please help me find where I can make savings on my weekly budget

I've tried to do a budget to see how much I would spend a week if I moved out of parents and see if I can still keep my properties. Well, it doesn't look too good :(. I thought a single person without a car doesn't need much to survive so how come my figures are coming out at circa $750 a week. So thought I might post my figures and see if you peeps could help me cut it down. Need to reduce it by a couple of hundred dollars a week to circa $600. Does my figures look correct/are realistic. Is there tips and tricks I could use to make some savings.


How much do you guys spend a week.
 

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Need to reduce it by a couple of hundred dollars a week to circa $600. Is there tips and tricks I could use to make some savings.

Suggestions, cut out:
1. Dine out 1 x off = $20 save
2. Entertainment = $50 save
3. Seminars = $20 save
4. Overseas trips = $100 save
Total save = $190 pw
 
Rent - OK, what sort of property are you going to rent. Is that realistic, or could you cut back there. Could you get a flat mate, or live in one of your properties? Maybe put a small 2 bed granny flat onto one of your properties & live there?

Overseas holidays - This is a luxury, not an expense. If you need to cut back, maybe you could holiday somewhere cheaper.

Seminars - $20pw???? Sheesh! I wouldn't pay that much a year.

Food - $150, plus $10 for soaps etc. This is a LOT for a single person, especially if you are eating out twice a week. I'd take a good look there.

Entertainment - We wouldn't spend that much for 2 adults, let alone 1. Some cutting back required here too I think.
Hope that helps.
 
just reading an article in the property councils' developer mag ... a recent survey by rams of fhb's who had contacted them said (quote):

"while high property prices and saving for a deposit are key barriers to first home ownership for seekers, 56 percent of the home seekers we interviewed were also planning an overseas holiday."

something wrong with the priorities there methinks.

anyhow - with your budget ... two areas i'd look at seriously were food and rent. i can forgive entertainment, clothes and sports. i'd give away one of the dining outs and seminars - you can learn just as much as on here.

we, as a family of 3, spend only around $180/wk on groceries, and this includes toiletries. once set up you should find your food budget goes down to less than $100 ... assuming you don't buy very expensive precooked stuff and take your lunch to work.

with the rent - that's a lot of rent! is that for a share house? i know you need near public transport so that you don't need a car ... but perhaps you need to lower your expectations a little - or go a little further out on the transport line. my stepdaughter is looking at renting next year ... a dated flat 10 minutes drive from the cbd, 5 mins walk to the train station, share with a uni friend. looking at around $140/wk ... then if her boyfriend moves in her portion drops to around $70/wk.
 
hehe doesn't look like you are trying to hard Cashflow plus. I agree with Propertunitys list to cut out. We with our 2 kids only spend about $180 on Groceries and that's with nappies and toiletries. I know it's hard as a single person to cut out dining out and entertainment though so that will suck :)
 
Food at $150 pw - wow I heard Bris Vegas was expensive but not that bad!

Our shopping for TWO people gets to about $60 to $70 per week - and that's with no eating out (3 meals x 7 days)

Cheers,

The Y-man
 
Would you seriously spend $600/month on food?!

I've found this layout of a sample budget easier to view. You can fiddle with your outgoings and see how it adds up and can affect you.
 

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CF+

Perhaps you could try the following by order of largest expense:

1. 5K per annum on travel...that is quite substantial. Perhaps you could drop it to $50pw instead of $100pw. So net savings is $50pw

2. Rent...could you get something for day $230 (1brm) in Brissie? - that would be another $50pw

3. Broadband - TPG does one for $49 per month...no contract. Saves another $11pw

4. Mobile phone - again TPG does a deal for $9.99 per month if you already have internet and give $300 of call per month. Saves another $10 pw.

5. Food - $150 pw is a lot. Try Aldis for non-essential stuff. You can probably reduce at least $40pw here.

I can find about $161 pw of savings without touching too much on livestyle. I feel you could probably get $200pw savings without much effort.

You could probably also run a cheap car like a second hand Hyundai Getz ($5K) for about $40-60pw depending whether you finance the car or not.

I've tried to do a budget to see how much I would spend a week if I moved out of parents and see if I can still keep my properties. Well, it doesn't look too good :(. I thought a single person without a car doesn't need much to survive so how come my figures are coming out at circa $750 a week. So thought I might post my figures and see if you peeps could help me cut it down. Need to reduce it by a couple of hundred dollars a week to circa $600. Does my figures look correct/are realistic. Is there tips and tricks I could use to make some savings.


How much do you guys spend a week.
 
Food at $150 pw - wow I heard Bris Vegas was expensive but not that bad!

Our shopping for TWO people gets to about $60 to $70 per week - and that's with no eating out (3 meals x 7 days)

Cheers,

The Y-man

I'd like to see what your menu looks like for the week. :confused:
 
Share your place and go overseas every second year. Most people don't live alone or go overseas every year so imo not a huge sacrifice.

That's a savings of $190 a week just on 2 of your biggest expenses.

If you cut down on food too your savings could be well over $200 per week.

I do think your existing budget projection is a little extravagant for someone who's got doubts about the affordability of moving out of home :confused:.
 
thanks for the replies guys. Just needed someone to knock me on the back of the head and point out the bleeding obvious. Obviously some numbers can't be changed (like transport), some were wild stabs in the dark (like food) and some i'll be very reluctant to cut back on :D (overseas holidays). But the replies posted should help me cull back expenditure to allow moving out and keeping IPs. much appreciated, you just gotta love this board.
 
You have forgotten to subtract the amount you are paying your parents for board.

Eating $150 of food a week and paying $5K a year for an overseas holiday, surely you are not bludging off your parents ??????????
Marg
 
I've tried to do a budget to see how much I would spend a week if I moved out of parents and see if I can still keep my properties. Well, it doesn't look too good :(. I thought a single person without a car doesn't need much to survive so how come my figures are coming out at circa $750 a week.

huh??

we probably spend that much on a family of 3, and that includes running 2 cars
 
You have forgotten to subtract the amount you are paying your parents for board.

Eating $150 of food a week and paying $5K a year for an overseas holiday, surely you are not bludging off your parents ??????????
Marg


not quite. it has nothing to do with parents. its a simple straight up how much will it cost me if I found a place all to myself. If my take home is $700pw and it will require $750 pw to live independantly then either find budget cuts or don't move out (where obviously my expences are cheaper).
 
Wow ! Reading all the replies I am living the good life :)

We are a family of 4 and I struggle to keep food budget below $250 - $300 p/week. Maybe time to cut back on organic food ?
 
I'd like to see what your menu looks like for the week. :confused:

The ingredients are mostly certified organic believe it or not! :)

We grab them in bulk on "write down nights" at the supermarkets:

Meat (organic beef, organic lamb, organic chicken or free range otway pork) about $5-$7 per 500g tray

Vegetables - organic cabbages/cauli/brocci varies from $1 each to $2.50 each
Zucchinis about the same for 500gm

Crushed organic tomato from Aldi (in jars)

Must admit, have not got to organic curry powder yet :)

Should let you make a decent meal without too much struggle. :)

Cheers,

The Y-man
 
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