Budget review/thoughts

Hockeynut

I've been meaning to do this for some time, hope it's the right forum area. Wasn't sure if it belonged in DebtFreeWannabee, as that isn't really the topic. We are a couple in our 30's with a young baby, just about to move house. We have a rental, which is occupied by the parents in law. I was after other opinions on our financial situation, from other perspectives.

We both pay into pensions, myself a local government one and my wife into the new compulsory one. We had a baby over a year ago and so want to ensure we start saving for her too. I sometimes look at our budget and think we don't have a lot spare, but then have to remind myself that is because we have catered for a lot in the budget. However, something like a car loan for example would change the picture a lot, as the one we have won't last forever! I'm aware that we certainly aren't in a poor position, but equally I'm unsure how normal our budget outlook is? Anything else we should be doing too?

I want to get to a position where we can start saving better for the future, overpaying etc, but don't want to extend ourselves too far too early. We nearly always try to ensure we shop around. We eat fresh prepared food and eat well I think, but that seems to cost a lot, fresh fruit in particular!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2056
Partners monthly income after tax....... 1800
Benefits................................ 82.8
Other income (rent) .................... 400
Total monthly income.................... 4338.8

Monthly Expense Details
Mortgage Main House..................... 859
Mortgage Rental House................... 252.9
Council tax............................. 169
Electricity............................. 68
Gas..................................... 68
Water rates............................. 33
Telephone (land line)................... 18
Mobile phone............................ 40
TV Licence.............................. 12.2
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries/toiletries/household goods.... 430
Clothing................................ 85
Petrol/diesel........................... 100
Road tax................................ 11.4
Car Insurance........................... 39
Car maintenance (including MOT)......... 31
M'bike Insurance........................ 18
M'bike maintenance (including MOT)...... 25
Childcare/nursery....................... 0 - Already taken pre-tax in childcare vouchers
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills & food.......... 40
Buildings & Contents insurance.......... 27
Contents insurance...................... 0
Life assurance ......................... 100
Landlord insurance...................... 11
Presents (birthday, christmas etc)...... 58
Haircuts................................ 10
Entertainment........................... 0
Personal Spending money................. 340
Joint Spending (Social/takeaways, etc).. 150
Entertainment/Streaming Services........ 17.98
Holiday................................. 250
Child savings........................... 20
Home Fund (Repairs/Furnishings/etc...... 100
Rental place maintenance ............... 20
Emergency fund.......................... 0
Total monthly expenses.................. 3450


Assets
Cash.................................... 3000
House value Main (Gross)................ 245000
House value Rental(Gross)............... 100000
Shares and bonds........................ 0
Car(s).................................. 4250
Motorbike(s)............................ 1000
Other assets............................ 0
Total Assets............................ 353250


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 43154....(185.2)....2.5<
Mortgage 2.....................60327....(317.1)....4.29<
Mortgage 3.....................85269....(357.4)....2.39<
Mortgage rental property.......68000....(252.2)....2.5
Total secured & HP debts...... 256750....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Parents........................30000.....250.......0
Total unsecured debts..........30000.....250.......-


Monthly Budget Summary
Total monthly income.................... 4,338.8
Expenses (including HP & secured debts). 3,450
Available for debt repayments........... 888.80
Monthly UNsecured debt repayments....... 250
Amount left after debt repayments....... 638.8

Personal Balance Sheet Summary
Total assets (things you own)........... 353,250
Total HP & Secured debt................. -256,750
Total Unsecured debt.................... -30,000
Net Assets.............................. 66,500

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

oligopoly

What jumps out for me:

£100 per month on clothing is very high
£340 on personal spending also high, especially if only putting £20 aside for little one
£100 on life assurance sounds very high ?