Making changes (added SOA)

allthe7s · 16 February 2017 at 4:19PM

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 :eek: 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 https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font]

angelpye · 16 February 2017 at 8:14PM

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

allthe7s · 16 February 2017 at 11:23PM

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 &#55357;&#56842;

patman99 · 16 February 2017 at 11:46PM

Don't feel demotivated. It takes a few posts for folks to realise you exist.

Drawingaline · 17 February 2017 at 12:04AM

I love YNAB, well done on getting everything sorted.:T

datlex · 17 February 2017 at 10:58AM

allthe7s wrote: »

Hi everyone

Since the bew year I have cut my Costa habit :eek: which is saving me a fair whack

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 · 17 February 2017 at 12:46PM

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?

ethranes · 17 February 2017 at 12:52PM

Just curious, is YNAB useful in the UK, looking at the website everything is showing dollars.

Ilona · 17 February 2017 at 1:00PM

allthe7s wrote: »

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

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

sourcrates · 17 February 2017 at 1:08PM

Ilona wrote: »

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

Sorry OP,

Welcome to the forums !!

I thought the same as ILona as well.

Any other questions feel free to ask.

allthe7s · 17 February 2017 at 1:15PM

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%.

Making changes (added SOA)

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