Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • nicmalauren
    • By nicmalauren 6th Jan 18, 12:54 PM
    • 52Posts
    • 46Thanks
    nicmalauren
    Where am I going wrong?
    • #1
    • 6th Jan 18, 12:54 PM
    Where am I going wrong? 6th Jan 18 at 12:54 PM
    Hi folks,

    Posting because my aim for 2018 is to be debt-free (excluding my mortgage). Have generated a SOA to see how do-able anyone thinks this may or may not be. Any advice on where I can skim down my outgoings is gratefully received as I seem to be dipping into my overdraft when by my own calculations I shouldn't need to. I know I overspent at Christmas, and now I need to get back on track.

    So here goes nothing:

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1213
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1213


    Monthly Expense Details

    Mortgage................................ 186.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 2.5
    Council tax............................. 56
    Electricity............................. 30
    Gas..................................... 0
    Oil..................................... 35
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 4.99
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 27.49
    Groceries etc. ......................... 60
    Clothing................................ 10
    Petrol/diesel........................... 9
    Road tax................................ 1.5
    Car Insurance........................... 6.25
    Car maintenance (including MOT)......... 2
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 16
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 4
    Contents insurance...................... 4
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 0
    Entertainment........................... 20
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 574.93



    Assets

    Cash.................................... 0
    House value (Gross)..................... 70000
    Shares and bonds........................ 0
    Car(s).................................. 300
    Other assets............................ 0
    Total Assets............................ 70300



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 50358.3..(186.2)....2.44
    Total secured & HP debts...... 50358.3...-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    IKANO Loan.....................300.......300.......0
    MBNA CC........................1485......25........0
    VIrgin CC......................2744.28...27.44.....0
    Loan from Mum..................557.......0.........0
    Overdraft......................468.85........0.... .....15.84
    Total unsecured debts.......5555.13...352.44....-



    Monthly Budget Summary

    Total monthly income.................... 1,213
    Expenses (including HP & secured debts). 574.93
    Available for debt repayments........... 638.07
    Monthly UNsecured debt repayments....... 352.44
    Amount left after debt repayments....... 285.63


    Personal Balance Sheet Summary
    Total assets (things you own)........... 70,300
    Total HP & Secured debt................. -50,358.3
    Total Unsecured debt.................... -5,555.13
    Net Assets.............................. 14,386.57


    Anywhere it says "Car", substitute the word "Motorcycle" and the low figures should make more sense. The insurance, tax, MOT etc are all paid annually so I just divided the amount by 12. Same for my ground rent, and buildings/contents insurance as they're also paid annually.

    Ideally I want to be able to get to the point where I have enough set aside so that I can pay my rates (aka Council Tax in rest of UK) and my phone line rental annually as that typically results in savings too.

    I would also like to build up an emergency fund, especially as my boiler is on it's last legs (hence the high monthly oil spend - it's horribly inefficient) having had several repairs in the last 12 months but I'm trying to hold off replacing it until 2019 as then I'll qualify for a boiler grant (boiler will be 15yrs old by then). Not sure whether I should make provisions for this now, or if throwing all my money at debt first is the better plan.

    I'm not really sure where I should be distributing my money to make it go furthest. I'm pretty sure my top priority should be getting out of my overdraft as it's the only one that attracts any interest at the moment, but it's also the only one that I'm not obliged to pay anything towards (I would feel terrible not paying my mother back as she's partially relying on the income from me at the moment).

    I currently pay £111 per month back to my mum, so I was thinking that as the last £300 payment on the IKANO loan is this month (yay!) I could then put that towards clearing my debt to her from Feb onwards, then once it's cleared (March time?), start paying £400 towards one of the credit cards? The 0% interest deal on both of the CCs expires in September 2018.

    So far, have signed up for the January Bring Your Lunch To Work Challenge, and have set myself the challenge of not buying any food this month (except milk) to force me to clear out the freezer and be inventive with what I already have in the house.

    As I say, all advice welcome.

    TIA,
    Lauren
    "The future belongs to those who believe in the beauty of their dreams."
Page 1
    • elsien
    • By elsien 6th Jan 18, 1:04 PM
    • 15,616 Posts
    • 39,399 Thanks
    elsien
    • #2
    • 6th Jan 18, 1:04 PM
    • #2
    • 6th Jan 18, 1:04 PM
    Do you not have any water rates?
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • Dobbibill
    • By Dobbibill 6th Jan 18, 1:06 PM
    • 2,639 Posts
    • 3,743 Thanks
    Dobbibill
    • #3
    • 6th Jan 18, 1:06 PM
    • #3
    • 6th Jan 18, 1:06 PM
    Hi Lauren,

    Your SOA looks pretty trim already.

