Need advice for budgeting please! LONG!!!

Jo_R_2

Hi all

Wasn't sure where to post so feel free to move this...

We're currently expecting baby #2 at end of June, and am doing some financial planning (or trying to!) I handle the monthly outgoings from my current account, and nearly all of these come out at the beginning of the month, right after both me and boyfy get paid (his wages go into my account) except for ntl who insist they can't change the date of our broadband dd - but that's for another day!

I will only be on statutory maternity pay for the duration of my leave, and I have planned to take my full paid entitlement of this, and be off from July to December, and return to work in the New Year. As you may know, the first 6 weeks of SMP are at 90% of average earnings, so for the first month we should be relatively okay. Obviously after that things are going to get a bit tight, so I am looking at our outgoings and seeing where a) we can cut down, and b) if there are any direct debits we can pay off for the year, and further c) if there are any payments we currently have on dd that on renewal date we can put money aside for to pay the annual amount.

We have a few direct debits as unfortunately we have been unable to pay yearly amounts in full, though last year we did pay our contents insurance in full, thus knocking on the head one dd which I was ecstatic about - things are pretty tight at the mo as boyfy is a full-time student as well and we haven't been as good with money as we could have been, and having many dds have meant we have paid a fortune in bank charges when they have been paid out we have gone over my overdraft limit. Fortunately though since finding this site things have gotten much, much better!

We have a monthly budget, which is being worked on and improved month-by-month, and we've just started today with a shopping budget and meal planning, and cut our average weekly shop by a good £20! Very happy about that :j

The good thing is that boyfy has a student loan instalment due at end of April, and another at end of September. Now, we want to look at our monthly dds and see what we can deal with, and put a chunk of this money aside so come maternity leave and renewal time (contents ins due October, car ins in November), we have the means to pay these in full. Altogether we have going out every month:

*rent
*council tax
*electricity (no gas)
*nursery fees for oldest daughter
*car insurance
*contact lenses
*sofa finance (last payment due November this year)
*loan payment
*loan insurance
*telephone
*broadband
*driving lessons for boyfy
**contents insurance paid annual amount so no dd now**

Now, obviously some of these aren't essentials, and on what we currently have coming in, we can manage. But basically I'm unsure of what to deal with with the student loan money. I have discussed a payment holiday for our loan in November and December, but for this I need to call back closer to the time so I won't know if I can have this until October. We could easily with the money pay off the remaining amount for car insurance, and then put aside an appropriate amount to cover the annual payments for both the car and contents insurance when it comes to renewal time.

But what about the rest? Are there more obvous ones? For example, should we pay off council tax for the year?

Boyfy is having driving lessons, I drive but he doesn't and we have a budget of £80 per month for his bus fares to uni and work. Although we are paying out for these, we have worked out it will save a big chunk of this bus fare allocation because he will be able to use the car, and as work and uni are fairly close (but buses are horrendous to work and what is a 10 minute drive away from home can take him an hour and a half if the buses decide not to turn up (again, that's for another day!)

So, now I have rambled on, if any one could offer any advice on our budget, I would be so appreciative!

djohn2002uk

Jo_R wrote:

Hi all
We have a few direct debits as unfortunately we have been unable to pay yearly amounts in full, though last year we did pay our contents insurance in full, thus knocking on the head one dd which I was ecstatic about - things are pretty tight at the mo as boyfy is a full-time student as well and we haven't been as good with money as we could have been, and having many dds have meant we have paid a fortune in bank charges when they have been paid out we have gone over my overdraft limit. Fortunately though since finding this site things have gotten much, much better!

First of all go and read this thread http://forums.moneysavingexpert.com/showthread.html?t=115112
and get those charges back off the bank. That should help for starters.

chivers1977

I tend to go on the Debt free wanabee board and you might find more help there are it is really busy:
* electricity (no gas) -have you used energysavinghelpline.co.uk to see what you can save
*nursery fees for oldest daughter - can you get vouchers through work?
*car insurance - this is worth paying upfront as they charge massive interest. Have a look on http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1092813037,41960,
*contact lenses - you can get these cheap online see here: http://forums.moneysavingexpert.com/showthread.html?t=91430
*sofa finance (last payment due November this year)
*loan payment - look on DFW board
*loan insurance - ditto as loads of people are cancelling this and saving loads
*telephone see here: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1095003038,99872,
*broadband see here: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1092034925,22928,
*driving lessons for boyfy - you can get BSM lessons with clubcard points. Might have to have a few thousand though!!
**contents insurance paid annual amount so no dd now** - see here: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101119998,66754,

chivers1977

It is no cheaper to pay council tax in one go. If you have the money you could earn the itnerest instead of the council earning it!

Jo_R_2

I tend to go on the Debt free wanabee board and you might find more help there are it is really busy:
* electricity (no gas) -have you used energysavinghelpline.co.uk to see what you can save - yep, had a look last week, we had recently changed anyway and we have the cheapest for our circumstances at the mo
*nursery fees for oldest daughter - can you get vouchers through work? - I have looked into vouchers, my work are in process of deciding if they will provide but the salary sacrifice has implications for us so feel this is not best option for us at mo - having said that we do get help through tax credits anyway
*car insurance - this is worth paying upfront as they charge massive interest. Have a look on http://www.moneysavingexpert.com/cg...092813037,41960, - thanks for link! This is something I really want to do as am aware I get charged for monthly payments.
*contact lenses - you can get these cheap online see here: http://forums.moneysavingexpert.com...ad.html?t=91430 - I have checked this out previously and from what I can see, the deal I have is pretty good
*sofa finance (last payment due November this year)
*loan payment - look on DFW board - thanks
*loan insurance - ditto as loads of people are cancelling this and saving loads - yep have been reading about this, I couldn't believe how much people are saving! After doing some serious thinking though, I feel we are in the situation whereby we need this due to our circumstances, little savings, me main earner so at this point in time will be keeping this
*telephone see here: http://www.moneysavingexpert.com/cg...095003038,99872, - thanks, I will check this out
*broadband see here: http://www.moneysavingexpert.com/cg...092034925,22928, - thanks again! Will check this out too
*driving lessons for boyfy - you can get BSM lessons with clubcard points. Might have to have a few thousand though!! - I didn't know about this! I'm not a big fan of BSM myself but will run it past boyfy
**contents insurance paid annual amount so no dd now** - see here: http://www.moneysavingexpert.com/cg...101119998,66754, - we did a LOT of research before selecting a policy, boyfy has a lot of camera equipment (he's studying photography) so suitable insurance for that both in and out of home was a priority, as was accidental as our carpets and sofa will show! Of course this changes so will deffo check that out!
Thanks again!

chugalug

Have you claimed a CT discount cos your bf is a f/t student? Every little helps!!