Need to have a tighter rein on my money!

MoneySavingJade

Background - I am 20 and getting ready for my third and final year of university. I am not the standard student, I live at home and commute to London so dont have many of the expenses normal students do. I also have two part time jobs, so should have loads of spare money! I need to make better use of the money I have.

I dont have any debts as such apart from the student loan which will probably be around £20,000 once I finish with interest. I really want to pay this off quickly once I graduate. I keep dipping into my student overdraft but then work to pay it off. I have store cards but always pay this off as soon as I get the bill - only around £40 every couple of months. I always try to only buy something if I know I have the money for it.

Earlier this year I managed to build up around £1500 of savings but was then offered the holiday chance of a lifetime so am going on a three week trip to S.A in september - so thats now £0. I feel awful whenI realise I have spent that on one holiday but its done and I need to make sure I enjoy it but not to spend more out there than I have.

I will work out my current SOA now as it changes if I am uni in term time as I have different incomings and outgoings.

MoneySavingJade

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 219
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 264
Total monthly income.................... 483
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 159
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 18
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 10
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 427

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 9000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5000.....(159)......NaN
Total secured & HP debts...... 5000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 483
Expenses (including HP & secured debts). 427
Available for debt repayments........... 56
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 56
Personal Balance Sheet Summary
Total assets (things you own)........... 9,000
Total HP & Secured debt................. -5,000
Total Unsecured debt.................... -0
Net Assets.............................. 9,000


My second income varies hugely depending on the hours I work. I have estimated 12 hours a week but for example this week I am working 16. 12 hours is the minimum.

I also need to start paying rent but not sure how much to offer. My parents havent asked for this but I feel awful living here rent free. Is £40 a month too low?

I want to have some money saved up for when I graduate just in case I dont go straight into a full time job. I am currently doing an unpaid placement which I have been doing for the last 6 months which is quite a drive two days a week hence the high petrol! That is going to finish in around 3 weeks so hopefully this is going to look good on my CV when looking for a job?

MoneySavingJade

Monthly Income Details[/b]
Monthly income after tax................ 366
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 417
Total monthly income.................... 783
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 159
Rent.................................... 40
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 18
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 10
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 216
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 668

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 9000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5000.....(159)......NaN
Total secured & HP debts...... 5000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 783
Expenses (including HP & secured debts). 668
Available for debt repayments........... 115
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 115
Personal Balance Sheet Summary
Total assets (things you own)........... 9,000
Total HP & Secured debt................. -5,000
Total Unsecured debt.................... -0
Net Assets.............................. 9,000

This should be my revised SOA from October - based on working 9 hours a week at one job and 5.5 at another and my loan. The extra is going to need to be all saved as I have two root canals need doing totaling around £600. Hopefully I will get a bursary in October of £500 so this will partly go towards my teeth and partly towards building my savings backup!