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My first budget
D91
Posts: 1 Newbie
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,725.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wifes half of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500.00
Monthly Expense Details
In Your Home
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.29
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.00
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750.00
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.33
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.75
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Cycle service/ maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . 8.33
Debt Repayments
Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DMP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.00
Season Ticket Loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00
Savings & Investments
Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family
Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Football . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.33
Clothes, Health & Beauty
Complimentary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.00
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.00
medicines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00
Education & Courses
University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One-Offs
Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.34
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Odds & Sods
Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
bits and pieces . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225.00
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404.46
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,725.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wifes half of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500.00
Monthly Expense Details
In Your Home
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.29
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.00
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750.00
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.33
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.75
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Cycle service/ maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . 8.33
Debt Repayments
Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DMP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.00
Season Ticket Loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00
Savings & Investments
Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family
Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Football . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.33
Clothes, Health & Beauty
Complimentary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.00
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.00
medicines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00
Education & Courses
University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One-Offs
Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.34
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Odds & Sods
Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
bits and pieces . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225.00
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404.46
0
Comments
-
Welcome to the boards.. Does your wife know about the shortfall, the DMP??? Surely you are working as a team to clear the debt? could she not help??
xxOnly the Mortgage to go!!!0 -
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 - can this be lowered?
Electricity . . . . . . . . . . . . . . . .. . . . . . . 52.00 - can you reduce this somehow?
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00 - likewise?
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.00 - is this a fixed amount?
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00 - is this for two of you? You can get this down, go to the Old Style board for lots of tips.
Petrol/Diesel . . . . . . . . . . . . . . . . . . 150.00 - any way of getting this down?
Cycle service/ maintenance. . . . . . . . . 8.33 - is this a push bike or motor bike?
Season Ticket Loan. . . . . . . . . . . . . . . . . . . . . . . . 45.00 - can't afford this.
Pet costs . . . . . . . . . . .. . . . . . . . 23.00 - what pets are they? do you shop around for the cheapest deals on food?
Football . . . . . . . . . .. . . . . . . . . 73.33 - you can't afford this at the moment.
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . 34.00 - every month? really?
Summer holiday. . . . . . 80.34 - you also can't afford this at the moment, sorry.
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225.00
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404.46
I've added some comments above. The most obvious thing is that your outgoings are more than your income. There are some really obvious things you can cut down on - you spend more than 100 pounds a month on football, plus you can't afford to be going on holiday when your outgoings are more than your income.
Have a good look through your food cupboards - do you have lots in there that could make up meals so you don't need to go food shopping this week? Again, go over to the Old Style board for lots of ideas and tips
This might sound harsh, but you're going to be in more debt pretty quickly if your outgoings are always more than what you have coming in.Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
Personal Finance Blogger + YouTuber / In pursuit of FIRE
0 -
Thought i'd better not read and run...
Few bits: football, £73 that's an awful lot of football? And season ticket @ £45 is this football 2? Not sure what it exactly is but seems a lot (but i am a girl!)
You havent budgeted for xmas? Is this seperate or should u have a figure here?
Bank account fee: is it worth the money? Do u get full use? If not switch to a freebee.
Dont think theres an awful lot wrong here, maybe gas/electric is quite high, have u shopped around, and do u need to spend on clothes? Can u make do for a while, just whilst your debt busting?
Well done on posting, its awful seeing it written down.
All the bestStill here..... but working on that!0 -
£84 per month towards holidays is way too high as is the amount for football.
Did you not do a budget when you went into the DMP?
Can you not go back to the people managing your DMP & ask them to look at what you pay again?
I hope that you are not with a company that charge a fee.
Is there any way you can increase your income at all to cover even part of the shortfall.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 14 months left.0 -
It looks like you've done pretty well in most areas minimising costs, apart from the things already mentioned.
£120 per year seems a lot for breakdown cover though, so you should be able to get this more cheaply; also £20 per month for internet could probably be reduced.
Is there any way your wife contribute more? It looks like from what you've said that she is only paying a fifth of the monthly costs (obviously I don't know your full situation). If you're renting could you look at moving somewhere cheaper? Or if you own your home and have a spare room could you let this out?0 -
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,725.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00 (you'll prob find this is changing soon)
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wifes half of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500.00
Monthly Expense Details
In Your Home
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 (potential reductions here)
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.29
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00 (look at small things to make big savings- no standby, low energy bulbs etc
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00 (again try turning down temp 1degree)
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.00
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00 (what are you getting for this- make sure you aren't paying out for anything this covers)
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750.00
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00 (I'm guessing this includes food, cleaning products, toiletries and drinks- I personally don't think it is unreasonable amount)
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00 (does seem quite high if you have a season ticket)
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.33
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.75
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00 (see if you can get a cash back deal when you renew)
Cycle service/ maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . 8.33 (how often have you used this?)
Debt Repayments
Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DMP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.00
Season Ticket Loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00 (Am I right in thinking this is to your company for train travel to work?)
Savings & Investments
Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family
Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Football . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.33 (can you cut back here?)
Clothes, Health & Beauty
Complimentary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.00
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00 (seems high- are you registered with NHS dentist?)
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.00
medicines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00
Education & Courses
University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One-Offs
Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.34 (If you cut this to £60 say a month you'd still have a decent amount in a year for a summer hol and have saved yourself £240 which could be spent on Christmas ;-))
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Odds & Sods
Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
bits and pieces . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225.00
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404.46
Hi I've just put in my own thoughts.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0 -
Why is your wife only contributing £500? Is this all she earns, can she up her income? I don't really get separation of costs between married couples thing but anyway you need to sit down together and work out all your incoming and outgoings, it would be bananas if she had savings while you are paying more and more in interest and getting more in debt.I'm a qualified accountant but please make sure you get expert advice as any opinion is made in a private capacity.
"A goal without a plan is just a wish" Antoine de Saint-Exupery
Mortgage overpay 2012: £10,815; 2013: £27,562
Mortgage start £264k, now £232k0 -
happycamel wrote: »Whipy is your wife only contributing £500? Is this all she earns, can she up her income? I don't really get separation of costs between married couples thing but anyway you need to sit down together and work out all your incoming and outgoings, it would be bananas if she had savings while you are paying more and more in interest and getting more in debt.
*I agree. Surely you're both in it together and finances should reflect as such.DEBT FREE AND PROUD
'Better to remain silent and be thought a fool than to speak out and remove all doubt'0 -
Wifes half of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500.00
Is 'half' supposed to be literally true or do you just mean her share? Because it looks like considerably under half the household cost to be. Perhaps you need to discuss this?
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225.00
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404.46
So you need to find at least £180 savings - where are you going to cut back? I would be looking hard at holiday, clothes, football, transport (what is that season ticket for), mobile phone and a little at groceries.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0
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