Budget

FIRSTTIMER

Hi,
I have been really militant in trying getting my monthly payments down as much as I can, wondered if anyone can see any further improvements

HSBC Mortgage - £450
HSBC Mortgage Overpayment - £50
Avro Gas and Electric - £55
Water - £35
TV Licence - £12.54
Council Tax - £89
Virgin Mobile Sim Only 16GB - £10
Talk Talk Fibre Phone & Broadband - £25
Life Insurance to 70 (200k) - £32
Income Protection to 65 (3k) - £26
Home/Car Insurance I pay annually (around £150 and £500). Car Tax £30.

Everything beyond the above I class as non essentials.

Emily_Joy

FIRSTTIMER wrote: »

Everything beyond the above I class as non essentials.

It's the first time I meet somebody who doesn't appear to be eating at all and doesn't need any clothing.

Neil_Jones

I worked mine out to £640 a month which includes petrol, food, clothes and anything else I happen to need beyond essentials. TV licence I pay in full once a year, my council tax is £73, I only pay £20 for fibre internet (Plusnet) and I am 3ppm PAYG for any (non Plusnet) calls I need to make as opposed to the provider who want 20p just to set it up. £10 a year in top-ups and discounted Sky at virtually half price.

As a bachelor with no dependants I have no need for life insurance, I rent so no mortgage (council property so rents are cheaper anyway) and as for income protection, I'm fortunate to have savings.

Linton

Do you need Life Assurance - have you any dependents?
You dont need to overpay your mortgage.
Your water bill seems high - do you have a meter? It can be much cheaper if you do,

Willing2Learn

FIRSTTIMER wrote: »

Hi,
I have been really militant in trying getting my monthly payments down as much as I can, wondered if anyone can see any further improvements

HSBC Mortgage - £450
HSBC Mortgage Overpayment - £50
Avro Gas and Electric - £55
Water - £35
TV Licence - £12.54
Council Tax - £89
Virgin Mobile Sim Only 16GB - £10
Talk Talk Fibre Phone & Broadband - £25
Life Insurance to 70 (200k) - £32
Income Protection to 65 (3k) - £26
Home/Car Insurance I pay annually (around £150 and £500). Car Tax £30.

Everything beyond the above I class as non essentials.

Emily_Joy wrote: »

It's the first time I meet somebody who doesn't appear to be eating at all and doesn't need any clothing.

You really need to do a full Statement Of Affairs (SOA) if you want to know where your money is going and to be able to set a realistic budget. The link to the SOA form is below:
http://www.stoozing.com/calculator/soa.php

Once you have completed your SOA then you can post it up here for our thoughts and advice (copy/paste)

FIRSTTIMER

will do soa.