Wednesday, 4 January 2012

Mrs No Spend needs your help

Right my frugal peeps I want you all to look at this statement of affairs. I want your help. 
  • Can you help me organise my finances
  • Can you help me to take into account for christmas, car funds, how much do you allocate for things. What would you do if this was your account?
  • Do you think me & mr no spend should just have the one account that we share.As whats his is mine & vice versa?. Would that make it easier do you think?. Then I could just concentrate on the one pot so to speak.
  • Our mortgage is £68,000. We have good equity home is valued at £250,000.  I would love to move to a different place where homes were more reasonable. I live in just a normal 3 bed bungalow & thats how much one costs . If you wanted a 2 bed flat they cost anything from £160,000- £200,000 & over.  My sister lives close by half hour away. My mum & dad about 20 miles away. One day I would love to ago to a different town & have no mortgage or asmall mortgage. Downsizing is not really an option as its not as if I live in a massive place. It has enough room but is not mansion size!  
  • Can you help me with my soa(state of affairs!)
  • Should I be ok living on this or am I just rubbish at organising our finances?. I thought I was ok
  • How much would you save into an emergency fund monthly based on these sums 

Mr No Spends monthly wage after tax etc
£1279.52 +
Mrs No Spend - £513.16
Total  Incoming both of us combined £1792.68 Minus the fixed outgoings - £887.86
Leaves  £904.82 - which does not include water,tv license,food,petrol clothing & any other bits involved in the cost of living & things that pop up like car tax etc

Mrs no spend
Tax Credit £74.59 paid weekly
Child Benefit £134.80 paid monthly
Rent from renting out garage per month £80.00 paid monthly
Total in coming £513.16 per month             
£513.16 - total income Mrs no spend
£166.17   outgoings
£346.99    Left after outgoings come out

Outgoings per month- Mr no spends account
Mortgage - £334.14
Virgin mobile - £19.00(mr no spends mobile cannot be any cheaper)
Virgin mobile - £19.00(master no spends mobile instead of pocketmoney)
Virgin media - £48.26
Football season ticket - £73.09
Council tax £132.00
Loan - £85.80
pre - payment nhs card - £10.40
Total £721.69

1st Buildings Insurance £8.31
2nd Mobile Phone £20.00
10th Healthspan £12.95
27th Car Insurance £27.91
28th Gas £37.00
27th Electricity £50.00
28th Life Insurance £15.00

Total £166.17 Mrs no spends account

Will need to pay tv license in May(must prepare for that)
Also half yearly water  due in April need to prepare for that to

£887.86-total outgoings per month for mr & mrs no spend combined
Does not include petrol,food, clothing,gifts,car tax etc

Huge thank you! In advance x x x


  1. Hey hun, can't you pay for the TV licence and water rates monthly by DD, I think we do and it saves having a large bill coming through the letter box. Have you checked other energy suppliers to see if you can get any cheaper? The loan you have, could you not increase your mortgage to pay off loan as this may mean much lower monthly payments as it's spread over a longer period - although you will probably pay back more but it will help in the mean time. What about looking for a new deal for your mortage all together - which may mean chaper monthly payments. You have not mentioned your money you get from your job, is that because it's an as and when? It's not easy making ends meet is it. I have lots of pots/tins that we put money away in - like one for Xmas, holiday, uniform/school books and birthdays/gifts. Look out in the sales for cheap pressies and put them away, I know you have to find the money know but you will be saving dosh in the long run. Food has got so expensive too hasn't it, I try to stock up on the bogof offers on pruducts we eat/use each month and stock up freezer if meat/fish is on offer too. Online food shopping is good as that way you only buy what you need and do not get drawn into buying things just because they are on offer. S x

  2. Hi sweetie
    I would start by giving each expense an amount/budget each month so,
    and these are all me making a guess based on my own budget :)

    £250 emergency fund
    £15 car tax
    £250 food and household
    £100 Petrol??
    £70 gifts
    £25 clothing?
    £12.32 tv licence
    £40 water
    £130 misc?
    It's tough but I would focus on getting that ef fund filled up for your peace of mind
    I may be way off with amounts but hope it helps x

  3. The way I budget is to:
    A) Add up incoming income from all sources.
    B) Subtract all non-negotiable fixed expenses.
    C) Allocate whatever money is leftover for your variable expenses. (tv, gas, food, clothes, savings, entertainment, etc..)

    Keep on shipuffling the money around until it all "fits" in and everything is accounted for. Good luck!! :)

  4. I use envelopes.
    ALL income to the home = A
    All ESSENTIAL expenditure (bills, loans, etc) = B
    Left money = C

    From C I divide into: food, fuel, pets, fun, car, savings.
    I then take all the money out of the bank and put it in cash in the envelopes.
    At the end of the month I then pay the leftover cash from the envelopes into my savings account.
    I NEVER go over my envelope cash.
    All our clothes have to come from the charity shops - this comes out of the "fun" envelope as actually we don't need anything at all to wear, but it is fun to go and search for a jumper or some wool to knit one!!
    Savings account should build up to between three and six months of your outgoing expenses ideally: check out DAVE RAMSAY on youtube, or FRUGAL QUEEN's blog where she explains the envelope system too.

    Love FM x

  5. I can't top this excellent advice but am keen to see what you do next.

    You go girl!

    Sft x

  6. We have a joint account, much easier!

    I use an Excel spreadsheet which I have set up, I have all my monthly outgoings for each month on one sheet. I have another sheet which is like a bank statement in that I record in chronological order all transactions, I reconcile this with the bank statement each month, that way at any given time I know exactly what we have left in the bank each month. We put aside £50 a month as our Christmas fund, apart from that I just keep a tight reign on it and budget as we go along.

  7. We have a joint account, and almost everything is paid monthly- tv licence, water, utilities, mortgage. I know down to the last penny what is going out of the bank account each month in direct debits.Insurances are saved up for and paid in full when they are renewed, as is my prepayment prescription certificate,the car tax and our annual holiday. Our income is quite a bit less than yours , and our fixed outgoings - all bills & mortgage are more. What is left pays for petrol, food, clothes, a small monthly allowance for KL , KL's phone - she is the only one who has a contract. J and I have old PAYG phones- I haven't had any credit on mine for over 3 months! It also has to cover the cost of the house renovations. When I stop getting child benefit and tax credits for KL in 18 months time we will have less than £200 per month for food,petrol,clothes etc. It's a bit of a worry, but we'll have to manage. Having the allotment helps a lot - it's hard work but an absolute necessity to feed us.Having everything on direct debit , and a standing order to a savings account for the one off things is the only way that I can manage the finances. Sometimes I feel worn down by it but those are the cards that life has dealt me so I have to play them the best I can.



Related Posts Plugin for WordPress, Blogger...