How the hell do I budget :(?

jojo90_2

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 450
Total monthly income.................... 2650

Monthly Expense Details
Mortgage................................ 850
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 16
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 250
Clothing................................ 150
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 25
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1993


Assets
Cash.................................... 3500
House value (Gross)..................... 154000
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 158100


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(850)......2.5
Total secured & HP debts...... 125000....-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,993
Available for debt repayments........... 657
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 657

Personal Balance Sheet Summary
Total assets (things you own)........... 158,100
Total HP & Secured debt................. -125,000
Total Unsecured debt.................... -0
Net Assets.............................. 33,100

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Basically I usually end up spending everything I get in and some months going over i.e. had to buy a new laptop this month, replace some computer bits the month before, unexpected car expense the month before that and so on.

Now I make money from matched betting so things aren't all that horrible however I'm not finding the time for it lately. I have sold all the crap I have lying around and not in use for about £1,500.

So OK I'm not in debt but I'm living pretty damn close. The lodger will help but I reckon I will still somehow spend all the extra cash I get in from her .

I'm 29... my friends are on much less than me (£19,000, average wage, right?) and they get by. How do they manage it? ... I mean I don't think I waste that much money but I must do somehow...

I've never budgeted properly in my life... are there any guides or tips that could help?

Oh, I'm recently separated (divorced soon) so the expenses used be OKish as partner brought in £1,200 p.c.m. Having said that we still spent £3.4k for 2 people with no kids each month pretty easily.

ARGH!!!!

My parents have offered I move back home (tempting but who wants that?) which would kill my base outgoings by £1,400... so yeah very tempting... but not the right decision

EDIT: thinking about it £125ish a week on misc. stuff really isn't that bad... maybe I just don't earn enough or have unrealistic expectations? I'm going for a promotion at work which will mean the salary goes up from £36,800 + 10% OTB by £6,000-£16,000 ... think I will probably get it but that won't be for another 3 months.

miss_missy

hi
try this http://www.makesenseofcards.com/soacalc.html
it will allow people to help you easier

jojo90_2

done - thanks

Hippychick

Start a spending diary, keep a notebook in your bag and write down everything you spend. It's surprising how much the odd coffee or magazine soon adds up.

I would also do a more detailed SOA using the link provided by miss_missy it will give you a detailed budget not just back of a beer mat figures.

miss_missy

well you should have 657 from this you do need to start saving for the unexpected expenses you have more than enough to do this
also you have no buildings or contents insurance? you need to get this

£250 groceries a month for 1 is way too high i budget £300 per month for 2 adults and 2 children that includes nappies, household cleaners etc 2 takeaways and i usually have some left over

£150 on clothes per month thats £1800 per year!!!!!! you must have more than most shops you could easily reduce that

you could try to reduce your gas and elec combined you pay at least 30 more than we do and we have heating on most of the day and 2 computers 24/7

of course you can afford the above as you not spending beyond your means you just need to becareful and stick to your budget

also i think your house must be worth more than 30000 as you have a 125000 mortgage

miss_missy

also £35 for internet is very high you could easily reduce this look around for deals

bunny999

jojo90 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 450
Total monthly income.................... 2650

Monthly Expense Details
Mortgage................................ 850
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 are you getting the 25% discount ?
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 16
Mobile phone............................ 50 could be cut
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35 could get cheaper
Groceries etc. ......................... 250 far too high
Clothing................................ 150 only buy what you need
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 25
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 could be cut
Haircuts................................ 30 too high
Entertainment........................... 150 could be cut
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1993


Assets
Cash.................................... 3500
House value (Gross)..................... 30000 is this right ?
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 34100


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(850)......2.5
Total secured & HP debts...... 125000....-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,993
Available for debt repayments........... 657
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 657

Personal Balance Sheet Summary
Total assets (things you own)........... 34,100
Total HP & Secured debt................. -125,000
Total Unsecured debt.................... -0
Net Assets.............................. -90,900

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

Basically I usually end up spending everything I get in and some months going over i.e. had to buy a new laptop this month, replace some computer bits the month before, unexpected car expense the month before that and so on.

Now I make money from matched betting so things aren't all that horrible however I'm not finding the time for it lately. I have sold all the crap I have lying around and not in use for about £1,500.

