SOA - Suggestions/Scrutiny 24 March 2016 at 1:39PM in How much have you saved? 5 replies 4.4K views

BJLew90

So, the new financial year is almost here and I thought I'd do a review of 15/16 expenditure before setting budget targets for next year (this is a personal budget). Below is my SOA, averaged out for all of the last financial year (15/16) so doesn't take into account how variable income and expenditure can be month-by-month.

I'm interested to see what you peeps think of the below. My aim is to save more this year than last (disregarding any potential pay rises etc). Happy scrutinising

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1783.32
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1783.32

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 218
Rent.................................... 315
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 33.4
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 78.51
Clothing................................ 96.35
Petrol/diesel........................... 180.6
Road tax................................ 2.5
Car Insurance........................... 31.26
Car maintenance (including MOT)......... 57.77
Car parking............................. 0
Other travel............................ 5.48
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.16
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 67.28
Haircuts................................ 5.4
Entertainment........................... 88.03
Holiday................................. 100.4
Emergency fund.......................... 0
MSc..................................... 128.92
Cash.................................... 87.5
Total monthly expenses.................. 1503.56


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4142.57..(218)......0
Total secured & HP debts...... 4142.57...-.........-

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


Monthly Budget Summary
Total monthly income.................... 1,783.32
Expenses (including HP & secured debts). 1,503.56
Available for debt repayments........... 279.76
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 279.76

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -4,142.57
Total Unsecured debt.................... -0
Net Assets.............................. -4,142.57

Created using the SOA calculator at stoozing.
Reproduced on Moneysavingexpert with permission, using other browser.

PS - Not worried about the assets/debt stuff! Only debt is hire-purchase on my car (last payment due October 2017).

happilymarried2013

Hey OP - what about electricity, gas and water? you've got nothing there...

savingwannabe

hi welcome BJLew90 and well done on posting. Your food bill is really low - how do you do it? Your entertainment and clothes budget is high though my opinion is subjective as spending depends on your age.

I am in my 40s and have really cut down on those now. It would be good if you kept a diary to find out where the miscellaneous spending goes as that might also be an area where you could cut down.

Good luck and please keep posting.

BJLew90

Hi,

Thanks for the replies, sorry should have put a bit more information up earlier. I'm mid 20s currently living with parents, hence low food and no bills!

I do keep a detailed spreadsheet with all expenditure on it. Obviously spend less than I earn but thought I'd check out other people's opinions in savings etc.

Admittedly the clothing spend is very high for last year (splashed out on an expensive suit for weddings and events etc). My clothing spend for the year before was £550 and I'm aiming to get back down around that.

savingwannabe

Helloooooo BJL, listen for your age, your entertainment spending and clothes spending is fine. I would only reduce if you want to. I spent like crazy when I was younger. As long as you are not in debt which you aren't that's fine.

If you want to start saving you could cut back. Often I buy nice brands like Coast, LK Bennet, Jigsaw (probably wrong gender and age for you) at much cheaper prices on fleabay. It's worth looking.

I have a PAYG mobile but my students do laugh at me. lol.

You could maybe put aside £150-200 in a savings fund after cuts to your clothes, entertainment and misc spending. This could be a savings/emergency fund. Lots of banks have good current account offers where you get cash like First Direct, M&S and Halifax. You can get £150 cash for doing so.

BJLew90

Never given fleabay a thought to be honest, I don't tend to buy a lot of clothes but when I do I make sure they are going to do their job for a long time (fleabay may be useful for Levi jeans etc)
I may amend this thread as a savings diary actually, have money in various pots that could do with a bit of consolidating!