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  • FIRST POST
    • allthe7s
    • By allthe7s 16th Feb 17, 3:19 PM
    • 65Posts
    • 265Thanks
    allthe7s
    Making changes (added SOA)
    • #1
    • 16th Feb 17, 3:19 PM
    Making changes (added SOA) 16th Feb 17 at 3:19 PM
    Hi everyone

    Been reading and posting a little bit for about a week now but now introduced myself yet.

    I am here because I am sick of each month writing out my budget and thinking "crikey I should be loaded!" on paper I should have £££s left in the bank at the end of the month however in reality I just dont and am sick of being in my overdraft each and every month in the days leading up to payday.

    Since the bew year I have cut my Costa habit which is saving me a fair whack however I am still not breaking even.

    We are also moving house (fingers crossed) and doubling our mortgage this year so I want my bank statements to look a bit healthier and to have cleared my debt by the summer.

    I have only included my own debt here, and my own income in the SOA I'll add later as my DH has not had hos LBM yet and still loves to move things onto 0% from here to there but then gets sidetracked paying it off. Once I have cleared my cards I will put my money towards our bigger card that he pays off. Its all under control though so no worries there.

    Hopefully once I get YNAB up and running I will have more to throw at my cards each month and can start a savings pot for our lovely new home "extras"

    Household Information[/b]
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1041
    Partners monthly income after tax....... 0
    Benefits................................ 573
    Other income............................ 80 (DH pays in the money for the Virgin bill)
    Total monthly income.................... 1694


    Monthly Expense Details

    Mortgage................................ 0 (DH pays this)
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 132 (paid over 10 months)
    Electricity............................. 56.08 (£112 total for G&E)
    Gas..................................... 56.08
    Oil..................................... 0
    Water rates............................. 45.02
    Telephone (land line)................... 27 (£81 for BB,TV&Phone)
    Mobile phone............................ 24 (dropping to £15 in May)
    TV Licence.............................. 12.54
    Satellite/Cable TV...................... 27
    Internet Services....................... 27
    Groceries etc. ......................... 436 (horrified by this, definitely cutting this down)
    Clothing................................ 30
    Petrol/diesel........................... 145
    Road tax................................ 2.91 (£35 for the year)
    Car Insurance........................... 64.35 (insurance & breakdown)
    Car maintenance (including MOT)......... 15 (dont actually do this yet)
    Car parking............................. 20
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 33.31 (average school dinner monthly)
    Medical (prescriptions, dentist etc).... 8.4
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 17.99
    Presents (birthday, christmas etc)...... 70 (not actually put away)
    Haircuts................................ 6
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 0
    Pet Food................................ 25
    Total monthly expenses.................. 1321.68



    Assets

    Cash.................................... 0
    House value (Gross)..................... 120000
    Shares and bonds........................ 0
    Car(s).................................. 7000
    Other assets............................ 0
    Total Assets............................ 127000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Next...........................615.02....25....... .22
    mbna hers......................1200.63...25........0 til Oct 18
    San 1..........................84.13.....5.........18
    San 2..........................297.......25........18
    Total unsecured debts..........2196.78...80........-



    Monthly Budget Summary

    Total monthly income.................... 1,694
    Expenses (including HP & secured debts). 1,321.68
    Available for debt repayments........... 372.32
    Monthly UNsecured debt repayments....... 80
    Amount left after debt repayments....... 292.32


    Personal Balance Sheet Summary
    Total assets (things you own)........... 127,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,196.78
    Net Assets.............................. 124,803.22


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    [/font]
    Last edited by allthe7s; 17-02-2017 at 8:17 PM. Reason: added SOA
    Next £615 £495 £436.23 Santander1 £297 £279 £261.95 Santander2 £84 £79 £75.11

    Savings Goal £163.67/£3000 by Dec 17
Page 1
    • angelpye
    • By angelpye 16th Feb 17, 7:14 PM
    • 947 Posts
    • 3,363 Thanks
    angelpye
    • #2
    • 16th Feb 17, 7:14 PM
    • #2
    • 16th Feb 17, 7:14 PM
    Hi, well done on your LBM which I imagine is harder to reach with OH not et there yet.