    Just a few things jump out at me.

    £1200 a yr on presents is very expensive.
    Do you never have your haircut?
    Do you really only spend £20 a month on entertainment?
    You are a home owner but don't have an emergency fund - you need to think about getting £1000 minimum put aside here.

    Paying off the overdraft first and then snowballing the payments to the other debts is a good plan.

    Can I also suggest you keep a spending diary - this would be absolutely everything and anything you spend - you shouldn't have to dip into the overdraft each month but you are which means something is amiss in your SOA.

    Your SOA says you should have £285 left after all expenses so where does this go if you are also using your overdraft?

    Once you find out the problem of the missing funds you will be able to make a plan. If you find you do have this surplus each month then get that emergency fund topped up ASAP.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • nicmalauren
    • By nicmalauren 6th Jan 18, 1:12 PM
    • 52 Posts
    • 46 Thanks
    nicmalauren
    • #4
    • 6th Jan 18, 1:12 PM
    • #4
    • 6th Jan 18, 1:12 PM
    Do you not have any water rates?
    Originally posted by elsien
    No, I'm in Northern Ireland so we don't pay water rates or council tax as such, we just pay what we call "rates" which includes all that sort of stuff - in my SOA I listed that value under Council Tax as it seemed the closest option!
    "The future belongs to those who believe in the beauty of their dreams."
    • Karonher
    • By Karonher 6th Jan 18, 1:13 PM
    • 466 Posts
    • 2,052 Thanks
    Karonher
    • #5
    • 6th Jan 18, 1:13 PM
    • #5
    • 6th Jan 18, 1:13 PM
    It does seem as if you can afford to pay a lot off especially with the loan finishing.

    The two things I noticed were that you have not filled in the £111 you are paying your mum, and £60 a month seems low for food on a regular basis. I am doing the £50 January spend for 2 of us this month and it it was not for Christmas items that would be impossible.
    Getting ready for Christmas 2018

    Aiming to make £5,000 online in 2018.
    • nicmalauren
    • By nicmalauren 6th Jan 18, 1:19 PM
    • 52 Posts
    • 46 Thanks
    nicmalauren
    • #6
    • 6th Jan 18, 1:19 PM
    • #6
    • 6th Jan 18, 1:19 PM
    Hi Lauren,

    Your SOA looks pretty trim already.

    Just a few things jump out at me.

    £1200 a yr on presents is very expensive. - I'm an eejit, that should have been annually.
    Do you never have your haircut? Rarely. I went through a phase last summer where I had it all cut off to a pixie crop but then have been growing it again since.
    Do you really only spend £20 a month on entertainment? I wasn't really sure what to include here. All I could think of was £10 for Netflix and then I stuck on an extra £10 as a buffer, but now that I think about it, this is where beer money and the like should go,
    right?

    You are a home owner but don't have an emergency fund - you need to think about getting £1000 minimum put aside here. How do I get started with this? Open a cash ISA and start putting something in it monthly? Should I pay off debt first?

    Paying off the overdraft first and then snowballing the payments to the other debts is a good plan.

    Can I also suggest you keep a spending diary - this would be absolutely everything and anything you spend - you shouldn't have to dip into the overdraft each month but you are which means something is amiss in your SOA.

    Your SOA says you should have £285 left after all expenses so where does this go if you are also using your overdraft? Definitely think this is the root of my problem - I spend money but don't necessarily know what on. Hoping my January challenges will help combat that.

    Once you find out the problem of the missing funds you will be able to make a plan. If you find you do have this surplus each month then get that emergency fund topped up ASAP.
    Originally posted by Dobbibill
    Thanks - have added some comments in red. I think the spending diary is something I need to get on ASAP.
    "The future belongs to those who believe in the beauty of their dreams."
    • nicmalauren
    • By nicmalauren 6th Jan 18, 1:28 PM
    • 52 Posts
    • 46 Thanks
    nicmalauren
    • #7
    • 6th Jan 18, 1:28 PM
    • #7
    • 6th Jan 18, 1:28 PM
    Updated SOA with slightly more accurate present and entertainment costs...

