It’s that time again, to round up the month’s Income/Expenses and see how we did. As I alluded to on last months report, this is a post which will feature every month on the blog. The idea is it to keep track of EVERYTHING going in and out of our account, as I believe this is the only way you can be fully in control of your finances and create a real sense of accountability. Once you start writing it all down, you become much more aware and conscious about the choices you are making throughout the month, good or bad, which you can then learn form moving forward and take action on if you feel you need to.
So, here is the June 2020 Report.
Income + £3,611.66 After Tax.
Tax Rebate + £207
Water – £17.50
Electric/Gas – £47.99
Council Tax – £143.00
Apple Music – £14.99
House Insurance – £6.77
TV and Internet – £64.63
Mobile Plans – £20.00
Mortgage – £408 + £1,677 Over-payment = £2,085
Food – £226.50
Dining Chairs – £211.99
Decorating – £27.49
Vets – £35.00
Total Spend = £2,972.69
Total Spend Without Mortgage Overpayment =£1,295.69
Total Spend Without Mortgage = 887.69
First I’ll start with income. This went down in June due to not having a bonus like I did in May, however, this is completely normal, the bonus in May was a one-off and I don’t expect to be receiving that again anytime soon. On the positive side, I did receive a most welcome letter in the post from the HMRC people, who advised me I’d OVER-PAID them throughout the 2019/2020 tax year, and that they owed me £207 which I gladly accepted!
Quite a few our bills are locked into fixed-term deals, so unless they come to an end and I have to move onto a different plan, things like Mobile Plans, TV/internet, Apple Music and House Insurance will all stay the same.
The Electric/Gas bill went up this month, no surprise there. The majority of the bill is made up of electric costs. Both myself and partner are still working full-time from home, so our electric bill is much higher than it normally would be. Until things start getting back to normal and offices re-open, I imagine this will stay the same. But I’m not complaining, whilst we are still working from home we have no travel expenses! If you are looking to save on your own energy bills, consider switching to Octopus Energy, all the electricity they supply is Eco-friendly renewable energy and you will get £50 free credit on your account for switching through my referral link.
On to the Mortgage. We still managed to keep up our over-payments on the mortgage this month, actually increasing it by £85. This is having a good effect on the overall balance, it’s really great to see the numbers dropping every month. Its AWESOME to see the interest that we are accruing every month going down too, proving The Magic of Mortgage Over-Payments. Last month we accrued £124.05 in interest, but this month it’s down to £121.81. It might not sound like much, but with just that one month worth of over-payments, we have saved £672 off the lifetime of the mortgage.
Food costs nearly doubled this month, mostly down to the fact we had a couple of family meet-ups and we treated ourselves to a take-away, our first since Lockdown began in March. Although not ideal, I imagine these costs will decrease in July, as long as we don’t fall back into the habit of regular take-aways.
We had some additional costs this month due to some decorating that we decided to do. Nothing major, a little bit of painting here and there (green wall in photo), but it all adds up to the tune of £27.49. We also finally managed to find a set of chairs for our table too (again, see photo), these were purchased for 211.99. They were supposed to be £264 so we were pretty pleased with the price we got these for.
Finally, we had to take our cat Chester to the vets for his annual check-up. Turn’s out he’s put on an extra 1.5kg in the past year, living his little life of luxury. The vet definitely seemed to judge me for this, so next year I think we may use a different vet…
That’s it for the June Report!
Overall, we spent a little more than I’d like to, but there were a few one-off’s in there, so hopefully, we will see a lower total in next months report.
Let me know down in the comments if you have been keeping track of your own spending, and how you think your doing. I can’t stress enough how important it is to make yourself accountable, not only for your income but your outgoings too. If your someone who is in the process of trying to take control of your finances and finally get yourself on the right tracks, this is a major step in that process which you simply cannot ignore.
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