Income and expenditure

sourcrates

Try using this calculator instead, as we have all neglected to post you the link, remember to format for MSE :

http://www.stoozing.com/calculator/soa.php

caprichos

Thank you Sourcrates! will do that one too. I have just completed the one used by National Debtline that helps to calculate pro-rata payments .

EssexHebridean

sourcrates wrote: »

Try using this calculator instead, as we have all neglected to post you the link, remember to format for MSE :

http://www.stoozing.com/calculator/soa.php

The first reply on the thread gave detail of where to find it., in fairness...

Alcohol, Newspapers and Mags, and lottery definitely need to go. £600 a year on haircuts and nearly a grand on clothing are looking a little heavy to me too. For the purposes of actual spending, you can slash that grocery spend a fair bit I'd say. Baffled how on earth anyone could suggest that £500-600 per month for two adults is reasonable - that would feed me and my OH for best part of 4 months and we eat good quality food!

Cleaning and toiletries looks really high as well - do you really spend this much?

How you want to manage your budget really comes down to how fast you want to clear your debts - you can make all manner of savings if the incentive is there.

I'd strongly suggest altering your water payments to a straight monthly direct debit though, and also changing your council tax to over 12 months rather than 10 - both really help with budgeting, and having your water on 6 monthly payments is just setting yourself up to not have the money available when it's needed. Remember also if you budget says that you set money aside for certain things, you need to physically set it aside otherwise the budget is a nonsense. So house maintenance/emergency fund etc need to be siphoned off into separate savings accounts so they don't get frittered and are there when needed.

cms-help

caprichos wrote: »

thank you enthusiasticsaver for your comments!
Sorry I missed the other part but I can tell you we are over £38000 in debt.

I guess I wanted to know what you all thought of the Budget as I need to contact all our creditors with offers of payments.

I agree the lottery and newspapers need to go.

Do you really think the clothing and groceries and haircuts are high?
There are 4 of us and the children are constantly growing. my youngest has already gone through two pairs of shoes only this school term.
I cannot see how much more I can cut down on groceries. National helpline has a guidance of between 500 and 600 for a couple a month. My groceries are for two adults and two children?

I cannot find haircuts cheaper but will keep trying...

I did the Minimum Income Standard and we dont have enough as it is and the figures they give for a family of four are higher than mine..

Sorry do not mean to be rude just surprised you found those figures high bu this is what I am here for. For your help and comments


Again thank you for your imput

I would say groceries are high. We're a family of 4 and our groceries are £300 a month and that's shopping at Tesco. Am sure if we looked at other supermarkets we could reduce it but they're not local to us so would probably use any savings in fuel to get there!

MrsTinks

£600 a year on hair cuts? :eek:

I went years of spending about £50 or less a year on my hair cuts. I have long hair so it's easier I guess, but it's perfectly possible to cut back here. Even with the kids! Either look for a self employed hair dresser who will come to you and thus get all of you done in one go - if you want to have colour then either in a box or go longer between sessions.

For any "can't do without my luxury" look for local beauty colleges or academies - in Aylesbury for example there used to be a training facility inside Schwartzkopf's site where you could be a model and get lots of hair treatmens for free or exceedingly cheap. Hairdressers also do model days when trainees would be cutting your hair but they're supervised

Food - this is high - honestly it can come down! You have your main food budget, then you have school/work lunches on top and alcohol separately.

Honest answer? You have loads of room in this budget to cut back and really hammer your debts The question really is if you're all prepared to tighten belts and make it happen? :money:

somethingcorporate

£1k a year on the lottery??

MrsTinks

somethingcorporate wrote: »

£1k a year on the lottery??

I think it's monthly although the form says weekly - it's not the easiest of layouts to work with though :cool:

Still £20 a month is £240 a year...

There's me feeling bad for buying some raffle tickets at the WI! :eek:

caprichos

Thank you all for all your comments and advice. Given me lots to think about and where to cut down or stop all together.I am sorry the budget was not clear but it was all monthly amounts. I have since spoken to National Debtline and have gone through the budget and they have been very helpful. I am now ready to address my creditors. Fingers crossed this is a good beginning to a debt free future!

enthusiasticsaver

One thing you have not put in that soa is an emergency fund which I think is essential when you don't have the option of using a credit card which I am guessing you don't. I would scrap the lottery, newspapers and reduce haircuts to once every 2 months (£25 a month?) and reduce the groceries and alcohol to aim for an emergency fund payment of around £75 -£100 per month. Is the maintenance, insurance and tax of motability vehicle covered under disability benefits? You have only mentioned fuel.

enthusiasticsaver

caprichos wrote: »

thank you enthusiasticsaver for your comments!
Sorry I missed the other part but I can tell you we are over £38000 in debt.

I guess I wanted to know what you all thought of the Budget as I need to contact all our creditors with offers of payments.

I agree the lottery and newspapers need to go. I would consider them to be a luxury and gives you an instant saving of £500 over the year.

Do you really think the clothing and groceries and haircuts are high?
There are 4 of us and the children are constantly growing. my youngest has already gone through two pairs of shoes only this school term. Certainly I think budgeting for childrens shoes and clothes is acceptable and a certain amount for clothes for you and OH but £80 per month does seem high but others may disagree. Ultimately it has to be a figure you can work with so your choice.
I cannot see how much more I can cut down on groceries. National helpline has a guidance of between 500 and 600 for a couple a month. My groceries are for two adults and two children?

We pay £200-£250 for a couple so not sure where that National helpline figure comes from. We shop mainly at Lidls though and don't buy much alcohol. I think you will find £500-£600 for a couple is not a recognised budget amount on mse forum. That seems extraordinarily generous. Do you meal plan and use the cheaper supermarkets - Lidls or Aldi?

I cannot find haircuts cheaper but will keep trying... Why not just have hair cut less often? I have mine done every 6-8 weeks which is supposedly the average.

I did the Minimum Income Standard and we dont have enough as it is and the figures they give for a family of four are higher than mine.. I have not checked the minimum income standard but will do so to see how they come up with those figures.

Sorry do not mean to be rude just surprised you found those figures high bu this is what I am here for. For your help and comments


Again thank you for your imput

Whatever budget you set has to be workable and certainly I did not take offence that you queried my advice. I guess it depends on your circumstances and usual shopping habits and how badly you want to get rid of the debt.