Where else can I make savings???

laurajd28

Hi Everyone!!

I'm just after some advice! I'm 22, have my own flat (mortgage) and work full-time in an office. I've also recently started my own business as a mobile beautician, which fits in around my full-time job. The only debts that I have are to do with the business (around £1500) which I'm paying off with my business income (not touching the income from the full-time job!)

Anyway, I was just wondering if someone could have a look at my SOA and let me know if there's anywhere that I could save some money or cut-down slightly! I've got hardly any savings, and really want to start saving some money towards a deposit for a house.

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Monthly Budget SummaryAmount(£)
Total monthly income 1,091.62
Monthly expenses (incl. HP & secured loans) 895.41
Available for debt repayments 362.21
UNsecured debt repayments 0.00
Amount left after debt repayments 196.21

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 64,000
Total Secured & HP Debt-62,200
Total Unsecured Debt- 0.00
Net Assets1,800
Household Information

Number of adults in household 1
Number of children in household 0
Number of cars owned 1

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 1091.62
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1091.62

ExpensesAmount(£)
Mortgage 249.7
Secured/HP loan payments 0
Rent 0
Management charge (leasehold property) 83.57
Council tax 58
Electricity 0
Gas 0
Oil 0
Water Rates 0
Telephone (land line) 15
Mobile phone 23
TV Licence 11.87
Satellite/Cable TV 0
Internet services 10
Groceries etc. 80
Clothing 0
Petrol/diesel 50
Road tax 15
Car Insurance 34.34
Car maintenance (including MOT) 166.00
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 8.93
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 0
Haircuts 0
Entertainment 90
Holiday 0
Emergency Fund 0

Total monthly expenses895.41

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage62200(249.7) 3.5
Secured & HP Debt
totals62200- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)Unsecured Debt totals00-

Asset DescriptionValue (£)
Cash0
House Value (Gross)55000
Shares and bonds0
Car(s)9000
Other assets (e.g. endowments, jewellery etc) 0

Total Assets64000

Basically, I live on my own, I have my mortgage, council tax, contents insurance, service charge (which covers gas, electric and water), my car finance, road tax & insurance and food, mobile phone, house phone and internet. I then give myself £90 'pocket money' for the month and take money out of this for any birthdays, clothes, nights out etc...

Laura x

HappyMJ

You have a flat at 22. I'm impressed. You have a car worth £9000 very nice.

TV licence's are not £142.50 any more that was ages ago. If you are paying it they are now £145.50 (£12.13 per month or £12.55 per month if you pay quarterly).

Your car maintenance is very high I don't think you spend £166 every month. If so, get a new car.

If I were you I'd stay there as long as you can as it is very cheap. If you moved to a house it will cost you a lot more.

laurajd28

HappyMJ wrote: »

You have a flat at 22. I'm impressed. You have a car worth £9000 very nice.

TV licence's are not £142.50 any more that was ages ago. If you are paying it they are now £145.50 (£12.13 per month or £12.55 per month if you pay quarterly).

Your car maintenance is very high I don't think you spend £166 every month. If so, get a new car.

If I were you I'd stay there as long as you can as it is very cheap. If you moved to a house it will cost you a lot more.

Hi,

Thanks for your reply! The £166 in car maintenance is the car finance (wasn't sure which category to put it in!!!)!

I've just checked my TV Licence and it's definately £11.87 that they are taking out of my account. I think it was around £21 per month earlier on in the year and it's been at £11.87 since August I think!!!

Laura x

HappyMJ

You would put the finance charge under HP or secured debt or if it's a loan from the bank then it goes under unsecured debt.

Mikazaru

Can't offer any advice for cutting back - it looks pretty good to me! Do you use cashback sites? If you sign up to Quidco and do any online shopping through that and then when your insurances/mobile/phone are due for renewal compare all the prices and use Quidco. You can often get quite large amounts for those sort of things. They have quite a lot of different shops on there so you might be able to get things for your business aswell.

Tixy

Hi

I think overall it looks pretty good. So if the £166 is all car finance then you probably need to budget for maintenance, servicing, mot, new tyres etc.

I guess the next thing to add is do you have £196 spare each month as your SoA shows? If so that is great, what are you doing with it? saving?

Is your income just from your main job? have you started making an income from your mobile business yet? as an aside remember to make proper business records of all your income and outgoings (stock, travel costs, insurance etc) and make sure you set aside some money to pay your tax bill on any profits you make (as its much harder to find the money at a later stage than save it as you go along). Good luck with your business.