My underspending diary

ecoelle

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 742.951
Partners monthly income after tax....... 1226.16
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1969.11

Monthly Expense Details
Mortgage................................ 700
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 16
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 18
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 17
Internet Services....................... 2
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 11
Car Insurance........................... 27.5
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 10
Contents insurance...................... 7.5
Life assurance ......................... 61.6
Other insurance......................... 17.5
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
B and Q Loan............................ 400
Total monthly expenses.................. 1691.6


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 120300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(700)......0
Hire Purchase (HP) debt ...... 5000.....(0)........0
Total secured & HP debts...... 5000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,969.11
Expenses (including HP & secured debts). 1,691.6
Available for debt repayments........... 277.51
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 277.51

Personal Balance Sheet Summary
Total assets (things you own)........... 120,300
Total HP & Secured debt................. -5,000
Total Unsecured debt.................... -0
Net Assets.............................. 120,300

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Ok, i know i'm coming out on here as not being in debt, but i want to pay off my b and q loan asap, any ideas where i can cut anything?

Lokolo

Nice layout.

Um mortgage is £700?? I don't have one but that does sound quite a lot for a £120k house...

Everything else seems quite low anyway so I can't see anything you could do.

noah271007

Hi. I can see the b and q loan is only £400, so why don't you pay that off over time? For starters, i can see you pay £35 quid on mobile. Is this on contract? You could save a lot by shopping elsewhere or even opt for pay as you go £10 a month. How about cutting down the food budget? I don't spend 160 quid a month on food, i actually spend £80-£100 a month shopping at Waitrose!! I just simply cut the amount i eat, for example a pie, i cut that in half and have the other half later in the week. 50% reduction.

You seems to have a lot of payments for various insurances but i understand most are required by law like car insurance.

It is amazing to see how little it cost per month can add up with others essentials!

ecoelle

Our mortgage is on a fixed rate for the next 2 years. We took it out when 100% mortgages were still available and interest rates were high. We do overpay each month by 40 pounds so our actual mortgage payments are set at 660. Thanks for looking. I've decided to use this as a little spending diary so am going to post all my spends to get a proper weeekly amount sso i can budget bbetter and get an idea of mow much we can afford to pay off the b and q loan each month. The SOA was done by someone on here i think, they have a whole web site and th link is above. It's a really good site and i reccomend it.

Lokolo

noah - although I would usually agree with you, there are 2 of them to feed. So spending £80 a month between 2 is pushing it a bit....

Ah yeh mortgage, ah ok 100% meh! Well you have £300 spare, what do you do with that each month?

ecoelle

noah271007 wrote: »

Hi. I can see the b and q loan is only £400, so why don't you pay that off over time? For starters, i can see you pay £35 quid on mobile. Is this on contract? You could save a lot by shopping elsewhere or even opt for pay as you go £10 a month. How about cutting down the food budget? I don't spend 160 quid a month on food, i actually spend £80-£100 a month shopping at Waitrose!! I just simply cut the amount i eat, for example a pie, i cut that in half and have the other half later in the week. 50% reduction.

You seems to have a lot of payments for various insurances but i understand most are required by law like car insurance.

It is amazing to see how little it cost per month can add up with others essentials!

we owe 5000 to b and q we pay 400 a month off the loan.

ecoelle

I put in 160 a month for groceries etc.

This includes, 2 adults food, 2 cats food, litter and biscuits, and cigarettes for me and my partner. I basically take out £40 on a saturday, do the food shopping and buy 2 packets of tobacco and some rizla.

ecoelle

noah271007 wrote: »

You seems to have a lot of payments for various insurances but i understand most are required by law like car insurance.

i don't know what it is you don't understand. Could you be a bit clearer, sorry, i'm not being rude, it's difficult to get tone of voice on here like with texting so i don't want you to think i'm being horrid.

ecoelle

sorry just re read
we pay for car insurannce
buuidinngs and contents
life ins with critical illness to pay off the mortgage if the worst happens
and income protection for my partners job

mark55man

if you want to save money - stop smoking

(nag nag nag)

noah271007

mark88man wrote: »

if you want to save money - stop smoking

(nag nag nag)

Or at least cut down smoking!! I actually live with my GF, and we share everything together on the food budget. So budget is for the two of us.We don't have pets though. In the example of pie, we have a quarter size of pie each time we have it and not half. It is plentiful and i actually lost weight and feel much better by eating less and i have become more leaner which is not a bad thing at all. It is something we gotten used to it now as at first it seems so silly to measure food every time we eat! In the past, we might have a half pie each in one go, or one pizza each but now we are careful to budget and not be wasteful throwing out food. After all, food is food. I stopped smoking and stopped buying beers. Instead we have an occasional wine bottle every now and again. I have become much more healthier since i don't get as much gas inside me anymore lol