My SoA, based on last three months spending diary

danothy

Hey guys, I've been keeping a spending diary for the last three months and I've based my SoA on the total figures divided by three. There's still some gaps and guesses as some bills come in less often and I do travel and claim some things back as expenses so it's not quite as bad as it seems, it looks like it still needs work though.

Statement of Affairs and Personal Balance Sheet (now redacted)

dancingfairy

Hi - it might be worth taking out any travel expenses which you get later paid back by work to give a truer picture.
Also - is there any way you can cut the entertainment a little as entertainment, electronics ? and health things including gym are costing you quite a lot.
At the moment your SOA says you are overspending by 121 a month but I think you have included your work travel expenses in there so don't think it is quite as bad as that.
Good Luck
df

danothy

I don't really have a way of separating out the work expenses, and I still have to afford them so I do want to include them, I think the major inaccuracy is coming from the fact that I haven't included the expenses return as other income, but that is only because I haven't received an expenses payment in the last three months.

I'm hoping after I factor in the expenses to my income average it will will exceed my outgoings average, as my groceries expenses drop when I travel and the food costs transfer to claimable costs.

I'm aware that the health section and entertainment is high, the entertainment one could do with some review clearly, but I do want to keep the gym membership as I do use it (I realise it's a bit of a frowned upon expense here, but I can't swim and steam in my flat and I can't do the kind of weight exercises I do safely without the sort of kit at the gym).

The electronics was because I bought a dictation recorder ... I don't buy electronics on a regular basis or anything

isy1011

Well done for posting.

Condoms - you can pick those up for free just nip to local health clinic and explain your predicament they will dish them out.!! Gym membership - join local sports centre gym (Ive found it to be ok ) and alot cheaper. You may be tied into membership though.

Entertainment and electronics are only other areas you can cut back on. Even just temporarily should get your overdraft down.

The student loan - you wont be paying for that until you earn over certain amount anyway.

danothy

isy1011 wrote: »

Condoms - you can pick those up for free just nip to local health clinic

I've started getting these free again from my local student union now the Sexual Health Awareness Group office is open since term has started, however it's not something I resent paying for either way.

isy1011 wrote: »

Gym membership - join local sports centre gym (Ive found it to be ok ) and alot cheaper. You may be tied into membership though.

I will certainly consider this seriously, but I'm not tied in at my current gym and it's a useful position to be in if things take a downwards swipe and I have to drop that aspect of my life all together.

isy1011 wrote: »

Entertainment and electronics are only other areas you can cut back on. Even just temporarily should get your overdraft down.

The student loan - you wont be paying for that until you earn over certain amount anyway.

I'm not too worried about either of these, the overdraft is interest free and I have been paying it off over the last few months slowly (about £50 a month). I will cut back on the going out though and I can't foresee any electronics purchases in the near future either.

Thanks for the input, I find it a bit alarming that all my living costs (excluding the things I treat myself to) appear reasonable to other people and my income only just covers them, makes for a bit of a bleak existence if I cut out the personal stuff, I hope when I post another SoA in a few months time the expenses returns and more awareness of how much I spend on myself have balanced things out a bit more favourably.

Spending diary was the best thing I've ever done financially, I'd highly recommend it.

LeeSouthEast

danothy 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................ 1120.00
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1120.00

Monthly Expense Details
Mortgage................................ 0.00
Secured/HP loan repayments.............. 0.00
Rent.................................... 595.00 A high proportion of your income?
Management charge (leasehold property).. 0.00
Council tax............................. 0.00
Electricity............................. 31.85 (This may be an underestimate due to summer months)
Gas..................................... 0.00
Oil..................................... 0.00
Water rates............................. 20.00 (This is a guess)
Telephone (land line)................... 12.53
Mobile phone............................ 15.50
TV Licence.............................. 12.13 (145.50 / 12)
Satellite/Cable TV...................... 0.00
Internet Services....................... 12.50
Stamps.................................. 2.92
Groceries etc. ......................... 107.65 Can halve with effort. Head over to the OS Board
Non-grocery food........................ 68.13 (This may be distorted due to travelling this month) Cut out/plan ahead? Packed lunch?
Clothing................................ 8.34
Petrol/diesel........................... 59.37
Road tax................................ 10.42
Road Tolls.............................. 5.50
Car Insurance........................... 0.00 (Help from father here)
Car maintenance (including MOT)......... 0.00 (Help from father here)
Car parking............................. 2.17
Other travel............................ 97.34 (This may be distorted due to travelling this month)
Childcare/nursery....................... 0.00
Other child related expenses............ 0.00
Medical (prescriptions, dentist etc).... 0.00
Health products ........................ 53.00 (This includes gym membership, condoms, vitamins etc.) Others already done
Pet insurance/vet bills................. 0.00
Buildings insurance..................... 0.00
Contents insurance...................... 0.00
Life assurance ......................... 0.00
Other insurance......................... 0.00
Presents (birthday, christmas etc)...... 12.20 (This doesn't include christmas yet)
Haircuts................................ 10.00
Entertainment........................... 91.78 (Most of this is social gatherings) Be unsociable for a while?
Holiday................................. 0.00
Electronics............................. 12.15
Emergency fund.......................... 1.00 (Things like bulbs I wouldn't hassle the landlord over)
Information............................. 2.00 (Credit reports)
Total monthly expenses.................. 1241.43


