Pay calculator for financial management

One of the things I did when taking control of my financial expenditure and budgeting my money was created an Excel spreadsheet. I used this as a Pay Calculator for my financial management. It helps when you’re tracking every single penny you spend, because you can see all the figures at a glance. Where you’re spending too much, where you aren’t spending enough. Where you can save.

When filling this file in, you have to be 100% honest, and input every single number. If you’re lucky, you’ll have most things on a direct debit, it makes things easier. If not you have to manually input them into the pay calculator.

Please find attached this Microsoft Excel file. Which you can use for budgeting and sorting out your finances.

http://andrewhope.co.uk/~downloads/wordpress-files/financial-calculator.xls

It’s fairly self explanatory

  • Standard household bills input into the left column
  • Any extra money in right-hand side column
  • Your standard wage / benefits goes in the middle section

The pay calculator will then work out the rest for you, and also show you what money you will have left over for the month.

For me personally credit card / loans where my main issue. I’ve been working on restoring my credit rating so I could get a consolidation loan to free up £100 per month off my wage. It doesn’t seem like much, but when you’re counting pennies and budgeting, an extra £100 that you no longer spending is a hell of a lot of free money to play with. Also I paid off one of my credit cards.

This has helped me with financial freedom, I’m slowly getting there.

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money saving – changing bulbs to led

I’m always interested in saving money at home. I’ve known for a while that changing my household LED bulbs would save me some money. I’ve finally finished changing all of the bulbs in the household to LED now, so thought I’d write this article to document the prices. A lot of people who aren’t converted believe LED lighting isn’t good. It’s very good and can produce crystal white light in the house. I’ve also converted my mother to use LED lighting now she has found out how much it saves me.

One of the first things that I tackled was my lighting. Traditional (Halogen) lights in the house are very power hungry, times have changed and modern lighting (LED) is now available, which normally uses around 25% of the power that a “Traditional” light-bulb uses.

A 60W Halogen light uses around 60W in power. An LED equivalent uses around 10-15w in power. It doesn’t seem much, but when you add up how often the lights are used, and apply some basic maths formulas. You realise just how bad your household bills are affected by the smallest change in cost.

You can see in the table below, that over the cost of an entire year the bulbs cost me approximately £1.45 per month to run, compared to £13.88 to run per month. For reference, if you want to Calculate just how much your bulbs cost you over the year, this is the formula below

(W x H x 365)/1000 – Multiplied by electric cost per KW/h

An example bulb (15W LED, that is used for 2 hours per day, but used 90 days of the year)
You can work this out for any number of bulbs, just break it down by each bulb per fitting

15 x 2 x 90 = 2,700W of power – divide this by 1000 to convert to KW/h = 2.7 KW/h
Multiply by your cost of electricity (for me it’s £0.14 per KW/h) – excluding the standing charge
Cost to run this 1 LED for above time period = £0.378 per “year” (2.7 x 0.14)

In total I have spent around £30 to replace all of the bulbs (the ones I buy are from ASDA). As you can see below, the costs are made back within the first year of ownership.

If you also take into account the lifespan of the bulbs (LED – 25,000 hours) vs (Halogen – 1,000 hours). It usually costs you even more because you have to buy more bulbs to replace the Halogen ones as they fail.

Hopefully the information below should help you convert to LED. It’s a great money saving tip and simply adding an extra £2 per month onto your shopping bill buying 1 or 2 bulbs at a time can have a lasting effect for you over the years.

LED Lighting Comparison

ROOMORIGINAL BULB (Wattage)

( ) = Total power usage
NEW BULB
(Wattage)

[ ] = Equivalent power
WATTAGE
SAVING
Approx usage (Hrs/year)

( ) = Hours per day
Annual KW/h

Formula =
(Bulb Power (W) * Hrs per Day * 365) / 1000

( ) = Halogen KW/h
Annual Electric Cost @ 0.14 per kw/h

LED listed

( ) = Halogen Cost
Bedroom 13 x 50W (150W)3 x 5W (15W)
[ 50W ]
135W2920
(8)
43.8 (438)£6.13 (£61.32)
Bedroom 24 x 30W (120W)4 x 3.7W (14.8W)
[ 40W ]
105.2W182.5
(0.5 - 30 Min)
2.701 (21.9)£0.37 (£3.06)
Bathroom1 x 20W (20W)1 x 9.4W (9.4W)
[60W ]
10.6W365
(1)
3.431 (7.3)£0.48 (£1.02)
Landing3 x 50W (150W)3 x 5W (15W)
[ 50W ]
135W365
(1)
5.475 (54.75)£0.76 (£7.66)
Stairs3 x 30W (90W)3 x 5W (15W)
[ 50W ]
75W365
(1)
5.475 (54.75)£0.76 (£7.66)
Kitchen (Main)4 x 50W (200W)4 x 5W (20W)
[ 50W ]
180W1095
(3)
21.9 (219)£3.06 (£30.66)
Kitchen (Sink)3 x 40W (120W)3 x 2.9W (8.7W)
[ 40W ]
101.3W730
(2)
6.351 (87.6)£0.88 (£12.26)
Living Room4 x 50W (200W)4 x 5W (20W)
[ 50W ]
180W1460
(4)
29.2 (292)£4.08 (£40.88)
Rear Door1 x 20W (20W)1 x 9.4W (9.4W)
[ 60W ]
10.6W182.5
(0.5 - 30 Min)
3.431 (7.3)£0.48 (£1.02)
Downstairs Toilet1 x 20W (20W)1 x 9.4W (9.4W)
[ 60W ]
10.6W182.5
(0.5 - 30 Min)
3.431 (7.3)£0.48 (£1.02)
TOTAL£17.48 (£166.56)
PER MONTH£1.45 (£13.88)

Views – 45