Im debt free but worried about the downturn

LilacPixie

I would say you could probably get contents insurance a touch cheaper and probably your mobile deal at next renewal.

marginalone

pink_princess wrote: »

that s no where near what you said you earned a year have you miscalculated along the line

Are you sure? before tax a basic is £1800 and my code is 533L

pink_princess

hi also do you not have a car or travel expenses its hard to comment on such little info (no haircuts etc)
just trying to help sorry if it sounds picky

marginalone

No car, credit cards and my friend cuts my hair. Ive only put in the guarenteed expenditure per month

pink_princess

marginalone wrote: »

Are you sure? before tax a basic is £1800 and my code is 533L

you could be right im no expert just on first view that s all

hypno06

yes, that is about right after tax and national insurance according to the snowball salary calculator.

marginalone - I think your SOA looks fine. I think it is just going to be a case of keeping an eye on things each month - don't get complacent and keep your eyes open for extra income producers or voucher opportunities on MSE!

pink_princess

only costructive thing i can offer is try changing contents insurance through quidco i did this last month and got 12 months cover for £67 and got £60 cash back i never would of believed it possible
i think your in a really strong position you should be proud of dealing with your money so well
but put your 4000 in a high interest savings account could get £10 free every month
HTH

fatbelly

The two things that struck me were

contents insurance (already mentioned) - I've just gone for an Asda policy through Quidco. Charged £48 for the year, £68 showing as tracked cashback! I considered a deal with Norwich Union which was simialar cashback but actually had a net positive cost!

council tax. £123 seems high (though it depends where you live). Are you getting the 25% discount as a single adult occupier?

marginalone

fatbelly wrote: »

The two things that struck me were

contents insurance (already mentioned) - I've just gone for an Asda policy through Quidco. Charged £48 for the year, £68 showing as tracked cashback! I considered a deal with Norwich Union which was simialar cashback but actually had a net positive cost!

council tax. £123 seems high (though it depends where you live). Are you getting the 25% discount as a single adult occupier?

Band D in a 2 bedroom newbuild

DoWhatULove-LoveWhatUDo

The only reservation I would have is that possibly you are not being realistic about your finances.

I mean no disrespect, but I notice from your SOA that you never go out, rent a DVD, get sick, pay to get your hair cut, buy anybody a gift, or go on holiday.

Perhaps your plan is not do do any of these things during the current circumstances, but for most people I believe some money must be allocated to those things.

I am also concerned that your supermarket spend of 16.15 a week may not be a realistic picture.

By my my calculations your take home pay should be £1381 on a basic salary of £21600 - is the difference a pension?

EDIT:I see from reading more carefully that your friend cuts your hair and you have only included the unavoidable expenditure each month. In which case you seem to have a fairly healthy surplus and managing how you spend that is the remaining factor as whether you do well during the current financial climate or not.

My main advice would be to start saving a proportion of your healthy surplus each month into a separate account for the future, whatever that may bring. Most people decide to buy property, a car, or get married at some point but the point is whatever the future brings it will be easier and better with the cushion of some savings.

None of us knows how long this current down turn will last, and it is best to be prepared.