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1213
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1213


    Monthly Expense Details

    Mortgage................................ 186.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 2.5
    Council tax............................. 56
    Electricity............................. 30
    Gas..................................... 0
    Oil..................................... 35
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 4.99
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 27.49
    Groceries etc. ......................... 60
    Clothing................................ 10
    Petrol/diesel........................... 9
    Road tax................................ 1.5
    Car Insurance........................... 6.25
    Car maintenance (including MOT)......... 2
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 16
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 4
    Contents insurance...................... 4
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 0
    Entertainment........................... 70
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 534.93



    Assets

    Cash.................................... 0
    House value (Gross)..................... 70000
    Shares and bonds........................ 0
    Car(s).................................. 300
    Other assets............................ 0
    Total Assets............................ 70300



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 50358.3..(186.2)....2.44
    Total secured & HP debts...... 50358.3...-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    IKANO Loan.....................300.......300.......0
    MBNA CC........................1485......25........0
    VIrgin CC......................2744.28...27.44.....0
    Loan from Mum..................557.......0.........0
    Overdraft......................468.85........0.... .....15.84
    Total unsecured debts...5555.13....352.44....-



    Monthly Budget Summary

    Total monthly income.................... 1,213
    Expenses (including HP & secured debts). 534.93
    Available for debt repayments........... 678.07
    Monthly UNsecured debt repayments....... 352.44
    Amount left after debt repayments....... 325.63


    Personal Balance Sheet Summary
    Total assets (things you own)........... 70,300
    Total HP & Secured debt................. -50,358.3
    Total Unsecured debt.................... -5,555.13
    Net Assets.............................. 14,386.57
    "The future belongs to those who believe in the beauty of their dreams."
    • Dobbibill
    • By Dobbibill 6th Jan 18, 2:29 PM
    • 2,639 Posts
    • 3,743 Thanks
    Dobbibill
    • #8
    • 6th Jan 18, 2:29 PM
    • #8
    • 6th Jan 18, 2:29 PM
    Ah - the presents looks more realistic now.

    Entertainment would be everything from a drink with friends, netflix, a takeaway, if you don't have any personal spends then coffees, magazines, packet of polos on the way to work. Absolutely everything.

    Emergency fund can be just a different account, not necessarily an ISA (interest rates are pants on ISAs) put a little in each month so you are building it up slowly. If you use all your money to throw at the debt and don't have an emergency fund then there is a risk you will need to put something on credit before you've cleared your debts and so the circle starts again.
    You can crank it up to the full £1000 when your debts are done but at least have something in there.

    There's a few ways to address where the money is going that you aren't seeing. Either keep a spending diary, this means writing down every penny you spend or you can work in cash, so withdraw whatever it is you have for the month and when it's gone, it's gone.

    The good news is by amending the presents category you have created extra funds - the bad news is you are now leaking more money than you thought you were before.

    Another thought re: your SOA - is your Council tax and water rates on the standard 10 month payment structure?
    If they are what do you do with the 'free months'?
    If not, and it is over 12 months this makes your budgeting plan equal every month and possibly easier to manage.
    ETA - you don't have water rates?
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jan 18, 3:33 PM
    • 5,121 Posts
    • 9,770 Thanks
    enthusiasticsaver
    • #9
    • 6th Jan 18, 3:33 PM
    • #9
    • 6th Jan 18, 3:33 PM
    I think you need a spending diary or spending app tracker as obviously the soa is incorrect or you would have plenty of spare monthly income.

    I would suggest you look at your bank statements for last 3 months to see where your money is going. The groceries is low. No takeaways, coffees out or is that included in the £70 entertainment?

    £10 per month on presents for birthdays and Xmas seems low but if you have a small family it may be correct. Just add up what you spent on Xmas presents though.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • nicmalauren
    • By nicmalauren 6th Jan 18, 5:03 PM
    • 52 Posts
    • 46 Thanks
    nicmalauren
    Ah - the presents looks more realistic now.

    Entertainment would be everything from a drink with friends, netflix, a takeaway, if you don't have any personal spends then coffees, magazines, packet of polos on the way to work. Absolutely everything.

    Emergency fund can be just a different account, not necessarily an ISA (interest rates are pants on ISAs) put a little in each month so you are building it up slowly. If you use all your money to throw at the debt and don't have an emergency fund then there is a risk you will need to put something on credit before you've cleared your debts and so the circle starts again.
    You can crank it up to the full £1000 when your debts are done but at least have something in there.

    There's a few ways to address where the money is going that you aren't seeing. Either keep a spending diary, this means writing down every penny you spend or you can work in cash, so withdraw whatever it is you have for the month and when it's gone, it's gone.

