where is my money going!!!

fkelanne

hiya all, ive just finished working, and i will get income support from next week.
I have just finished getting my 4 week run on from working tax creds.
I sat down last night and worked out when i would get money and how much i will be getting monthy.
Then i went on my internet banking and looked at all my direct debits and wrote down how much was coming out and when.
well, here it is... i do not know where my money is goin..
has any1 got any tips on what i can do so i dont waste money on crap?
car insurance is due in april and i will be paying it off.

Income

Monthly Amount

Percent

carers allowance

£208

14.14%

child tax

£684

46.42%

child ben

£133

dla

£284

19.28%

income support

£164

11.13%

Total income

£1,473

90.97%

Fixed Expenses

Monthly Amount

Percent

Rent or mortgage

£12

4.55%

Sky

£40

15.15%

Mobile

£45

17.05%

BT

£30

11.36%

gas

£20

7.58%

elec

£10

3.79%

car insurance

debt

£70

26.52%

child care

£21

7.95%

computer ins

£16

6.06%

Total fixed expenses

£264

100.00%

Variable Expenses

Monthly Amount

Percent

Food

£160

57.14%

Clothing

Transportation (including car and taxis)

£120

42.86%

Vacation

Tuition and schooling

Babysitting

Other

Total variable expenses

£280

100.00%

Total fixed and variable expenses

£544

Difference between income and expenses

£929

ladylouise62

The best way to cut down is to go back to basics.
Work out what you ABSOLUTELY have to spend money on to survive (and I don't mean want, I mean survive) and what the absolute minimum charge is, then work up from there, stopping when you hit what you want to spend. For instance, you do not need Sky. You may like it or want it, but it's not vital to life. You DO need your gas, but can you cut down usage - can you turn the heat down a little (honestly, you can get used to it especially if you don't wander about in a t-shirt - I've hardly had my heating on since December due to money issues and it didn't take me long to get used to it.. although I accept that that's a bit extreme). Phones are also a place to cut down on - BT & Mobile £75? - have one or the other.

Francesanne

Couldn't you cancel your computer insurance? you're spending more on computer insurance than electric. You're spending a lot of money on phone calls. Would ditch the most expensive or get pay as you go mobile for emergencies only. SKY is expensive luxury & you should consider freeview to save moeny. We shopped around for car insurance this year and managed to save £100.00.

Glad

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