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  • FIRST POST
    • Hey!teacher!
    • By Hey!teacher! 19th Mar 17, 9:31 AM
    • 18Posts
    • 7Thanks
    Hey!teacher!
    My SOA
    • #1
    • 19th Mar 17, 9:31 AM
    My SOA 19th Mar 17 at 9:31 AM
    Hoping for some suggestions on how we can save extra from this, whilst it might seem we have cash left over most months at the moment we are paying off a huge mortgage, are trying to improve our new house with most spare cash going on that, have little to no savings and a 7 year old car which whilst fine now isn't going to last forever, ideally I'd like to overpay the mortgage and save for a new car, plus have some in a rainy day fund but most months I'm counting down the day till payday!

    I appreciate we are in a much better position than most but I'd like to be able to consider dropping a day at work a month and it isn't going to happen the way things are, we are both working like dogs but just seem to have so little in comparison to friends who have 2 cars, eat out all the time, go on proper holidays (we generally go camping a few times a year but last year didn't go anywhere, I've budgeted for a trip away this year as it's my 40th but so far we don't have the money for it!)

    Would appreciate anyone's thoughts, thanks




    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 4,700.00
    Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
    State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 137.00
    Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Monthly Expense Details

    In Your Home

    Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00
    TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12
    Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
    Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.00
    Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207.00
    Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.00
    Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,465.00
    Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.00
    Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 350.00
    Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00

    Motoring & Public Transport

    Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180.00
    Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
    Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33
    Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.50
    Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Debt Repayments

    Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00
    Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Savings & Investments

    Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
    Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Family

    Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
    School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.83
    School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400.00
    Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Entertainment

    Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.00
    Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
    Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
    Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.00
    Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300.00
    Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Clothes, Health & Beauty

    Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.50
    Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50
    Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.67
    Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
    New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
    New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67

    Education & Courses

    University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Big One-Offs

    Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166.67
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.00

    Odds & Sods

    Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
    Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00


    Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,837.00


    Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,259.79


Page 2
    • cms-help
    • By cms-help 19th Mar 17, 4:09 PM
    • 134 Posts
    • 125 Thanks
    cms-help
    I think there are a lot of savings to be had if you are sufficiently determined and can get your husband on board.

    It does sound like him having an account of his own with a pre-determined "allowance" every month is the way to go - when he's spent it then he's spent it.

    Am guessing from your user name, you're a teacher. Me too with a military husband so know what it's like to have no time. We have two kids and are fortunate enough not be in debt (other than mortgage) but still only spend £300 a month on food/drink and that includes all cleaning stuff and nappies for the youngest. That's Tesco shopping too. I'd honestly struggle to spend what you do.

    We spend a lot more on childcare. Our phones are £30 a month on contract and that's with unlimited texts, 500 free minutes and my husband has a data bundle because he's away a lot. I hope that helps with examples of deals you can find by shopping around.
    • Hey!teacher!
    • By Hey!teacher! 19th Mar 17, 5:48 PM
    • 18 Posts
    • 7 Thanks
    Hey!teacher!
    Thanks all, really helpful advice. I'm going to use the other link and from payday this month write down everything we spend. We have spent a lot on the house, we aren't budgeting for the big stuff so are just using the excess to pay for those things in that month like xmas, holidays etc so then find ourselves short.
    At the moment we still get cb as I'm on 42 and OH is on 48. Next pay rise might push us over, for hin anyway, i havent had a proper pay rise in years! although when I checked on a calculator online we would still get some, as I say I'd rather save it all for the kids and we won't miss it.

    We definitely need to sort this, your advice has been really helpful thanks.
    • Bedsit Bob
    • By Bedsit Bob 19th Mar 17, 6:26 PM
    • 9,584 Posts
    • 50,363 Thanks
    Bedsit Bob
    While it is true, that you currently have a lot of expenses, you also have a decent salary, so you have quite a bit of wiggle room.

    It all comes down to how able/willing you are to economise.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • Dobbibill
    • By Dobbibill 19th Mar 17, 6:33 PM
    • 2,181 Posts
    • 3,316 Thanks
    Dobbibill
    J

    I really need to write down everything I spend but the weakest link is my husband who just takes out cash and walks around with pockets of shrapnel and uses his card without thinking.
    Originally posted by Hey!teacher!
    Ask you OH what 'he thinks' he should have to spend each month/week - how ever often you want to do it. He may be surprised by how much he is spending........some people don't respond well to 'tell' and need to experience a 'show' to understand the situation.
    It might encourage his own LBM to get him on board.

    The house costs need to be accounted for. The spending diary is a good start. You should be able to categorise everything and get the remainder down to zero to be accurate, with a job for every penny.......easier said than done - requires a fair bit of tweaking to the SOA - it's rarely correct first time for anyone.
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