Would you mind sharing your incoming and outgoings?

[Deleted User]

* Not too sure where was the best place to post this so please move if needed.

I am mainly just curious to be honest. I've been trying to watch my spending, but yet feel kinda broke towards the end of the month. 

Below is everything that comes out every months (bills). My wife and I will add our salaries together, minus all of the below (regardless of whose expense it actually is) and split what's left between us. I get around £3,000 a month and she gets around £3,060. At the end, we have around £800 each. Last month, about £300 from my "allowance" was spent on various therapy for my son (he's autistic), £100 on a day out on the beech. In total, I spent around £40 on "entertainment" for myself and £80 on food, eating out.

Bill	Cost
Mortgage	£1,478.56
Nursery	£1,343.33
Shopping	£250.00
Savings	£200.00
Council Tax	£175.00
Debt Payments	£150.00
Wife Work Travel	£137.80
Petrol	£120.00
Gas and Electric	£119.00
My Work Travel	£91.86
Kids Activites	£72.00
School Club	£68.00
Life Insurance	£53.48
Water	£41.46
Children Savings	£40.00
Broadband & TV	£30.00
Amazon - Milk/Cream	£25.00
Car	£18.15
Phone	£17.99
Washing Machine	£14.50
Netflix/Prime	£12.00
Dropbox	£9.99
Total	£4,468.12

Sncjw

The debt free wannabe pages are the places to go

.they will want a breakdown. You don't need to be in debt to use it. There's a proper statement of affairs format to use. 

People can see where to make savings if you need to.

london21

63% of your cost are mortgage and nursery and not costs you can easily cut down.

Unless when kids get to full time education, nursery cost will be present.

Everyone's circumstances are different for example not currently married or kids yet so my expenses will be very different to yours.

You can only cut down where you can, will still need somewhere to live.

If you can ask for a raise at work or try to get another role that pays more.

I was looking to ask my company for a raise but earlier in the year they offered a 7% rise and still on the lookout if I do find a better paying role with a decent company will move within the next 6-12 months.

TBagpuss

Since you and your wife each have £750-800 a month for discretionary spending once the main outgoings are covered, I'd suggest that you look at how your spending frm those funds breaks down.

Based on what you've pur above, you might want to check whether it makes sense to be utting £200 into savigns when you also have debts - it may be that you would be better off incresaing the debt repayments (as often the interest on debt is higher than anything you'll be earning on the savings)

Consider keeping a spending diary of eveyng NOT onths list that you spend mony on to see where it's going.

Little things like buying a sandwich or coffee, or little bits of food shopping beteen your 'big'shops can lladd u, but if you don't know where the money is going you can't really plan on how to save .

Also - you mention payng for ta day out and for therapy - were those things that came out of your discretionatry spending money or from the joint pot reducing your discretionary spends? Do you trnasfer money from the joint account so each of you has spending money? If not, are you each spending simialr amounts?

74jax

Head over to

https://forums.moneysavingexpert.com/categories/debt-free-wannabe 

They'll help you both loads. 

Mimi_Arc_en_ciel

As others have said - complete a SOW (Link on Debt Free board) and they can advise for outgoings etc - Super helpful over there! 

Exodi

I don't have kids yet (my partner and I are finally planning to in the next year or two), but this absolutely fills me with terror:

Nursery £1,343.33

How many children is this for? This would be everything a worker on minimum wage takes home after tax.

Surely savings can be made here?

74jax

Exodi said:

I don't have kids yet (my partner and I are finally planning to in the next year or two), but this absolutely fills me with terror:

Nursery £1,343.33

How many children is this for? This would be everything a worker on minimum wage takes home after tax.

Surely savings can be made here?

Children are 6 and 2.

More info https://forums.moneysavingexpert.com/discussion/6371106/cost-of-living-crisis-how-are-you-coping#latest 

Placitasgirl

Are you claiming Child Benefit for both children? 

Are you entitled to any Tax Free Childcare? 

As mentioned do pop across to the Debt Free Wannabe board and post a full SOA (statement of affairs - there's a template there for you) which will set out your income and expenditure in a clear format. Even if you're not in debt it's a great place to get support, encouragement and inspiration for reducing outgoings and ensuring you're maximising income and entitlements. 

[Deleted User]

Exodi said:

I don't have kids yet (my partner and I are finally planning to in the next year or two), but this absolutely fills me with terror:

Nursery £1,343.33

How many children is this for? This would be everything a worker on minimum wage takes home after tax.

Surely savings can be made here?

This is for one child. I had two in at one point. In January, I will start paying about 3/5 of that as you get 30 hours free (from the term after they turn 3 years old) . You also get 20% tax free back, sometimes, each month. It's capped so so there are some months I don't get it.

That's actually the cheapest nursery in the area. £62 a day if I remember correctly. Previous one was £79!

[Deleted User]

Exodi said:

I don't have kids yet (my partner and I are finally planning to in the next year or two), but this absolutely fills me with terror:

Nursery £1,343.33

How many children is this for? This would be everything a worker on minimum wage takes home after tax.

Surely savings can be made here?

Having children is something that has to be budgeted for, think about this and see whether having a family is something you can do comfortably now, or better leaving until you have more stability, financially.
With just 1 income for a while (maternity etc) this will be difficult for a lot of people.