Arrrggggggggaaaahhhh!!! Where is my money going?

frustrated12

Hey everyone,

I am hoping for some helpful advise, I have been a lurker on here for ages but just never posted. I finally plucked up the courage today to do a SOA. In theory I should have money left over at the need of each month, but I never ever do and always end up getting a payday load to cover the last couple of days of the month.


Statement of Affairs and PersonalBalance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1435.28
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1435.28


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 470
Management charge (leasehold property).. 0
Council tax............................. 68
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 42.63
Telephone (land line)................... 0
Mobile phone............................ 72.10
TV Licence.............................. 13
Satellite/Cable TV...................... 18
Internet Services....................... 10.88
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 13
Car insurance........................... 43.72
Car maintenance (including MOT)......... 25
Car parking............................. 0
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1116.33

Unsecured Debts
Description....................Debt......Monthly.. .APR
Natwest CC ....................1700.......55.......
Natwest Overdraft..............3500.......65.......19.90
Natwest Overdraft..............600........25.......19.90
Total unsecured debts..........5800.......145...........-


Monthly Budget Summary
Total monthly income.................... 1435.28
Expenses (including HP & secured debts). 1116.33
Available for debt repayments........... 318.95
Monthly UNsecured debt repayments....... 145
Amount short for making debt repayments. +173.95



Any help would be greatly appreciated and I am going to keep a spending diary from tomorrow to track my spending.

Own_My_Own

Someone will be along with more know how than me, but I think your mobile phone bill I a bit high.

Good Luck.

HappyMJ

It's going somewhere...Do you really spend nothing on clothes? You would normally average everything you spent over the last year and get a monthly figure. £20 a month isn't too bad.

Do you really only spend £40 a month on electricity and have no other expenses for heating such as gas or oil? It's very low.

Your mobile phone bill is HUGE!!! You can get an unlimited mobile plan for £26 a month.

You have an internet expense yet have no landline expense...If you have a smart phone you can tether your mobile to your computer and use the inclusive data allowance on your mobile plan.

Towser

Can you consolidate all your debts with your bank to get a better rate?

Can you bundle your telephone, TV and computer to get a better monthly rate?

Can you slash your food bill by 50% by shopping at Aldi, Lidl and buying whoopsies and then old style meal planning ect.

There is definite room for improvement.

As always cutting back not cutting out,

frustrated12

Thanks for your replies so far.

Mobile phone - This is so high as I currently have 2 contracts, I have tried to lower the monthly cost of one of these but have had no luck with Vodafone, the contract is up in June next year.

Electricity - I live in a one bedroon flat and I am at work for most of the time, it is an electricity only property thats why I have not put an amount for gas.

frustrated12

Internet - it's £10 a month and it's a dongle so I have the freedom to use it wherever I like, I managed to reduce this by over £15 just last month.

I do not have a landline as I have no need for it.

I'm really hoping that by keeping a spending diary I will see where my money goes, I think a lot properly goes on convience/takeaway food, I tend to work long hours and don't want to cook when I come home - should probably learn to cook.

HappyMJ

frustrated12 wrote: »

Internet - it's £10 a month and it's a dongle so I have the freedom to use it wherever I like, I managed to reduce this by over £15 just last month.

I do not have a landline as I have no need for it.

I'm really hoping that by keeping a spending diary I will see where my money goes, I think a lot properly goes on convience/takeaway food, I tend to work long hours and don't want to cook when I come home - should probably learn to cook.

Takeaway's....nice...I like them too. What sort of takeaway's do you like? Frozen pizza's are cheap at about £1.50 each and take about the same time to cook as ringing and getting one delivered or sitting in a pizza shop waiting for it to be cooked. You could come home throw one in the oven wash up a bit then the pizza will be ready.

Do you like curries? They can be cooked well in advance then portioned and frozen. When you want one you can then just microwave it. Rice can also be frozen and a Naan bread can be frozen and reheated in an oven.

racing_blue

I don't know if you can afford to run a car at present. It's taking up 20% of your net income and that's without factoring in depreciation. One big repair bill is going to hurt. Are there alternatives that would work for you?

McKneff

Ask your landlord if you can get a water metre, failing that, because you live in a flat, you could apply to the water company for an assessed charge.

Your water bill for one person is huge.

frustrated12

The water bill includes both water bills... is this still high?

My car is important as I use it for work also, they pay for mileage if I go anywhere other than my usual place of work and the price they pay is 31p per mile so it works in my favour for meetings etc.

frustrated12

HappyMJ - thanks for your post. Yes I love curries but would have no idea where to start in the kitchen, I think I need to start expermenting in the kitchen, I have seen some great ideas that i want to try out n this site.