would LOVE to get rid of debt

girlsmum

parker_posey wrote: »

Re food, I don't really know how to reduce those costs - I don't drive so I shop online once per week. I cook everything from scratch, no prepackaged food, no take out.

I currently use Tesco but I tried Ocado, ASDA, and Waitrose and went back to Tesco, no price difference really. I can't switch to in-person shopping - as a single mother I can't simply find the time for it. I work full-time and I'm away from home 8-6pm everyday, Saturday morning is extracurricular activities for my child and house cleaning. I could probably switch to packed lunches for both myself and my child however that would mean a lot of sandwiches, as my workplace doesn't have a microwave. Work lunches cost me about £4-5 per day.

Will try to fill out the SOA although the above list does include all regular outgoings...

Hello, I am a single mum of 2 children and work full time, it is knackering i know!!!! I do online shopping deliveries, but i don't use the same one all the time i rotate and often i get a "come back please" money off voucher ;-) meal planning is a must a 500g pack of mince can do me and my 2 daughters for 3 meals i do bulk the mince out with grated carrots etc (adds to the flavour too) i also plan what i am eating based on what is on offer.
Also as for lunch it does not have to be bread and sandwiches you can make amazing salads with grains like Bulgar Wheat, Quinoa and Couscous even Rice and Pasta which also fill you up and they are cheap too. Homemade soup is another option invest in a flask. packing lunches saves a lot of money

Good luck..it wont happen overnight
x

parker_posey

Ok here it is - BUT I don't know how much to add for the line items in red as I have not been tracking it at all (not budgeting for it) - that's where the problem comes from, that and food and eating out, and traveling etc. I have removed line items that do not apply to me at all (i.e. car-related etc)


Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 2,820
Monthly expenses (incl. HP & secured loans) 2,323
Available for debt repayments 497
UNsecured debt repayments 45
Amount left after debt repayments 452

Number of adults in household 1
Number of children in household 1

Income, Expense, Debt & Asset Details

Income Amount(£)
Total monthly income 2820

Expenses Amount(£)
Mortgage 1020
Management charge (leasehold property) 100
Council tax 100
Electricity 25
Gas 45
Water Rates 25
Telephone (land line) 19
Mobile phone 25
TV Licence 12
Satellite/Cable TV 5
Internet services 16
Groceries etc. 300
Clothing 0
Childcare/nursery 325
Other child related expenses 50 (* this includes holidays clubs and extracurricular activities and school lunches)
Medical (prescriptions, dentists, opticians etc.) 0
Contents Insurance 8
Presents (birthday, christmas etc.) 0
Haircuts 0
Entertainment 0
Holiday 0
Emergency Fund 0
Monthly tube pass 100
Unemployment insurance 34
Bicycle insurance 3
Web hosting 4
Bank acct fee (includes mobile & photo cam insurance) 7
Work lunches 100
Total monthly expenses 2323

As far as medical expenses go, there is not much as we're both quite healthy and I do have medical insurance paid for by my company, including dental (75% of costs covered, which comes to me paying £20 every six months or so for check-ups and cleaning. My child goes under NHS). And I get free prescriptions as I have a chronic condition that entitles me to that.

parker_posey

p.s. I don't pay any interest for CC debt (until mid next year) and I don't have any loans apart from the mortgage of course.

And one more thing - I do get an annual bonus of 10% - but as it's not guaranteed, I have not included it in the spreadsheet. Historically, there were years when it wasn't paid, and years when it was paid but not in full - and I usually used it to pay off CC debt, buy furniture, or go on vacation... last instalment was used to pay off debt that I incurred as a result of moving/purchasing new property/furniture.

Bored

Do you have online banking? What you can do to get a more accurate SOA is go back to the past 3 month of statements and work out what you spent in each category and then take an average.

Alternatively, you can put a number in the SOA that you think is appropriate or your best guess and then start tracking your expenses from now on with a spending diary.

girlsmum

I estimated and try and stick to it, i.e i have budgeted £20 a month for clothes so try and stick to it, no impulse buying just things i really need to get, mainly goes on things for the children to be honest. I have 2 wardrobes of clothes so i can manage unless it is something special.
The dentist is £18.50 for a check up and if you normally go for regular check ups that is once or twice a year, as for prescriptions, not easy to know if you are going to be ill. I am lucky i am exempt due to thyroid so i could keep that blank. Holiday? are you planning one? even if you do not go away this year you need to put something away for the school holidays when you take time off with your child as you will have days out so think of entrance fees extra petrol etc.
it is never going to be perfect, but it puts something aside for these things and you need to try and keep within what you put as you wont have the option to overspend.

AFK_Matrix

As others have said you need to get a handle on what you are spending your money on so you can see where you could save money. Certainly your groceries are high so maybe look at what your buying, do you go to the store and shop and get tempeted to buy things you probably don't need? I was a bit like this and so swapped to online shopping, yes you have to pay a delivery fee but you are less tempted to buy things you don't need, plus its great not having to lug shopping bags everywhere lol.

I see you are uncertain about a few categories etc. I think a piece of software I use called You Need A Budget (YNAB) would be great for you and there is a thread on here about it if you want to look into it a bit more, link https://forums.moneysavingexpert.com/discussion/4953958. It has a 34 day trial so you can give it a go and see if you like it, there is a ton of support available all for free and it will help you see where your money is going to. It also enables you to enter your spending as your out and about with a mobile app which is soo handy!!

Just a thought but I hope you get your self sorted soon

Teacher2

You sound as if you are doing very well but I have a few tips as I had to retire early due to stress and my income fell to a quarter of what it was.

-Definitely take sandwiches and make them from MEDIUM cut bread not the thick cut. This makes for fewer calories and more sarnies per loaf.
-Buy discount brand cleaners. I use Tesco Daisy washing products as they're fine despite being dirt cheap. Asda is good for bargain bathroom products and houshold cleaners.
-Stock up when imperishable items are on offer or on BOGOF.
-Poundland often does brand goods at knockdown prices. Recently it had cheapo 'Original Source' shower gel, less than half price and cheaper than bargain brands too.
-Being boring is economical. By having a basic, identical, weekly menu you can cut costs and make bulk savings. Have a change at the weekend for a reward.
-Batch cook and freeze.
-Buy a cheap slow cooker (Tesco's 3litre =£15) and cook in bulk to freeze.
-Simple meals like eggy soldiers, omelettes, baked potatoes, beans on toast etc. are cheap & nutritious.
-Bananas are cheap, apples are not. Watch out for the fruity bargains!
Good luck!

[Deleted User]

Even £300 on groceries is a lot, for two people.

You should be able to knock at least £100 off that.

Soworried

parker_posey wrote: »

Thanks I think that's a good idea to try not to exceed £50pw on groceries and cleaning products, it does work sometimes but it's often extra stuff that I forget to buy online that adds to it... I stop by on my way home in Sainsbury's and another £10-15 gone. There is no Aldi nearby, not that I know of... but I could try the one brand down thing, I am a bit of a 'food snob' like that (a habit from when I was in a couple with more than double family income...).

Any idea about of a website with recipes for batch cooking and freezing? As strange as it sounds I've never done it before... I pretty much cook daily or every 2nd day and my freezer is mostly empty apart from some meat.

https://forums.moneysavingexpert.com/discussion/242856

A batch cooking link for you

Coco10_2

We are 2 adults and one baby, we spend around £200 a month on groceries including nappies/milk/cleaning

Used to be a lot more until we switched to aldi and stopped buying meat! Now we buy quorn (cheaper and lower in fat!) and one bag if quorn will make a chilli or bolognese that feeds us for 3 days