Goals and budgeting - my diary

MissG80

Thanks FootyDanDan.

I used to do Tesco click and collect...just had a look and I think I am going to do Ocado fortnightly delivery and use the time saved from the collection to batch cook something.  I actually find with weekly click and collect there was a lot of food waste, so hopefully will encourage me to use up what is there. I live opposite a Waitrose so can go there for a tiny top up shop.

MissG80

Thanks enthusiastic saver. I feel like I have been slightly off setting it as I have got a retirement LISA where I have put £30- £60 a month and the government adds 25%. That's now sitting at £1.3k over the last couple of years...which isn't a lot.

Maybe I should go back in the scheme at 3% now then increase to 7.5% in October (my employer will match to 7.5%). 

MissG80

MFWannabe said:

Have you done an soa? 

I think it would be a good idea to see where your money is going 
Being out of pension scheme is a very bad idea 

What is an soa please? 

MFWannabe

Statement of Affairs, it lists every expense and debts etc so you can see what you are spending 

MissG80

At the moment, I'm not saving for a holiday. 

I'm also not putting any money aside for the car insurance or the car service/MOT. Which is foolish actually as that is due in September. Eep. I was meant to put aside £62.50 a month for this and car wash.

Just realise there are a couple of other things, will add and repost.

Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

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

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

Monthly Income Details[/b]

Monthly income after tax................ 2849

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

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

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

Total monthly income.................... 2849[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 418

Secured/HP loan repayments.............. 139

Rent.................................... 220

Management charge (leasehold property).. 140

Council tax............................. 150

Electricity............................. 85

Gas..................................... 0

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

Water rates............................. 16.72

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

Mobile phone............................ 9.88

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

Satellite/Cable TV...................... 0

Internet Services....................... 22

Groceries etc. ......................... 125

Clothing................................ 0

Petrol/diesel........................... 30

Road tax................................ 3.06

Car Insurance........................... 30

Car maintenance (including MOT)......... 32.5

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

Other travel............................ 164

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

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

Medical (prescriptions, dentist etc).... 11.16

Pet insurance/vet bills................. 0

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

Contents insurance...................... 5.34

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

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

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

Haircuts................................ 15

Entertainment........................... 60

Holiday................................. 140

Emergency fund.......................... 0

(Unnamed monthly expense)............... 0

Greenpeace charity...................... 5

Spotify................................. 10.99

National Trust.......................... 7

Gym..................................... 35

Massage................................. 26

Dentist................................. 25

Makeup.................................. 10[b]

Total monthly expenses.................. 1978.9[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 200000

Shares and bonds........................ 1300

Car(s).................................. 5000

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

Total Assets............................ 206300[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 92647....(418)......2.09<

Overdraft......................1050.....(20).......0<

Car Loan.......................6500.....(119)......5.9[b]

Total secured & HP debts...... 100197....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Lloyds.........................1480......63........0

Barclays.......................6300......0.........0[b]

Total unsecured debts..........7780......63........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,849

Expenses (including HP & secured debts). 1,978.9

Available for debt repayments........... 870.1

Monthly UNsecured debt repayments....... 63[b]

Amount left after debt repayments....... 807.1[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 206,300

Total HP & Secured debt................. -100,197

Total Unsecured debt.................... -7,780[b]

Net Assets.............................. 98,323[/b]

MissG80

It's shared ownership in case that is confusing.

MissG80

Another reason for wanting to pay off debt quicker is that it's just me.  I have no mortgage or income protection as unfortunately I got a illness in 2016 a year after I bought my flat and am ineligible, so it creates quite a lot of anxiety when I think about the current risk. 

enthusiasticsaver

That soa shows you have £807 each month spare and I am guessing you don't.  You  need  to fill it out doing actual spending.  Look at bank statements or if you have a banking app some categorise spending for you. The overdraft is unsecured.  

enthusiasticsaver

If you think you spend a lot on food and live opposite a Waitrose I am guessing that a lot of the £800 missing is going there.  We have a Lidl and Waitrose and Morrisons extra  in our town. If I shop at Lidls or Morrisons our groceries for 2 of us come to about £250 a month.  If we shop at Waitrose it is £400

MFWannabe

OP You have no payment entered in Barclaycard? 

I’m guessing the soa is not a true reflection of your spending