October 2020 – What I spent in a month
Since starting this blog about six months ago I’ve avoided sharing actual figures. I realised though that it’s the one of the things I find most interesting and helpful when reading other people’s blogs so here they are.
This is the budget for a family of four in the UK but only my spending. My partner gives me a contribution towards bills and then covers most of the groceries and petrol. Almost everything else comes from my account, including all our savings and investments.
October was a lovely month as it was my daughter’s birthday and I also felt the kids startled to settle nicely back into nursery. There were some extra childcare costs this month as I pay an annual subscription to a payroll company for our childminder. Also, birthday presents for my 4-year old including this fantastic Toniebox…
We managed not to go over budget as I have a contingency amount which I put towards extra investments if I can or spend on unbudgetted costs if not. I also had a little bit of side hustle income from selling some baby things on Gumtree and some online surveys (Prolific and I-Say).
As a result, we didn’t manage to put any extra aside other than our regular investments and mortgage overpayments. I’m really happy with that though as I realise this isn’t a time in our life where we can make rapid progress towards FIRE, as we have high childcare costs until my youngest qualifies for pre-school funding.
Here’s the run down…
|Income type||Budget (£)||Actual (£)||Comment|
|Net salary||4429||4229||£350 pension deducted from payslip (which employer matches) as well as tax for our rental income|
|OH contribution to bills||1700||1700|
|Rental income||1373||1373||This is after agency fees|
|Side hustle income||0||53.8||Always treat this as a bonus|
|Cost||Budget (£)||Actual (£)||Comment|
|Rental mortgage||403.9||403.9||Interest only|
|Rental service charge||278||278|
|Main property mortgage||2225||2225||Includes overpayment of £250|
|Council tax||281||281||This is for Edinburgh, UK|
|Gas and electricity||160||160|
|Annual car tax||10||120||Budgetted £10 is for the sinking fund|
|Window cleaners||20||40||Didn’t pay last month|
|Factor fees||82||82||Sinking fund|
|Childcare||1787||2231.65||For 5 mornings nursery and 5 afternoons with childminder a week. Extra costs this month.|
|Apple icloud subscription||2.5||2.5|
|Historic Scotland membership||7.25||7.25|
|Household costs (nappies, wipes, milk, cleaning products)||50||31|
|Grocery contribution||100||100||My OH pays for most of the groceries but this is my contribution. We spend around £500 a month.|
|Other food (e.g. take aways, cafes||50||53.55||2 x fish and chips and other treats|
|Regular Stocks and Shares ISA payment||1210||1210|
|Extra ISA payment||588||7.50||£588 is the max I could make in my lockdown budget – normally this goes towards commuting cost and other “old normal” costs|
|Donations||20||20||Unicef and Trees for Life|
|Income and outgoings difference||0||0||The side hustle income kept our budget balanced|
What I learned from this month is:
- To start a new sinking fund for the annual payroll subscription I forgot about (£37 a month). I have one separate account for these quarterly and annual expenses – like car tax – but I had forgotten about this one so will start from next month.
- The difference that even small side hustle money, like surveys, can make.