Budget Help!

forsya

Hi all

I used to use this site a lot 2 years ago or so when I was in £15k debt, which I have now paid off! And have been living in a rented flat for 5 months, things are ok with money, but could be a lot better as am getting relaxed and not really following a budget, after some help please!

These ar my income and outgoings:

Income - £1724

Outgoings -

Rent - £725
TV License - £27.10
Council Tax - £103
Water - £20.38
BT - £27.50
Specsavers contacts - £13.00
Broadband - £10
Mobile - £45
Food - £160
Diesal - £60

Breakdown care - £59
Tax - £98
MOT - £60
Insurance - £211

I have received gas and electricty bills which are Gas £70.56 for 1 quarter, elctricty £68 for one quarter. How do I budget for these? Also annual or one off payments car insurance etc, how do I plan for these?

I really want to be saving money, but it seems so hard, I spend all my money by the end off the month if not a little before, I spend to much on food, boyfriedn is 6'4 and eats a lot! I waste money on lunches and clothes, need a reminder on what to do and how to save!!

I don't want to rent forever and want to save for house!

Thanks for any help!

xxx

Quietgirl

Hi there, I am no expert. What I have done for my car expenses is set up a separate savings account. Each month on pay day £65 is transfered into this savings account. I just treat it like a bill, this is to cover hopefully my road tax, servicing and MOT and a big chunk to cover insurance renewel and of course if anything goes wrong.

I just wondered could you possibly get your gas/electric on a monthly direct debit instead of quarterly? Otherwise maybe try doing the same as what I do with my car expenses, take the quarterly bill amount divide by 3, then add a bit to it incase you go over, and on pay day put that amount into a savings account then you'd have the cash to pay the bills.

Hope this helps!

RedBern

I think you can also buy car tax stamps at the post office can't you? You could buy £10 per month and then that's another thing sorted?

TV licence £27 per month? (or is that b/w licence fee) Also £45 per month mobile? can you cut back on that?

Make your own sandwiches for lunch - put some money into a savings account anyway - you can always draw some out at the end of the month - but if you never put it away you'll always spend it....

timbim_2

If your mobile is with O2, you can get 8meg broadband for £7.50. Cheaper and probably faster. Good reputation too, so no yelling down premium rate numbers! Defo make your own sandwiches for lunch. Works out much cheaper.

mrposhman

pay gas and electric by DD. Most companies also seem to give a discount for this as it guaranteed payment. Don't let them dictate the amount though as all you will do is overpay. Budget for it using your last bill though you will probably have to add more on for gas if you heatings though gas so that you budget for the winter months through the year.

I've set up a budget that I check everyday. I had a problem where I withdrew cash and didn't know where it was going so I now track that too.

Monitor your food expenses, they seem similar to me and my g/f but we are trying to cut back and only buy what we need.

Make you own sandwiches and monitor how much you spend on clothes.

You will probably be surprised what you end up spending a lot of money on.