SOA Help please?

GettingOrganised · 16 December 2014 at 10:16PM

I wish my SOA looked like that! But, as you say you always run out of money between getting paid, you really need to find out where it's going. As asparagus has mentioned, try a cash only system. Withdraw an amount you're comfortable spending in a week and then leave your cards at home.

What car do you drive? Seems very economical to run.

ForeverHomeDreamer · 17 December 2014 at 4:26PM

Bedsit_Bob wrote: »

Only £20 a year for Road Tax?

£2,400 is a lot for holidays, for just one person.

Hi, I'm sorry I'm not sure how to quote more than one person!

Thank you for all the responses and suggestions, really appreciate you taking time to reply and being kind.

To answer a few questions raised -

That's the amount I WAS earning, and will be earning, I've had to take a £300 a month temporary pay cut for a few months, so that will alter some figures, although my outgoings and the ''unexplained'' money is unchanged.

Bob/Getting Organised - My car is one of the little ones, (107/Aygo/C1) and the tax really IS £20 a year. They are dinky little things but really good for city living (not fantastic on the motorway but I use use mine for the odd trip, I tend to walk or cycle most places.)

Asparagus1968 - I have to pay £5 a month on my CC even if there's nothing on it - it just goes into credit. I try and use it once a month just to have a bit of a credit score since I don't have a phone contract or HP/Rent/Mortgage.

Greensalad, retepetsir, pepperoni, All good points. I'll look into YNAB, and I know a few suggested writing down what I spend. It will take a while to get into the habit I think but I've started that today!

At present I do run different accounts - Main current account, one for holidays (BedsitBob, I know it's a lot but holidays are my one luxury, and this account funds day trips, concerts etc too

) car account (which I use for service/MOT and insurance at opposite sides of the year, and then I have an ISA with a separate bank so I can't see it. I tend to forget it's there really, but it's my stash for my Forever Home

when I'm more on track and confident, I'd like to look at splitting it between better interest - earning accounts.

I definitely need to think about emergency savings, how much do you think is a sensible amount per month to save or to aim for?

I REALLY need to get contents insurance, and I'd like to get life insurance too really (I know it's no use to me but should the unthinkable happen whilst I'm still young I'd like to have some cash to put behind the bar at my send off and ensure certain family members are ok.)

I'm not sure whether cash or greensalad's suggestion of a second account would work better for me, so I'll have to see how that goes.

I think my one big hurdle is getting over the 'I'll start at payday' mindset. I'm £100 overdrawn with a few presents still to buy at the moment, plus social engagements that I'll need to pay for over Christmas (but I'm going to go teetotal for a while so that should save me some money!) and other than my overdraft I'm not sure what to do.

Thank you again for all your replies and making me feel welcome, I'm glad I took the plunge and posted now :j

Best wishes,

FHD x

[Deleted User] · 17 December 2014 at 4:47PM

ForeverHomeDreamer wrote: »

I definitely need to think about emergency savings, how much do you think is a sensible amount per month to save or to aim for?

First thing I'd suggest you do, is add together the cost of replacing the 2 most expensive essential items (and essential items means cooker, fridge and similar white goods - not a 50" LCD TV, Ipad, etc.

), then put that amount aside, ASAP.

sentientpoet · 17 December 2014 at 6:31PM

Pepperoni wrote: »

Look up YNAB (you need a budget) and try that for budgeting and your spending diary. Its truly eye opening!

Have to second this suggestion - I finally got round to playing with YNAB last week having seen it mentioned all over MSE forums, and within half an hour had bought it! You can try it for free for a month to see how it works.

It's a real eye-opener, a great way to change your mindset, and particularly with your circumstances might make a big difference. Best £30 I've spent in the last ten years (apart from a 3-foot, helium filled remote control shark which was pure awesomeness).

GettingOrganised · 17 December 2014 at 9:48PM

sentientpoet wrote: »

Have to second this suggestion - I finally got round to playing with YNAB last week having seen it mentioned all over MSE forums, and within half an hour had bought it! You can try it for free for a month to see how it works.

It's a real eye-opener, a great way to change your mindset, and particularly with your circumstances might make a big difference. Best £30 I've spent in the last ten years (apart from a 3-foot, helium filled remote control shark which was pure awesomeness).

Exactly me - finally decided to try the YNAB trial last week and I'm hooked, except I haven't bought it just yet. Unfortunately, I don't have a 3 foot helium filled remote control shark, but I'm not sure which category that would go under on YNAB if I bought one now!

theoretica · 18 December 2014 at 12:01AM

ForeverHomeDreamer wrote: »

(BedsitBob, I know it's a lot but holidays are my one luxury, and this account funds day trips, concerts etc too )

You just managed to push one of my buttons. You have about £1200 drifting out of your account somehow, most of it not for food, shelter or other basic needs. That is a lot of what I would call luxury. Appreciate what you have and what you have been giving yourself!

ForeverHomeDreamer · 18 December 2014 at 11:15PM

sentientpoet wrote: »

Have to second this suggestion - I finally got round to playing with YNAB last week having seen it mentioned all over MSE forums, and within half an hour had bought it! You can try it for free for a month to see how it works.

It's a real eye-opener, a great way to change your mindset, and particularly with your circumstances might make a big difference. Best £30 I've spent in the last ten years (apart from a 3-foot, helium filled remote control shark which was pure awesomeness).

Thank you again for the replies, it really is appreciated.

sentientpoet, the shark sounds amazing, although I suspect YNAB will probably offer more value for money :rotfl:

BedsitBob, I don't own any white goods, they come with my accommodation, but I understand your point, so I've decided that a useful level of savings will be a bond and one month's rent (equivalent to what I used to pay) would be a sensible target to begin with. I like the idea of having something in mind to aim for.

Theoretica, I understand that my choice of words may have offended some people, and I'm sorry if that is the case, it was never my intention.

I understand the need for sensitivity on this board in particular, and that everyone will have different perceptions of luxury.

I don't have the "luxury" of children or a partner and the costs associated with these. I don't smoke, gamble, drink or do drugs, my car is not flashy, I own an older iphone and a very old laptop (Sorry BedsitBob, no Ipads or big TV here:p) so that's not where the cash is going. I don't even buy particularly expensive clothes, so I suppose my perception is that those things are luxury items.

How this then equates to me haemorraghing quite so much money every month remains to be seen,

but I'm taking the first steps into sorting this out and am really grateful for the kindness and help that I've been offered on here :T

FHD x

nikongirl · 19 December 2014 at 1:03AM

If you go through your previous months bank statements, does that not give any clue as to where the rest of the money's been going?

curiousralphy · 20 December 2014 at 12:12PM

You mentioned you have no idea what you spend on food as you buy a lot of other things at the same time in the supermarket. You haven't included food at all in your SOA and am guessing you also haven't included the "other" things you buy at the same time? A look through your statement would likely help there also.

Roundthebend_2 · 20 December 2014 at 3:41PM

Log into your online banking and write down every transaction for last month and this month. next to each write clothes, food, presents, petrol, etc (some will be more than one category as, like me, you'll buy lots of different things at the supermarket for example)

It won't be accurate but will give you an overall view of how much you spend of crud you don't need. I know it does me (and I then input it into my accounts app and it generates reports to show me how rubbish I am

)

SOA Help please?

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