Some friendly advice please - where to start!

ballyboo_2

Hello, and thankyou for taking the time to read my post. I'm not in any financial trouble or hardship, but me and my partner are left with very little each month and usually end up borrowing from my parents, which isn't good

Below is our Statement of Affairs and i'm hoping that someone who doesn't know me could tell me where we can cut back or save money.


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................ 1100
Partners monthly income after tax....... 1100
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 226
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 50
TV Licence.............................. 11
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 160
Clothing................................ 60
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 25
Buildings insurance..................... 17.5
Contents insurance...................... 17.5
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1013

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 45000....(226)......4.6
Total secured & HP debts...... 45000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Credit Card.............3000......10........0
Santander Credit Card..........2500......50........15.9
bank loan......................15000.....200.......8.9
Total unsecured debts..........20500.....260.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,013
Available for debt repayments........... 1,187
Monthly UNsecured debt repayments....... 260
Amount left after debt repayments....... 927
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total HP & Secured debt................. -45,000
Total Unsecured debt.................... -20,500
Net Assets.............................. 38,500


The £15,000 bank loan was used as the 25% deposit for our house and is being repaid over 8 years.

It looks like we have a lot left each month but we just seem to fritter it away with lunches, coffee, newspapers etc which i know all add up.

Please tell me what i can do

Money_maker

The experts will be along later but I would suggest you keep a diary of every penny that you spend. Then you can look at the end of the month and see how much you have frittered away on these items. You seem to have correctly identified where its going, just probably not aware of how much of your monthly salary it equates to.

Oh, and Welcome to MSE

WASHER

ballyboo wrote: »

Hello, and thankyou for taking the time to read my post. I'm not in any financial trouble or hardship, but me and my partner are left with very little each month and usually end up borrowing from my parents, which isn't good

Below is our Statement of Affairs and i'm hoping that someone who doesn't know me could tell me where we can cut back or save money.


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................ 1100
Partners monthly income after tax....... 1100
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 226
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10 Thats cheap for line rental, who is your supplier?
Mobile phone............................ 50 You could reduce this, I assume this is for 2 phones.
TV Licence.............................. 11
Satellite/Cable TV...................... 10 :eek:I didn't know you could get sky or cable at £10 per month
Internet Services....................... 10
Groceries etc. ......................... 160
Clothing................................ 60
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 25
Buildings insurance..................... 17.5 This seems high, get a joint quote for building and contents and use Quidco.com
Contents insurance...................... 17.5
Life assurance ......................... 20 - Is this life insurance or mortgage insurance?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 70 Could reduce a wee bit
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1013

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 45000....(226)......4.6
Total secured & HP debts...... 45000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Credit Card.............3000......10........0
Santander Credit Card..........2500......50........15.9
bank loan......................15000.....200.......8.9
Total unsecured debts..........20500.....260.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,013
Available for debt repayments........... 1,187
Monthly UNsecured debt repayments....... 260
Amount left after debt repayments....... 927
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total HP & Secured debt................. -45,000
Total Unsecured debt.................... -20,500
Net Assets.............................. 38,500


The £15,000 bank loan was used as the 25% deposit for our house and is being repaid over 8 years.

It looks like we have a lot left each month but we just seem to fritter it away with lunches, coffee, newspapers etc which i know all add up.

Please tell me what i can do

Welcome to MSE, you have over £900 surplus and end up borrowing of your parents each month? Either you SOA is incomplete or you are spending more than you think at the Supermarket/Starbucks etc.

Start a spending diary, you could be debt free quite quickly and easily if you used some of that surplus to repay more towards your debts.

WASHER

As for newspapers, I cannot for the life of me understand why someone would want to read todays news tomorrow. Read the papers online or watch News 24.

If you want money saving tips, pop over to the Old Style Board and you will pick up loads.

ballyboo_2

hello and thankyou for replying. My SOA is accurate, so that just leaves me! I work in the town centre and tend to buy something every day - even silly little things just to fill my lunch hour. I will definitely start keeping a spending diary, because like you said, I have should have over £900 left each month and i never have. I'm going to start taking packed lunch and a book to work which should help with my lunchtime spending.

Thanks again for replying - fresh start tomorrow!

ballyboo x

WASHER

Pack lunch is a great way of saving money. No harm in browsing the shops, but leave your cards and money at home, and join in a No Spend Day challenge on this board, it can be quite addictive .