    Just a thought might be worth talking to OH about prospect of upping mortgage because when I did mortgage the affordability was really checked on spending habits and the amount of credit card debt I had removed the equivalent of 3 times the amount on cards to what they would loan me. So without the cards I could have borrowed much more and even though I agreed to pay cards off with sale of old house it still impacted. May motivate him to see this is actually a problem that needs dealing with now. I think 3 months bank statements were needed for affordability.

    HTH. Good luck with journey
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: Sept 2022 April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 2/6
    EF £0/£4200
    • allthe7s
    • By allthe7s 16th Feb 17, 10:23 PM
    • 65 Posts
    • 265 Thanks
    allthe7s
    • #3
    • 16th Feb 17, 10:23 PM
    • #3
    • 16th Feb 17, 10:23 PM
    Hi Angelpye

    Wow how demotivating is seeing 160+ views and 1 reply, was starting to take it personally (only kidding)

    Don't get me wrong DH is paying way more than the minimum off his card and catalogue its just theres more on his. Also we have paid off my cards and Next account several times over using his card so I want to do it for myself for once.

    We can definitely get the mortgage we need but I know what you mean about the difference by not having the card, its about 80k more if he didnt have his 7k credit card! Crazy money! You wouldnt think it could have so much impact.

    Thanks for the welcome ��
    Next £615 £495 £436.23 Santander1 £297 £279 £261.95 Santander2 £84 £79 £75.11

    Savings Goal £163.67/£3000 by Dec 17
    • patman99
    • By patman99 16th Feb 17, 10:46 PM
    • 7,724 Posts
    • 9,101 Thanks
    patman99
    • #4
    • 16th Feb 17, 10:46 PM
    • #4
    • 16th Feb 17, 10:46 PM
    Don't feel demotivated. It takes a few posts for folks to realise you exist.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £617.00 / £1000 (that's 61.7%)

    3-6 month EF £194/£3600

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Drawingaline
    • By Drawingaline 16th Feb 17, 11:04 PM
    • 173 Posts
    • 618 Thanks
    Drawingaline
    • #5
    • 16th Feb 17, 11:04 PM
    • #5
    • 16th Feb 17, 11:04 PM
    I love YNAB, well done on getting everything sorted.
    • datlex
    • By datlex 17th Feb 17, 9:58 AM
    • 1,157 Posts
    • 1,002 Thanks
    datlex
    • #6
    • 17th Feb 17, 9:58 AM
    • #6
    • 17th Feb 17, 9:58 AM
    Hi everyone

    Since the bew year I have cut my Costa habit which is saving me a fair whack
    Originally posted by allthe7s
    I swapped Costa Coffee morning Americano at £2.35 for either Greggs at £2.00 at most for a drink and a breakfast savoury (tea and croissant is £1.80 or a tea at our local station for £1. It is a lot quicker to get a free drink at either of those than at Costa too. Still got a treat but big reduction in spend there. (Obviously not as much as giving it up altogether but still a fair bit) I never have 5 visits to Greggs a week.
    • enthusiasticsaver
    • By enthusiasticsaver 17th Feb 17, 11:46 AM
    • 3,031 Posts
    • 5,058 Thanks
    enthusiasticsaver
    • #7
    • 17th Feb 17, 11:46 AM
    • #7
    • 17th Feb 17, 11:46 AM
    Your debt looks quite manageable. You mention an overdraft - is that the Santander debt?

