Could we do better?

LemonPuff

Please could I have some advice about budgeting and saving more money. We are hoping to one day buy our own home and currently have no savings.

Apologies if this is the wrong part of the forum, if it is please direct me to where I need to go.

Our monthly income:

Wage: £1113
Tax Credits: £351
Child benefit: £88

Total: £1552


Monthly outgoings:

Rent: £460
Council Tax: £100
Gas meter: £25
Elec meter: £35
Water: £32
TV licence: £12
Phone & Broadband: £25 - £30
Food & toiletries: £250
Mobile phone payg: £20
Transport to work: £60
Misc transport (docs appts etc): £30
Clothes for baby: £20
Clothes for us: £10
Misc (bday gifts, etc): £50
Savings into our account: £300
Savings into baby account: £100

Total: £1534

Where could we cut back?

Thank you

LemonPuff

Sorry forgot to say two adults and a two month old.

opinions4u

Not a lot of slack and you're saving hard.

What are your objectives?

Would a contract SIM only deal be able to save a tenner a month?

LemonPuff

We are saving to one day buy our own house, even if it's ten/twenty years down the line. Also we would like a decent amount saved for our daughter. I'm not working at the moment because of the baby so it's tight for now. The mobile is a ten pound topup on each of our phones, I haven't seen a contract cheaper but I will look, thank you.

Gromitt

T-Mobile have a contract for 500 minutes and 500 texts for £8/month, which could mean that you could use your mobile more and the phone line less (or not at all), thereby saving money that way.

I was paying £10/month and struck a deal with T-Mobile at contract end for £6 for the same allowance. I don't have a phone line and most family and friends have similar mobile plans, so its not really required.

matttye

Gromitt wrote: »

T-Mobile have a contract for 500 minutes and 500 texts for £8/month, which could mean that you could use your mobile more and the phone line less (or not at all), thereby saving money that way.

I was paying £10/month and struck a deal with T-Mobile at contract end for £6 for the same allowance. I don't have a phone line and most family and friends have similar mobile plans, so its not really required.

Giffgaff give 500 minutes, unlimited texts and 1GB data for £10/month. Maybe something else to consider. It operates like PAYG rather than a rolling contract, but instead of getting credit you get 'goodybags.'

YorkshireBoy

LemonPuff wrote: »

Where could we cut back?

"Savings into baby account".

You've 18 or more years to sort something out there. Keep the account open for birthday/Xmas presents from family/friends, but put your £100 into your own 'future' account for now.

Hominu

YorkshireBoy wrote: »

"Savings into baby account".

You've 18 or more years to sort something out there. Keep the account open for birthday/Xmas presents from family/friends, but put your £100 into your own 'future' account for now.

Agreed, but maybe £10 - £20/month now instead of £100.

When/if you start working again, you could increase it to £30 - £50, and make larger deposits on birthdays and Christmas maybe, depending on your available finances.

I don't know what you intend to give your daughter, but 21K (£100/month for 18 years) is a lot!

You-kip

LemonPuff wrote: »

Please could I have some advice about budgeting and saving more money. We are hoping to one day buy our own home and currently have no savings.

Apologies if this is the wrong part of the forum, if it is please direct me to where I need to go.

Our monthly income:

Wage: £1113
Tax Credits: £351
Child benefit: £88

Total: £1552


Monthly outgoings:

Rent: £460
Council Tax: £100
Gas meter: £25
Elec meter: £35
Water: £32
TV licence: £12
Phone & Broadband: £25 - £30
Food & toiletries: £250
Mobile phone payg: £20
Transport to work: £60
Misc transport (docs appts etc): £30
Clothes for baby: £20
Clothes for us: £10
Misc (bday gifts, etc): £50
Savings into our account: £300
Savings into baby account: £100

Total: £1534

Where could we cut back?

Thank you

Do you Smoke or Drink?

anotheruser

^ Did you really need to quote the whole post to ask such a small question?

Look at cheaper Broadband, and if you did move on to a phone contract, you could cut the "phone" out. Although if you're not in a cabled area, you would need the phone line rental for BB anyway.

Buy cheaper foods?
Smart price food isn't that bad.

Use Topcashback.
Use TopCashback for purchases. I have got about £400 over about two years using it. I was totally sceptical at the start but now I'm cashing in

LemonPuff

Thank you everyone.

We don't smoke or drink, and do buy smartprice foods. We probably buy too much junk food alongside it though. Our food budget includes nappies/wipes, cleaning stuff and toiletries.

We could do without making calls on the landline if we had a decent mobile contract so that's definitely something we will do.

You're right about the baby savings, it's more to be able to make big purchases as and when she needs them ie. her first bed etc, rather than to hand her a lump sum but we could cut that right down.