1st time moving out... Help me budget!

KrazyKel

Ive just been accepted for a 2 bed council flat!
I currently live at home so unsure of what to budget for with bills etc!

Ive worked out a predicted SOA - But not sure how much to put for things like Gas, Electricity, Water etc

Wages/Benefits are paid 4 weekly, but calculated these by x13 /12 - wasnt sure if should put in the 4 weekly rate or not....

Havent included Car Insurance - Paid upfront last year, but due in Oct, so really should budget for that (Roughly £60 P/M)

Anything im missing? Apart from entertainment/spare money etc?
Thanks

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 390
Partners monthly income after tax....... 0
Benefits................................ 368 (Working Tax Credits)
Other income............................ 297 (DLA)
Total monthly income.................... 1055

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 180
Rent.................................... 130
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 30
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...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 768


Assets
Cash.................................... 1500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 10500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2500.....(180)......0
Total secured & HP debts...... 2500......-.........-

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


Monthly Budget Summary
Total monthly income.................... 1,055
Expenses (including HP & secured debts). 768
Available for debt repayments........... 287
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 287

Personal Balance Sheet Summary
Total assets (things you own)........... 10,500
Total HP & Secured debt................. -2,500
Total Unsecured debt.................... -0
Net Assets.............................. 8,000

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

KrazyKel

Also just to point out the amounts for Rent and Council tax are what I will be paying after benefits, used EntitledTo to work out roughly what I should be getting!

getmore4less

Most SOA are based on monthly but doing it based on 13 4 weeks periods might be easier to ballance as long as you watch out for the cash flow issues with the monthly/yearly bills.

You currently have a buffer of over one months expences/income so as long as you keep that up cash flow should be OK. but car insurance is goint to make a big dent so you need to top up put in emergency funds.

If running a car there are some missing bits.

Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0

any way to avoid this maybe public transport.
Car parking............................. 30

review the following

Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 0


Clothes can't be zero for ever , do an audit of all your current stuff and think about what you might need over the next 12 months

non house related items, what have you spent on these over the last 12months thats a good starting point for the new budget.

Stuff for the house what plans for that.

do you have furniture and white goods pot and pans etc.

KrazyKel

Thanks!
Road Tax is £0 due to disabled car tax
Maintenence I will have to budget for... This yr only cost £35 for MOT as it passed, Think i will have to have it serviced in June next year tho so need to save for that! and Car insurance if I pay monthly this time too will add £60
Would cost more using public transport plus need my car - mobility issues!

Will look at the Phone/Internet/TV options when im in to see what offers available (BT £20 inc TV I saw the other day for phone, internet and TV) - not sure if line rental is extra will look into it!

Clothes, again not used to budgeting for things but dont usually buy much!

When I move in i need a all white goods, like Fridge, Cooker, Washing Machine and all kitchen stuff too!
Bedroom stuff I have, and think someone has sofas for me etc too! - plus got TV out my bedroom which ill use in the living room!


Do the amounts re: Gas, Electricity, Water seem Ok?

Hovel_lady

Gas, electric & water all look OK. Make sure you read the gas/electric meters when you move in so you're not paying the last persons bill!

KrazyKel

Thanks, They were just a guess as didnt know how much to budget for them

Its a new build and will be ready in a few weeks so wont have problems with previous tennants

:j Excited to be moving out but so much to do and sort out yet! haha!

desperate+determined

Firstly, Congrats on your new place :j
Jotted a few notes below for you.

KrazyKel wrote: »

Thanks!
Road Tax is £0 due to disabled car tax
Maintenence I will have to budget for... This yr only cost £35 for MOT as it passed, Think i will have to have it serviced in June next year tho so need to save for that! and Car insurance if I pay monthly this time too will add £60
Would cost more using public transport plus need my car - mobility issues!

Will look at the Phone/Internet/TV options when im in to see what offers available (BT £20 inc TV I saw the other day for phone, internet and TV) - not sure if line rental is extra will look into it! (if new build check if a landline installed, i moved into a place with no line and BT cost a fortune for the line - so you may need to budget that in. A new line was £112 i think)

Clothes, again not used to budgeting for things but dont usually buy much! (I try to budget £10-20 every month, if i dont use it bonus)

When I move in i need a all white goods, like Fridge, Cooker, Washing Machine and all kitchen stuff too!
Bedroom stuff I have, and think someone has sofas for me etc too! - plus got TV out my bedroom which ill use in the living room! (sign up to you local freecycle and see if anyone is giving away any items, sometimes you can get some good things off it)


Do the amounts re: Gas, Electricity, Water seem Ok? (sounds reason you may find they're a little less if your on your own)

alibob_1986

Something to think about, you will probably be absolutely fine but do run a quick check on a comparison site of your new postcode in regard to car insurance. I moved to an area that is practically exactly the same as the one I moved from, dodgier but not so much different I thought anything of it, and my car insurance shot up from 250 to around 700!!!! I called to query and yes, it's cos of my postcode!