What do you think of my budget?

EltonJohnFan

Hi all,

I was made redundant from my job a few months ago and since that time I've been trying to stick to a very tight budget but the funny thing is that I've come to find that it's actually a lot easier to budget and save than I would ever have expected it to be. I have been working with the Jobcentre and a few other agencies that are helping me find work because I'm badly disabled and need extra support in the workplace, really want to find work but it is hard with things as they are now. Within a week of losing my job I quickly realised that I was spending more money than I was earning and it was quite frightening to realise that I couldn't account for where my money was going and I seemed to just spend it on pointless stuff and never have anything left at the end of the month. Since that time however, I've really tried to bring down my living costs to almost nothing and I've been a long time reader of the Money Saving Expert forums which has helped me lots too.

The thing is that even though I've really cut my living costs I haven't noticed a big change in my lifestyle, I'm still doing what I did before and I'm still living like I did before but the difference is that I can account for every penny and I now seem to have turned around my finances completely which is a big thing for me because I've never been in a position where I've been able to save any amount of money without spending it. I'm not a rich person but I do want to save and have some financial security because losing my job proved to me that nothing is secure now and we must be prepared for whatever happens. Here is a list of my total monthly income and total monthly outgoings, bear in mind that I'm unemployed right now and in receipt of DLA which goes to pay towards having someone to help me around the home and other expenses connected to my disability. I pay around £100 per month to have a personal assistant but it is sometimes more and sometimes less. They help me to clean my house and do my shopping when I'm unable to get out. I can manage but it is easier this way and I'm grateful for the extra support I receive. This person only visits me for a few hours a week but the help they provide is invaluable.

Total monthly income - £801
JSA £133.50 weekly and DLA £66.75 weekly
I receive help with my rent and council tax bills

Gas/Electricity - £50 monthly (I'm on a vulnerable persons tariff)
TV Licensing - £10 monthly
My Leisure Fund - £40 monthly
My Food Shopping - £100 monthly
My Personal Assistant - £100 monthly

My total monthly expenses are around £300
Can I improve on this budget or am I doing well enough?

isy1011

Hi. well done for posting.

You say you receive help with rent and council tax. Sorry for my ignorance but does this mean you also contribute something yourself as I dont see that budgeted for. What about water do you not pay for that?

EltonJohnFan

isy1011 wrote: »

Hi. well done for posting.

You say you receive help with rent and council tax. Sorry for my ignorance but does this mean you also contribute something yourself as I dont see that budgeted for. What about water do you not pay for that?

Hi, thank you for the kind encouragement

I am sorry but I meant to say that I am not paying anything for my rent and council tax just now but when I was working I paid the full amount for both of them. I am not sure about water costs because the woman at the council told me I don't have to pay this and I can't remember paying for it seperately because they used to charge me for it as part of my council tax bill.

Triggles

Life insurance?
Contents insurance?
Transportation?
Haircuts?
Gifts/presents/holidays?
Emergency fund?
Miscellaneous household expenses?
Landline?
Mobile?
Internet?

EltonJohnFan

Triggles wrote: »

Life insurance?
Contents insurance?
Transportation?
Haircuts?
Gifts/presents/holidays?
Emergency fund?
Miscellaneous household expenses?
Landline?
Mobile?
Internet?

Hi, good points you have raised.

Life insurance - I don't have it, don't see the point.
Haircuts - My aunt is a hairdresser and does it for free.
Transportation - I have a free travel pass because I'm disabled.
Contents insurance - I pay a few pounds to my council each month.
Gifts/Presents/Holidays - I only ever buy my close family a card and small gift.
Emergency Fund - I have managed to save up some money, not a lot but a fair amount.
Landline - I don't have a landline, just an extra expense to me.
Mobile - I top up by £5 per month from my Leisure Fund.
Internet - I pay this from my Leisure Fund too.
Other expenses - I don't really have them.

isy1011

If all those are taken care off then you are doing ok I think.