Budget guidance

DayTripper1984

Hello,

Could you please look over the linked basic budget and let me know how you think it looks? Is it realistic for a single person? I've only put the basics in.

https://1drv.ms/x/s!AmVx4qHdjt69pyO0ZjPmZ2kFs2-t?e=TuoEBO

GTR_King

Why is your 
Insurance 
Family 
Clothes 
Big one off
Odd & Sods 
£0

what do you do with your excess money?

tacpot12

I think what you have entered is realistic for a single person, but you are problem missing some spending as suggested by GTR_King.  

It's ok to have 'spare' money at the end of the month to spend on a range of other items, but you should try to get a handle on how much you are spending, e.g. on clothes, on birthday presents for family, or on entertainment, e.g. going to the cinema, going to clubs, or buying drinks in a pub.

You should also, once you have an idea of wha money you have left at the end of the month, decide whther you need to save money for thinks such as replacing household appliances when they fail, and for doing bigger repairs on your house, e.g. renewing the roof. Even if you live in a brand new house, if the roof needs replacing in 50 years, you are going to struggle if you haven't been saving for this expense.   

GTR_King

You should always have some kind of insurance weather it is home or car insurance, or did you put that under home column? 

What are you debits for??

Do you have any savings or where do you put your excess money? you should have £513.71 left each month 

DayTripper1984

GTR_King said:

You should always have some kind of insurance weather it is home or car insurance, or did you put that under home column? 

What are you debits for??

Do you have any savings or where do you put your excess money? you should have £513.71 left each month 

Both home insurance and car insurance are costed in the relevant expenditure sections.

What do you mean, what are the debits for?

I have around £5000 in savings so far. 

DayTripper1984

GTR_King said:

Why is your 
Insurance 
Family 
Clothes 
Big one off
Odd & Sods 
£0

what do you do with your excess money?

Car and home insurance are costed in the relevant expenditure sections. I don't really have regular outgoings for clothing as I just buy things now and again. The excess money is what I would use to buy clothes and go out etc.

GTR_King

Just wondered why Insurance is £0 in spending totals and what do you spend part of the excel document?

Only insurance I can see is car insurance unless I am being blind lol
I see debit repayments is for a car is that PCP Or HP Finance?

Do you save any of your £513.71 that is left over at the end of the month?

Other than that your doing a really good job keep it up

Now found home insurance

DayTripper1984

GTR_King said:

Just wondered why Insurance is £0 in spending totals and what do you spend part of the excel document?

Only insurance I can see is car insurance unless I am being blind lol
I see debit repayments is for a car is that PCP Or HP Finance?

Do you save any of your £513.71 that is left over at the end of the month?

Other than that your doing a really good job keep it up

Now found home insurance

Haha, no problem! It is a bit odd that car and home insurance don't actually come under the 'insurance' section!

Yes, the £260 debt payments are for a car on PCP.

This is a prospective budget for when I move into my own home (currently jointly own a home), so I currently have a lot more disposable income then I will do once I move in on my own.

I've already accounted for £100 a month to go into savings (aside from £513). The £513 will soon be eaten into no doubt, by things like nights out etc. 

Dobbibill

It may be wise to include Christmas, birthdays, an emergency fund, dentist, opticians (you may not need it yet but quite likely you will in the future, even if it's only £5 per month) and clothes - this could be listed as annually if you only buy occasionally. 
I also have a tech fund to budget for when my phone/tablet/laptop breaks - I don't need anything new yet but I know it will happen in a couple of years so may as well get used to putting it away a little bit at a time. 
you are doing well - keep at it. 

Tokmon

Only saving £100 a month is really nowhere near enough if a big expense comes up in the future so i would definitely increase that so you build up a good amount of savings.

Also do you own/rent because if you own then the you will need to save more that that just to stay on top of maintenance/decorating and replacement of appliances/furniture as required.

The next step is to put in actual numbers of what your paying so you can get the figures correct.

p00hsticks

DayTripper1984 said:

GTR_King said:

Why is your 
Insurance 
Family 
Clothes 
Big one off
Odd & Sods 
£0

what do you do with your excess money?

Car and home insurance are costed in the relevant expenditure sections. I don't really have regular outgoings for clothing as I just buy things now and again. The excess money is what I would use to buy clothes and go out etc.

Even if you don't spend a set amount on clothes, entertainment etc every month it will help you control your finances if you budget for it monthly.

So say you spend £120 a year on clothes - then include a sum of £10 a month in your monthly budget. The same for going out / entertainment. And if you pay for things such as car insurance and TV licence annually, divide the amount by 12 and include a figure monthly.  This way you aren't suddenly faced with a big bil lin a particular month. If you struggle to control your money you can even move the monthly amounts over to a separate savingd account until the month(s) you need them.