Thursday, April 26, 2012

Financial Update

So, the month is not quite over but the results are in...

... and my spending was £260 greater than my income!

NOT GOOD!

By the time you factor in hideous expenses like car insurance that means we have less than a year before I have to work again.

I have to get better at this!

To analyse the problem in more depth - where did this over expenditure occur?

Household - £38.97 on blackout blinds for the bedrooms. Essential for BB's sleeping (and therefore mine) so a good investment, perhaps. Or at least I like to think so. Also £36 on a table bought on ebay. Our dining table is old, very old- it was my Great Grandfather's. I love it for the fact that my son can eat at the same table as his great great grandfather, but it needs covering so that it doesn't get ruined and so doesn't work with BB's Stokke high chair and tray. Therefore table has gone into storage and a new (second hand) wipeable, stickable table, is in our kitchen.

Total Household overspend is therefore £75.92. It is one thing to think that I wont have to buy things like this next month, but at the same time I am aware that there are always things that need replacing when you have a house...

Gifts - £60 over budget! Perhaps it was just a busy month... perhaps I should think twice before sponsoring friends for various activities - all for very worthwhile causes I must add. That seems a shame, but maybe it's the brutal reality. Maybe only sponsor one person a month, and if I am over budget when the request comes through I might just have to learn to say no.

Clothing -  I've allowed myself £40 a month but I bought a coat for £54.99. I don't buy clothes every month though, so hopefully some months I will be under budget

Groceries - £53 over budget. And I had quite good stocks in already! I think my grocery budget was unrealistic so I have increased it by £40. Which means I need to save £40 elsewhere, and get smarter with my shopping!

Fuel - £64 over budget. So, fuel is expensive... I think this was an expensive month as I did a long drive for my sister's birthday, and filled up the car ready to go and visit DD this weekend (postponed, so a saving for now, but expense still to come). I think perhaps I have been a little unrealistic with my fuel budget too, so I will increase it a little - but I'll also try to use the car even less.

I saved a little in some areas too, such as on baby, cosmetics and eating out, so maybe they are areas to look at for cuts.

I have been googling and found some interesting blogs... including http://www.athriftymum.com/ and http://www.frugalfamily.co.uk/

I have to get better at this. I really want to be a stay at home mum for more than a year!

Perhaps it's time to put some junk on ebay...

Other financial initiatives - I monetised my blog (did you notice?), and a couple of others http://some-blissful-bites.blogspot.co.uk/ where I have been posting recipes and http://babyledmealideas.blogspot.co.uk/ where I have been posting ideas for BLW (deserves a post of it's own soon!) so far I made £1.57!!!! I don't think it's going to feed us for too long!

I also thought of selling eggs - in fact, I even made a sign and put in the window, but then I took it down after a week - it seemed pointless as I had carried on giving them away. I don't know, maybe I am mad, but, I think if you give you always get it back in some way, and eggs are really a currency in thier own right - I've 'paid' for many things with eggs!

So the challenge is to do better next month...

All other ideas welcome!
Pin It Now!

3 comments:

  1. Well done on the blog ideas. If you find your audience, that could really pay off down the track. The babyledmealideas could be a real goer, just based on my own searches in the past!

    I'm really impressed you know where your money is going. I'm hopeless at budgetting mindfully. It all happens less consciously for me. If I'm feeling a bit skint, I cut out all the 'extras'. If I'm feeling really skint, I start buying the cheapest versions of everything. No gold in there for you.

    Still, have you considered temping? I've decided that's what I'm going to do from here til R & F are both in school. Just dip in and out of the workforce as I need to. I'm seeing it as relief from the miserliness of maternity leave (a chance to afford some of the bigger purchases) and an opportunity to build up the coffers again for when I won't be working. Casual work usually pays loadings too.

    Anyway, good luck.

    ReplyDelete
  2. Thanks Mama Bear, it is a big learning curve for me really as I have gotten so used to having a well paid job and just buying what I want, when I want. Although I know where I am spending the money I have a way to go before I become a thrifty shopper, or the patience to wait until next month, a birthday, Christmas etc.

    Our benefit system is a minefield, but from what I can make out, I would be worse off unless I can get at least 16 hours a week, in which case I might just start to be better off. The system doesn't make it easy to dip i and out of the workforce . Processing doesn't happen very fast either - I still haven't received all that I am entitled to now and I applied on Feb 27th. I think if I was to have different entitlements each week would probably cause the system to implode.

    I am working on a plan, to be a freelance PA, working from home when BB is in bed. I would be self employed, but if I could do 16 hours a week I could get working tax credits and we would be better off. Rather than stop and start a business though, I was hoping to get by until after BB2 is here.

    But, as I haven't even started trying to conceive BB2 yet, and I would need to wait until s/he is at least 6 months old and going to bed by his/herself in the evenings before it could really work well, so I need to make that money last at least 2 1/2 years...

    I'm gonna try!!!

    ReplyDelete
  3. Wow you're doing a great job just keeping on top of the budget, I follow those two blogs you mention and they're fab for ideas. I have started planning menus ahead and I am cooking lots, it helps me keep on top of things. Great to have found your blog, I'm following you now to keep up to date :)

    ReplyDelete