My SOA - I need to get a grip

strawb_shortcake

Please move to a more suitable spot if this isn't the right place

So, 2020 needs to be the year I get to grips with my disposable income, in theory I should have plenty left over but I waste lots, popping into the shop and spending £30 when I only needed milk etc ( I haven't included this) I have included what I should be spending.
To clarify, benefits we receive go into another account and this is used to pay for holidays, unexpected bills or splurging as and when. I also add £45 a week to this, and from this account send £50 a month to a regular saver.

Life assurance is zero as a previous payout for CI is what gave us our savings.

I think my bills are reasonable, so not looking to reduce but any pointers appreciated if there is wiggle room.
What I need is tips for how to better manage my money day to day, I know the theory but I've just lost a bit of control in recent months - Christmas hasn't helped as I spent loads.

I want to work towards paying for more experiences and travelling, without dipping into the main savings around £75000 - we haven't decided how to best use these yet but from what we initially received we have spent £17000 on overpaying the mortgage and set £6000 aside for fun this year - but I have two holidays in mind which are going to cost around £9k

The OH does a few car boots and buys/sells comics but this would not likely make £100 per month average, but may work full time in September

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ 2074
Partners monthly income after tax....... 0
Benefits................................ 388
Other income............................ 0
Total monthly income.................... 2462

Monthly Expense Details
Mortgage................................ 451
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 40
Gas..................................... 0
Oil..................................... 40
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 38
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 24
Groceries etc. ......................... 350
Clothing................................ 40
Petrol/diesel........................... 160
Road tax................................ 13.56
Car Insurance........................... 25
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1506.56


Assets
Cash.................................... 85000
House value (Gross)..................... 240000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 1500
Total Assets............................ 327500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76000....(451)......1.79
Total secured & HP debts...... 76000.....-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,462
Expenses (including HP & secured debts). 1,506.56
Available for debt repayments........... 955.44
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 955.44

Personal Balance Sheet Summary
Total assets (things you own)........... 327,500
Total HP & Secured debt................. -76,000
Total Unsecured debt.................... -0
Net Assets.............................. 251,500

comeandgo

Is your oil only £40 a month? I have to budget £100 a month and that is with a coal fire too.

JIL

You must be doing something right with 85k of savings. Are you making the best of these? Would you be better posting on the savings board for advice on getting something on these?

I think you are doing really well.

comeandgo

JIL wrote: »

You must be doing something right with 85k of savings. Are you making the best of these? Would you be better posting on the savings board for advice on getting something on these?

I think you are doing really well.

I understood the savings came from a Critical Illness insurance payout.

JIL

comeandgo wrote: »

I understood the savings came from a Critical Illness insurance payout.

But they arent dipping into these to fund every day life. My point being that whilst they decide what to do with them they could invest them. Lots of advice on the savings board, some people are making £180 a month moving money around current accounts.

strawb_shortcake

comeandgo wrote: »

Is your oil only £40 a month? I have to budget £100 a month and that is with a coal fire too.

Yes we fill up 500 litres about every 8 months, the water heater goes on about 30 minutes a day then heating probably 8 hours a day on average during the winter months.

strawb_shortcake

JIL wrote: »

You must be doing something right with 85k of savings. Are you making the best of these? Would you be better posting on the savings board fkor advice on getting something on these?

I think you are doing really well.

That's partly one strand I'm looking at, but when we got the money my Husband wasn't in a great place to be making decisions so other than a basic savings account and premium bonds we've not done anything with the money.

unrecordings

comeandgo wrote: »

I understood the savings came from a Critical Illness insurance payout.

Thing to point out here is that if critically/terminally ill it's probably best not to overcomplicate finances to save a couple of quid in the short term. Of course depends on the exact circumstances. Might need to come back to this, not had enough tea yet and can't type...

unrecordings

If the point is to enjoy life while you can and you're in a good place financially then from experience I'd say just don't go overboard on the frugality and put yourself on a guilt trip. In terms of spending I'd suggest paying off the mortgage fully, and in terms of savings, go with premium bonds - which you've already done (the beauty of premium bonds is that they remain active for a year after the holder's death). Depending on the illness, you might be eligible for certain other benefits to cover car tax & prescriptions

suki1964

If its the day to day spending where you are frittering away money needlessly ( spending £30 when just needing a pint of milk ), perhaps you need to go back to lists for the weekly shop, then take the cash out for the top ups of milk and bread and leave the cards behind

I actually use our local petrol station if I need a loaf or milk because for the 10p extra it costs, it costs me less because theres nothing else I tempted to buy. If I pop into the spar or Tesco - £20 gone because they have huge displays right when you walk in of all nice yummy things and I think Ill just treat myself/us

Also if you have a sod it Ill get a takeaway on the way home, lot harder to do when you only have a small amount of cash on you. By time you get home and get back out, a pasta or an egg based meal could have been cooked using what's in the house already

strawb_shortcake

suki1964 wrote: »

If its the day to day spending where you are frittering away money needlessly ( spending £30 when just needing a pint of milk ), perhaps you need to go back to lists for the weekly shop, then take the cash out for the top ups of milk and bread and leave the cards behind

I actually use our local petrol station if I need a loaf or milk because for the 10p extra it costs, it costs me less because theres nothing else I tempted to buy. If I pop into the spar or Tesco - £20 gone because they have huge displays right when you walk in of all nice yummy things and I think Ill just treat myself/us

Also if you have a sod it Ill get a takeaway on the way home, lot harder to do when you only have a small amount of cash on you. By time you get home and get back out, a pasta or an egg based meal could have been cooked using what's in the house already

This is what I need to do, it's stupid as it's so obvious but bad habits are quicker to pick up than lose