Starting out

Ccarter

Hello, I am trying to make a budget going forward in order to manage my money better. I am struggling to come up with a 'spending' money figure. This is the amount for entertainment, hair, trips etc after the bills have been paid.

How much do you assign your self?

I am a single parent with 2 small children age 4 and 5 who do not cost too much at the moment. We do have ballet class, Rainbows and swimming to pay for however. My eldest DD has mobility issues so I feel these type of things help her physical development.

I have a quite a lot of debt in comparision to my income I feel so really need to tackle it now before it get's even worse!

Thanks in advance

DawnW

Hi,
Didn't want to just read and run.

How about starting by simply estimating how much you spent on these items last time? If you can't, a guess is better than nothing, to get you going. Try keeping a spending diary or (app) where you list everything you spend for a month (many on here are recommending an app called YNAB, for which you can get a free trial, but I know I wouldn't stick to using this and prefer to use a little notebook that I had anyway ). This will give you a more precise idea of where the money goes. Then you can revise your original figures to give a more accurate picture.

I have always found that budgets are 'working documents' as opposed to 'set in stone' in any case, they need constant attention and adjustment depending on circumstances

moohound

Do you know the amounts and APRs of the debts?

It is a game of 'pay the least interest' that gets the debts down the quickest, there is a snowball calculator on here to help, but I am rubbish at posting links.

Well done in taking control of your finances, and you will gets lots of help and encouragement here.

Ccarter

Yes I know the amounts and APR's.

Kitchen loan-fixed 97.36 for another 19 months.
Card 1 804.54 5.9%
Card 2 2932.50 0 % until Nov 16

daydream_believer_2

I can highly reccommend a spending diary. I literally use a good ole fashioned diary, and write down EVERYTHING spend, right down to a loaf of bread.

By doing this within a month you will know how much the childrens activities cost, so how much to put aside for these, but you will also be able to see where other money is going....the odd coffee, choccie bar etc.

Once you can see what you spend, and what you spend it on, its much easier to cut out the non essentials, and focus on getting on track.

Good luck.

jodles16

Keeping a little diary can help you to figure out costs, but also initially you could just do some guess work, I spend £50 at the hair dressers when I go but I only go twice a year so divide it to get a monthly idea? On advice for paying stuff off pay more on the higher interest cards if you can, and the main piece of advice I love from here is 'every penny helps!' its so true!

There are lots of challenge boards and ideas to make and save money that its well worth a good nosy round. I do some surveys, onepoll.com, valuedsurvey and yougov, its slow process but builds up!

Well done for writing it down, thats the first step, I love reading the diaries on here they are inspirational, perhaps start your own!

Good luck,

Jodles :j

sazaccount

Hi,

I couldn't just read and run the advise above is very good with dividing spending by months and keeping a diary etc.

As a Rainbow leader myself I know some of my parents do have money issues (budgets etc) units do run differently, here we pay termly, but I have had parents who have divided this and paid either weekly or monthly depending on when they get paid. I know its only one thing but it might help with some of the other activities.

If you do ever find yourself in real difficulties just speak to the leader we are all human and volunteers I know the majority of leaders would work with you either seeing if there are any grants to help or another solution uniform etc.

If you post up an SOA (theres a link somewhere) the lovely people on here will be able to help with what is a reasonable budget and where the "belt can be tightened"

Good Luck!!