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  • FIRST POST
    • Newbie1170
    • By Newbie1170 10th Nov 17, 11:06 PM
    • 3Posts
    • 0Thanks
    Newbie1170
    New life
    • #1
    • 10th Nov 17, 11:06 PM
    New life 10th Nov 17 at 11:06 PM
    Hi have just moved in with my boyfriend after years of being single and am trying g adjust.
    Attached my soa for you to tear apart.
    Have some cash and am going to pay off my debt but itís not my main priority.
    My son is starting work soon so will be paying his own mobile

    Household Information[/b]
    Number of adults in household........... 3
    Number of children in household......... 0
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1846.67
    Partners monthly income after tax....... 503
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2349.67


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 443.69
    Management charge (leasehold property).. 0
    Council tax............................. 152
    Electricity............................. 43.33
    Gas..................................... 43.33
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 22.75
    Mobile phone............................ 58
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 260
    Clothing................................ 0
    Petrol/diesel........................... 130
    Road tax................................ 16.75
    Car Insurance........................... 23.99
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 64.98
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1271.19



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit cards...................2500......133.......25.9
    Total unsecured debts..........2500......133.......-



    Monthly Budget Summary

    Total monthly income.................... 2,349.67
    Expenses (including HP & secured debts). 1,271.19
    Available for debt repayments........... 1,078.48
    Monthly UNsecured debt repayments....... 133
    Amount left after debt repayments....... 945.48


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,500
    Net Assets.............................. -2,500


    [
Page 1
    • Arleen
    • By Arleen 11th Nov 17, 1:43 AM
    • 993 Posts
    • 730 Thanks
    Arleen
    • #2
    • 11th Nov 17, 1:43 AM
    • #2
    • 11th Nov 17, 1:43 AM
    Do you really have 900 quid to save at the end of every month?
    • Newbie1170
    • By Newbie1170 11th Nov 17, 1:53 AM
    • 3 Posts
    • 0 Thanks
    Newbie1170
    • #3
    • 11th Nov 17, 1:53 AM
    • #3
    • 11th Nov 17, 1:53 AM
    Not sure yet. Thatís my plan this is a new budget
    • Arleen
    • By Arleen 11th Nov 17, 2:47 AM
    • 993 Posts
    • 730 Thanks
    Arleen
    • #4
    • 11th Nov 17, 2:47 AM
    • #4
    • 11th Nov 17, 2:47 AM
    Ah, so it's a budget, not a SOA! What you will want then is a spending diary to go along with it, noting down where every single penny is spent for a month or 3. This will give you a real picture of where your money is going, and there are many mobile apps that will make running a complete diary easy. And when I say every penny I mean it, no bean can go unaccounted for.
    • MrsSave
    • By MrsSave 11th Nov 17, 10:12 AM
    • 1,323 Posts
    • 4,188 Thanks
    MrsSave
    • #5
    • 11th Nov 17, 10:12 AM
    • #5
    • 11th Nov 17, 10:12 AM
    Hi have just moved in with my boyfriend after years of being single and am trying g adjust.
    Attached my soa for you to tear apart.
    Have some cash and am going to pay off my debt but it’s not my main priority.
    My son is starting work soon so will be paying his own mobile

    Household Information[/b]
    Number of adults in household........... 3
    Number of children in household......... 0
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1846.67
    Partners monthly income after tax....... 503
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2349.67


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 443.69
    Management charge (leasehold property).. 0
    Council tax............................. 152
    Electricity............................. 43.33
    Gas..................................... 43.33
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 22.75
    Mobile phone............................ 58
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 260
    Clothing................................ 0
    Petrol/diesel........................... 130
    Road tax................................ 16.75
    Car Insurance........................... 23.99
    Car maintenance (including MOT)......... 0 nothing here?
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0 nothing here?
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0 you should have something here?
    Life assurance ......................... 0 nothing here?
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0 nothing here?
    Haircuts................................ 0 nothing here?
    Entertainment........................... 64.98
    Holiday................................. 0
    Emergency fund.......................... 0 you need something here
    Total monthly expenses.................. 1271.19


    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit cards...................2500......133.......25.9
    Total unsecured debts..........2500......133.......-



    Monthly Budget Summary

    Total monthly income.................... 2,349.67
    Expenses (including HP & secured debts). 1,271.19
    Available for debt repayments........... 1,078.48
    Monthly UNsecured debt repayments....... 133
    Amount left after debt repayments....... 945.48


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,500
    Net Assets.............................. -2,500


    [
    Originally posted by Newbie1170
    I've added some notes in purple, mainly things that you haven't budgeted for and could perhaps think of.

    The APR is high on the credit card. Could you do a 0% balance transfer? The balance isn't very high, so with a bit of work you could pay it off relatively quickly.
    YNAB - one of my favourite money saving tools
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • datlex
    • By datlex 11th Nov 17, 12:37 PM
    • 1,414 Posts
    • 1,210 Thanks
    datlex
    • #6
    • 11th Nov 17, 12:37 PM
    • #6
    • 11th Nov 17, 12:37 PM
    OP You say your son is an adult an has a job. Why is his household contribution shown? I know there has been a lot of debate on how much his should contribute but I would suggest 1/3 of bills excluding mortgage/rent.
    • theoretica
    • By theoretica 11th Nov 17, 12:50 PM
    • 4,922 Posts
    • 6,148 Thanks
    theoretica
    • #7
    • 11th Nov 17, 12:50 PM
    • #7
    • 11th Nov 17, 12:50 PM
    I suggest for the first while until your spending is settled that you are very wary about taking on any subscriptions (phones, broadband, TV) that would be hard to cancel or decrease.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • Bedsit Bob
    • By Bedsit Bob 11th Nov 17, 2:39 PM
    • 9,779 Posts
    • 51,247 Thanks
    Bedsit Bob
    • #8
    • 11th Nov 17, 2:39 PM
    • #8
    • 11th Nov 17, 2:39 PM
    If you really have £945.48 left each month, I'd suggest putting £900 of that to the Credit Card, thereby cutting 21 months off the time needed to clear it (you can have it cleared in just 3 months), and saving yourself £612 in interest.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • enthusiasticsaver
    • By enthusiasticsaver 11th Nov 17, 3:53 PM
    • 4,680 Posts
    • 8,868 Thanks
    enthusiasticsaver
    • #9
    • 11th Nov 17, 3:53 PM
    • #9
    • 11th Nov 17, 3:53 PM
    The soa is incomplete and you need to put savings aside each month for car maintenance, presents and emergency fund. Having nothing in clothing or holiday is fine if you really do not take holidays or buy new clothing but long term that won't work.

    Your credit card is expensive and on a high interest rate so I suggest you either make it a priority or balance transfer it to a 0% card.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • tallyhoh
    • By tallyhoh 11th Nov 17, 5:14 PM
    • 2,084 Posts
    • 2,116 Thanks
    tallyhoh
    Car seems a big expense for someone who only earns £503 a month when you factor in petrol, tax, insurance, MOT, maintenance & servicing & perhaps breakdown cover.

    Is it really necessary?
    Tallyhoh!

    Stopped Smoking October 2000. Saved £21,840 so far!
    • Newbie1170
    • By Newbie1170 11th Nov 17, 6:25 PM
    • 3 Posts
    • 0 Thanks
    Newbie1170
    Thanks for your replies. The 503 is my partners contribution to his half of the bills. He pays his own car, Petrol phone etc and we half the food rent and council tax.
    When my son starts work next week he will be giving me 30a week
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