Struggling to budget

HI Everyone... :D

I think this is under the right section..

Basically I am REALLY struggling to budget and control my finances... I seem to spend the majority of my wage within the first 2 weeks of getting paid and then the remaining 2 weeks I am left with pittance :o ... I'm really concerned as I am currently saving for a house and I know when I move out I'll be left with even less spare money. If I'm struggling to manage my money now when my bills are so little I have no hope to manage it when I move out!

I was just wondering if anyone has any tips they can give to me so I can control my finances better? :)
Aiming to pay debts & save! :T
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Replies

  • DobbibillDobbibill Forumite, Board Guide
    4K Posts
    Seventh Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    You need to create a SOA and be honest with yourself.

    Keep a track of all your spending, even down to a cup of coffee at work. Use cash if it's easier to track.

    Allocate yourself a realistic budget for spending and move your savings at the beginning of the month when you get paid....don't wait to see if you have anything left ;)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
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  • As above, a SOA and be brutally honest

    A spending diary will help. Every penny you spend, you write down, that's every single penny, right down to 10p in a charity box, every mars bar when you fill up with petrol, every single penny for a month

    Once you have that honest SOA, then you can start to budget
  • loey93loey93 Forumite
    62 Posts
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 1450
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1450


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 285.1
    Rent.................................... 120
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 45
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 150
    Clothing................................ 100
    Petrol/diesel........................... 100
    Road tax................................ 1.6
    Car Insurance........................... 90
    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)...... 20
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 100
    Emergency fund.......................... 0
    Total monthly expenses.................. 1011.7



    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 ...... 16500....(285.1)....0
    Total secured & HP debts...... 16500.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Credit Card....................200.......5.........19
    Ikano Loan ....................1980......55........0
    Total unsecured debts..........2180......60........-



    Monthly Budget Summary

    Total monthly income.................... 1,450
    Expenses (including HP & secured debts). 1,011.7
    Available for debt repayments........... 438.3
    Monthly UNsecured debt repayments....... 60
    Amount left after debt repayments....... 378.3


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -16,500
    Total Unsecured debt.................... -2,180
    Net Assets.............................. -18,680
    Aiming to pay debts & save! :T
  • loey93loey93 Forumite
    62 Posts
    I also put £200.00 away each month in a HTB ISA
    Aiming to pay debts & save! :T
  • DobbibillDobbibill Forumite, Board Guide
    4K Posts
    Seventh Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    Out of what you have left, what do you spend this on?

    You have nothing in the Entertainment category, so are you using it for this?

    I would clear the Credit Card ASAP - your savings won't be earning you 19%.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • loey93loey93 Forumite
    62 Posts
    Yes I have paid £85.00 off my credit card bill this month, so I will get that cleared completely next month.

    Yes I haven't put anything in the entertainment because I don't allocate anything for entertainment .. Whatever I have remaining after bills and saving I just spend on anything .. But the problem is I spend within 2 weeks and then I am stuck the other 2 weeks with barely anything to get by. It like I can't control what I am spending money on.
    Aiming to pay debts & save! :T
  • teddysmumteddysmum Forumite
    9.4K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    You are really going to struggle with a mortgage to pay, along with the other bills currently zero, which go with home ownership and even with renting.


    £100 a month on clothing is where you can make a huge cut in expenditure.
  • ThePants999ThePants999 Forumite
    1.7K Posts
    1,000 Posts Fourth Anniversary Name Dropper
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    You know where your money is SUPPOSED to go - that's the budgeting bit practically done. Sounds like your actual problem is KEEPING to the budget. If that's genuinely a problem for you, take cash out with you and leave your cards at home so you can only spend what's allocated.
  • [Deleted User][Deleted User] Forumite
    0 Posts
    MoneySaving Newbie
    You can cut your mobile phone bill down from £45 by going Sim only.

    You also say you save £200 a month but the savings are not listed under your cash assets.

    I do fear that a saving of £200 a month is way short of what is required to get a property tbh the deposit will take you forever to save and then house prices will have risen again,
  • Shakin_SteveShakin_Steve Forumite
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    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
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    Just a couple of points. What is 1.6 for road tax? And, if you have petrol/diesel to pay for, how come no maintenance/repairs/MOT?
    I came into this world with nothing and I've got most of it left.
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