Budget Help

suziebear1985

Hi Everyone,

I'm really trying hard at the moment to reduce my monthly budget especially as I'm not sure what is happening with my job at present due to ill health.

I'm just wondering if anyone can take a look at my monthly outgoings and share any advice as to how I can make further savings.

Mortgage - £586 - fixed with Santander until Sept 2026

Council Tax - £146 Band C

Water - £45 - United Utilities water meter standard rate for 1 adult, 2 children

Gas & Electric - £100 - fixed with EDF until Sept 2024 

TV License - £13

Broadband - £21.50 fixed with Vodafone until Sept 2023

Mobile - £35 - fixed with 02 until April 2023

Home Insurance - £9 Urban Jungle

Hire Purchase Car - £153.12 - ends June 2023

Car Tax - £10.93

Petrol - £100

Food - £280

Son's Train Pass - £45

Paying family member back for money borrowed for house deposit - £200

Thankyou

eskbanker

suziebear1985 said:

Gas & Electric - £100 - fixed with EDF until Sept 2024

Congratulations on having the foresight to fix your energy costs for another three years, that's going to save you a fortune given the current explosion in prices!

However, much of the rest of your spending seems to be fixed too, which limits scope for improvement, but you might find it worth spending time on other parts of the forum such as https://forums.moneysavingexpert.com/categories/old-style-moneysaving

https://www.moneysavingexpert.com/make-money/ is another way to look at it, i.e. increase income rather than reduce expenditure....

jimjames

Two that stands out is the mobile which seems expensive at £35 but if by fixed you mean you're tied into a contract there may be little you can do. The home insurance at £9 seems very low, have you confirmed the cover is sufficient?

As above there looks to be little else you can reduce although is there other money not included? Days out with kids, other expenses etc? But well done with how you've done so far.

RG2015

You may find the MSE budget planner useful. You can download a copy from the link below. It also has links to MSE articles with tips for saving money in each category

I have also included a link for the Money Helper (formerly the Money Advice Service) budget planner .


https://www.moneysavingexpert.com/banking/budget-planning/#planner


https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner

suziebear1985

Thanks everyone, the rising cost of fuel and food is something I'm worried about but hopefully that fixed deal will protect me for a while.

It is quite tricky with things being fixed although I know sometimes it's worth paying exit charges to get a better deal although that wouldn't work with the mortgage this time. I certainly do have other spenditure but I know all of that is adaptable, I have days out with the kids etc but if I found myself in a desperate position where I couldn't afford that then we would have free days out to the park etc. Everything else in my life I can cut out if needs be so I just wanted to see what I could do about the essentials. I'll take a look at the budget planner and when my mobile phone deal is up try and find something cheaper.

blue.peter

suziebear1985 said:

... when my mobile phone deal is up try and find something cheaper.

It might be possible, and worthwhile, at that time to retain your existing handset and switch to a SIM-only contract. That contract needn't necessarily be with your existing provider.

You might be able to find another provider that uses the same network if the network is important to you. I pay £7.50/month to Talkmobile. I think that Talkmobile is now a subsidiary of Vodafone. It certainly uses the Vodafone network.

Obviously, your ability and willingness to continue to use your existing handset depends on its condition and whether or not it still meets your needs.

newlywed

RG2015 said:

You may find the MSE budget planner useful. You can download a copy from the link below. It also has links to MSE articles with tips for saving money in each category

I have also included a link for the Money Helper (formerly the Money Advice Service) budget planner .


https://www.moneysavingexpert.com/banking/budget-planning/#planner


https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner

Thanks for that the mse links made me realise I haven’t had a water bill for 18 months…. Thankfully it doesn’t seem to have been too bad, even with all the extra washing of hands etc.

also the demotivated has put me off buying coffee so often 

numbersrule

Paying family member back for money borrowed for house deposit - £200

Hi Suziebear1985

I note that paying the family member back is your third highest expense after mortgage and food.  Is this a recent arrangement?  How relaxed is the family member regarding the instalments?  I know you probably see it as a priority to a certain extent, but I see it is the last item on your list.

If the repayment arrangement was established before the recent cost of living crisis then perhaps the family member may be sympathetic to a rearrangement over a longer term.   I suppose that may depend on whether or not the family member is facing a cost of living crisis of their own?  On the other hand if your house deposit derived from their plentiful cash savings maybe earning next to no interest then it seems to me that this current outgoing may potentially be the most obvious for review and rearrangement.

pokora

newlywed said:

RG2015 said:

You may find the MSE budget planner useful. You can download a copy from the link below. It also has links to MSE articles with tips for saving money in each category

I have also included a link for the Money Helper (formerly the Money Advice Service) budget planner .


https://www.moneysavingexpert.com/banking/budget-planning/#planner


https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner

Thanks for that the mse links made me realise I haven’t had a water bill for 18 months…. Thankfully it doesn’t seem to have been too bad, even with all the extra washing of hands etc.

also the demotivated has put me off buying coffee so often 

Important to check regularly the meters and submit the readings. I could help you to reduce your estimated bill and to see if you have any leak or you are consuming more energy than you thought.

newlywed

pokora said:

newlywed 

Thanks for that the mse links made me realise I haven’t had a water bill for 18 months…. Thankfully it doesn’t seem to have been too bad, even with all the extra washing of hands etc.

also the demotivated has put me off buying coffee so often 

Important to check regularly the meters and submit the readings. I could help you to reduce your estimated bill and to see if you have any leak or you are consuming more energy than you thought.

I was doing monthly readings and spreadsheet to check them all but something else happened in spring 2020 that kind of turned life upside down and I well and truly took my eye off the ball! 

It did help identify a leaking loo cistern too. 

Will be back on it again tho, thanks

suziebear1985

I feel that the family member will probably be open to amending the arrangement. My old house was down valued by £8,000 and they stepped in so the move could still go ahead which I'm very greatful for. I feel awful as I've only made 2 payments to date and in hind sight I should never have committed to this financial arrangement and the outlay of the mortgage knowing that deep down I wasn't well and this may impact my ability to earn. They are very amendable though and originally I was paying the amount over 5 years which made it much more affordable but they thought they were helping by suggesting I pay this amount over 3 years and then wiping the remainder. I just hate letting people down .