Where else can I cut back?

ohara09

Hi,
I’m getting to grips with keeping my head about water with money, and learning how to budget. However, whilst my books are balance throughout the month, I don’t have much left! I am very lucky compared to so many, I realise, who don’t have anything left at all, but at the same time it would be nice knowing I have a small pot of money available for non essentials each week, such as haircuts, the odd cinema trip – I’m sure you understand! Ideally I would love to free up £25 a week if possible – this also would include toiletries, clothing etc. I get paid monthly, so that would mean I’d need to redo my budget so I have £108.33 left a month to allocate this – at the moment, I only have £45.67.
Can anyone advise on where else I can cut back? I am going to change my mobile tariff to under £20, and also cancel my gym membership, which together will save £45. But that still leaves nearly £20 to find. I already shop at Aldi with a budget of £20 a week, and feel I’ll really struggle and miss that if I cut that back further. Can anyone see where else I can cut back, where I won’t notice as much?

Any advise very much appreciated.
Monthly Outgoings
Mortgage... £587.99
Service Charge... £39.79
Council Tax... £116.08
Electricity... £46.00
Contents insurance... £5.92
Water... £26.67
TV License... £11.83
Mobile... £30.00 (Will be £20)
Line rental... £12.79
Internet... £7.50
Sofa (0% loan)... £61.52
Gym... £35.00 (Will be £0)
Family loan... £100.00
Car insurance... £24.17
Car tax…£9.17
Car mot/service... £20.83
Petrol... £100.00
Breakdown cover... £3.50
Food shopping... £80
Present savings... £15


Total income...£1404.33

Total outgoings...£1358.76
Remaining...£45.57 - Want to increase this to £108.33





Many thanks,
ohara

zarazara

When the mobile £10 and the gym £35 kick in you will have £45 At least thats something to look forward to. You could try cutting back by walking more and using the car less to save petrol. Always plan journeys,if you food shop on particular day of the week try moving it along one day each week, so you are shopping every 8 days instead of 7. this should result in some saving. When does the sofa loan end? that will be a a big saving when it comes along.
I find extending things tends to result in savings. The food shopping as already described,if you go on a wed go on thur the following week then fri the week after and so on. Haircuts, every 8 weeks instead of every 6. Walk where possible instead of driving. If you have to drive do not drive right to destination but walk the last mile instead.
Family loan, instead of birthday and xmas present can you ask for a months payment holiday instead ? Could you negotiate to pay it off at a lower amount each month?

Tixy

Hi ohara, do you live alone? Are these costs just for you?

ohara09 wrote: »

Hi,
I’m getting to grips with keeping my head about water with money, and learning how to budget. However, whilst my books are balance throughout the month, I don’t have much left! I am very lucky compared to so many, I realise, who don’t have anything left at all, but at the same time it would be nice knowing I have a small pot of money available for non essentials each week, such as haircuts, the odd cinema trip – I’m sure you understand! Ideally I would love to free up £25 a week if possible – this also would include toiletries, clothing etc. I get paid monthly, so that would mean I’d need to redo my budget so I have £108.33 left a month to allocate this – at the moment, I only have £45.67.
Can anyone advise on where else I can cut back? I am going to change my mobile tariff to under £20, and also cancel my gym membership, which together will save £45. But that still leaves nearly £20 to find. I already shop at Aldi with a budget of £20 a week, and feel I’ll really struggle and miss that if I cut that back further. Can anyone see where else I can cut back, where I won’t notice as much?

Any advise very much appreciated.
Monthly Outgoings
Mortgage... £587.99
Service Charge... £39.79
Council Tax... £116.08 do you get the 25% single discount?
Electricity... £46.00 have you checked you are with cheapest supplier/cheapest tariff (the online ones are usually cheapest) and tried to monitor/reduce your usage?
Contents insurance... £5.92
Water... £26.67 is this unmeasured? a meter should save (typical cost is around £15 for 1 person)
TV License... £11.83
Mobile... £30.00 (Will be £20)
Line rental... £12.79
Internet... £7.50
Sofa (0% loan)... £61.52
Gym... £35.00 (Will be £0)
Family loan... £100.00 how much do you owe? how long until paid?
Car insurance... £24.17
Car tax…£9.17
Car mot/service... £20.83
Petrol... £100.00 have you read the article on reducing costs - a small saving may be possible (will post link below)
Breakdown cover... £3.50
Food shopping... £80 not bad, try calling in just before closing to look for reduced/yellow sticker items you can freeze. Have you tried batch cooking meals and freezing (can be cheaper if you live alone than cooking each night)
Present savings... £15


Total income...£1404.33 can you increase this? do overtime? a second job? would a lodger be feasible? do you have anything you can sell to make money? could you do online surveys/reviews to earn money or vouchers to buy presents? or try mystery shopping?

