Sorry state please help
waterman17
Posts: 28 Forumite
My SOA
Below is a rough template;
Monthly Incomings:
My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out
Total - £3600 approx
Monthly Outgoings:
Mortgage/Rent - £900
Loans £290 & £450
Council Tax - £143
Gas - £50
Electric - £50.53
TV License - £10.99
Sky £45.99
Phone - £20
Food - £100
Car Insurance - £16.00
Petrol - £10
Life Insurance £20
My partner pays Allclear £250
Rent £550 we are in rented property in Cumbria due to Job re-location
Bills £300
Incoming £3200
outgoing £3100
It may look like we have money to spare at the end of the month but we are paying of outstanding bills about
Can we be saved
Any advice would be appreciated
Below is a rough template;
Monthly Incomings:
My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out
Total - £3600 approx
Monthly Outgoings:
Mortgage/Rent - £900
Loans £290 & £450
Council Tax - £143
Gas - £50
Electric - £50.53
TV License - £10.99
Sky £45.99
Phone - £20
Food - £100
Car Insurance - £16.00
Petrol - £10
Life Insurance £20
My partner pays Allclear £250
Rent £550 we are in rented property in Cumbria due to Job re-location
Bills £300
Incoming £3200
outgoing £3100
It may look like we have money to spare at the end of the month but we are paying of outstanding bills about
Can we be saved
Any advice would be appreciated
0
Comments
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bumping this ...good luck ...but it seems familiar for some reason ...strange i must be getting old0
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Hi there Waterman,
Just one thing- can you clarify what Bills £300 is for?
Thanks,
ImeldaSaving for an early retirement!0 -
Hi,
You will need to fill in some of the gaps:waterman17 wrote: »My SOA
Below is a rough template;
Monthly Incomings:
My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out
Why is your property not selling? Has the agent made any suggestions on ways to improve its potential - if not perhaps you need to investigate an alternative agent.
Total - £3600 approx I make this £3700 - 3900???
Monthly Outgoings:
Mortgage/Rent - £900
Loans £290 & £450 What are the aprs, terms and total owed on these?
Council Tax - £143
Gas - £50 This seems high - have you looked on uswitch to see if you can get lower?
Electric - £50.53 as for gas
TV License - £10.99
Sky £45.99 Get rid of this - you are paying over £500 per year for TV! You can still watch the free channels on your box
Phone - £20
Food - £100 How many is this feeding?
Car Insurance - £16.00
Petrol - £10
Life Insurance £20 This seems quite high, shop around and see if you can get a better deal
My partner pays Allclear £250 What is this for? How much is owed? How long will this last?
Rent £550 we are in rented property in Cumbria due to Job re-location
Bills £300 What bills? You will need to work out exactly what this is, if its credit cards, etc then you need to look at their aprs, total owed, etc.
Incoming £3200
outgoing £3100 I make it £2866.51?
It may look like we have money to spare at the end of the month but we are paying of outstanding bills about You need to review the £400-£1000 a month that is just disappearing on bills and unknowns - keep a spending diary and note down every penny spent for a couple of months to review this. You are currently very vague about exactly what you are earning and spending.
Can we be saved Yes, but you need to be clearer on what you spending between £400 and £1000 per month on
Any advice would be appreciatedThanks to MSE, I am mortgage free!0 -
waterman17 wrote: »My SOA
Below is a rough template;
Monthly Incomings:
My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out
Total - £3600 approx
Monthly Outgoings:
Mortgage/Rent - £900
Loans £290 & £450
Council Tax - £143Check you council banding is correct
Gas - £50
Electric - £50.53
TV License - £10.99
Sky £45.99Enjoyable not necessary - freview?
Phone - £20
Food - £100How many this is quite low
Car Insurance - £16.00
Petrol - £10
Life Insurance £20
My partner pays Allclear £250Who are and what is this
Rent £550 we are in rented property in Cumbria due to Job re-location
Bills £300 What are these/
Incoming £3200
outgoing £3100
It may look like we have money to spare at the end of the month but we are paying of outstanding bills about
Can we be saved - always be saved have faith
Any advice would be appreciated
Noticed no phone or mobiles
Everyone will help welcome:beer:0 -
bumping this ...good luck ...but it seems familiar for some reason ...strange i must be getting old
Familiar too for me.
Waterman, how did you get on with the suggestions from your other post??? You look like you received some good advice then.
http://forums.moneysavingexpert.com/showthread.html?t=414912
If you had lost track of the post, you should find it under your User CP menu.Thanks to MSE, I am mortgage free!0 -
waterman17 wrote: »My SOA
Below is a rough template;
Monthly Incomings:
My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out
Total - £3600 approx
Monthly Outgoings:
Mortgage/Rent - £900
Loans £290 & £450 What are the APR's on these, how much and how long left?
Council Tax - £143
Gas - £50 Seems high, check this can't be reduced.
Electric - £50.53As Gas
TV License - £10.99
Sky £45.99 Very high, cut this back to basic package or even go freeview
Phone - £20
Food - £100
Car Insurance - £16.00
Petrol - £10
Life Insurance £20
My partner pays Allclear £250
Rent £550 we are in rented property in Cumbria due to Job re-location
Bills £300 What exactly does this cover
Incoming £3200
outgoing £3100
It may look like we have money to spare at the end of the month but we are paying of outstanding bills about Keep a spending diary for everything you spend outside of DD's, you will be surprised how much you spend on things like newspapers and coffees here and there
Can we be saved
Any advice would be appreciated
What about birthdays, christmas, haircuts, clothes, house insurance, car maintenance. If you are only spending £10 per month on Petrol do you really need a car at all?? Could this be sold with the income put towards your debts. Do you have anything you can sell on Ebay to throw at your debts?
Good luck with getting yourselves sorted. You've made the first important step :T0 -
waterman17 wrote: »My SOA
Below is a rough template;
Monthly Incomings:
My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out
Total - £3600 approx
Monthly Outgoings:
Mortgage/Rent - £900is this for the property in the South. I'm just wondering why you're renting it for £400 less than the mortgage?
Loans £290 & £450
Council Tax - £143
Gas - £50 this seems high, especially with £300 budgeted for bills below
Electric - £50.53as for gas
TV License - £10.99
Sky £45.99
Phone - £20
Food - £100
Car Insurance - £16.00
Petrol - £10
Life Insurance £20
My partner pays Allclear £250
Rent £550 we are in rented property in Cumbria due to Job re-location
Bills £300
Incoming £3200
outgoing £3100
It may look like we have money to spare at the end of the month but we are paying of outstanding bills about
Can we be saved
Any advice would be appreciated
I think it would help if you could be a bit clearer about the bills and what's for your house in the South and what's for Cumbria, but the clever peeps on this board will be able to sort you out!£2 Coin Savers Club £14 :j (joined 18/2/06)0 -
For outstanding bills we are slowly clearling0
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coming back to it then why are you renting the house out for less than the mortgage, im surprised your lender will let you- thy usually ask for125% of the mortgage on BTL mortgage?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0
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