No Debt but struggling

Zoe185 wrote: »

Hi All,

I am struggling with money each month, i have no frivolous spends and am really tight with my budget. I used to have a gambling problem and spent about GBP 3000 over the course of it before i got clean. Been 5 months so im not wasting that anymore.

I work and support myself and my mother (who's 73 and mentally ill) so I pay all her bills as well. Has your Mum been assessed to make sure she's getting all the benefits that she's due? If you're covering her bills too then I'm not surprised you're struggling - while your income is good it's not THAT good to manage that as well. Did an SOA which shows I should have money left at the end of it, but i usually only have maybe 10 quid left at the end of it with no clue where it's going. Spending diary is the first stop for you then - you need to establish where the lost money is being frittered. I have poured over my yearly statements and i'm at a loss. I have build up my savings over the past year and thankfully have that but it's not growing. Any help or advise would be appreciated. My rent is high but I cannot move as ive calculated it would cost me almost the same maybe saving 20 quid if I count in commuting costs and eating expenses

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1045.5 This is a painful amount of money -
personally I'd keep my eyes around for possibilities to move to. Otherwise have you thought about buying? Pretty sure you could get a mortgage for less and you have a lump sum saved for a deposit.
Management charge (leasehold property).. 0
Council tax............................. 108 Single person discount on yours I assume? Look at splitting payments across 12 months rather than 10 to help with budgeting
[STRIKE] Does your Mum get hers fully covered through benefits?[/STRIKE]
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12.12
Satellite/Cable TV...................... 49.99 If you're struggling then I'd suggest taking a long hard look at this - ultimately it IS a luxury and you can get a very basic Phone/internet/TV package for less.
Internet Services....................... 0
Groceries etc. ......................... 75 [STRIKE]Seriously? For two people if this covers your Mum as well? I think you really need to look at what you're eating as this is genuinely not enough.[/STRIKE] OK in spite of this not covering two people it still feels a bit low to me for someone earning the level of money you are - have a good look at the sort of food you're eating. Also is there a chance that this is not accurate I wonder and that things like a sandwich or a meal out, or extra supermarket visits are eating into that surplus that you donj't have each month?
Clothing................................ 0 Nothing? Never? Not even new knickers occasionally?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0 You walk everywhere, always? Never get the bus because it's raining, hop on a train to see relatives, or get a taxi back with heavy shopping? h[STRIKE]ow about your Mum - there's not costs associated with her travel to medical appointments etc?[/STRIKE]
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10 [STRIKE]well done - is this for two properties, yours and your Mum's?[/STRIKE] When you renew shop around a bit - you can almost certainly knock a £ or two per month off that. Also look at paying upfront for the year then setting money aside - it works out cheaper.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Nothing? Never? Not even a bunch of flowers for your Mum on her birthday?
Haircuts................................ 0 Nothing at all? You never have your hair cut?
Entertainment........................... 17.4 (Cineworld Membership) Do you get full value from this? If not either make sure you use it to the fullest or let it go
Holiday................................. 0
Emergency fund.......................... 0
Payment for Mom......................... 500 OK - this now makes sense so you pay this out a lump sum rather than it being split across the stuff above. I'll strikethrough the comments relating to it above then.
Total monthly expenses.................. 1911.01


Assets
Cash.................................... 25000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 25000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,911.01
Available for debt repayments........... 288.99
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 288.99 As above - spending diary as a matter of urgency - this is nearly £4k a year that's going astray.

Personal Balance Sheet Summary
Total assets (things you own)........... 25,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 25,000