Total outgoings...£1358.76
Remaining...£45.57 - Want to increase this to £108.33





Many thanks,
ohara

Here is the fuel cost link - http://www.moneysavingexpert.com/travel/cheaper-fuel

Hope something above may help a little.

ohara09

Thank you for your swift replies - it's really useful having a fresh pair of eyes on these things!! I

Bit of background - I have a lodger at the moment, and have done since the start of the year, but I have had a terrible experience with her (total nightmare) so have given her notice to move out the end of the month. This is why I'm having to budget now for this 'fun' money, as before I had my wages for all my bills, and the rent to play with! I know the likelyhood is that the lodger experience is likely to be a one off, but I need a few months to recover I think !! Once she is out though I will get the 15% council tax discount, which will again make a bit more of a saving.

I will definitely try to extend the food shopping. Petrol is tricky for me to cut down on - I already get a lift into work for free by a colleague, but I'm in a long distance relationship and the car is far cheaper than by train. My OH already tends to visit me more than me him, to save me money.

Sofa loan will end in September, and I'm counting down the days, it will make life so much easier!!

Family loan is now £2500 left to pay - it's left over from when I bought my flat last year. The terms of me borrowing the money is that it would be a minimum £100 repayment each month, and unless something major happens, I wouldn't feel comfortable about reducing it. Good idea though about using Birthday/Christmas money for it though.

Electricity at the moment I'm on the cheapest tariff - I changed it back in March, but I guess I should recheck regularly? Unfortunately my water rates are fixed (although they are discounted already as I co-own my flat with a housing !!!).

Looking at it again, I think I should just try and scrap a few pounds off as many things as possible, then hopefully it will soon add up?

Thank you
ohara

ohara09

sorry - forgot about the upping my income bit. I can have a lodger, but like I said above, a bad experience means I need to recover slightly and feel at ease in my home again before having the confidence to do it over again! I don't get paid for overtime, and being in a long distance relationship means I only get to see my OH at weekends, it would be a massive struggle if I worked at weekends. I will look into the surveys and mystery shopping though.

I feel like I'm just full of excuses! I guess I'm finding it hard to come to grips with needing to cut back.

Thanks
Scarlett

Material_Girl_2

Could you reduce the Family loan to £80 or anything under £100 would help, I know not easy to ask the family member but it may be a possibiltity. Other than that I'd agree with the other points already made by Tixi. Is there an opportunity to do overtime at work or get part-time job?

john_kent

The food thing works. I shop every 9 days. Is a bit hard when 2 weekends are in that period , but thats an excuse to trim the freezer.

I am a real energy saver. I make sure I charge my work mobile at work , I only fill kettle with what I want , if I go into kitchen to make a cuppa , i make sure TV and light is switched of in living room

The trains I use have power points so I charge my laptop on it

All bulbs are now low energy

Everything is switched of and not on standby when I am out the house.

I reckon I have knocked 10% of my electric bill just doing this.

I also make sure if I can walk , I do so. I have a company car but still get taxed on personal use , so a 20 min walk to ASDA for shopping and 20 min back is both healthy and money saving.

NGlady

I don't know much about it, as really I havn't had any huge need to do it. But on here theres loads of info about doing things like questionnaires, clicky things. Now from what i've read, these won't ever make you MUCH money but they do make SOME money enough for a extra bottle of wine etc Hopefully somebody will be along to give more info on this

*pinkie*

john_kent wrote: »

The food thing works. I shop every 9 days. Is a bit hard when 2 weekends are in that period , but thats an excuse to trim the freezer.

I am a real energy saver. I make sure I charge my work mobile at work , I only fill kettle with what I want , if I go into kitchen to make a cuppa , i make sure TV and light is switched of in living room

The trains I use have power points so I charge my laptop on it

All bulbs are now low energy

Everything is switched of and not on standby when I am out the house.

I reckon I have knocked 10% of my electric bill just doing this.

I also make sure if I can walk , I do so. I have a company car but still get taxed on personal use , so a 20 min walk to ASDA for shopping and 20 min back is both healthy and money saving.

Some great ideas - think i may have to try some of those!

Soubrette

ohara09 wrote: »

Petrol is tricky for me to cut down on - I already get a lift into work for free by a colleague, but I'm in a long distance relationship and the car is far cheaper than by train. My OH already tends to visit me more than me him, to save me money.

The article is more about cutting petrol without cutting miles, using websites such as www.petrolprices.com, weighing your car down less, checking air pressure and most importantly driving more smoothly.

It is worth a read and might give a tip or two

Sou

NJW69

Have you got your council tax over 12 months rather than 10?