Don’t panic, its only money…


Sorry we’ve been so quiet lately… we’ve all been struck down by the dreaded BUG…but that isn’t the reason for this post…

We get asked quite a lot what we save each month and what we spend, so here it is…relatively wart free…

Incoming (pw = per week pm= per month … 4 week month)
MrC’s Wages (after tax) – £300 pw (so £1200 pm) paid weekly

Child Benefit – £47.10 pw paid weekly

Child Tax Credit – £156.91 pw paid weekly

Working Tax credit – £31.53 pw paid weekly
Total – £535.54 pw £2142 pm

 All our incoming gets paid weekly for ease… I subtract the money from our bills and pop it into another account and then take out the money for groceries… this leaves us with leftovers. Then on the first of the month, when the monthly bills are due out, I move all the money I’ve set aside for the bills and put it back into the currant (main) account BILLS SORTED!

Outgoing
Groceries – £30pw £120 pm I’m always looking to shave a little more off each week… it all goes to my
Rent – £91 pw £364pm paid weekly
Council tax – £33pw £132pm paid weekly
Gas – £9.50pw £38pm paid monthly part of the monthly bills 

Electricity – £7pw £28 pm paid monthly part of the monthly bills 
Phone / Internet/ TV – £30 pw £120 pm paid monthly part of the monthly bills 

TV licence – £3.03pw £12.12pm paid monthly part of the monthly bills 
Water – £6.22pw £24.88pm paid monthly part of the monthly bills 

Life insurance £1.25pw £5pm (quitting this as soon as the year is up… I could save more with an ISA or stuffing it under the bed!) paid monthly part of the monthly bills 

Total – £211pw £844pm

Other outgoings

Mobile Phone (MrC and Myself) – £12.50pw £50pm for both but we’re getting the hang of this and using our free minutes… If we use ONLY our free minutes and texts we’ll only pay the rental which will be £24 for both phones (not each) paid monthly part of the monthly bills 

The savings bank of mum – £20pw £80pm paid weekly

The holiday Saver – £150 pw £600pm paid weekly

MrC’s ciggies – £50pw £200pm bought daily or 2 packs every 2 days 

Total – £232.50pw £930pm

 

GRAND TOTAL

Incoming – £535pw £2142pm

Outgoings – £221pw £844 pm

Other outgoings – £232.50pw £930pm

Leftovers – £81.50pw £326 pm this is useful if we go over on the mobile phone or TV/ landline bill (naughty naughty… but not a regular occurrence …ALSO Great ‘cause we’re considering starting a school uniform/ school shoes saver so next September doesn’t come as a shock.  Clothing for the kids generally is always an expense… but necessary as they grow… we try to keep this to what they ACTUALLY need rather than pricier fashionable items. Not cool by the kids standards but that’s what birthdays and Christmas are for… special items.

ANDespecially useful now, when we need to buy goodies for Christmas…although that is kept to a strict ‘ONLY BUY IT IF WE CANT MAKE IT’ budget.

Just to remind you this is a family of five with no credit cards or debts… but… if we did have some to pay off our frugal lifestyle means its totally possible. The leftovers + holiday money alone could pay a fair whack out of any debt weekly or monthly. We don’t by any means do with out (as evident by our sky bill and mobile phones) but… we spent a LONG time really evaluating want verses need… that’s the hardest thing to do in my mind (hard lesson number 1), but you wont shift that debt until you do.

Hard lesson number 2: there are no long term short cuts! Think about it.

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6 responses to “Don’t panic, its only money…

  1. Hi, just read your article, soooooo inspiring! We are a family of six, with kids aged 6, 3, 2 and 10 months, please help! We currently have a debt of just under £7000, between credit cards and overdraft, and finding it very difficult to see a way out! Any tips? Thanks, Aimee. X

    • Start by write down exactly what you have coming in and what’s going out… you need to be as accurate and truthful as you can >>> this will be a great place to start as the more accurate it is the better you will be able to see where your money goes and where you can cut costs.
      Try this over a week or so… so you can get a good idea of your spending habits good and bad. Its not nice seeing these things in black and white, but its not until you face it that you will truly be inspired to do something about it.

    • Yes I agree! It’s also helps to think of how you spend, my husband for example puts everything on his card and doesn’t use cash as he finds cash just disappears but I know it works the other way for some people. Good luck!

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