    The good news is by amending the presents category you have created extra funds - the bad news is you are now leaking more money than you thought you were before.

    Another thought re: your SOA - is your Council tax and water rates on the standard 10 month payment structure?
    If they are what do you do with the 'free months'?
    If not, and it is over 12 months this makes your budgeting plan equal every month and possibly easier to manage.
    ETA - you don't have water rates?
    Originally posted by Dobbibill
    As I mentioned above, we don't have water charges in N. Ireland, we pay rates to the LPS instead of council tax so that covers our water/sewarage/waste etc.

    Anyone got any recommendations for apps? My phone is pretty much glued to my person at all times so an app sounds like a good option for me. I've heard the term YNAB being thrown about on the forum?
    "The future belongs to those who believe in the beauty of their dreams."
    • theoretica
    • By theoretica 6th Jan 18, 5:42 PM
    • 4,987 Posts
    • 6,242 Thanks
    theoretica
    I agree, your SOA looks nicely slim, but the problems are where it does not match reality. The things like rates which don't change will be fine, but you need to keep track of entertainment, food etc to see it they are keeping to plan.

    Sounds like you need a line for boiler repairs, and other such irregular domestic costs too.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • lotteryman
    • By lotteryman 6th Jan 18, 6:07 PM
    • 33 Posts
    • 30 Thanks
    lotteryman
    Hi Lauren,

    Not sure if you are using any budgeting software to help you track your spending. If not i have an easy to use Excel book that you could use. If you want it just PM me and I'll send it to you.
    • datlex
    • By datlex 7th Jan 18, 12:43 PM
    • 1,508 Posts
    • 1,348 Thanks
    datlex
    No TV licence? As for receipts you can use apps like Receipthog to scan these and then be able to see what you spend at various shops. It has the added advantage that once you have scanned enough they can get you a variety of vouchers including love to shop, paypal and amazon.
    • My Own Back Door
    • By My Own Back Door 8th Jan 18, 12:46 PM
    • 11 Posts
    • 17 Thanks
    My Own Back Door
    Hi Lauren


    Good luck with paying your debts!


    You mentioned you overspent at Xmas, do you have a separate saving pot for that or is that included in your £10 presents pot? I opened a Xmas savings account with a Credit Union which gets paid straight from my salary and is a lifesaver. I'd recommend that.


    I wonder if your food spend is an underestimate, it seems low. Your spending diary will show if that needs increased.
    • ReadingTim
    • By ReadingTim 8th Jan 18, 2:53 PM
    • 2,274 Posts
    • 3,227 Thanks
    ReadingTim
    There are 2 sides to this equation: what goes out and what comes in.

    If you can't significantly reduce what goes out, you need to increase what comes in - a 2nd job, or better paying first job. Your monthly net pay suggests a gross annual salary of £16-17k per year, which is just over half the UK average salary of £27k.

    Given you're running a house and car on that wage, you're not doing too badly, but it's always going to be a struggle, and a couple of big bills could tip you into a hole which is very difficult to get out of.

    I'd be trying to improve my job prospects or earning potential rather than excessively counting the pennies, unless your 2nd SOA really bears no relation to reality, and you have no idea where the money's going...
    • nicmalauren
    • By nicmalauren 8th Jan 18, 8:04 PM
    • 52 Posts
    • 46 Thanks
    nicmalauren
    No TV licence? As for receipts you can use apps like Receipthog to scan these and then be able to see what you spend at various shops. It has the added advantage that once you have scanned enough they can get you a variety of vouchers including love to shop, paypal and amazon.
    Originally posted by datlex
    No, I don't have a TV licence - I can honestly say I never watch TV! Mostly Netflix and then occasionally 4oD. I'll check out that app - although I'm not sure how much will actually go through it since I tend to shop locally or or Amazon for anything I can't get in the town!

    There are 2 sides to this equation: what goes out and what comes in.

    If you can't significantly reduce what goes out, you need to increase what comes in - a 2nd job, or better paying first job. Your monthly net pay suggests a gross annual salary of £16-17k per year, which is just over half the UK average salary of £27k.

    Given you're running a house and car on that wage, you're not doing too badly, but it's always going to be a struggle, and a couple of big bills could tip you into a hole which is very difficult to get out of.

