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  • FIRST POST
    • SophieLoui23
    • By SophieLoui23 8th May 18, 5:33 PM
    • 184Posts
    • 512Thanks
    SophieLoui23
    Advice please
    • #1
    • 8th May 18, 5:33 PM
    Advice please 8th May 18 at 5:33 PM
    Managed to get myself on track a bit since last time I was here. I've still got a pesky £1000 on my credit card (0%) which I can't shift and my boyfriend has just moved in and is paying £400pm 'rent' towards household bills etc so think it's a good time to review my current situation.

    Oh, should probably mention I also have the worlds most expensive hobby (riding) with a pet horse + dog who manage to keep my savings account sparse.

    I've just had to switch my energy as my current offer is ending and so I've added the new dual fuel rate under electricity. My council tax bill has just gone up due to boyf moving in. Mobile phone is high I know but stuck in contract until next year and need lots of data as travel a lot and use it for satnav. I probably spend more £ on groceries, but am attempting to budget to keep it low. I also probably spend more cash than in the budget for clothes but this is something I am cutting down on. Pet insurance is for horse and a healthy pet plan for dog. Should really get insurance for dog too! I know i probably need contents insurance. Debating if I need life insurance due to mortgage? Am 26 & fit and healthy. Recently cut down on hair budget, cutting out my blonde highlights every 6 weeks and just opting of a haircut every quarter.

    Any advice on where to trim or anything I should add would be very appreciated!!

    Household Information
    Number of adults in household........... 2
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1710
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 400
    Total monthly income.................... 2110


    Monthly Expense Details

    Mortgage................................ 506
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 30
    Council tax............................. 156
    Electricity............................. 55
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 41.44
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 21
    Groceries etc. ......................... 100
    Clothing................................ 25
    Petrol/diesel........................... 120
    Road tax................................ 0
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 20
    Car parking............................. 10
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 47
    Buildings insurance..................... 7
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 40
    Haircuts................................ 5
    Entertainment........................... 150
    Holiday................................. 100
    Emergency fund.......................... 50
    Dog..................................... 125
    Horse................................... 350
    Total monthly expenses.................. 2050.81



    Assets

    Cash.................................... 0
    House value (Gross)..................... 210000
    Shares and bonds........................ 0
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 215000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 122500...(506)......1.68
    Total secured & HP debts...... 122500....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Tesco Credit Card..............1000......20........0
    Total unsecured debts..........1000......20........-



    Monthly Budget Summary

    Total monthly income.................... 2,110
    Expenses (including HP & secured debts). 2,050.81
    Available for debt repayments........... 59.19
    Monthly UNsecured debt repayments....... 20
    Amount left after debt repayments....... 39.19


    Personal Balance Sheet Summary
    Total assets (things you own)........... 215,000
    Total HP & Secured debt................. -122,500
    Total Unsecured debt.................... -1,000
    Net Assets.............................. 91,500
Page 1
    • SophieLoui23
    • By SophieLoui23 8th May 18, 5:44 PM
    • 184 Posts
    • 512 Thanks
    SophieLoui23
    • #2
    • 8th May 18, 5:44 PM
    • #2
    • 8th May 18, 5:44 PM
    Should mention, the boyf and I keep our money separate hence he pays me rent and the groceries etc on the SOA are for my share.
    • Fireflyaway
    • By Fireflyaway 8th May 18, 6:29 PM
    • 1,919 Posts
    • 2,154 Thanks
    Fireflyaway
    • #3
    • 8th May 18, 6:29 PM
    • #3
    • 8th May 18, 6:29 PM
    Well your horse expenditure doesn't look too bad. I do think £125 on the dog is a lot. Could you swap dog food? You spend more on the dog than your own groceries according to this.
    I don't see any over the top expenditure. I think as a young person you are doing well. You don't have stacks of debt and you have your own place and a horse and are still managing to pay the bills and budget for holidays and entertainment.
    Hopefully over time your income will rise and things will get easier that's just normal.
    • datlex
    • By datlex 8th May 18, 6:49 PM
    • 1,764 Posts
    • 1,662 Thanks
    datlex
    • #4
    • 8th May 18, 6:49 PM
    • #4
    • 8th May 18, 6:49 PM
    Can someone share the horse with you? Might be a saving there if they can.
  • National Debtline
    • #5
    • 9th May 18, 11:02 AM
    • #5
    • 9th May 18, 11:02 AM
    Hi SophieLou,


    I would agree that the expenses for the dog seem high, even with food and essentials (such as flea treatment, worming tablets, boosters etc), perhaps there is a saving here. You can also consider saving less to holidays (if you haven't booked anything yet) and/or entertainment. This could be a temporary cut back to help clear the card quicker and then you can go back to what you are doing.