So OK I'm not in debt but I'm living pretty damn close. The lodger will help but I reckon I will still somehow spend all the extra cash I get in from her .

I'm 29... my friends are on much less than me (£19,000, average wage, right?) and they get by. How do they manage it? ... I mean I don't think I waste that much money but I must do somehow...

I've never budgeted properly in my life... are there any guides or tips that could help?

Oh, I'm recently separated (divorced soon) so the expenses used be OKish as partner brought in £1,200 p.c.m. Having said that we still spent £3.4k for 2 people with no kids each month pretty easily.

ARGH!!!!

My parents have offered I move back home (tempting but who wants that?) which would kill my base outgoings by £1,400... so yeah very tempting... but not the right decision

EDIT: thinking about it £125ish a week on misc. stuff really isn't that bad... maybe I just don't earn enough or have unrealistic expectations? I'm going for a promotion at work which will mean the salary goes up from £36,800 + 10% OTB by £6,000-£16,000 ... think I will probably get it but that won't be for another 3 months.

Just a few possible ways of cutting down.

speirsro

Hi Jojo.

Just to add my bit...
You've got £30 a month for haircut? Can you go somewhere a bit cheaper, or have a haircut every second month instead?
Some colleges/trainee salons offer a great discount to allow a junior to cut your hair?

There's also 150 a month on entertainment? Why not try going to friends houses, or going just for a drink rather than dinner etc? Might be worth a try?

£40 a month on birthdays/christmas etc? Cut this down. People shouldn't expect a lot of money to be spent. Knock this on the head, or only buy for the kids in the family. Use the entertainment budget if going out for a friends birthday.

Are your water rates not included in your council tax? (These are included in Scotland, sorry if this isn't the case).

You could probably get a better deal on elec/gas. We're £50 a month for a 2 bedroom house. Yours seems excessive.

Mobile phone - are you in a contract?? That's very high. Can you claim any of this back if used for work purposes?

Hope something is useful to you, but if you want to cut down outgoings, every little helps!

jojo90_2

Thanks for the advice - sorry house value is £154,000 and appreciating at a reasonable rate (although that is split 50/50 with my ex.. something I will resolve shortly as that's a potential £6k equity loss over the next 12 months). £30,000 is the amount in the property I would get if sold today less mortgage.

True, I will have £657 left... the point is I will find a way to spend it Its more advice on how to control my spending that I need!

As an example over the last 3 weeks or so
£450 on laptop (justified to matched bet while away from home, currently 4 days per week so I think justified)
£30 on a iphone holder and charger from Maplins (for GPS in car - cheaper than a GPS unit)
£200 on suits for work as having to go into the office and work with senior guys
£60 on a night out Friday
£50 on entertaining friends the weekend before
£300 on things from Ikea to fix up the house for the lodger
£200 to fix up the car
£50 on entertaining girl round my house for Valentines (:P)

I'm doing my best to squeeze extras here and there for example driving to work gives +£40 a week in expenses over fuel costs.

Annoyingly over the past 3 weeks with my new 'role' I've probably missed out on £2k matched betting... Guess I just need to work harder on that... but living out of a hotel is just tiring by the time the day is over (plus a 5 hour drive).

jojo90_2

OK so..

I'm going to phone the council on Monday to see about the discount.
I'm going to phone O2 now.. my tariff should actually be less but they screwed up (long story).
Have written down water, gas, and electricity readings. Will find an old bill then go on moneysupermarket to compare.
I'm going to take out £200 and have that as my 'fun' money for the month (lets see how that one goes..... I like my fun :P)

Haircut I'm going to keep because I'm very particular about that... saving say £15 a month and not being happy with what I have isn't worth it to me!

Internet isn't an option to change as they offer something very specific I need for matched betting so this is worth far more each month to me.

I agree shopping does seem over the top... I do try when I shop... honestly... I think its because I cook from scratch all the time so by the time you have bought all the herbs, veg, garlic etc it does add up quickly. Maybe shift it down to simple food unless actually entertaining!

bunny999

There are lots of money saving ideas on the OS board. Try buying cheaper brands and cheaper cuts of meat, eat less meat. You must have lot of clothes so you could try staying away from clothes shops for a while. ( I know about this I used to buy clothes every week - there a difference between wanting and needing) Think before you spend - do you really need it ? It might be worth keeping a spending to see exactly where the money is going.