I feel I shouldn't have all this money.

Sncjw

Hi guys. 

I have moved into a new place with my partner and I have paid my final rent for the old place. We got cashbsck for getting mortgage with our provider. Also sorted all the bills out and they are due 1sr of the month. 

I was checking in on finances as its couple days to pay day and I usually don't have nearly a grand in the bank by the end of the month. We are splitting bills in half so putting money into a joint account. Nothing was paid out in May other than the first mortgage payment. The next one is due the 1st. 

Looking at finances means that I can grow my money as everything is pretty much done for now. Parents are paying for some stuff as a moving in present. Sofa and caprteting we will pay but we will be able to afford it. Its a weird feeling. I do have a balcnce on 0% card but that doesn't end until September next year.

Home insurance is all paid for the year. Its just our small personal nils which mine are tiny. 
We could do a soa for people to look at. 

curlytop12

good luck in your new home!
yes, pop a SOA on here, you are starting off from a good place, keep the good habits

ryanm8655

SOA is a good shout.

Assume your costs have reduced massively due to COVID? If so then take advantage and build up a decent savings pot would be my plan. Also plan for having enough to clear the 0% card on time, though you’d likely be able to switch, worst case scenario.

Sncjw

Does anyone have the link please. 

ryanm8655

https://www.lemonfool.co.uk/financecalculators/soa.php

43722

I thought you wrote that you were going to post a SOFA for people to look at. I am a little disappointed.

Sncjw

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 0

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 1313

Partners monthly income after tax....... 1000

Benefits................................ 450

Other income............................ 0[b]

Total monthly income.................... 2763[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 396

Secured/HP loan repayments.............. 168

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 126

Electricity............................. 50

Gas..................................... 50

Oil..................................... 0

Water rates............................. 27

Telephone (land line)................... 0

Mobile phone............................ 63.43

TV Licence.............................. 12

Satellite/Cable TV...................... 30

Internet Services....................... 0

Groceries etc. ......................... 200

Clothing................................ 50

Petrol/diesel........................... 80

Road tax................................ 2.5

Car Insurance........................... 88

Car maintenance (including MOT)......... 57.5

Car parking............................. 40

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 9

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 30

Haircuts................................ 0

Entertainment........................... 30

Holiday................................. 0

Emergency fund.......................... 100[b]

Total monthly expenses.................. 1609.43[/b]

[b]

Assets[/b]

Cash.................................... 3600

House value (Gross)..................... 83500

Shares and bonds........................ 0

Car(s).................................. 200

Other assets............................ 0[b]

Total Assets............................ 87300[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 78890....(396)......2.24

Hire Purchase (HP) debt ...... 0........(168)......0[b]

Total secured & HP debts...... 78890.....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Barclaycard....................1742......40........0[b]

Total unsecured debts..........1742......40........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,763

Expenses (including HP & secured debts). 1,609.43

Available for debt repayments........... 1,153.57

Monthly UNsecured debt repayments....... 40[b]

Amount left after debt repayments....... 1,113.57[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 87,300

Total HP & Secured debt................. -78,890

Total Unsecured debt.................... -1,742[b]

Net Assets.............................. 6,668[/b]

Just a few things to mention. The car is my partners and he wasn't really helpful in figures as he doesn't know the rate or how much left on the car. Also he said the maintenxe figures flucatw as there's no set figures. His service was varied each year. 

The house and contents insurance is all paid for the year. So haven't put numbers in for that. We over estimated on clothing as we don't buy that often. I usually do a splurge in the m and a 90 percent off sale when I can and also if I see something I like. I have too many anyways. 

Phone bills mine is only 18.43 a month his is 45 but he said it varies each month. I don't get how it can vary if he is on a contract. I asked if he goes over his allowance he says no. Then again he doesn't know how to assess his online accoubt to check. 

Entertainment is low because I have a cea card so I have half price tickets effectively. We try and go to free places also before lockdown..

I save 30 a month for presents in a separate account but probably don't spend that much but going to put more in later for Christmas. 

Also we don't have a pet it was meant to be for medical prescriptions. My partner pays for them I don't as I have medical exemption. 

Andyjflet

£200 a month for groceries seems low, I spend more than this living on my own.
Also nothing for haircuts ? Holidays ? 

Sncjw

I have lived on my own and I used to only spend £80 a month. We have alot of food in store cupboard and freezer so we are ok for now and know how to reduce our food bill so this is a reasonable amount.

Haircuts my cousin is a trained hairdresser so she does them for us. 

Holiday we were going to have a caravan break with sun holidays but got canceled due to covid. We probably won't be going away for a couple of years due to next year be people going who moved from this year. Also be a big family holiday where we rent a villa so we will afford it by then anyways. 

curlytop12

43722 said:

I thought you wrote that you were going to post a SOFA for people to look at. I am a little disappointed.

Wow, give them a chance!!

Andyjflet

Sncjw said:

I have lived on my own and I used to only spend £80 a month. We have alot of food in store cupboard and freezer so we are ok for now and know how to reduce our food bill so this is a reasonable amount.

Haircuts my cousin is a trained hairdresser so she does them for us. 

Holiday we were going to have a caravan break with sun holidays but got canceled due to covid. We probably won't be going away for a couple of years due to next year be people going who moved from this year. Also be a big family holiday where we rent a villa so we will afford it by then anyways. 

I think I need some advice, £80 a month is fantastic for food bill.