My SOA - any advice?

want2bmortgage3

OUTGOINGS

mortgage £644.40
council tax £94.00
building insurance £13.43
gas £15.00
electric £20.00
water £15.00
landline £10.50
broadband £7.50
mobile £10.00
contact lenses £11.58
shopping £80.00
petrol £80.00
car tax £15.42
car insurance £25.00
ground rent £2.50
dentist £1.35

£1,045.68

INCOME

work £1,144.95

I think I have included everything. I haven't included birthdays and xmas because I usually get this money back in vouchers/money in my own presents! Gas electric, water and car insurance are estimates.

As you see I dont have a lot spare by the looks of things so I was wondering if anyone has any ideas so that I can end up with more spare to overpay my mortgage.

My hours of work are 7am - 2pm mon - sat and I get a week off every 6 weeks. I own my 2 bedroom maisonette, with a mortgage.

Cant think of anything else to add but would really appreciate an outsiders view on my budget and ways of improving it. Any questions please ask. Thanks!

[Deleted User]

want2bmortgage3 wrote: »

OUTGOINGS

mortgage £644.40
council tax £94.00 - Is this over 12 months? If not ring the council and ask them if you can pay it over this term, this should help you budget a little easier Are you living alone? Have you got the discount if so?
building insurance £13.43 - See here http://www.moneysavingexpert.com/insurance/home-insurance - don't forgot about cashback too
gas £15.00 - See electricity link
electric £20.00 - See here http://www.moneysavingexpert.com/utilities/you-switch-gas-electricity - cashback again
water £15.00 - See here http://www.moneysavingexpert.com/utilities/cut-water-bills
landline £10.50 - See here http://www.moneysavingexpert.com/phones/home-phone-calls
broadband £7.50 - Seems pretty cheap - See here though http://www.moneysavingexpert.com/phones/cheap-broadband
mobile £10.00 - Seems pretty cheap again - See here http://www.moneysavingexpert.com/phones/mobile-phone-cost-cutting
contact lenses £11.58 - See here http://www.moneysavingexpert.com/health/Cheap-Contact-Lenses
shopping £80.00 - Seems cheap again - See here http://www.moneysavingexpert.com/shopping/cheap-supermarket-shopping
petrol £80.00 - See here http://www.moneysavingexpert.com/travel/cheaper-fuel
car tax £15.42
car insurance £25.00 - See here http://www.moneysavingexpert.com/insurance/compare-cheap-car-insurance - cash back again. Pay off in one go if you can then simply save for next year. Cheaper over all as monthly is effectively a loan from the car insurance company to you + interest
ground rent £2.50
dentist £1.35

£1,045.68

To be honest you seem to be doing quite well really with getting a good price on things. Can you further your career? Do more qualifications? Get a promotion after?

want2bmortgage3

Originally Posted by want2bmortgage3

OUTGOINGS

mortgage £644.40
council tax £94.00 - Is this over 12 months? If not ring the council and ask them if you can pay it over this term, this should help you budget a little easier Are you living alone? Have you got the discount if so? Yes I'm pretty sure its over 12 months and includes 25% discount being a single occupant
building insurance £13.43 - See here http://www.moneysavingexpert.com/ins...home-insurance - don't forgot about cashback too
gas £15.00 - See electricity link
electric £20.00 - See here http://www.moneysavingexpert.com/uti...as-electricity - cashback again
water £15.00 - See here http://www.moneysavingexpert.com/uti...ut-water-bills
landline £10.50 - See here http://www.moneysavingexpert.com/pho...me-phone-calls
broadband £7.50 - Seems pretty cheap - See here though http://www.moneysavingexpert.com/phones/cheap-broadband
mobile £10.00 - Seems pretty cheap again - See here http://www.moneysavingexpert.com/pho...e-cost-cutting
contact lenses £11.58 - See here http://www.moneysavingexpert.com/hea...Contact-Lenses
shopping £80.00 - Seems cheap again - See here http://www.moneysavingexpert.com/sho...arket-shopping
petrol £80.00 - See here http://www.moneysavingexpert.com/travel/cheaper-fuel
car tax £15.42
car insurance £25.00 - See here http://www.moneysavingexpert.com/ins...-car-insurance - cash back again. Pay off in one go if you can then simply save for next year. Cheaper over all as monthly is effectively a loan from the car insurance company to you + interest Thanks for that info, when it comes to renewal I will remember that
ground rent £2.50
dentist £1.35

£1,045.68



To be honest you seem to be doing quite well really with getting a good price on things. Can you further your career? I hope to- not sure how just yet Do more qualifications? Again hope to do this soon not sure which way to turn, would like to re-visit education and realise where my talents lieGet a promotion after? I dont think my current job has much of a future

Thanks for your reply appreciate it

tiptoe_mouse

Spotted the following that you might need to include:

Contents insurance?
TV licence?
Car maintenance / servicing / MOT?
Clothing?
Haircuts?

tiptoe

chambta

I get my contacts online. 6 months supply costs less than £30. Although you have to buy solutions separately I find it's a cheaper way to do things.

want2bmortgage3

Spotted the following that you might need to include:

Contents insurance? - dont have any right now might need to think about that when i get more possessions
TV licence? - havent had one since june, no tv anymore, no visit from tv license officers, letters seem to have stopped
Car maintenance / servicing / MOT? - my dad does all this for me and only charges the parts and havent needed anything for a while, hard to make an estimate
Clothing? - havent bought anything for a while altho its about time i did!
Haircuts? - good point i used to shave it off myself but kind of liking it longer so may have to factor that in...

tiptoe - thanks for your points, i'm worried those extra things might just put me in the red though!!!

chambta - which contacts do you buy? few years ago i was prescribed focus night & day or air optix as they are now called and the cheapest i can find is from the channel islands at £69 every 6 months.

pink_numbers

I don't have any advice, just a comment that I WISH I could be as good as you!!

Debt_Free_Chick

want2bmortgage3 wrote: »

I think I have included everything. I haven't included birthdays and xmas because I usually get this money back in vouchers/money in my own presents!

Are you sure this works out as store vouchers wouldn't cover any of your outgoings i.e. you can't pay your electricity bill with M&S vouchers

Far better that you actually budget for birthdays etc and put the money away in a savings account. If you don't use it, then each year you will have built up a lump sum to pay against your mortgage

tiptoe - thanks for your points, i'm worried those extra things might just put me in the red though!!!

But you'll go in the red anyway if you do have to pay out for those things.

Do you have any savings to use as an emergency fund?

want2bmortgage3

Things are getting too tough, this month after my direct debits come out, I am left with £26. Something's got to give?

getmore4less

want2bmortgage3 wrote: »

Things are getting too tough, this month after my direct debits come out, I am left with £26. Something's got to give?

You have a SOA that says you have a surpluss of 100 so something is missing if you only have 26 after all DDs.

Spending diary and a review of the last years spends

No emergency fund
no breakdown cover for the car.
Any other debts not shown

The obvious thing is you have a mortgage that is too big for you income so you bought a place you cannot afford.

Get a lodger to pay for the bit you cannot afford

Debt_Free_Chick

want2bmortgage3 wrote: »

Things are getting too tough, this month after my direct debits come out, I am left with £26. Something's got to give?

What have you done since your previous posts?

Have you followed any of the suggestions?

As getmore4less says, you seem to have a surplus.

If you don't, then you are spending money which is not in your budget. Do you know where this is going? Is it necessary spending (in which case it should be in your SOA) or are you just leaking cash