    I agree that you are doing very well. You have a healthy budget and minimal debt. You can consider life and contents insurance, and that shouldn't be too expensive either.


    Another way to approach this would be to check when the interest free period ends, and aim to clear it within that time. So, if there are 18 months left, you would need to pay £55 per month to clear it before any interest is added. Just make sure you don't use the card anymore. Good luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • andydownes123
    • By andydownes123 9th May 18, 11:46 AM
    • 314 Posts
    • 425 Thanks
    andydownes123
    • #6
    • 9th May 18, 11:46 AM
    • #6
    • 9th May 18, 11:46 AM
    I don't mean to disrepectful and I know that once you become a 'horsey person', it's difficult to give up...but I would say on your wages you cannot afford that kind of hobby.

    Have you thought about sharing a horse? Nearly one-third of your wages is going on keeping an animal...

    What happens if it's hurt or you need urgent medical assistance. What happens if your insurer doesn't pay up? One disaster could spell real trouble on that wage.

    Would you consider spending £6k a year on a classic car on your wage? Something that could cost you thousands at any moment...
    • Marissa Brown
    • By Marissa Brown 9th May 18, 10:03 PM
    • 1 Posts
    • 0 Thanks
    Marissa Brown
    • #7
    • 9th May 18, 10:03 PM
    • #7
    • 9th May 18, 10:03 PM
    Hi. My first time on here and struggling to find out how to post?!? I need advice on a mis-sold holiday by TUI. I would appreciate it if someone can tell me how to post it relevantly !!!55357;!!!56833;
    • Dobbibill
    • By Dobbibill 9th May 18, 10:27 PM
    • 3,300 Posts
    • 4,225 Thanks
    Dobbibill
    • #8
    • 9th May 18, 10:27 PM
    • #8
    • 9th May 18, 10:27 PM
    Hi. My first time on here and struggling to find out how to post?!? I need advice on a mis-sold holiday by TUI. I would appreciate it if someone can tell me how to post it relevantly !!!55357;!!!56833;
    Originally posted by Marissa Brown
    This link will take you to the Overseas Holidays and Travel Planning board - click on New Thread at the top of the page (below the sub-boards) and start a new thread.
    https://forums.moneysavingexpert.com/forumdisplay.php?f=28
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • Dobbibill
    • By Dobbibill 9th May 18, 10:32 PM
    • 3,300 Posts
    • 4,225 Thanks
    Dobbibill
    • #9
    • 9th May 18, 10:32 PM
    • #9
    • 9th May 18, 10:32 PM
    Hi SophieLoui,

    Your budget is workable with a few tweaks.

    Sharing the horse is good suggestion above and also to cut down on the dog spend, change food etc.
    You have an entry for an Emergency fund, yet no cash below - is this a new entry? If not, where has it gone?
    Yes, you need contents insurance. Just basic cover will be sufficient so if the worse happens you've got something in place to replenish all the furniture within the house.
    Changing your council tax to payments over 12 months instead of the standard 10 would give you some wiggle room to get the contents ins.
    Have you got £39.19 left each month - throw it at the debt if you have, keep a spending diary if you haven't
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • indesisiv
    • By indesisiv 10th May 18, 8:36 AM
    • 6,206 Posts
    • 20,381 Thanks
    indesisiv
    A couple of things spring to mind ...

    Emergency fund.......................... 50
    Assets
    Cash.................................... 0
    Amount left after debt repayments....... 39.19

    So according to your SoA you have £89.19 left at the end of every month. Which you clearly don't otherwise you would have a figure in your assets for cash.
    So is your SoA actually correct or what you wish it to be? I think you need to start a proper spending diary to figure out why you don't have that money left at the end of the month.
    In theory with that spare cash you could clear your credit card in 10 months.
    “Time is intended to be spent, not saved” - Alfred Wainwright
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