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60k and counting...
Comments
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You are not working? is this likely to change at some point?
How old is your child, when will the childcare/nursery expenses end?
Do you or your child have health problems?
The car - is this an electric car leased through your partners work?0 -
OK A few things look a bit high. Groceries, clothing, presents and entertainment, any reasons?
Does your benefits include child benefit?
If you go down to the woods today you better not go alone.0 -
I am on long term disability have been since like 2012, child is 2 years old will be able to move him into public nursery at 3
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Car is a lease from Hyundai nothing to do with work, ends October 2027. I have multiple physical disabilities and some mental
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Agree grocery spend looks a bit on the high side for 2 adults & a 2-year old. Should be able to knock at least £100 off that by meal planning, cutting out midweek top-up shops, etc.
2026's challenges: 1) To rebuild our Emergency Fund to at least £5k.
2) To read 50 books (12/50) 3) The Re-Shrinking of Foxgloves 8.1kg/30kg
Remember....if you have to put it on a credit card, extend your overdraft or take out a loan to buy whatever it is, you probably can't afford it, as that's not your money, it's somebody else's!0 -
So do yo receive PIP?
Car not a Mobility car?
If you go down to the woods today you better not go alone.0 -
Yes I get PIP unfortunately I was like point off for mobility car, it's just a lease through Leaseloco
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is the Leaseloco monthly cost in your SoA?
is it electric, if not, why is the petrol cost?
when this ends you are unlikely to be able to get a new lease or other car finance except at a very high interest rate.
£500 a month is not particularly high for two adults and a toddler, especially if it includes cleaning things and toiletries. And things like nappies and baby wipes.
You need a line for clothes in the SoA.0 -
I think a lot of these look like estimates - might be useful to actually go through your accounts and come up with a more accurate SOA. Some are a little high and some a little low - though I don't think #500 for groceries is vastly high considering how ridiculous prices are now. Likewise you could make some savings looking at e.g. gifts but seeing as you have 0 in fuel, low amounts for utilities, 0 for holidays etc I imagine things won't be vastly different.
The main thing is to identify your actual spending and what you can realistically save on or which areas you are not accounting for and then ensuring that you have built up an emergency fund for when things go wrong and ensure that you are prepared for all irregular but expected costs - white goods replacement, dentist, car repairs etc. Once you have all of those things in place (because you won't be able to get credit to fund those) then you will have an idea of how much you realistically can afford to make in debt repayments.
HTH
DFW info LBM: March 26
Total 03/26 69,481
"You put one foot in front of the other and one day you look back and see that you have climbed a mountain" Ready for the climb.💪
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Yes fuel is £0 because I have an electric car which is coupled in with our gas/electric bill…. I totally missed off the lease payment to Hyundai Finance which has now been added its £298 a month.
We never have had a "clothing" budget the average recommended to us by StepChange is £900 a year
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