Can you help me?

claireizadiamond

Hey guys,

Just wondering if I can post my outgoings and incomings on here for you to evaluate where I can cut costs etc? The reason I am asking is because I am not in any debt, however I am going on maternity leave in July and I worry if I do not save now I will soon be in debt.

If it would be okay to post on here, does anybody have a template I can use to post my incomings etc?

Thank you in advance.

Claire

runforlife

Use this to start with.

http://www.stoozing.com/calculator/soa.php

claireizadiamond

Thank you for the reply, this is for my half of the bills (me and husband split the costs out of my own choice)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 767.52
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 767.52

Monthly Expense Details
Mortgage................................ 236
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 0
Mobile phone............................ 17
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
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................. 12.74
Buildings insurance..................... 11.11
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 57
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Baby Savings............................ 50
Total monthly expenses.................. 750.85


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........(236)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Sofa...........................0.........15.49.....0
Total unsecured debts..........0.........15.49.....-


Monthly Budget Summary
Total monthly income.................... 767.52
Expenses (including HP & secured debts). 750.85
Available for debt repayments........... 16.67
Monthly UNsecured debt repayments....... 15.49
Amount left after debt repayments....... 1.18

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

Therese1

Congratulations on the baby! I hope all goes well!

Just one relatively quick fix that I can see is your gifts budget...can you cut this right back by possibly making gifts (or even giving time rather than things?) This Year our sisters secret Santa was max £10 and from a charity shop only rule....everyone got some of the best gifts ever! I also gave two gifts of "a meal made by me per month in 2017"....much appreciated!

claireizadiamond

Thanks for the reply Therese1 I could look at cutting the present budget, it does vary each month depending on Birthdays. I budget around £35 a month for Christmas as well but I also have bought a lot of Christmas gifts this month as well in the sales so that should cut costs down x

Ilona

H Claire. Just a bit confused, you say you are not in debt, then there is a sofa which you pay £15.49 a month for, that is debt.

Is it a 50 - 50 split, do you and your husband earn the same or have you come to an arrangement that he pays for more because he earns more? Always difficult to unravel when two people do not pool their resources. So, you won't be liable for all the baby expenditure, is he saving for it as well?

The grocery figure, does that just feed you, or both of you? If it's for two you are doing well. If it's just your food you could cut back a bit, go for basic and value labels.

So, you don't have a car but you have put a figure in for petrol, will that be your husbands expense for using the car to go to work, or do you use it to go shopping and run around? You will need to use the car more when you have a baby.

You might find you have to cut down on presents for a while.

There's not much else I can suggest because your husbands side of the budget is missing. Congratulations on the baby.
Ilona

claireizadiamond

Hi Ilona,

Thanks for the reply, that is correct about the sofa. I didn't think about it as being debt because it is paid every month so I don't really think about it being debt.

He we split the bills 50/50 he earns around £1,050 a month after tax. He is saving for the baby as well in his own account.

With regards to the food that is £120.00 to feed two of us for two weeks.I am looking at cutting back costs more on the food, going to have a look to see what people generally spend on two people and a dog.

We both don't drive, however I pay £50.00 for a family member to drop me off and pick me up from work everyday.

Thank you :j

Ilona

Hi Claire. I assume you won't be paying that £50 when you stop work, so that's a bit more cash to put away. The Old Style Board has some good ideas for cheap meals. I suggest that you cut out junky snacks, stop buying food out, and take a pack up from home. That is always cheaper, and more healthy.

Another thing, please don't give in to running up debt on credit cards and loans, it will be the start of a slippery slope. As for things for the baby, second hand all the way. Have you got friends who can pass things on to you? Babies don't know whether it is new or second hand.

Just so life doesn't get too miserable while you are money saving, allow yourself a small spend once a week, a little treat that doesn't have to cost much. There are lots of places to go for free entertainment, depending on where you live. Even today it's lovely to have a walk in the sunshine.

Ilona

ReadingTim

It doesn't look extravagant, but assuming a 50/50 split of bills, food, internet and pet insurance look high. You're also spending more on presents for other people than you're saving for your own baby, so perhaps you might want to re-evaluate your priorities in that area too.....

Fireflyaway

How much is left on the sofa? Can you cut back on groceries and overpay the sofa to get rid of it sooner?
I spend £200 a month on groceries for 2 adults a child and cat. However you will soon have nappies which are not cheap.
Could you also pay the pet and house insurance in one next time by saving up in advance? The fewer monthly commitments the better.
You have nothing for recreation. I'm guessing your husband makes more than you? What is the total left over? You need some money to spend on yourselves - clothes, dentist, haircuts etc. I do the envelope system to keep in control. Oh !! Child benefit ! once your baby comes you will get an extra £80 a month.

claireizadiamond

Ilona- Thanks for the lovely reply. That is correct the £50.00 Petrol will stop once on maternity so that should help a bit as well. No friends really to pass stuff onto us, but once the local carboots start again I will be popping along there for stuff.

ReadingTim- Not sure how much is the average insurance. Dog Insurance is £25.48 a month Internet is £50.00 a month (once out of contract I will look at lowering that) House (Buildings a Contents) is £22.22 a month. The present budget is an average, figures are based on this month where we have a couple of special birthdays 18ths etc.

Fireflyaway- There is around £1,500 left to pay on the sofa. It is on 0% interest for 48 months. Don't budget for recreational stuff as we are quite happy just pottering around the house and going out for walks etc.

Thanks again for all the replies, I really appreciate your help x