I want to be in control of my life

beancounter111

Hi All, I really want to get control of my finances and hopefully that gives me control of my life. 

I've always had a good job since I was 16 and have never had any real money issues but I've also never saved any money unless it was 'for' something (House deposit, renovations, fixtures and fittings etc). 

I've recently started a new role as a freelance contractor in the rail industry and my income has gone up a fair bit so I'd like to put my money to use but I don't really know how as I'm just not wired to save unless it's for something.

Any tips/ trick or advice would be welcome.

Below is my SOA.

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

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

Number of children in household......... 2

Number of cars owned.................... 2[b]

Monthly Income Details[/b]

Monthly income after tax................ 6400

Partners monthly income after tax....... 0

Benefits................................ 0

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

Total monthly income.................... 6400[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 896

Secured/HP loan repayments.............. 0

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

Management charge (leasehold property).. 0

Council tax............................. 220

Electricity............................. 120

Gas..................................... 120

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

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

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

Mobile phone............................ 75

TV Licence.............................. 13.25

Satellite/Cable TV...................... 56

Internet Services....................... 41

Groceries etc. ......................... 400

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

Petrol/diesel........................... 250

Road tax................................ 0

Car Insurance........................... 51.3

Car maintenance (including MOT)......... 125

Car parking............................. 0

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

Childcare/nursery....................... 272

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

Medical (prescriptions, dentist etc).... 10.81

Pet insurance/vet bills................. 10.03

Buildings insurance..................... 11.54

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

Life assurance ......................... 37

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

Presents (birthday, christmas etc)...... 350

Haircuts................................ 20

Entertainment........................... 200

Holiday................................. 450

Emergency fund.......................... 0[b]

Total monthly expenses.................. 3805.93[/b]

[b]

Assets[/b]

Cash.................................... 350

House value (Gross)..................... 350000

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

Car(s).................................. 24000

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

Total Assets............................ 374350[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 234000...(896)......1.98[b]

Total secured & HP debts...... 234000....-.........-   [/b]

[b]Unsecured Debts[/b]

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

CC1............................2000......55........0

CC2............................1800......25........0

CC3............................6000......67........0

Car Loan.......................16000....366.......10[b]

Total unsecured debts..........25800....513.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 6,400

Expenses (including HP & secured debts). 3,805.93

Available for debt repayments........... 2,594.07

Monthly UNsecured debt repayments....... 513[b]

Amount left after debt repayments....... 2,081.07[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 374350

Total HP & Secured debt................. -234,000

Total Unsecured debt.................... -25800[b]

Net Assets.............................. 114,550[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Tucosalamanca

You have car valuations of £240,000 and car loans showing as £160,000, with repayments at £360 per month.
I'm guessing there's a couple of typos?

MatyMoo

The only way I have ever been able to save it to transfer funds out on payday in to an account that I don’t have easy access to!

beancounter111

Tucosalamanca said:

You have car valuations of £240,000 and car loans showing as £160,000, with repayments at £360 per month.
I'm guessing there's a couple of typos?

Hi thanks for noticing. Edited now

beancounter111

MatyMoo said:

The only way I have ever been able to save it to transfer funds out on payday in to an account that I don’t have easy access to!

i think that's the only way, just struggle to decide how much and then what it's for? 

MatyMoo

beancounter111 said:

MatyMoo said:

The only way I have ever been able to save it to transfer funds out on payday in to an account that I don’t have easy access to!

i think that's the only way, just struggle to decide how much and then what it's for? 

First I would save the value of my annual bills, like insurance, so I can pay them outright instead of by instalments as that usually costs more. I would keep that topped up as I withdraw money from it. 

Next I would save 3-6 months of living expenses just in case anything happened & I couldn’t work.

lastly I would save for big expenditures like holidays or a car. If you have children maybe a university fund?

Saver73

MatyMoo said:

The only way I have ever been able to save it to transfer funds out on payday in to an account that I don’t have easy access to!

Same for me, I set up transfers on or the day after payday, same day as bills, you then just get used to not having that money in your current account and start to build savings.