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KeepOnKnitting
Posts: 658 Forumite
I am trying to save up an emergency fund/house deposit/graduate without huge piles of debt. I feel like my expenses are pretty reasonable, but I'd love to know what I have missed or could do better on. I am a student who spends a lot of time on placement, and my costs seem to skyrocket in these times, with food and treating myself. I'd love to hear what you all think. I pulled all these from YNAB, so they are accurate rather than aspirational.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Student bursary................ 457.58
Average earnings....... 642.68 (only had this job 5 months, and it is bank work so my income varies from £300-£900)
Student loan................................ 193.67 (paid termly, averaged over 12 months)
Lodger............................ 300
Total monthly income.................... 1593.93
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 66 (Lodger is not a student. Get 25% discount already)
Electricity............................. 30
Gas..................................... 42
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 25 (includes broadband and calls)
Mobile phone............................ 5
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 127
Clothing................................ 20
Petrol/diesel........................... 86
Road tax................................ 13
Car Insurance........................... 37 (paid yearly, divided by 12)
Car maintenance (including MOT)......... 168 (This is thrown by the cost of buying a new car this year)
Car parking............................. 0
Other travel............................ 89 (Train to uni in term time)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 56 (all costs, food, vets bills, petsitter if I go away)
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 37
Haircuts................................ 9
Entertainment........................... 99
Holiday................................. 79
Home repairs.......................... 66
Total monthly expenses.................. 1484
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 1,593.93
Expenses (including HP & secured debts). 1,484
Available for debt repayments........... 109.93
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 109.93
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Student bursary................ 457.58
Average earnings....... 642.68 (only had this job 5 months, and it is bank work so my income varies from £300-£900)
Student loan................................ 193.67 (paid termly, averaged over 12 months)
Lodger............................ 300
Total monthly income.................... 1593.93
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 66 (Lodger is not a student. Get 25% discount already)
Electricity............................. 30
Gas..................................... 42
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 25 (includes broadband and calls)
Mobile phone............................ 5
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 127
Clothing................................ 20
Petrol/diesel........................... 86
Road tax................................ 13
Car Insurance........................... 37 (paid yearly, divided by 12)
Car maintenance (including MOT)......... 168 (This is thrown by the cost of buying a new car this year)
Car parking............................. 0
Other travel............................ 89 (Train to uni in term time)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 56 (all costs, food, vets bills, petsitter if I go away)
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 37
Haircuts................................ 9
Entertainment........................... 99
Holiday................................. 79
Home repairs.......................... 66
Total monthly expenses.................. 1484
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 1,593.93
Expenses (including HP & secured debts). 1,484
Available for debt repayments........... 109.93
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 109.93
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
Save £12k in 2024 #29
January take lunch to work goal - 13 of 19
January take lunch to work goal - 13 of 19
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Comments
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Home repairs £66 a month, every month ? Thats ,£800 a year. I dont pay that on my 4 bed house which I own and you're renting !Never pay on an estimated bill0
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Entertainment and holiday are the most obvious easy targets. Make sure you are getting really good value for everything you spend there, or consider cutting them back.
Would the lodger pet sit?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Home repairs £66 a month, every month ? Thats ,£800 a year. I dont pay that on my 4 bed house which I own and you're renting !Save £12k in 2024 #29
January take lunch to work goal - 13 of 190 -
Regarding your income. Work it out based on the lowest you get from the job which is £300. Then any week you get paid more put it aside. You actually have a £232.75 short fall on those months.
Your monthly budget for entertainment, hoildays, presents and repairs comes to over £281, so they savings could be made there on those months.
Any month you receive more than £300 from your job, you could split the additional earnings between savings and these.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0 -
theoretica wrote: »Entertainment and holiday are the most obvious easy targets. Make sure you are getting really good value for everything you spend there, or consider cutting them back.
Would the lodger pet sit?
Entertainment, I think you are right. I need stop eating out, which is not really that entertaining when it is usually just lunch on campus!
As for the lodger petsitting, he works away a lot, and can't always be trusted to lock the door, let alone ensure the cat is fed! I have asked friends more often recently, and think I have found one who quite enjoys short-term pet parenting.Save £12k in 2024 #29
January take lunch to work goal - 13 of 190 -
Regarding your income. Work it out based on the lowest you get from the job which is £300. Then any week you get paid more put it aside. You actually have a £232.75 short fall on those months.
Your monthly budget for entertainment, hoildays, presents and repairs comes to over £281, so they savings could be made there on those months.
Any month you receive more than £300 from your job, you could split the additional earnings between savings and these.
I already do this. I am actually pretty happy with my accounting/cash flow organisation, as years of self-employment have taught me to forward plan for expenses that I can predict. If I were to budget month-to-month, I would be stuffed when the car insurance must come from a £1200 budget, and drinking champagne in September when my student loan and summer overtime get paid. :rotfl:Save £12k in 2024 #29
January take lunch to work goal - 13 of 190 -
Do you need petrol and train travel each month or should it be one or the other?Aiming to make £7,500 online in 20220
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Do you need petrol and train travel each month or should it be one or the other?
These figures are averaged over 10 months since I started using YNAB. Some months I can almost exclusively use the train. Other months at placement I drive as I cannot take 3-4 hours of train commuting. I try to always combine errands, book cheap advance tickets when I can, drive sensibly etc etc, but I can see that my travels costs are awful. I can't wait until I finish uni and I can pick one single place to work, then move nearby.Save £12k in 2024 #29
January take lunch to work goal - 13 of 190 -
Obviously there are savings to be made but you have no debt or shortfall so I am not sure why you are asking. If the lodger moved out though you would have problems so building up a cash buffer would be useful.
What is the deal with car as it does not show in debt or assets?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0 -
KeepOnKnitting wrote: »I think I probably do OK with holidays. That was for a total of four weeks holiday in 2 breaks, one a coach tour of some European cities, one a beach break. Thoughts on this definitely appreciated.
It's still £948 per year, which, for one person, seems high.
Does that £948 also cover spending money (drinks, local travel, souvenirs etc.), or just the actual holiday?
You should also have contents insurance. Shouldn't cost more than about £10 per month.0
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