Really quite scared...

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mrjay
mrjay Posts: 4 Newbie
edited 3 September 2016 at 10:45AM in MoneySaving dads
Hello there
«1

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  • Eliza_2
    Eliza_2 Posts: 1,323 Forumite
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    These amounts are huge, I'm sure there are loads of expenses you could cut back. Food for 2 people £260? Ouch! And what's included in the personal spends, these can be cut to almost zero each I expect.

    Why not put a soa (statement of affairs) up on the debt free wannabe thread and lots of experienced people there will give you good advice. From what you say there are still savings to be made. See link below but I think there are other soa sites too

    http://www.stoozing.com/calculator/soa.php
  • katiegizmo
    katiegizmo Posts: 178 Forumite
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    I don't know what you're including in your personal outgoings, but we found that our social lives changed dramatically when lo arrived - going out is a minimum and if we do it's generally to cheap/free events - other parents houses, playdates, picnics in park that kind of thing. If your baby is with you and you eat out, you prob won't be hanging around for dessert and coffee...
    Most of the time we are too tired to do much in the evening so evenings are cheap! If we are planning something as a couple we are more likely to treat ourselves to a take-away or just a nice meal indoors than go out.
    If your partner is going part time she may be able to make savings on food too, batch cooking, reducing waste etc.
    I make us sound really boring but we're so happy with life as it is now :)
    MFW 2015 so far..... £1808.70
    :) 2014 - £1451 2013 - £1600 2012 - £4145 2011 - £5715 2010 - £3258:)
    Big new mortgage from 2017 :shocked:

  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
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    edited 22 July 2014 at 11:41AM
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    Yes £800 is def excessive ~ I wouldn't of said £250 odd for food is.

    Is that including the debts I bet?

    I think you should head over to the debts board they will be able to help you with the best advice.

    http://forums.moneysavingexpert.com/forumdisplay.php?f=76

    To add, you'd at least get CB which is £80 a month.
    People don't know what they want until you show them.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
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    Go with the SOA, there are definitely cuts that can be made (food alone could go down, easily).
  • GreenQueen
    GreenQueen Posts: 539 Forumite
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    If you are both working 16 hours plus per week, you should be able to get child tax credits/working tax credits. Worth looking into
    GQ
    2021 - mission declutter and clean - 0/2021
  • Mrs_Soup
    Mrs_Soup Posts: 1,154 Forumite
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    Does the personal expenditure include debt repayments as otherwise it is huge. We have just under £500 a month for personal expenditure between us and our joint income is somewhat higher than yours.
    Have you taken into account child benefit which is payable until one of you earns over 50K? Not sure about working tax credits but don't child tax credits still pay until you reach household income of 40K or am I out of date on that one?
  • fawd1
    fawd1 Posts: 715 Forumite
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    Mrs_Soup wrote: »
    Does the personal expenditure include debt repayments as otherwise it is huge. We have just under £500 a month for personal expenditure between us and our joint income is somewhat higher than yours.
    Have you taken into account child benefit which is payable until one of you earns over 50K? Not sure about working tax credits but don't child tax credits still pay until you reach household income of 40K or am I out of date on that one?

    It's not household income of 40k, it's one parent hitting 40k which begins to reduce the child benefit
  • Queen81
    Queen81 Posts: 167 Forumite
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    Child benefit for one child is around £20 a week. Have you went onto the gov.uk website and had a look at the tax credits calculator? I may be wrong, but I thought that people with children under 1 are entitled to some kind of baby element on payments? Also, what are "personal outgoings"?
  • AngelOfTheNorth
    AngelOfTheNorth Posts: 199 Forumite
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    On that income, you're right that you won't get child tax credits or working tax credits, and as you won't have any childcare to pay there won't be help with that either. It would just be child benefit, which is £20 a week. So yes, it's going to be tight. Are you married? If you are, she could transfer up to £1100 of her personal allowance to you as of the 2015-16 tax year, which saves a couple of hundred a year. I think if you need a significant income increase though, she may just have to work more hours. Around your job, if necessary. Is there anything she could do at weekends? It will probably make more sense for her to be the one increasing her income as she's not using her full personal allowance.
  • jaymidlands
    jaymidlands Posts: 110 Forumite
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    that rent sounds expensive as well.. pay that for a 3-4 bed big house near me.. might be worth considering moving to a cheaper area as once baby comes i think you will really struggle..
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