advice needed

reisse03

hi there, i have spent most of 2009 with no money left at the end of the month and was looking for some advice because i dont want t0 spend 2010 the same way.

reading these forums over the past few weeks have helped but i really want to kickstart it now.
here is a rundown of things, any advice is appreciated

im a single mum, with 2 jobs. altogether my income is about £1700 a month. SAving is totally doable but i am still skint.

I have just finished paying off my car which was £199 per month so that will be saved immediately and i have reduced my car insurance by £14 a month by switching when policy was up.

Here are my outgoings (monthly)
£270 rent
£82 council tax
£80 gas and elec
£240 petrol (i know its a fortune but i travel 3 hours daily for work)
£150 food
£50 mobile and broadband (that is not adjustable)
£24 gym membership (this is discounted through my work from £39)
£42 car insurance
£9 life insurance

these are more or less the only essentials so i cant tell you where the rest of my money is going. We did have 2 holidays this year, one abroad, so that was a big chunk.

THis year i am going to start writing everything i spend down and only take cash out, leaving my debit card behind
how does this sound

i would like to save a weekly amount

daveyjp

You are fooling yourself on your outgoings. In your mind they only total £929, but lots must be missing. Look on your statements and see what else you buy.

A few items I can think of:

Child "running costs" - mine certainly isn't free.
Clothes
Shoes
Cosmetics
Supermarket purchases non - food
Home DIY
Presents
Child treats
Other vehicle running costs
Dental care
Hairdresser
Lunches
Meals out

Things like this soon stack up.

If you could manage whilst paying for your car I'd start by saving this amount.

Also ensure you are claiming all the tax credits you can.

Lokolo

I prefer to spend on debit card as it means I won't end up buying lots of small things. I know others prefer cash because they won't end up sticking it on the card and forgetting about it.

Do you have any debts?

I would start by saying thats an ok SOA. I would try and start off saving £500 a month (that means it gives you just under £200 leway against you budget as it may take some time to get used to the whole budgetting thing), then gradually get upto £700 a month, maybe after a few months go up £50, then another £50 a month later and so fourth.

You also seem to have left out entertainment spending, so renting out DVDs or going out money.

reisse03

hiya thanks guys for your replies, on tax credits we get free dental care, and i have a medical condition that means i get free prescriptions, i cut my hair myself and pay £5 every 6 weeks for my sons hair.
£7 goes to his after school club, the rest of the time, he is with family, i maybe spend £60 a month on going out as i dont drink or smoke so its the likes of cinema, or i go to clubs with my friends at night during the odd week, they give me petrol money and i drink diet coke.
i dont have any debts anymore as these are paid off, the big thing is the car,

i suppose clothes and shoes are extra outgoings, especially my son as hes in a new pair or trainers every month or so, typical boy haha.
i pay £2 a week pocket money into an account for him and he gets a magazine every week so thats £2 plus swimming etc. it all mounts eh?
taking all these things into account, i could probably save £500 a month.
is this acheivable?

Lokolo

http://www.makesenseofcards.com/soacalc.html

Theres a bigger and better one there

But I think you could manage £500 a month if you stick to it yes.

reisse03

thanks lokolo, appreciate it.
its just a matter of doing it, i love spending money but totally resent it too haha
x