How the hell do I budget :(?

jojo90_2

OK so this is going to be my budget for March:

I'm going to set up a SO into savings for things like predicted car expenses so I don't get a shock when they come in. Its going to be tricky as I'm putting everything onto a 0% card right now to clear my overdraft (long story but basically what I have invested in matched betting outweighs debt by £3.5k.. although some of that is stupid overdraft debt. By claiming expenses on my credit card and purchases I can shift this out of my current account at a rate of £2-3k p.c.m. I am going to accelerate this by withdrawing some from Matched Betting (float can take it).

I have increased 'other' income by £160 as this represents what I 'make' by driving 450 miles for work each week.

Matched betting will also be stepped up so I can get an extra boost each month (really is worth my time... one of the motivators for drawing up this budget is the fact I haven't had time for that recently).

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............................ 610
Total monthly income.................... 2810

Monthly Expense Details
Mortgage................................ 850
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 20
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 15
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 100
Clothing................................ 100
Petrol/diesel........................... 40
Road tax................................ 12
Car Insurance........................... 35
Car maintenance (including MOT)......... 25
Car parking............................. 10
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)...... 0
Haircuts................................ 30
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1654


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.................... 2,810
Expenses (including HP & secured debts). 1,654
Available for debt repayments........... 1,156
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,156

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.

WASHER

How much is your overdraft? and how much is it costing you per month? Interest, I mean.

jojo90_2

£6,500 and costing £80 p.c.m I'm usually close to the limit. My justification has always been that cash invested in Matched Betting generates me far more each month. What I'm doing is spending expenses on a Tesco 0% card. The claims each month go into my bank account and clear the o/draft.

WASHER

Right then, your SOA isn't what it seems, please can you edit your SOA and include your overdraft, your priority is to repay this, you have debt, you cannot afford many of the things on your SOA like the clothing or the entertainment, the overdraft is costing you £80 per month, thats a lot of money. Clothng and entertainment must be halved, and your surplus every month should be used to repay the overdraft.

Do you know your bank can recall your overdraft at any time? I would be worried if I had an overdraft at that level.

WASHER

So you have a credit card too, how much is outstanding on that? Sorry about all the questions, I am finding it a little confusing at the moment.

jojo90_2

Hi,

Put simply I have:
£5,000 @ 0%
£6,500 @ 18%
£5,000 @ 0%

To counter balance this I have £19,000 invested in matched betting. I could have full access to this balance into my account in about 2 weeks if I so chose.

The £3,500 listed as 'cash' on my SOA accounts for this difference. The £19,000 generates £3,000 p.c.m when I have time to matched bet hence the £6,500 translates to approx +£700 income at a cost of £80. To me this is reasonable however I now have a Tesco 0% card enabling me to push the £6.5k @ 18% to 0% over 2-3 months. Through daily spend and expenses i.e. bank account cash will increase while credit card balance decreases (i.e. load debt onto the card). My expenses are about £1-2k p.c.m from work.

Hope that makes sense


The reason for budgeting is matched betting won't be here forever and some months I don't have time.. which is when money worries me...

WASHER

It makes more sense now you have put it simply, you don't have any real debt if you don't lose the money (I don't understand matched betting), as I don't understand it, I think I will leave your budgeting to someone who does know.

Your soa shows a good surplus, so if you don't have time for matched betting, you still should be able to live without the use of credit cards etc.

miss_missy

well done on rethinking your budget and cutting some of your expenses including your clothing :rotfl:
can i ask where the extra income of 610 comes from?

i dont really know about matched betting id be scared of funding it the way you do but you seem to know what your doing but as with all gambling there must be risk that you dont win and then you would be left with a lot of debt so please be careful

but keep up the good work and i suppose if your on the comp betting you arent out spending :rotfl:

jojo90_2

Hi Missy,

£450 from a lodger and £160 a month (£40 per journey) from driving my own car to Manchester and back for work over the next 10 weeks (not a lot but my car is worth very little anyway.. so £400 for doing something I would anyway seems OK! Plus hire cars are a bit rubbish).

.

Now where is the forum on how not to drive at 100mph on the motorway to save on fuel....

[Deleted User]

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
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 50 get a meter fitted , 1 adult would use c. £20-25 pm max
Telephone (land line)................... 16
Mobile phone............................ 50 ouch! do you really need to make £50-worth of calls/texts per month? go cheaper or payg, or get rid of landline (one less bill!)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 35 this is high, does it include tv/cable?
Groceries etc. ......................... 250 2 of us really well plus a couple meals out a month for the same so could come down by at least £50-100
Clothing................................ 150 :eek: flippin heck
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 every month?
Entertainment........................... 150that's a lotta entertainment :rotfl:
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.

by making small changes you could easily save £200 a month & not notice much difference - and make a dent in a savings account for special stuff like holidays.

ETA: just read the rest of the thread. Budgeting is a bit hard, but doesn't mean living like a hermit. Just get smart with what you have. I live on under 10000 pa yet have a couple cheap breaks/holidays, eat well & go out to movies etc. I just don't pay the rack rate for anything