please cast an eye over my soa

vintagegirl

i have adjusted the soa. its correct

theoretica

I suggest you take a fair chunk of extra and put it into a household upkeep budget. Things like boiler servicing, dead washing machines, repainting, carpets etc aren't cheap and will eventually come up.

StokieBecks

Are you somewhere that you don't need to pay water rates?

Ms_Chocaholic

I'm not quite sure why you're posting your SOA and when suggestions are made (re mobile phone cost) you disregard them. I'm on a SIM only deal and pay £10 a month and I know you can get unlimited everything (incl data) for less than £20 pcm. That'd be an extra £110 in your pocket every month (if it's just your mobile) or £90 minimum for both of you.

A_Nice_Englishman

In your second SOA you say there are three adults in the household. Has the third one got an income?

enthusiasticsaver

You show a healthy surplus so I don't really see an issue with any of your spends. Yes, you can cut back more but as you can afford it if I were you I think I would take a judgement call on all the expensive categories like mobiles and if you are happy with it then that's fine.

You now need to move into a different type of budgeting. Savings is the magic word here. Long term for pension, children maybe or overpaying the mortgage. Medium term for cars and home improvements and short term for xmas, gifts, annual bills and holidays.

An emergency fund is a must as you have a car and a house. So saving for that should be your first priority. Then allocate percentages to the short term, medium term and long term savings and put money aside at the beginning of each month after you are paid. Where you save is the next thing to decide. Our preference was long term savings were divided between mortgage overpayments, pension and stocks and shares isas. Medium term savings were usually regular savers as they usually only needed accessing once a year. Internet saver or high interest current account for short term or lump short term and medium term in together.

vintagegirl

Thanks for all your help. No we don’t pay water separate in Scotland; that’s in with the council tax.
How much would you recommend as an emergency fund

D_M_E

Here we try and keep a pot of 6 months outgoings plus 10% as an emergency fund but however much you choose to save for emergencies is your choice.

My mate tries to keep 6 months income for emergencies - he says what if you lose your job, have an accident, etc where will your income come from?

thegreenone

You are in the exceptional situation of being afford to put one salary aside every month. Make adjustments as suggested and as soon as you or partner get paid, send one salary straight to savings. £260 mortgage - in my dreams ....

vintagegirl

Thanks to everyone for their reply