Feels like I'm naked

debrag

£350 for food/clothes/entertainment is alot a month.
Car - £172.95 at first I thought that was ins but is that tax, petrol, MOT etc?

Needcash_3

Originally Posted by saffronflowers
Income £2942.54 (£2324.79 salary + 617.75 rental income from my flat - managing Agents take a 10% cut)


Rent £750
Council Tax £89
Mortgage £887.09 Could you not move back to your flat (Needcash: Have moved to a different town, so not really viable at the moment)
Life Assurance £27.47 Is this the best option available (Needcash: Will check)
Powergen (Gas & Elec) £46 Have you checked this is cheapest (Needcash: Yes, but a year ago ... will check again)
TV licence £11.37
British Gas Cover £21 what does this cover (Needcash: maintenance on the flat boiler)
Gym £56 Is this totally necessary (Needcash: No - gonna cancel)
Water £6.48 This seems low (Needcash: Is on direct debit ... )
TMobile £20
Contact lenses £18.5
Land line £ 15
Sky £19 Is this vital could it swapped for a freeview box (Needcash: Have got one, but can't get Freeview signal in my area)
Annual Bills (Car Service etc) £50
Me £350 What does this cover (Needcash: My monthly spends ... food, petrol .. have started to keep a diary)
Holidays (to ISA) £50

M&S Credit Card (£900 owed) £100 What APR
Loan (£7k owed) £168.54 “ “
Car £172.95 How much is owed, how much is left (Needcash: Was £8k a year ago ... car is worth about £9k now)
M&S Credit Card (£900 owed) £100 What APR (Needcash: 4.9%)
RBS Credit Card (£2000 owed) £50 “ “ (0% balance transfer lasting until April this year)

SFx

TOTAL £2908.40

Needcash_3

Yeah, but have already taken £30k in the last 5 years to service my debt and each time, the mortgage payment get higher

PokerPortal

I assume the mortgage is for your buy to let and you are renting where you live. You are loosing a lot of money on the buy to let. £170 a month difference is huge. Most people with buy-to-lets want their rental income to be at least 130% of their mortgage payment. I know it's nice to be on the property ladder, but this flat is like a rope around your neck.Are you willing to sell the flat?

You have a good income and there is no need to be in such a tight spot. I would sell the flat and pay of all debt, depending on the equity in the flat and start with a clean slate.

Needcash_3

tyllwyd wrote: »

That £350 to 'me' looks like a lot at first glance, but I can't see food/clothes/entertainment listed separately, so I guess it all comes out of that money? - which would make it less generous than it first appears. It might be worth editing your SOA so you get a better feeling for how much of that is really 'spare' money.

Yeah ... £350 covers everything, food, clothes, petrol .... day to day costs really

debrag

So your car payment is a debt? does your insurance come out of the £350?

Needcash_3

debrag wrote: »

£350 for food/clothes/entertainment is alot a month.
Car - £172.95 at first I thought that was ins but is that tax, petrol, MOT etc?

£350 covers day to day food, petrol etc ... £172.95 is just the car loan !!

Needcash_3

PokerPortal wrote: »

I assume the mortgage is for your buy to let and you are renting where you live. You are loosing a lot of money on the buy to let. £170 a month difference is huge. Most people with buy-to-lets want their rental income to be at least 130% of their mortgage payment. I know it's nice to be on the property ladder, but this flat is like a rope around your neck.Are you willing to sell the flat?

You have a good income and there is no need to be in such a tight spot. I would sell the flat and pay of all debt, depending on the equity in the flat and start with a clean slate.

Yeah ... Is scary to come off the porperty ladder though ... the flat is in London too ... will never be able to afford to get in to the London market again ... probably just have to get my head around that idea .. you're right though

Needcash_3

debrag wrote: »

So your car payment is a debt? does your insurance come out of the £350?

Yeah, is a debt ... No, the £350 is for food, petrol and day to day spends .... Saving £50 per month for things like insurance etc

debrag

£350 -
Food = £
Petrol = £
MOT = £ - when do it get paid?
Tax = £ - same as above
Social life = £
Clothes = £
Car repairs = £

EDIT - take the £50 out of the £350 and have it down seperately