Setting a budget

tallyhoh

your house/contents insurance is very high, have you done a comparison recently? what is other insurance?

iammumtoone

tallyhoh wrote: »

your house/contents insurance is very high, have you done a comparison recently? what is other insurance?

Yes I know, I spoke about it above. It is high but it is good insurance, I struggle to compare buildings/contents insurances as the information on them and what you get for your money seems to be sketchy. Your are right it does need looking at I will be starting a new thread about it soon for help.

Its unlimited insurance for buildings and contents I know that doesn't mean much as there is always a ceiling, but I worry about setting my own levels in case I get it wrong.

HampshireH

Aside of insurance your spending nearly £400 a month on food for 2 of you with your groceries and work/school meals combined.

There are 2 adults in my house and we spend £200 on food a month with maybe £50 between us on odd shops but that's because we are lazy with our budget sometimes.

You could really reduce your grocery shop and have so much more left over if you plan your meals.

iammumtoone

Dobbibill wrote: »

You need to give the £163 a job to do - whether that is into a surplus category for a coffee or topping up the savings or entertainment category to make that more, whatever you choose to do with it, give it a job.

I think £100 for pension (the reason I started all this, I need to start paying into it I only have 20 years until retirement :eek: and have never paid any additional into it) and the £60 to play with in case I have missed anything.

Mnd

I agree the food budget is high 250 for us 2 adults is fine.
You are right about insurances, what is other insurance for
I also think you could cut a bit back on clothes

iammumtoone

HampshireH wrote: »

Aside of insurance your spending nearly £400 a month on food for 2 of you with your groceries and work/school meals combined.

There are 2 adults in my house and we spend £200 on food a month with maybe £50 between us on odd shops but that's because we are lazy with our budget sometimes.

You could really reduce your grocery shop and have so much more left over if you plan your meals.

The food and work spends are accurate the other spend I have no idea I got that figure via the debt buster guide. Its something I am going to have to monitor to see how much I do spend.

School and work won't change ds refuses to take sandwiches and we have a subsisted canteen at work. I eat home cooked meals dinner/breakfast/and 1 or 2 drinks for under £3 a day.

iammumtoone

Mnd wrote: »

I agree the food budget is high 250 for us 2 adults is fine.
You are right about insurances, what is other insurance for
I also think you could cut a bit back on clothes

other insurance is an endowment policy - it includes life insurance and critical illness cover

Clothes we probably don't spend that much again the figure came from the debt buster guide. Someone mentioned about that it takes 6 months to get the SOA accurate as you need to monitor your own spends, I am going to start to do this.