    I'd be trying to improve my job prospects or earning potential rather than excessively counting the pennies, unless your 2nd SOA really bears no relation to reality, and you have no idea where the money's going...
    Originally posted by ReadingTim
    You make a valid point about my income in relation to the UK average - although I could probably count on one hand the number of people I know that are actually on a salary anywhere near that! My annual salary is £16575 - NLW on a 42.5hr week. I'm a dispenser in an independent community pharmacy so the prospects are somewhat limited. I'm working on my technician's qualification at the moment, and once that's done I'd hope to be at the £18k pa mark.
    I know that may not seem enough for some people, but as you say, I manage to run a house and vehicle on that salary (which is why it drives me bats when people say it's impossible to survive on NLW) with some money to spare. I can walk to work, meet my mum or sister for lunch, pick my nephew up from school if I need to. I enjoy my job and the fact that I'm interacting with the local community (village life - everybody knows everybody). I have had more lucrative jobs in the past, and probably could find another higher paying job, but it might entail a two hour commute to a job I don't even like. So, I guess what I'm saying, is that my current "perks" are worth the lower income. All the more reason for me to get a handle on my spending and figure out where I'm sending that extra £50+ every week!

    Apologies for the waffly post. Thanks for all the replies so far - think you've all helped me realise that I've been a bit ignorant about my spending!
    "The future belongs to those who believe in the beauty of their dreams."
    • Nonnadiluca
    • By Nonnadiluca 8th Jan 18, 8:53 PM
    • 145 Posts
    • 1,498 Thanks
    Nonnadiluca
    I use Spending Tracker app on my phone, ( the one with the brown wallet logo). It's free easy to use and, because it's on your phone, spends can be entered immediately - no more getting home and forgetting what you've spent. I have 'accounts' on mine for shopping, other spends and the joint account, but you can have as many as you like. It really helps me to keep track of my spending.
    • pmlindyloo
    • By pmlindyloo 8th Jan 18, 11:08 PM
    • 10,975 Posts
    • 12,871 Thanks
    pmlindyloo
    No, I don't have a TV licence - I can honestly say I never watch TV! Mostly Netflix and then occasionally 4oD. I'll check out that app - although I'm not sure how much will actually go through it since I tend to shop locally or or Amazon for anything I can't get in the town!



    You make a valid point about my income in relation to the UK average - although I could probably count on one hand the number of people I know that are actually on a salary anywhere near that! My annual salary is £16575 - NLW on a 42.5hr week. I'm a dispenser in an independent community pharmacy so the prospects are somewhat limited. I'm working on my technician's qualification at the moment, and once that's done I'd hope to be at the £18k pa mark.
    I know that may not seem enough for some people, but as you say, I manage to run a house and vehicle on that salary (which is why it drives me bats when people say it's impossible to survive on NLW) with some money to spare. I can walk to work, meet my mum or sister for lunch, pick my nephew up from school if I need to. I enjoy my job and the fact that I'm interacting with the local community (village life - everybody knows everybody). I have had more lucrative jobs in the past, and probably could find another higher paying job, but it might entail a two hour commute to a job I don't even like. So, I guess what I'm saying, is that my current "perks" are worth the lower income. All the more reason for me to get a handle on my spending and figure out where I'm sending that extra £50+ every week!

    Apologies for the waffly post. Thanks for all the replies so far - think you've all helped me realise that I've been a bit ignorant about my spending!
    Originally posted by nicmalauren
    Your mortgage is very low. Is this interest only or did you have a hefty deposit? Rent/mortgage for most people would mean that they would struggle with your salary.

    Also your car costs are very low. Are they correct? The running costs do not seem to cover the cost of a MOT. Your insurance is also very low.

    Do share how you have worked out these low costs as they may help other people struggling!
    • vickthestick
    • By vickthestick 8th Jan 18, 11:17 PM
    • 190 Posts
    • 1,459 Thanks
    vickthestick
    Is your house and contents insurance accurate? It's very very good if it is!
    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • nicmalauren
    • By nicmalauren 8th Jan 18, 11:35 PM
    • 52 Posts
    • 46 Thanks
    nicmalauren
    Itís all relative - I bought what I could afford on my salary. I bought my house (which was a repossession) for £61,000. As I mentioned in my OP, my vehicle costs are low because itís a motorcycle as opposed to a car.

    My insurances - I just shop around for each year using all the usual comparison sites (although last year the best deal was actually Direct Line as it turned out). Going through Quidco for insurance can also make a few pounds for an Amazon voucher as well!
    "The future belongs to those who believe in the beauty of their dreams."
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,081Posts Today

8,948Users online

Martin's Twitter