Help! Where's my money gone!

LizD_2

SoA

Bill Contribtion - £100 (non-negotiable)
Food/toiletries - £60
Contacts - £12 (online)
Mobile - £12
Car - £90 (essential)

Northern Rock - £128
Career Loan - £120
A&L loan - £55
HP - £26
Mint - £16
Egg - £40
Marbles - £30 (minimum CC repayments, but pay £10-15 more each month)

Total - £679

Income - £941 (net salary)
- £70 (AQA - estimate)

should be left with about £300 a month, but I'm not!


Where am I going wrong? I don't have Sky, rarely go out, just can't think where the money goes.

Tustastic

Hmm....I think this is where the habit of keeping a spending diary comes in. I sometimes wish I kept one too.:)

immoral_angeluk

If you're saying you actually pay £10-£15 more on your credit cards than what you've put then there's some of it!

Imelda

Hi Liz,

Have you tried keeping a spending diary? Lots of us on here keep them, basically you write down every penny that you spend, it's a good exercise to see where you "leak" money. Also do you spend just £60 per month on food and toiletries? Many people put down a target amount on their SOA but the reality is usually a lot higher.
Moozie starts a thread each day where we all state how much we have/ are going to spend that day, it is a good habit to get into and also means that if you overspend you have people there to kick you up the bum!
Do you buy lunch at work? For me that was the issue, I would spend £2/£3 on food and then maybe I would get a can of coke and , ooh how about some choccie. Now I bring my own and don't even set foot in any shops, both my body and my bank balance are healthier for it.
Does your SOA include everything? Do you pay rent? The car amount, is this for petrol, tax. mot, insurance etc?? These should be included monthly so you don't have to find it all in one month.
Also, can you out down what you owe in on each of the c cards and loans? and the APRs, it will help the DFW experts decide how you should best tackle your debts. Any overdrafts?

bananakinz

Sounds like you need a spending diary! You'll soon work out where you are spending you money!

Do you buy lunches at work, nip to the shops. Insurance for the car?

LizD_2

Imelda and banankinz, yes I think lunch and chocolate are some of the culprits! The car allowance includes petrol, tax and insurance. I don't pay rent as I live with my other half and he pays the mortgage.

Will start a spending diary this month.

LizD_2

immoral_angeluk wrote:

If you're saying you actually pay £10-£15 more on your credit cards than what you've put then there's some of it!

I'd allowed for the extra payments in my left over figure, based on minimum payments, there should be around £330 left.

irishmanc

Hi LizD,
I'm a newbie and this month I started a spending diary and found it really helpful. I can't believe how much money I throw away. I'd never had thought about it before, but now its in black and white I can't escape it. Chocolates, magazines, lucnh with work lot a couple of times a week. Thats were my money goes. Or went! Not any more! Knuckling down, avoiding going near the shops.

Try it! It really helps! I compare mine to my bank balances every morning.

david_hellier

Hi, according to my figures you have £95.08 per week to spend on yourself, including food and clothes etc. I suggest you write this amount in a little notebook on a Monday and keep a note of what you spend by subtracting. If you have any over at the end of the week, use this to pay off your most expensive cc/loan. Stop using CCs for any more purchases and never make the minimum repayment.

Good luck, the figures are as follows:

income weekly monthly
self 941.00
partner
aqa 70.00






total 0.00 1011.00 divide by 4.33
£233.31

£233.31 total weekly income

spend weekly monthly
rent/mortgage 100.00
council tax 0.00
elec 0.00
gas 0.00
water 0.00
secured loans 0.00
TV licence 0.00
fines 0.00
contacts 12.00
mobile 12.00
car 90.00
northern rock 128.00
career loan 120.00
a+l 55.00
hp 26.00
mint 16.00
egg 40.00













total 0.00 599.00 divide by 4.33
£138.23

£138.23 total weekly spend

Start= income - spend = £95.08 per week