Assets
Cash.................................... 0.00 (I have a small pot that I use for travelling and then refill when I claim the expenses)
House value (Gross)..................... 0.00
Shares and bonds........................ 0.00
Car(s).................................. 0.00 (I have a car, it's not worth much though)
Other assets............................ 0.00
Total Assets............................ 0.00

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Student Loan...................18845.25...0.........1.5
Student Overdraft...............1000.00...0.........0
Total unsecured debts..........19845.25...0.........-


Monthly Budget Summary
Total monthly income.................... 1,120.00
Expenses (including HP & secured debts). 1,243.48
Available for debt repayments........... -123.48
Monthly UNsecured debt repayments....... 0.00
Amount short for making debt repayments. -123.48

Personal Balance Sheet Summary
Total assets (things you own)........... 0.00
Total HP & Secured debt................. -0.00
Total Unsecured debt.................... -19,845.25
Net Assets.............................. -19,845.25

Your biggest enemies are your rent (can you find somewhere cheaper?), and your social bills, e.g. entertainment. You have a lot of wiggle-room here.

HappyMJ

You should be entitled to around £50 a month housing benefit if the rent you pay is the average for your area. It is very high. Unless you live somewhere like london a 1 bed flat can be found much cheaper than £600 per month. You should be aiming to spend about a third of your income on rent or have it subsidised by council housing or LHA payments.

foxgloves

Agree rent looks high. Though I might be biassed as I lived in some right dives when I was a student as I knew it'd only be temporary until I was working. Hope this is the going rate & you're not being ripped off. Worth seeing if you can find anything a bit cheaper or if it'd be possible to share? If you're in London, that'd probably explain the high cost, though.

danothy

Yes my rent is high, but when I was looking it was the only one that was less than £600 and not a slum (and I really mean slum, I got bit by a flea at one place I viewed, but that's just what Cardiff is like due to the student population being exploited). Also I'm pretty sure I'm not entitled to housing benefit.

The buying ready made food is fairly well managed, the bulk of that monthly amount is from buying food when travelling and can claim expenses for and some of it is snack food that I buy as groceries (crisps and biscuits etc.) but group with eating out or buying sandwiches.

I've already started cutting my food budget by buying in bulk when things are on offer etc. I don't really want to drastically change my diet though as I have enough trouble getting the recommended 5 a day despite being a vegetarian.

And yes, a redesign of my social life is clearly called for.

Poosmate

Hi, nothing much to add here really except that your income after tax puts you on around £18k pa so shouldn't you be paying off your student loan now? I thought it was when you hit the magic £15k pa that you started repaying your loan or has it gone up to £21k now after that announcement earlier this week?

You've made a great start anyway in becoming aware of your expenses and that's usually the main stumbling block for most people (they wake up one day and realise they're in debt and don't know why or how). Congratulations on starting your journey to becoming a debt free budget master.

Good luck

Poo

HappyMJ

danothy wrote: »

Yes my rent is high, but when I was looking it was the only one that was less than £600 and not a slum (and I really mean slum, I got bit by a flea at one place I viewed, but that's just what Cardiff is like due to the student population being exploited). Also I'm pretty sure I'm not entitled to housing benefit.

No you wouldn't be entitled to Housing Benefit as the LHA rate for a 1 bedroom place in Cardiff is £475.

I'm assuming you have 2 bedrooms so how about you take advantage of the students and get a lodger in?