an attempt at an SOA, doesnt look bad but still in debt.... please help

bananakinz

Does your OH have debts? Maybe now would be a good time to see the 'whole' picture.

I also think a spending diary for the both of you would be a good idea.

aah

oops sorry I mean per year, but the rent is the yearly figure too... I know it leaves him with no money - he is the worst off student in his halls - because his dad and I are allegedly so well off.... So theres 250 of dead and taxed income...

The question you raise is an interesting one - should I sell the flat and rent whilst away - I have done this before buying the flat and it costs about the same...

I have also lived in hotels which is cheaper but it makes me pick the grottiest places and I'm miserable, don't commit to my job as well, spend too much time thinking about getting cheapest place to stay and desperate to be home.

But the most interesting question - how much of a salary reduction can I afford to be able to sell the flat and come home. I guess a strict diary will help me assess spending on flat, travelling and work it out against a lower salary.

What I'd find hard to do is assess how much less money I'd get per month. I know that I earn £44600 and OH earns about £35000, thats £9400 pa (£783 per month). But I bring home about £400 pm more than him. But as you can see, the flat costs more than £400 so I guess £35k would be an option..... although any sale would need to release at least £ 400 pm into my personal finances.... I have also to consider the loss of final salary pension building up... and what that is worth (its my only saving, and is automatic from work, employer also contributes)

Thanks loads for looking at this, puts quite a lot into perspective. I think for the immediate moment its spending diary (on both accounts) that we do and try to save straightaway at Tesco... then consider the bigger questions.

Any further advice would be REALLY welcome....

angelavdavis

I also agree with Clapton.

I work away at least three days a week most weeks (OK, not this week).

I tend to be on no-spend days when I am away as all my food, petrol and hotel costs are covered.

Whilst I can understand you needing your own space when away - so a flat is nice, if you pay a little more, many hotels have gyms and free unlimited wireless broadband. I use the time to catch up on work (rarely!), have online chats to my friend in US, have a swim, having lovely uninterrupted baths, do a bit of running (OK, rarely), lounge in the sauna, etc. And it costs me zero!

You certainly seem to be subsidizing the job with the flat running costs. Even though it must be earning equity, it certainly must be costing you.

I think you need to review your personal situation, I can understand you feel a bit laid bare here, but it is the ONLY way of working out what you are spending on.

As an example, when I started a spending diary, I discovered I was spending £70 every month just in the canteen on coffees and sandwiches :eek: .

£2650, on top of your other costs is more than most people on here run their houses on - you have an extra £1000 per month on top of that too!

Good luck!

aah

it is impossible to get tenner rooms at travelodge on a regular basis anything like close enough to my work. its not a reliable way to save cos you end up having to be there, and having to pay full price for rooms; cheapest hotel I found was 35 per night, 10 miles from work with good rail link, but hard to get places there regularly, always always full. For three nights that costs about same as flat does, (ok mortgage only) without the incidentals. It also costs more money to eat out.. But it does have the saving of not having to pay during holidays xmas etc...

i don't see why (and my employers certainly don't see why) they should pay my living expenses.

honestly tho i only managed to get a tenner room at travelodge about once a month. sometimes also you book them - so much in advance - and then don't use them (bad enough at a tenner but awful at full price)

angelavdavis

Hi, Just one other thing.

There MUST be ways of saving on the grocery front. I don't know what sort of cook your OH is.

My OH is pretty hopeless, so I cook batches of bolognaise, chilli con carne, fish pies (individual sizes), lasagne, chicken or beef pies, etc (he is also pretty unadventurous). I then freeze these, ensure there are veggies in the fridge for him and then list the meals on the freezer door so OH can help himself to something to eat and it stops us paying out for frozen dinners or takeaways.

I suspect you are paying a lot for food shopping!!!! It is hard being away, but I have reduced my grocery bill from over £300 per month down to £120 for both of us!!!! £120 includes a couple of bottles of wine and beer - so we are not scrimping by any means, but we have the income to support it, and the money saved goes against my MBA loan.

Go to the Old Style Moneysaving forum for some ideas. Ideas like meal-planning and getting the family to note down all food that is binned for a couple of weeks will really help you all see how much food (and therefore money) you are wasting.

angelavdavis

aah wrote:

i don't see why (and my employers certainly don't see why) they should pay my living expenses.

At the end of the day, I suppose it depends whether the area your flat is in is your registered place of work, or a site you visit. My registered place of work is my home, so as a result, I am allowed to claim all expenses whilst away. It depends on your employment T's and C's. If you are working where you are, simply to earn more - but it is too far to commute, then I understand your predicament.

However, I think really noting down accurately what you are spending on the actual running costs for the flat will put things into perspective.

Lifeisbutadream

I agree with the post above that you may want to consider a local job - even if it means less money.

My husband worked away from home for 7 years, earning around £40,000. We started our own business a couple of years ago and earn half of that between the two of us now, but are no worse off because we spend more time at home and can save money on food etc. - cooking from scratch, buying local food - also less money on fuel (although can claim against it for the business anyway), clothes (dont need to buy clothes for work), going out (he used to go to the pub every night!).

Just a thought.

Oh any the horse - sorry, but I dont really know what to say? - how about loaning it out - that way you still own the horse but dont have the expense of keeping it? Or sell it, pay off some of your debts and then perhaps buy another in a few years when you are sorted?

Lifeisbutadream

aah wrote:

What I'd find hard to do is assess how much less money I'd get per month. I know that I earn £44600 and OH earns about £35000, thats £9400 pa (£783 per month). But I bring home about £400 pm more than him. But as you can see, the flat costs more than £400 so I guess £35k would be an option..... although any sale would need to release at least £ 400 pm into my personal finances.... I have also to consider the loss of final salary pension building up... and what that is worth (its my only saving, and is automatic from work, employer also contributes)

Thats actually £7833 per month before tax..

aah

The reason I am working away is because I just HAD to leave my last job. My former boss made my life an absolute misery, his common law wife was part of my team and they systematically undermined my every move until I was running so scared that I was too terrified to do anything right, and then they tried to get rid of me on a trumped up charge.... it was a nightmare and I'm only just out of counselling for it and that was 3 years ago. This person is high up in the region in which I used to work (and still live) and can make it hard for me to get a job at home.... in my field.

I was really lucky to find this job away and at a good salary too (I was earning 10k less at home). I do like this job though and am NOT moaning, but do get depressed when I think about my old job and how good it was before the most recent boss took over (with the intention of getting rid of me I think...)

I have had to put horse into p/t livery (another cost of working away) as stables is too far for not-yet driving daughter.

God I'm terrified of saying too much and getting identified on this board... thanks for your help..

aah

angelavdavis wrote:

There MUST be ways of saving on the grocery front. ....


getting the family to note down all food that is binned for a couple of weeks will really help you all see how much food (and therefore money) you are wasting.

These are great ideas Angela; they are real grots when it comes to using leftovers and frosen healthy food but I'll get on their cases. Anyway I'm home 4 nights so they can eat well and cheaply then, its got to be an improvement..... anything to get OH off the frozen vege sausage rolls and peas