As a newly single working Mum of 2 kids I'm trying to work out a budget.
Just curious mostly;
How much do you put aside per fortnight for bills?
How much do you save?
How much do you have per fortnight for fun things, going out, taking kids out, buying clothes etc?
Money
Money
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Money
6 Replies
$700 rent
$100 electricity
$10 water
$100/$115 phone/net or insurance
$60 day care
$300 food (my kids are meat eaters)
$50 save
$25 take away once a fortnight
What ever is left over if anything gets put aside for anything that pops up.
I'm not a single mum but money is very tight for us.
We're a family of 5, we dont necessarily have a budget more priorities.
So obviously rent, utilities, travel/transport costs & groceries always come first.
Then we work out how much we'll save, keep for outings, put towards new clothes etc with whatever we've got left. That can vary from week to week as our income may fluctuate depending on how much work & and we dont need new clothes weekly or spend money on outings weekly (we tend to look for free or cheap activities so things like cinema & play center trips are a real treat).
My advice on grocery shopping too: Don't take the kids if you Can help it (I always spend more when the kids are with me).
Write a list and stick to it! (And don't go in hungry lol, trust me that's the worst way to impulse buy). I reckon for 3 people a budget of $150 a week is doable.
As for saving, even just aiming for $20 a week if you can. It adds up quickly.
My gas is about $200 a quarter and my electric is $200 a quarter so that's what I put away. My rego is about $160 a quarter. My insurances I pay monthly, car is about 30 a month.
We spend $150 per week for two adults (my son eats enough for an adult) and I feel that's a gevrous food allowance.
My phone and internet is $69 a month.
I basically created a budget around those necessities, including rent, once I had the surplus then I could work out what was reasonable for clothes, haircuts, and entertainment.
By priority and based on regular averages. I'm not a single mum so my expenses won't be the same but it gives you an idea.
Mortgage $630 - always comes first
Rates/Water/Emergency maintenance $200 - if you're renting you'll save on this one
Insurance $220 - all so house, contents, comprehensive car and health
Gas/Electricity $100 - based on 2 gas bottles and $600/qtr
Phone/Internet $150 - my mobile, my partners mobile, house ph and broadband
Rego and fuel $80 - my car only and $50 f/n to get to and from work
Savings 5-10% depending on bills - I always try for 10% but if something comes up I at least put in 5% of my salary.
The balance is spread out over the rest. I might pick up the odd bargain on a clearance rack but most shopping for clothes is done seasonally at Target, Big W and Kmart and I buy jackets etc 1-2 sizes up to fit for 2 years. If it's a clothes shopping fortnight/month we live on chicken, eggs, baked beans and toast lol, if not we eat like kings! Entertainment I don't really budget for unless there's something in particular we want to do then I'll save up the cost and some spending money.
I recommend instead of putting money aside for bills set up direct debits for them so by the time they come in they are pretty much paid already, takes the stress off when the bills come in
I totally understand how tight money is but if you can do this it is so much easier
I think this depends entirely on how good with money you are. I can put money aside for bills in a high interest online account and not touch it until that bill falls due, this means all the money I transfer for annual and half yearly bills especially, I earn the interest not a government department or company. With the amount I lose in tax, I do my best to make every dollar I keep works a bit harder for me.