Sorry state please help

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

Comments

  • elantan
    elantan Posts: 21,018
    Photogenic Name Dropper First Anniversary First Post
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    bumping this ...good luck ...but it seems familiar for some reason ...strange i must be getting old
  • Imelda
    Imelda Posts: 1,399
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    Hi there Waterman,

    Just one thing- can you clarify what Bills £300 is for?

    Thanks,

    Imelda
    Saving for an early retirement!
  • angelavdavis
    angelavdavis Posts: 4,714
    Mortgage-free Glee!
    Forumite
    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 appreciated
    :D Thanks to MSE, I am mortgage free!:D
  • 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:
  • angelavdavis
    angelavdavis Posts: 4,714
    Mortgage-free Glee!
    Forumite
    elantan wrote: »
    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.
    :D Thanks to MSE, I am mortgage free!:D
  • Welshlassie
    Welshlassie Posts: 1,731
    First Anniversary Combo Breaker
    Forumite
    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 :T
  • 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)
  • waterman17
    waterman17 Posts: 28 Forumite
    For outstanding bills we are slowly clearling
  • lynzpower
    lynzpower Posts: 25,311
    Combo Breaker First Post
    Forumite
    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:
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