The Young Couple Thrifty Money Saving Adventure!

mrscoward

I am having trouble coping with my spending - I live and work in London.

I need to start saving, ASAP! I am in a small amount of 0% debt which I am hoping to clear with January's pay, so that I can save from February.

My first goal was to give up smoking - I have had 3 cigarettes in the past 39 days, so this is on the road to success!

My next goal is to cut my total spend to £750/month, disposable.

I have started a spending diary so I can see where everything goes and I am going to use this as my spending diary too, and as a way of motivating my saving. My SOA below is estimated - I am working on going through my bank and credit card statements to get a more accurate picture. My money mostly goes on groceries, lunch at work and alcohol.

My boyfriend and I are aiming to save £20,000 in 18 months. In that time I also want to go away which I think will cost approx. £8,000. We are going to cut our living expenses to buy a flat in central London. We call it the Young Couple Thrifty Money Saving Adventure!


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2240
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2240

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 136.57
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
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)...... 30
Haircuts................................ 40
Entertainment........................... 300
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1886.57


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................433.41....0.........0
Overdrafts.....................200.......0.........0
Total unsecured debts..........633.41....0.........-


Monthly Budget Summary
Total monthly income.................... 2,240
Expenses (including HP & secured debts). 1,886.57
Available for debt repayments........... 353.43
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 353.43

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -633.41
Net Assets.............................. -633.41

rubywhatashmoo

First off - WOW at your take home salary and rent costs - I think living in the North we are spoilt with the costs of things - but that works both ways!
I'm guessing that you can see a few places to cut back from your SOA, but if not, what about your mobile phone contract, groceries (is this just for you per month? It could be at least halved if so) and your entertainment budget is massive - half this and you should still be able to have a few nights out every month
Can I ask where is it you're wanting to travel to for 8k?

mrscoward

OK, so to stop being lazy:

1. That "council tax" is actually all in bills, cleaner, Sky (the last two are not my choice but my sister's and therefore non-negotiable with her!)
2. The groceries includes lunch at work. I often get both breakfast and lunch from Pret - so can spend £10/work day on food sometimes! I am setting myself a lunch budget of £2.00/day and eating a bowl of cereal for brekkie instead
3. The entertainment budget is a little sticky. Part of my job is socialising - that figure is an estimate but I know I spend a scary amount on alcohol and taxis...

The trip will be, hopefully, a combination of diving trips which are v expensive - but it's a once in a lifetime opportunity...

mrscoward

Daily money log

American Express credit card: £175.43
Goal: spend £600 to 20/01 (£424.57 left, £18.46/day)

Santander account: £28 (in the black for once...)

Barclays account: -£130.75 (eek, thank god it's 0%)

NSD

mrscoward

Progress:

Today I managed to spend just £1.80 on lunch and I shouldn't have to spend anything over the weekend at all, bar a couple of groceries (less than £10).
Day 48 of no smoking! It's getting much easier now. I also selected a phone contract - it's £15.50/month and I am getting rid of my expensive iPhone and buying a £199 iPod touch instead. I ran the figures and doing this will save me £700 over 24 months.

mrscoward

Progress:

Yesterday I spent £1.80 on lunch at work and £10 on groceries for dinner. Not too bad. No spends today or tomorrow at all. Day 50 of not smoking.

Also, my bills are actually going to be £30 lower from this month onwards - woohoo! So that is £30 more from bills and £35 from my iPhone alone, before all the cutbacks I've been making. I should be able to save from February