Budgeting advice

birdsfoottrefoil

Hey! 

I’m a bit confused. Your monthly expenses on the first SOA is £3554.84 and income is £2918.8, yet on the summary you’ve posted puts your expenses at £2,546?

Which is correct as with one you’ve got money available to pay debts and the other you’re overspending by about £600?

Cheers 

ManyWays

so you are in a rented place and you have a flat you are renting out? That wasnt clear, I thought you had a shared ownership flat.

is the rented-out flat too small for you and the kids? 

RAS

It's going to be really important that you separate out your BTL costs and income from your personal expenditure. Obviously in addition to the mortgage, you need to be putting aside (as opposed to saving) money to cover your tax liability. You also need to budget for regular landlord costs and have an emergency fund to cover the cost of repairs and maintenance and voids.

And you should not be using personal credit cards to cover expenses for the BTL, unless you keep one card that's dedicated to the BTL and paid off on rent day.

Essentially you are running a business so you need to seek any advice from national debt line rather than the consumer debt advisors

Only once all that's accounted for can you regard the left-overs as income for your family. How much is that?