Due to the uncertainty of the economy here in the UK and in the US, a few bloggers have posted their bare bones budget. The idea is that this is the bare minimum you would need to cover expenses if your income was reduced.
These are our essential expenses:
Council Tax: £122
Fuel : £120
Life Ins: £22
House Ins: £20 (Buildings not contents)
Debt Pyt: £492
This amount is frightening and higher than I thought. On two incomes dh and I can cover this, however if one of us was out of work, we would be struggling.
There are only two items on that list that I can actually affect at this moment, as moving house is unrealistic in the current housing market, and that's the Utility payments and the Debt repayments. Plonkee is running an excellent series at the moment, which includes advice on reducing utility expenses here in the UK, and I'm going to follow her advice. This leaves the debt repayments. Take these out and the total drops to £1,566, this leaves spare money out of one salary.
The repayments are for two loans with minimum payments of £296 and £196. I have a goal to clear the first one by the end of the year which will reduce the total essential expenses to £1,762, less than one salary.