Here goes my SOA...

nat21luv · 2 June 2013 at 9:19PM

As Martin says, the more money you earn, the more you 'have' to pay for.

Why don't you just live on the bare essentials for a month and see how you do? I know you earn well so want to treat yourself but what's the point in that if the end result means your miserable and in debt?!

Say I earn 3k,

£1500 is bills(inc £300 dd for a savings account)
£500 is siphoned off to various account (Xmas fund, grocery/petrol, car maintenance, holiday, clothes)
£1000 is saved straight away.

I don't miss it because I can't see it, I 'forget' I have a saving account and I pretent I can't touch it. Sorry to sound a little harsh but you need to adopt a different strategy, the one you have isn't working for you.

samtoby · 2 June 2013 at 9:21PM

Keep all your recepits that shocked me into realising my spending years ago.

nat21luv · 2 June 2013 at 9:25PM

Ah samtoby! I wondered if you had bought a house yet, last time I saw you on the deposit thread you were nearly there. Well done!

Skinnylatte · 2 June 2013 at 9:31PM

Bedsit_Bob wrote: »

So put them under the appropriate headings.

ATM your SOA is, at best confusing, at worst unfathomable.

Yea thanks for that, I'm doing my best

it's a start and a huge step for me, and much less confusing than it was yesterday.

Skinnylatte · 2 June 2013 at 9:39PM

samtoby wrote: »

Keep all your recepits that shocked me into realising my spending years ago.

Thank you, I hadn't thought of that, although there will be less receipts now!

harrys_dad · 2 June 2013 at 9:40PM

Your rental income is £650 a month and your mortgage payment is £500 a month.. This leaves £150 a month, £1800 a year "profit". Even if your mortgage is interest only, so all of it is tax deductable, are you spending all the £1800 a year on other expenses, such as repairs/insurance? If not, you may be building up a tax liability.

Skinnylatte · 2 June 2013 at 9:41PM

nat21luv wrote: »

As Martin says, the more money you earn, the more you 'have' to pay for.

Why don't you just live on the bare essentials for a month and see how you do? I know you earn well so want to treat yourself but what's the point in that if the end result means your miserable and in debt?!

Say I earn 3k,

£1500 is bills(inc £300 dd for a savings account)
£500 is siphoned off to various account (Xmas fund, grocery/petrol, car maintenance, holiday, clothes)
£1000 is saved straight away.

I don't miss it because I can't see it, I 'forget' I have a saving account and I pretent I can't touch it. Sorry to sound a little harsh but you need to adopt a different strategy, the one you have isn't working for you.

Thank you

TDMum · 2 June 2013 at 9:55PM

harrys_dad wrote: »

Your rental income is £650 a month and your mortgage payment is £500 a month.. This leaves £150 a month, £1800 a year "profit". Even if your mortgage is interest only, so all of it is tax deductable, are you spending all the £1800 a year on other expenses, such as repairs/insurance? If not, you may be building up a tax liability.

I think she receives £500 in rent for her property which covers the mortgage. She then pays out £650 rent for the property she lives in.

HTH

Skinnylatte · 2 June 2013 at 10:07PM

TDMum wrote: »

I think she receives £500 in rent for her property which covers the mortgage. She then pays out £650 rent for the property she lives in.

HTH

Yes HTH, this is correct. and yes harrys dad, I do owe the tax man, that's included in my soa

theoretica · 2 June 2013 at 11:08PM

You might also find it useful to look at past bank and card statements to see where your money has really been going, and think how much of it was really worth it.