OMG - what are we thinking?!

afoolandhermoney

Well, I finally got myself debt free a couple of months ago (barring the student loan which I continue to treat as a graduate tax by another name, and the mortgage which I’d like to pay off quicker). I’ve built up a bit of a savings buffer and the expenses that aren’t on DD are saved in pots for when the bills arrive. So I was feeling rather smug and thinking about a more comfortable future...:j

BUT
DH is about to leave his job [which he took with a view to us relocating for a better quality of life but its not working out so well and he’s miserable there even without being away from home all the time] and set up on his own.

:eek:
This will mean at least a few months where its only my income (until he gets established) and possibly a few more in the future (as work could be erratic)

Our existing savings with the reduced costs of DH not being away will last 6 months+. But we could do with it lasting longer (just in case the new business takes a while to turn a profit), so I need to cut back even more than during my DFW days.

I’m therefore starting this diary to keep me on track and I hope the DFW’s don’t mind giving me some pointers on my SOA (which I’ll post later today) and how I can balance the domestic books again; and to give me encouragement/bum kickings to keep me on the straight and narrow

Ta in advance
AFool

hannahroberts1985

Hey :wave:

Good Luck. Hope the diary help mine is really helping me cut back on silly spends.

afoolandhermoney

Here goes - bracing myself for some tough advice! I'll be away til Thurs evening for work - so apologies in advance for not replying (I'm not ignoring you)

I know that we need to think hard about keeping two cars - I currently take the train to work (hence the "other travel" costs) but the office might be relocating and the proposed location isn't on the same train line.

Also, I'm working on the grocery spend (believe it or not its come down already - stymied somewhat by refusing factory farmed meat and struggling with genuinely tasty veggie recipes)

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1540
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1540
Monthly Expense Details
Mortgage................................ 720
Secured/HP loan repayments.............. 0
Rent.(lock up garage for 2nd car as parking is next to non-existent on our street)................................... 40
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 30 (this and below are in a combined payment, I'm not sure what the exact split is)
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20 (I put this aside each month to pay it when the twice yearly bill arrives, so far its never been that much - any excess goes into house emergency fund)
Telephone (land line)................... 25 (average monthly bill - includes broadband and calls)
Mobile phone............................ 60 (two - both with over 20 months to go on contract: got these so DH and I can keep in touch whilst away for work - even when he comes home I travel a lot for my job)
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20 (haven't bought anything for 6 months, but had to put something here)
Petrol/diesel........................... 5
(currently there is a much higher spend here for DH's commute, but as this SOA is for when DH is home this will stop)
Road tax................................ 36 (for both car's)
Car Insurance........................... 60 (for two cars - always via comparison site, Both are in DH's name as they're both his cars, but as I've not got much NCB and will lose this entirely if I don't reinsure by Sept I'll be taking on one of them)
Car maintenance (including MOT)......... 10 (pretty reliable cars - touch wood - but need something in here
Car parking............................. 0
Other travel............................ 400 (my season ticket and bus fares to work)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40 (average spend over the year, includes glasses, prescriptions and dentist check ups)
Pet insurance/vet bills................. 60 (two moggies - insurance, vaccinations, wormer, flea treatment)
Buildings insurance..................... 10 (amount put aside each month)
Contents insurance...................... 10 (as above)
Life assurance ......................... 12
Other insurance......................... 55 (accident sickness and unemployment cover for me)
Presents (birthday, christmas etc)...... 20 (put aside each month)
Haircuts................................ 5
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2116

Assets
Cash.................................... 7000
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 88000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(720)......5.79
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,540
Expenses (including HP & secured debts). 2,116
Available for debt repayments........... -576
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -576
Personal Balance Sheet Summary
Total assets (things you own)........... 88,000
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -0
Net Assets.............................. -17,000
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afoolandhermoney

Back from my travels

Spending diary for this week
Mon - £11.60 return train fare to airport (reclaim on expenses); £5 breakfast; £2 lunch; £13 dinner
Tues - £9.45 dinner (breakfast at B&B, lunch from stores)
Weds - £7.20 dinner (breakfast at B&B, lunch from stores)
Thurs - breakfast at B&B, £4 lunch, £3 magazine, dinner from stores
+£45 subsistence allowance from work for Mon-Weds nights (arriving with expenses next week): = £1.35 up
Big grocery shop delivery - took advantage of £6 off a £50 shop at Mr T's, but couldn't get the phone app to work and update basket from last time, so now have a surplus of somethings and none of others oh well - its pretty much all tinned stuff so no waste at least, just need to get the stuff I missed
Fri - £8.80 grocery shop (for some of the bits I missed yesterday) including lunch for today; £72.40 weekly season ticket to work

small money saving things - walked to office from station this morning (will walk back again this evening); charged phones and toothbrush at B&B on Weds

Weekend plans
Fri night - dinner from stores (with addition of todays grocery shop)
Sat - allotment: water everything - sunshine is lovely but too much isn't good for my veggies - and see if toms are ready ; b'fast lunch and dinner from stores
Sun - b'fast lunch and dinner from stores, work around the house (we need to refit our fire place, got all the materials so I will just be helping OH with this; also our garden needs tidying and weeding)

afoolandhermoney

oh, and in other news - OH has been asked to tender for two jobs already this week in his new company - no guarantees he'll get either of them, but definately a positive vibe going into the weekend!

bpsp10

What I don't understand is that you have two cars, pay £60pcm for Insurance, £40pcm for the garage and yet only £5pcm on petrol..... If you are seriously only doing 20-30 miles a month then why do you need two cars??

afoolandhermoney

We currently have two cars as OH currently does 500miles a week. We will look to sell at least one car when he comes home for good to start the new business

afoolandhermoney

OK - so, weekend spends
Saturday - £1 on lottery ticket (out of entertainment budget), I would happily give up this weekly spend but OH doesn't want to; 4 pints milk (on 2x2pints for £2.70, so one is in freezer for next weekend)
Sunday - NSD
Monday - NSD; collected Avon books from customers
Today - £14.99 fuel for work (reclaiming on expenses); £3.10 bus fare (too late to walk once I'd dropped off the work car);
Still to come - Mr T delivery,

cord123

Hi,this isnt very related but do you realise that your OH can only use his NCB on one car insurance?


xx

afoolandhermoney

cord - yes, we do. Although the second car insurers have allowed him to use part of his NCB they are fully aware that he has another policy that is using all his NCB.

afoolandhermoney

Mr T delivery yesterday - money to transfer from groceries pot
£1.90 bus fare (plan on walking back to station after work, though this might change if the heavy rain starts!) - from travel pot
£1.30 chocolate from vending machine at work - stressy couple of days with deadlines

Tomorrow - will need fuel for car - off to see a friend after work for coffee (another spend day), combining this with an Avon delivery though so extra money in too