    If you are doubling your mortgage then yes it is a good idea to get a handle on it but if your OH has £7k on credit cards and is only juggling them not paying them off then he needs to get real. What does he think will happen when your mortgage repayments double and you have even less to play with?
    Debt and mortgage free and saving for early retirement
    • ethranes
    • By ethranes 17th Feb 17, 11:52 AM
    • 8 Posts
    • 2 Thanks
    ethranes
    • #8
    • 17th Feb 17, 11:52 AM
    • #8
    • 17th Feb 17, 11:52 AM
    Just curious, is YNAB useful in the UK, looking at the website everything is showing dollars.
    Debenhams £160||AMEX £110||Barclay Card CLEAR
    Updated: 17/2/2017
    • Ilona
    • By Ilona 17th Feb 17, 12:00 PM
    • 1,696 Posts
    • 6,029 Thanks
    Ilona
    • #9
    • 17th Feb 17, 12:00 PM
    • #9
    • 17th Feb 17, 12:00 PM

    Wow how demotivating is seeing 160+ views and 1 reply, was starting to take it personally (only kidding)
    Originally posted by allthe7s
    Hi, You didn't ask any questions in your first post, so I wasn't sure what you wanted from us. You put (intro) after the title of your post so I assumed there was more to come. Also I didn't know if you needed help, or it is the start of a diary.

    You seem to know what you are doing, so good luck on your debt free journey.
    Ilona
    I love skip diving
    • sourcrates
    • By sourcrates 17th Feb 17, 12:08 PM
    • 9,803 Posts
    • 9,601 Thanks
    sourcrates
    Hi, You didn't ask any questions in your first post, so I wasn't sure what you wanted from us. You put (intro) after the title of your post so I assumed there was more to come. Also I didn't know if you needed help, or it is the start of a diary.

    You seem to know what you are doing, so good luck on your debt free journey.
    Ilona
    Originally posted by Ilona
    Sorry OP,

    Welcome to the forums !!

    I thought the same as ILona as well.

    Any other questions feel free to ask.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact : Stepchange, National Debtline, or, CAB.
    • allthe7s
    • By allthe7s 17th Feb 17, 12:15 PM
    • 65 Posts
    • 265 Thanks
    allthe7s
    Hi enthusiastic

    Im struggling to quote for some reason, but in reply to your post the Santander is 2 credit cards and my overdraft is only ever about £10 so paid off when I get paid.

    Our mortgage won't be going up that much really as we are currently stuck on a high rate with Nram who we will be leaving. Don't get me wrong about DH, he is paying it back, he pays about £300 a month and its on 0%.
    Next £615 £495 £436.23 Santander1 £297 £279 £261.95 Santander2 £84 £79 £75.11

    Savings Goal £163.67/£3000 by Dec 17
    • allthe7s
    • By allthe7s 17th Feb 17, 12:31 PM
    • 65 Posts
    • 265 Thanks
    allthe7s
    I was only joking mentioning the lack of replies, you just don't imagine that many people reading what you've written!
    Next £615 £495 £436.23 Santander1 £297 £279 £261.95 Santander2 £84 £79 £75.11

    Savings Goal £163.67/£3000 by Dec 17
    • Drawingaline
    • By Drawingaline 17th Feb 17, 4:12 PM
    • 173 Posts
    • 618 Thanks
    Drawingaline
    YNAB is in dollars and i had mine set in dollars for a month before I realised you could change the currency in settings! But it didnt matter to me what currency it was set at as I just treated them as pounds.
    • KxMx
    • By KxMx 17th Feb 17, 8:48 PM
    • 6,876 Posts
    • 9,493 Thanks
    KxMx
    I saw the pet food as an expense but not insurance. Can you easily cover vet bills should they occur? I'd consider insurance if there are no pre existing conditions.

    Also phone, internet & TV is very high.

    We pay Talk Talk £25 for unlimited standard BB & Anytime UK Calls.

    Now TV entertainment is £6.99 per month but in reality I look for special offers. Such as 3 months £1 pm (code found on HotUKDeals) or boxes with 6 month passes on sale at £18.

    I realise your household needs are different but food for thought.
    Last edited by KxMx; 17-02-2017 at 8:59 PM.
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