Could I be doing more?

Nikki182 · 17 April 2017 at 3:27PM

Hi all
I've never posted before but I've always been a follower and im hoping I can get some advice. I had my LBM approx 6 months ago and made all the big changes you would expect ie zero percent credit cards downscaling from two cars to one etc. I'm not sure if it's because all these large changes (or at least the ones I can think of!) Have been made but I am wondering if I could be doing anymore.
I've done my SOA -

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 920
Partners monthly income after tax....... 1375
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 2975

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 158
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 25
Gas..................................... 26
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 17.99
Mobile phone............................ 26
TV Licence.............................. 0
Satellite/Cable TV...................... 15
Internet Services....................... 5
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 1000
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2073.99

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 8300.....(158)......10.7
Total secured & HP debts...... 8300......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................10800.....250.......0
Credit card....................600.......25........0
Total unsecured debts..........11400.....275.......-

Monthly Budget Summary
Total monthly income.................... 2,975
Expenses (including HP & secured debts). 2,073.99
Available for debt repayments........... 901.01
Monthly UNsecured debt repayments....... 275
Amount left after debt repayments....... 626.01

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -8,300
Total Unsecured debt.................... -11,400
Net Assets.............................. -19,700

looking for any advice
Thanks all
Nikki

Nikki182 · 17 April 2017 at 3:34PM

I should add that there are other things outgoing that I forgot to include on the SOA Ie £25 sofa finance £50 savings for park christmas savings.

Karonher · 17 April 2017 at 3:37PM

Is it a company car- if not there should be something put aside. The same goes for presents and entertainment.

How long have you had your emergency fund as nothing is showing in the cash column?

elsien · 17 April 2017 at 3:43PM

You've got nothing in for clothes, activities, presents etc. Is that realistic with two children? No dental or prescription costs?
Do you actually have the £626 left at the end of each month?

Nikki182 · 17 April 2017 at 3:44PM

It's not a company car , the £50 a month I put aside I just save until something needs paying like car tax , insurance and TV license which I pay in full when due to try to avoid having loads of monthly direct debits.

Nikki182 · 17 April 2017 at 3:46PM

So what we end up with is 160 a week - 20 on petrol approx 50 on food shopping and around 90 left to spend , things like new clothes for kids or other expenditure like dental has to come out of this on a week by week basis.

Karonher · 17 April 2017 at 3:56PM

It might be an idea to allocate the money you say you have left over as best you can - if you need extra petrol, increase your SOA to reflect what is spent. That way you will know what is left. If there is still money not accounted for, keep a diary for a month or 2 and list everything you spend - even sweets for the children or a takeaway coffee. You might find areas where you are spending a lot more than you think.

Nikki182 · 17 April 2017 at 3:59PM

Thanks , I think a diary would be a good idea I'm gonna try that

itsallabitmuch · 17 April 2017 at 5:07PM

Hi Nikki - I thoroughly recommend downloading the Wally app.

You can put in your bank balance etc., and all of your outgoings and income. This is particularly useful if you have money either coming in or going out at different intervals (for example, my hubby is paid weekly, tax credits & PIP are paid 4-weekly, and my income in paid quarterly).

Then, you use the app to track your spending, so it works like a diary.

My (second) favourite thing is that you can categorise your spending - there are loads of built-in categories like household, eating out, etc., but you can make as many of your own as you like.

The app works everything out for you, and allocates you a daily budget - if you're really transparent, it works like magic!

My very most favourite thing is that the app is free

Good luck x

Nikki182 · 17 April 2017 at 6:14PM

That sounds amazing thanks so helpful!!!:T

enthusiasticsaver · 17 April 2017 at 6:24PM

You should be allocating and saving money in various categories like entertainment, car, emergency etc etc.

Your biggest expenditure is childcare but I am guessing some of the benefits you receive are to offset the cost for this. My daughter has recently opened a tax free child care savings account where the government contributes 20% of the cost of childcare. This is new so I wonder if you have looked into this or are receiving childcare vouchers? Once your children are School age or getting their 30 hours free care this may reduce which will help. How old are the kids?

Keeping a spending diary is a good idea. Although you have got rid of a car and moved to cards to 0% the most important thing is to stay in budget and not use credit so the debts are going down each month. The plus side is your outgoings seem very low, no water rates?

Could I be doing more?

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