Welcome to the penultimate review of the year. Another chance to see my progress on paying off the mortgage and whether I’ve overspent or underspent on each of the budget categories.
I love to see real numbers rather than percentages on other blogs, as I believe that it gives a true picture of someone’s financial situation and you can then compare it to your own. Each month I therefore bare all and go through the exact amounts that I have spent on household bills and any personal items. To give you an idea of how much I’ve got coming in my salary, after tax, provides me with just over £2,700 every month.
If you’re new to the blog, just to let you know that these are the amounts that I have spent out of my wages. My partner, Mr Simple, does not currently contribute to the mortgage or any of the household bills as he is paying for all of the work that we are doing to the house. He does pay for his half of the food though.
If you are trying to find ways of saving money and want to get a grip on your finances a budget is a must. Check out my post on drawing up a budget here.
Let’s look at the figures then…
Firstly, the mortgage, which is our only debt and which I am on a mission to pay off as soon as possible. The standard monthly payment was £516.09 and then we made an overpayment of £595. This leaves the balance on the mortgage standing at £73,357.72.
Woodland Trust donation £6.00
Gas and electricity £95.35. This is our usual direct debit. We have underspent over the past year so from next month our payments will reduce to £89.78. It’s not an enormous reduction, but it’s a reduction, which is great considering that most of the time bills tend to go up rather than down.
Council Tax £258.00. The downside of living in a large house is that we are in Band G for this. The only way to reduce it is to move house.
TV Licence £12.83
Internet and phone £30.00. We are with John Lewis, who have just increased their prices. Yesterday I signed up with Plusnet who have a special deal for Black Friday – broadband and landline for £18.99 per month. This is under an 18-month contract. It doesn’t include any calls, but as we have unused minutes on our mobiles, we plan to use those instead of ringing from the landline. Hooray – another saving as from next month.
Income and savings
It was this time last year that I discovered the concept of financial independence and therefore some of my savings accounts which I opened at that time have borne fruit this month in the form of interest, namely…
- Charter Savings interest £123.61
- Ratesetter £47.67. I am due £100 bonus for signing up for a year, but won’t get that until January.
- Savings I had with Nationwide at 5% matured and I received interest totalling £80.79. The rate has gone down so I’ve moved the total, £3080.79 to my ISA.
Savings are a grand total of £36,840.63.
Interest on Marcus account which I am using for stoozing was a grand total of £9.86.
Food £150.62 – over budget by £10.62. This does include cleaning products and some toiletries as well. I felt as though it was a frugal month, but the figures tell me otherwise. I think it is more than the past few months as we were home for the whole month, whereas in October we had a few days away in Somerset and in September I was in Italy for a week. I am due to do a monthly shop for December, but the cupboards are fairly full so I am hoping that the spending will come in under budget next month.
Petrol £94.57 – £25.43 under budget again. I currently have a quarter of a tank, which is when I fill up. As it’s the weekend I haven’t got around to putting anymore in the car, but if this month had had 31 days I may well have spent the full amount.
Pilates £24.00 – this covers three sessions. Unfortunately there was a problem with the hall floor this week, so the class didn’t go ahead. The bad news is that our teacher won’t be able to do the class after Christmas due to changes in her job. We are currently trying to find someone else to do it for us.
Toiletries £31.93 – some body lotion – I spend £9.95 on lotion which contains magnesium, which supposedly helps prevent heart arrythmias, like I have. I then called in at Boots for some hair dye and hair spray paint, both of which were on special offer. I therefore decided to buy two of each, hence I went over budget this month, but only by £1.93.
Social £50.50 – lunch out with a friend, dinner out with a friend and a drink for me and a neighbour at our monthly village get together. Parking whilst out for a Christmas do and an advance payment for another meal next month.
Miscellaneous £41.48 – paint tester pots, a plant, which was a gift and a plum tree for the garden which we are expecting to be delivered shortly.
Expenses from bills account – expected annual/regular expenses
There was very little from this account in November….
Physio sessions £64.00
Roadside assistance £61.00 – I get a discount as Mr Simple also has this with Toyota.
So there it is, everything that I’ve spent money on this month. If there is anything that you would like to know more about please let me know. I am in the process of drawing up my budget for 2020 and monitoring my expenses this closely has been invaluable in working out what I should allocate to each category. If you have never kept tracking of your spending maybe you could think about starting next year?