So before I review my monthly spending I thought that I would let you know my monthly budget. This reflects the changes that I have made since discovering FIRE e.g. cutting food costs, beauty treatment costs and increasing savings.
Firstly, about £1550.00 comes out of my account into our joint account. Currently I am paying the mortgage and most of the household bills and my partner is spending the equivalent on the renovation of the house. At present this money is split as follows:
|Gas and electricity||£96.00|
|Broadband and line rental||£26.50|
Budgeting for annual expenses
I then have a personal account into which I transfer £300.00 at the beginning of each month in order to save towards annual car expenses and other regular payments. The money in that account is split as follows:
|House insurance||£12.00 (this is towards half of this)|
|Opticians check-up/new glasses||£13.50|
Saving and living
That leaves about £815.00. I have direct debits into two savings accounts totalling £435.00, so I am down to £380 to live on for the month. This is divided as follows:
|Food||£140.00 (this is for my half)|
Now, I have some added income every month as I get paid mileage from my company for travelling. It varies from month to month, but can be from £100 to £250. This allows for some extras in this tight budget or adds to my savings at the end of the month.
I will let you know how January has gone in a couple of weeks!