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  • FIRST POST
    • KeepOnKnitting
    • By KeepOnKnitting 6th Jan 18, 11:18 AM
    • 162Posts
    • 233Thanks
    KeepOnKnitting
    I know you all love an SOA
    • #1
    • 6th Jan 18, 11:18 AM
    I know you all love an SOA 6th Jan 18 at 11:18 AM
    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 www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.
    Save 12k in 2018 #62
Page 1
    • Robin9
    • By Robin9 6th Jan 18, 11:23 AM
    • 2,673 Posts
    • 1,746 Thanks
    Robin9
    • #2
    • 6th Jan 18, 11:23 AM
    • #2
    • 6th Jan 18, 11:23 AM
    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 bill
    • theoretica
    • By theoretica 6th Jan 18, 11:32 AM
    • 5,218 Posts
    • 6,482 Thanks
    theoretica
    • #3
    • 6th Jan 18, 11:32 AM
    • #3
    • 6th Jan 18, 11:32 AM
    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 Carroll
    • KeepOnKnitting
    • By KeepOnKnitting 6th Jan 18, 1:09 PM
    • 162 Posts
    • 233 Thanks
    KeepOnKnitting
    • #4
    • 6th Jan 18, 1:09 PM
    • #4
    • 6th Jan 18, 1:09 PM
    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 !
    Originally posted by Robin9
    I rent from my brother, so my rent is cheaper, I can have a lodger and a cat, and I can decorate as and when I want. I have decorated and put down laminate floor in a bedroom, as well as replacing my garden fence, repairing the front door and a leaking toilet in that money. Thanks for the input, you are totally right, but for family harmony it is worth the expense at a time when he isn't managing as well as he normally would. Plus I quite like being able to go in and out my front door.
    Save 12k in 2018 #62
    • datlex
    • By datlex 6th Jan 18, 1:14 PM
    • 1,660 Posts
    • 1,553 Thanks
    datlex
    • #5
    • 6th Jan 18, 1:14 PM
    • #5
    • 6th Jan 18, 1:14 PM
    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.
    • KeepOnKnitting
    • By KeepOnKnitting 6th Jan 18, 1:18 PM
    • 162 Posts
    • 233 Thanks
    KeepOnKnitting
    • #6
    • 6th Jan 18, 1:18 PM
    • #6
    • 6th Jan 18, 1:18 PM
    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?
    Originally posted by theoretica
    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.
    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 2018 #62
    • KeepOnKnitting
    • By KeepOnKnitting 6th Jan 18, 1:32 PM
    • 162 Posts
    • 233 Thanks
    KeepOnKnitting
    • #7
    • 6th Jan 18, 1:32 PM
    • #7
    • 6th Jan 18, 1:32 PM
    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.
    Originally posted by datlex
    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.
    Save 12k in 2018 #62
    • Karonher
    • By Karonher 6th Jan 18, 1:57 PM
    • 491 Posts
    • 2,126 Thanks
    Karonher
    • #8
    • 6th Jan 18, 1:57 PM
    • #8
    • 6th Jan 18, 1:57 PM
    Do you need petrol and train travel each month or should it be one or the other?
    Getting ready for Christmas 2018

    Aiming to make 5,000 online in 2018.
    • KeepOnKnitting
    • By KeepOnKnitting 6th Jan 18, 3:25 PM
    • 162 Posts
    • 233 Thanks
    KeepOnKnitting
    • #9
    • 6th Jan 18, 3:25 PM
    • #9
    • 6th Jan 18, 3:25 PM
    Do you need petrol and train travel each month or should it be one or the other?
    Originally posted by Karonher
    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 2018 #62
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jan 18, 4:05 PM
    • 6,614 Posts
    • 13,917 Thanks
    enthusiasticsaver
    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?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Bedsit Bob
    • By Bedsit Bob 6th Jan 18, 4:42 PM
    • 10,274 Posts
    • 55,384 Thanks
    Bedsit Bob
    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.
    Originally posted by KeepOnKnitting
    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.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - 1308

    Who are you to question why your god doesn't want me to believe in him?
    • KeepOnKnitting
    • By KeepOnKnitting 6th Jan 18, 7:43 PM
    • 162 Posts
    • 233 Thanks
    KeepOnKnitting
    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?
    Originally posted by enthusiasticsaver
    I am asking because multiple sets of eyes are better than one. I have learned a lot, but I am very far from being perfect. You yourself have summed up exactly why I am asking. I have been in dire straights before and I want to avoid being there again.

    I bought the car cash. I would imagine I might get 1,300 if I sold it, but I need it for the foreseeable future, so I cannot do this.

    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.
    Originally posted by Bedsit Bob
    That money covered everything. Spending, food, seeing the sights of Paris, Barcelona and other cities, transport, accommodation, the lot. I had thought I did it pretty cheap, but I would love ideas to travel cheaper.

    I probably should have contents insurance, you are right.
    Save 12k in 2018 #62
    • Bedsit Bob
    • By Bedsit Bob 6th Jan 18, 10:52 PM
    • 10,274 Posts
    • 55,384 Thanks
    Bedsit Bob
    That money covered everything. Spending, food, seeing the sights of Paris, Barcelona and other cities, transport, accommodation, the lot.
    Originally posted by KeepOnKnitting
    In that case, it's not so bad.

    When referring to the price of a holiday, most people only mean what they paid to the Travel Agent.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - 1308

    Who are you to question why your god doesn't want me to believe in him?
    • enthusiasticsaver
    • By enthusiasticsaver 7th Jan 18, 11:28 AM
    • 6,614 Posts
    • 13,917 Thanks
    enthusiasticsaver
    I am asking because multiple sets of eyes are better than one. I have learned a lot, but I am very far from being perfect. You yourself have summed up exactly why I am asking. I have been in dire straights before and I want to avoid being there again.

    I bought the car cash. I would imagine I might get 1,300 if I sold it, but I need it for the foreseeable future, so I cannot do this.



    That money covered everything. Spending, food, seeing the sights of Paris, Barcelona and other cities, transport, accommodation, the lot. I had thought I did it pretty cheap, but I would love ideas to travel cheaper.

    I probably should have contents insurance, you are right.
    Originally posted by KeepOnKnitting
    Then I would prioritise saving an emergency fund as the best safety net you can go for. Improving your brothers property and your living environment and holidays are certainly things worth doing but not at the expenses of having a safety buffer. However you bought the car for cash which is definitely good so I imagine that cleaned you out. It should still show as an asset even if you have no intention of selling.

    Can you make any savings on the train travel to uni? Is it a season ticket and are you getting student discounts etc?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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