Joint SOA - please review

Odette

Hey everyone, just wanted a slice of your great advice
I'm thinking of moving in with my bf towards the end of the year, at the moment Im just costing and budgeting everything so, I wondered if anyone would mind casting a critical eye over my budget.

A few notes; a) Ive done this with three salaries as Im getting my final pay scale settled sometime this week, theres a possibility it could be the top one, and sometimes I'll get overtime ontop of that.
b)Anything you think I havent added, please let me know. ( Car inc insurance, tax and whats left over for maintenance, other travel is Oyster card for travel in ldn (go out clubbing alot), Groc are my half with the bf (im a good and frugal cook), tv licence is paid by bf as is housephone (I think its unnecessary so ...he can pay himself:rolleyes:) the totals are estimates of half of everything...
c) the extra is obviously just for random spends, I wanted to have at least £200, is this an ok amount considering Im also putting away £200 in savings which could be taken from if there is an emergency.

Salary est. £18,500.00, £19,000.00, £20,000.00
Take Home approx £14,134.00 £14,434.00 £14,794.00
Monthly £1,177.83 £1,202.83 £1,232.83


Car 70
Other Travel 20
Savings 200
Groceries 50
Mobile 30
Petrol 50


Rent 450
Council Tax 50
Elec 20
Gas 20
Water 15


TOTAL 975
Remainder £202.83 £227.83 £257.83

RAS

Clothes?

Holidays/

Presents?

Does car include tax, insurance, ptrol and maintenance and MOT. If so, why do you not sell it and rent when required or join a car club?

slummymummyof3

contents insurance, life insurance, internet, dental treatment, haircuts?

Odette

slummymummyof3 wrote: »

contents insurance, life insurance, internet, dental treatment, haircuts?

Brilliant - just a note too, these are ment to be top estimates of how much I will pay so hopefully there will be a small extra amount if we save on rent or any bills that end up being included in the rent.

Contents - great idea, will have a look for ideas and quotes and add to budget
Life insurance? - Im only 23 and bf is only 28, we arnt planning on sharing any assets for the next few years, is this necessary?
Internet - Bf will pay with housephone, which he said he would cover.
Dentist - these one off costs im hoping will be ok with the help of a 0% apr credit card and some skrimping in the budget if needs be, then I can pay it off month by month, do you think this is a bad idea? Im pretty frugal and mean when needs be.
Haircuts - I cut my own hair.

Odette

RAS wrote: »

Clothes?

Holidays/

Presents?

Does car include tax, insurance, ptrol and maintenance and MOT. If so, why do you not sell it and rent when required or join a car club?

Holidays - come out of the left over pot as and when, with hols as above i ususally use a 0% credit card and then pay back whatever i can a month - maybe i will factor this in as its important to me

Presents - noted, thanks

Car - I just buy bangers so car costs are very minimal and yes that includes all, I have to drive to work so carclubs/renting arnt applicable.

Thanks for the suggestions, I dunno how much is ideal to be left over for entertainments etc...

choccybuttons

Perhaps think about private pension too. You can get one starting at £50 month. I started mine at 25 and wish I had started earlier.

Glamazon

why not use the MSE budget planner and save a copy for each salary?
It gives you everything u are likely to pay out for.
I currently have one set up for how things r now and realised I should have around £300 left each month and could easily save £100 to pay off my debt on top of this. I have a second one which shows the income I will have on mat leave and what money I need to save between now and then to live comfortably for 9 months to a year.

MrsTinks

Try filling in this calculator instead - it will give you a better idea of what you might have missed off

http://www.makesenseofcards.com/soacalc.html

mountainlioness

Good advice from Mrs Tine to use the calc - makes it easier for us to comment as it's all laid out and includes all the extras that are so easy to forget.

Odette

Damn, i forgot pension, that comes directly out of my pay so i dont even think about it:eek: Im getting a bit worried that I dont have alot left at the end of the month anyway, should I be worried? I very much doubt i would get into debt as I feel sick at the thought and hate to owe anything...but is there not enough of a margin for me to do this?

Will do proper SOA when i learn how much salary im actually going to get, fingers crossed for the interview on Thurs...isnt it silly when you get interviewed for a job you're already doing:rolleyes:

Odette

Okay I did it with the minimum salary I should be offered. Please excuse the parts where I am a bit thick, im 23 and have only lived with several other people at uni so the bills were mental (660 for water!) and I didnt pay council tax. Any observations will be very helpful. Incase it matters, were looking at North London.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2 As mentioned, we are doing this seperately thus everything is halved/sans his contributions
Number of children in household......... 0
Number of cars owned.................... 2 Non negotiable, both work quite a distance away.
Monthly Income Details
Monthly income after tax................ 1202.83 As mentioned this can go up or down by about 40 quid
Partners monthly income after tax....... 0 Makes more
Benefits................................ 0
Other income............................ 0 Will subsidise by ebaying, OT etc, already member of make £10 a day
Total monthly income.................... 1202.83
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450 This is as much as i want to pay, hopefully this will be a little less
Management charge (leasehold property).. 0
Council tax............................. 50 Is this realisitic?
Electricity............................. 20 As above, Im pretty frugal (And we share showers )
Gas..................................... 20 As above
Oil..................................... 0
Water rates............................. 15 As above
Telephone (land line)................... 0 BF will pay for this as I think its unnecessary when we both have mobiles
Mobile phone............................ 30
TV Licence.............................. 0 BF offered to pay
Satellite/Cable TV...................... 0
Internet Services....................... 0 As above
Groceries etc. ......................... 50 I think perhaps im being too cheap here, im a veggie though and an experienced cheapy cooker - I love the OS board
Clothing................................ 30 Trying to get into ebay, this also wont be every month probably
Petrol/diesel........................... 50 4 Mile commute to work 4-3 days a week? + a little extra - will use bfs car when together as mine is a little banger
Road tax................................ 10 80 quid per year per small car?
Car Insurance........................... 50 New driver
Car maintenance (including MOT)......... 10 adds up to 120 so 100 maintenance + 20 mot, not willing to spend much more on it as it isnt worth it
Car parking............................. 0
Other travel............................ 20 Oyster
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Will investigate this weekend as we are both gadgety people who both own a xbox. ds, camera etc each
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 Never bought a card in my life and make alot of gifts.
Haircuts................................ 0 Might do once but not a nec expense as i cut my own
Entertainment........................... 0 this will come out of whats left
Holiday................................. 75 Like hols subsidised by extra funds from overtime, ebay etc.
Emergency fund.......................... 0 Can come out of savings @ 200 pm
Total monthly expenses.................. 895

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

No Secured nor Hire Purchase Debts I have very little debt (£400 on a 0% apr credit card that I have a direct debit for £50 a week for, and will have none by the time I move in November)
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,202.83
Expenses (including HP & secured debts). 895
Available for debt repayments........... 307.83 Minus 200 for savings
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307.83
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 300
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.