help with a budget

atwitsend_2

Me and the OH are trying to save up for a deposit for a new house so we have decided to try and set a budget up that we can stick to, to help us save.

But my question is, how do you know realistically how much to set an amount at? for instance shopping budget, clothes budget? If I look at what we currently spend its alot!! and I know it could obviously be done cheaper than this, but i would like to set myself a realistic figure to have in mind when i do the shopping.

The household is 2 adults, 2 children and a baby, and one cat oh and 1 hamster :rotfl:

curlytop12

hi,first you need to complete a "statement of affairs" all your income and spends,bills,debts etc.
then all the experts on here will come and advise you!
well done and good luck.

Pollycat

I'd say that the first thing you need to do is work out how much you're currently spending on food and clothes (and all your bills).

Can you check back through old credit card & bank statements (assuming you don't pay for food/clothes in cash)?

Once you know how much you are spending, you can look at ways of reducing it.
Lots of great tips on cutting food budgets, cooking in bulk, using up leftovers, cheap ways of cleaning (instead of buying expensive products) on the Old-Style board.
How do you cook? Prepare most things from scratch or do you buy supermarket 'chill/cook' dishes or lots of take-aways?
Do you currently shop at Waitrose or Netto?
Do you buy premium brands (e.g. Heinz beans), 'own-brand' or 'value'?
Do you take advantage of half-price or bogof offers?
Although it can mess up your monthly budget (if there's lots of offers on), it will save you money in the long run - as long as you only buy items that you WILL use.
What will be a realistic amount for your family may not be the same for families with more or less income.

Does any of your family have specific diet requirements that may be more expensive than buying 'normal' food?

Charity shops can be a good place to pick up clothes for all the family.

In my experience, it's the 'little things' that eat into your potential savings - newspapers/magazines/comics, the odd coffee and muffin in town etc.
It's when you have a £20 note in your purse one day and the next it's gone - and you don't know where it's gone!
Start a spending diary and record everything you spend.

Good luck with the savings.