouchers really unless they're for things we usually buy. I try to shop nearer the end of the day for cut price food bargains. We also have a Macro card so we buy some things (like cat food and laundry detergent etc) in bulk where it's cheaper. I always take a calculator with me as their prices don't have VAT on the ticket. I try to cook in bulk with our slow cooker too as it's often cheaper that way.

[GetKnitted]

we use a combination of spreadsheets, seperate pleasure and business accounts, vouchers for treats and a very strict shopping list.

[deels]

im an avid coupon user and bargain hunter. i tend to buy in the sales or when there is an offer on and stock up.

[Wjjkl]

We use our joint account for all bills etc so what we have left in other accounts is what we have to live on. Agree that a downloadable transaction report put into a useful format that can be manipulated on Excel would be great

[FridgeHalfFull]

Instead of being able to export to a spreadsheet, could the online banking application also offer accounting and budgeting features. So typical activities you could do when logged into your online account are:

• tag transactions eg as food, gas&electric, insurance, meals out etc
  
• enter your monthly/quarterly/annual budget for those tags
  
• create reports to see trends over a period of time against your budget
  
• be able to ringfence money to ensure your regular bills and budgeted expenses (eg MOT) are covered. This money is removed from your available balance - you would need to take specific actions to release it as cash.
  
• be able to import credit card / other account statements so they can also be accounted for
  

We often slip into increasing cost of living. Usually our first act is to spend less on food and entertainment, without too much analysis. But sometimes when you look more closely at your bank account you see places where with a bit more effort, you can make a bigger difference (eg. cancelling Sky, Lovefilm, interest on credit cards, comprehensive insurance on a valueless car..)

[kmills]

Being a single parent to 3 children, it very difficult budgeting my money. I have to obsessively write down every incoming & outgoing in a notebook. This is the only way I have been able to keep track so that I don't overspend & make sure I have enough money to last us.

[MichelleMumsnet]

Thanks for all your comments - Barclays are really interested in all your comments so far and have a couple more questions if you don't mind answering them!

Here's what Barclays say, " As well as this thread we've also run a survey on Mumsnet and so far you've told us that childcare costs impacted on your ability to plan and save for the future and that this can create its fair share of stress and uncertainty.

However, even though ‘life’s little surprises’ (MOTs, new boilers, etc) often cause bumps in the road for your best laid financial plans, it's clear that many of you are really organised with your family finances – in particular, there are lots of Excel wizards on mumsnet!

Most importantly, some of you told us that childcare costs are one of the first things you factor in, but others also told us that this can mean that it doesn’t make financial sense to go back to work.

Does that ring true for you? And more importantly, what could make the return to work easier?"

If you would like to complete the survey for Barclays on childcare for a chance to win a £200 Love2Shop voucher, please click here. (Ts & Cs apply. Closing date is midnight on Monday 21st April).

[asuwere]

I have everything budgeted on a spreadsheet then regularly check online banking to make sure the balance is running as I expect.
I also try to use cashback sites and a cashback credit card as much as possible and use the cashback for treats in the holidays. Same with Clubcard vouchers - means we can have treats which I don't need to factor into my spreadsheet :)

Childcare isn't really an issue for us as we chose to change our hours so that DH and I work alternative days and therefore there is always one of us at home.

[FridgeHalfFull]

To answer Barclays new questions:

• I think in the maternity leave period (i.e. first year), cost of childcare can be a major factor when considering to return after maternity leave. Nursery / childminding costs for an under 2/3 can make some jobs unviable or it needs to be a real passion / have long term rewards.
  

• From personal experience of returning to work after a longer break (4 years), childcare costs were not the main issue. These are the things that would have made my experience better:
  

1. Much more support with finding work. I get the impression that if a recruiter sees the statement 'Took time out to care for children', your application immediately gets filed. Applying directly to companies was more successful in that I would get interviews or at least feedback. There just weren't that many roles to apply for directly. Having a mum-friendly recruiter who is happy to provide advice, speak to you in person or on the phone, to facilitate returning to work, a coach, would have helped. Or work experience days, internships (would love one of these). I took the first job I was offered because I had no sense of what my value / opportunity in the job market was.

2. Arranging appropriate after school care has challenges. The waiting list at our after school club is more than a year. I had to choose a less convenient, more expensive club rather than one where the kids children already went.

1. 20 days leave is just not enough, and 35-40 hour weeks can be really tough ... my partner travels for work, and, in the end, my children spending most holiday / free time in club is what made me leave my full time job (and I am fortunate to have this choice)
   

In summary, the cost issues when you have very young LOs can make you decide not to go back to work. Then when they start school, the cost is less of an issue and just getting a suitable job is the issue!

[Snog]

Its often worth returning to work even if you have little or nothing left after childcare costs as work is a long term game. Work gaps affect both your pension and your future earning prospects and can cost you dearly when you re enter the workplace.
I think parents need flexibilty from their employers above all. The option of well paid part time work and more annual leave would be appreciated by many.

[MichelleMumsnet]

Thanks for all your posts. This thread has now closed. The winner of the prize draw is Wishihadabs, congratulations ! We'll be in touch shortly.