It’s really really difficult and I don’t always succeed. Also when I say I live off £100 that is just meant to be for me, doesn’t include food or petrol.
I have a wife, 2 kids, 2 dogs, a mortgage and a tonne of debt.
Every month I will go over our budget which includes all bills from household down to children’s clubs etc.
Anything that is house or children, we split 50/50. Anything that is debt we cover individually depending on whose debt it is.
We then put all that money into our joint account and that’s it. It stays there.
The food shop is split 50/50 and all of that comes into my Monzo account and put into a pot to last a month. That is £500. Every week me and my wife will agree on what to have for tea each night, what lunches we’re likely to have and anything else we need and then get the ingredients we need for that week. Usually go to Aldi first and whatever I can’t get I’ll pick up from Morrisons on the way back.
I then budget £120 a month for transport, which mostly covers petrol but truth be told I have gone over it every month bar 1, maybe 2 since September.
That leaves me with about £300 a month. I put £200 of that to one side as ‘back-up’ and £100 is then for me for the month. More often than not it goes on the kids, one takeaway and then something for me. But it always goes.
Sometimes I have to dip into the £200 back-up but whatever is left of that goes into the locked holiday pot. Once the holiday is paid off I will then be able to utilise a bit more for myself. Hopefully to go to Spurs new stadium next season!