Opinions on SOA please?

Lala2015

Morning all,

This is for the purpose of the question - Should I buy or continue to rent.

I have another thread, which is more like a diary, on the 'How much have you saved?' section, but as I'm all rolled-into-one as it were, I think I'm not reaching many people (not complaining! It's holding me accountable!) BUT, I would like some feedback on what people think I should do?

My thread is the one from 14/7, located here:
https://forums.moneysavingexpert.com/discussion/5272022

In the same breath, would someone be able to give me some feedback on my SOA?
I'm wondering if I can in fact, save anymore than I am and if anyone has any tips? my rent/bills etc ( as sole income) is making it very difficult!

SOA:
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1836
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1836

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 895
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 26
Gas..................................... 0
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 0
Mobile phone............................ 33
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 90
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Netflix................................. 8
Car Finance Payment..................... 140
Total monthly expenses.................. 1541

*For clarification*:
TV licence, contents insurance, car insurance & breakdown paid - per annum
I save for the 'per annum' spends by putting aside 20-50 per month depending on the month & then pay these in one sum every year.

Thanks in advance

LandyAndy

Post it on DFW.

Although FWIW I'm a bit surprised your car requires no maintenance.

And neither, apparently, do you.

getmore4less

The obvious change is rent closer to work(walking) as CHEAP as possible(dive share if needed), ditch the car.

Get a cheaper PAYG phone

saves £300pm + any savings by sharing utilities CT etc.

Pixie5740

Lala2015 wrote: »

SOA:
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1836
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1836

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 895 This rent is pretty high for someone on your income. Could you move to a cheaper property or share?
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 26
Gas..................................... 0
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 0
Mobile phone............................ 33 This is high.
TV Licence.............................. 0 Although this is annual it should be included in your soa as cost/12
Satellite/Cable TV...................... 0
Internet Services....................... 18 I'm sure you could get this cheaper.
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 90
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Unless you can self insure you should probably have this.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Never?
Haircuts................................ 0 Never?
Entertainment........................... 0 Never?
Holiday................................. 0
Emergency fund.......................... 50
Netflix................................. 8 That's more than I pay (£5.99)
Car Finance Payment..................... 140 Ouch! Do you really need a car? Could you use public transport instead?
Total monthly expenses.................. 1541

*For clarification*:
TV licence, contents insurance, car insurance & breakdown paid - per annum
I save for the 'per annum' spends by putting aside 20-50 per month depending on the month & then pay these in one sum every year. Annual expenses should still be included in your SOA. I include mine in my budget by taking the cost and dividing by 12.

Perhaps a forum guide to move this to DFW.

Lala2015

Thanks guys, in the process of moving the thread!