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  • FIRST POST
    • Grazeley
    • By Grazeley 18th Mar 17, 10:54 PM
    • 12Posts
    • 4Thanks
    Grazeley
    My SOA
    • #1
    • 18th Mar 17, 10:54 PM
    My SOA 18th Mar 17 at 10:54 PM
    Hi - just posting my SOA and welcome comments... thank you. Hope I have done it right!

    Statement of Affairs & Personal Balance Sheet

    Summary

    Monthly Budget Summary Amount(£)
    Total monthly income 4,137
    Monthly expenses (incl. HP & secured loans) 4,177.09
    Available for debt repayments -40.09
    UNsecured debt repayments 175
    Amount short for making debt repayments -215.09
    Personal Balance Sheet Summary Amount(£)
    Total Assets (things you own) 335,000
    Total Secured & HP Debt -287,000
    Total Unsecured Debt -8,273
    Net Assets 39,727
    Household Information

    Number of adults in household 2
    Number of children in household 2
    Number of cars owned 2
    Income, Expense, Debt & Asset Details

    Income Amount(£)
    Monthly income after tax 1870
    Partners monthly income 2130
    Benefits 137
    Other income 0
    Total monthly income 4137
    Expenses Amount(£)
    Mortgage 1215
    Secured/HP loan payments 547
    Rent 0
    Management charge (leasehold property) 0
    Council tax 112
    Electricity 45
    Gas 45
    Oil 0
    Water Rates 49.24
    Telephone (land line) 0
    Mobile phone 38
    TV Licence 12.12
    Satellite/Cable TV 54
    Internet services 0
    Groceries etc. 200
    Clothing 0
    Petrol/diesel 100
    Road tax 24
    Car Insurance 75
    Car maintenance (including MOT) 15
    Car Parking 0
    Other travel 0
    Childcare/nursery 850
    Other child related expenses 0
    Medical (prescriptions, dentists, opticians etc.) 10
    Pet Insurance/Vet bills 22.73
    Buildings Insurance 13
    Contents Insurance 13
    Life Assurance 80
    Other Insurance 0
    Presents (birthday, christmas etc.) 140
    Haircuts 21
    Entertainment 200
    Holiday 166
    Emergency Fund 50
    children extracurricular 60
    gym membership 20
    Total monthly expenses 4177.09
    Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
    Mortgage 247000 (1215) 3.94
    Secured Debt 30000 (371) 15.8
    Hire Purchase (HP) Debt 10000 (176) 0
    Secured & HP Debt totals 287000 - -
    Unsecured Debt Description Debt(£) Monthly(£) APR(%)
    credit card sainsbury 7473 150 0
    credit card tesco 800 25 17.47
    Unsecured Debt totals 8273 175 -
    Asset Description Value (£)
    Cash 0
    House Value (Gross) 320000
    Shares and bonds 0
    Car(s) 15000
    Other assets (e.g. endowments, jewellery etc) 0
    Total Assets 335000
    Comments on the results

    You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £215.09.
Page 1
    • MrsLWW
    • By MrsLWW 18th Mar 17, 11:36 PM
    • 66 Posts
    • 217 Thanks
    MrsLWW
    • #2
    • 18th Mar 17, 11:36 PM
    • #2
    • 18th Mar 17, 11:36 PM
    Hi,
    Well done on stepping up to your money issues. Will post in red my comments

    Hi - just posting my SOA and welcome comments... thank you. Hope I have done it right!

    Statement of Affairs & Personal Balance Sheet

    Summary

    Monthly Budget Summary Amount(£)
    Total monthly income 4,137
    Monthly expenses (incl. HP & secured loans) 4,177.09
    Available for debt repayments -40.09
    UNsecured debt repayments 175
    Amount short for making debt repayments -215.09
    Personal Balance Sheet Summary Amount(£)
    Total Assets (things you own) 335,000
    Total Secured & HP Debt -287,000
    Total Unsecured Debt -8,273
    Net Assets 39,727
    Household Information

    Number of adults in household 2
    Number of children in household 2
    Number of cars owned 2
    Income, Expense, Debt & Asset Details

    Income Amount(£)
    Monthly income after tax 1870
    Partners monthly income 2130
    Benefits 137
    Other income 0
    Total monthly income 4137
    Expenses Amount(£)
    Mortgage 1215 Not meaning to sound too cheeky, but this seems very high compared to your income (might just be me, mind you). Are you in a fixed peroid and if so how long do you have and what percent are you paying on your mortgage?Just read below, what is the term left on your mortgage? Could you maybe extend the term by a couple of years to bring down he monthly payments until you get your debt under control?
    Secured/HP loan payments 547
    Rent 0
    Management charge (leasehold property) 0
    Council tax 112
    Electricity 45 Are you on the best deal for gas & electric?
    Gas 45
    Oil 0
    Water Rates 49.24
    Telephone (land line) 0
    Mobile phone 38
    TV Licence 12.12
    Satellite/Cable TV 54 Could you do without this - I know it's easier said than done with kids.
    Internet services 0
    Groceries etc. 200
    Clothing 0
    Petrol/diesel 100
    Road tax 24
    Car Insurance 75 Again, this seems really high?
    Car maintenance (including MOT) 15
    Car Parking 0
    Other travel 0
    Childcare/nursery 850 Do your work offer any assistance such as kiddie vouchers or are there any alternatives to where your currently send your kids?
    Other child related expenses 0
    Medical (prescriptions, dentists, opticians etc.) 10
    Pet Insurance/Vet bills 22.73
    Buildings Insurance 13
    Contents Insurance 13
    Life Assurance 80 Could you get this reduced?
    Other Insurance 0
    Presents (birthday, christmas etc.) 140 This absolutly needs to come down, my budget was almost as high, but maybe agree with family members to do kids only?
    Haircuts 21
    Entertainment 200 Seems excessive. Can this be brought down - pleny of free days out with the kids where you could take a pack lunch, museums, science centres etc, doesn't need to be high spend to be great fun.
    Holiday 166 Again, for this year at least could you forgo a holiday?
    Emergency Fund 50
    children extracurricular 60
    gym membership 20 Do you use this and could you try an alternative?
    Total monthly expenses 4177.09
    Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
    Mortgage 247000 (1215) 3.94
    Secured Debt 30000 (371) 15.8
    Hire Purchase (HP) Debt 10000 (176) 0 Is this for a car, and if so, can you hand the car back and go for a cheaper model?
    Secured & HP Debt totals 287000 - -
    Unsecured Debt Description Debt(£) Monthly(£) APR(%)
    credit card sainsbury 7473 150 0
    credit card tesco 800 25 17.47
    Unsecured Debt totals 8273 175 -
    Asset Description Value (£)
    Cash 0
    House Value (Gross) 320000
    Shares and bonds 0
    Car(s) 15000
    Other assets (e.g. endowments, jewellery etc) 0
    Total Assets 335000
    Comments on the results

    You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £215.09.
    Originally posted by Grazeley
    I think bringing down your outgoings is perfectly doable, but it will involve a good bit of sacrificing for the whole family - remember, short term deficit for long term game.

    Let me know your thoughts, but I think you really need to get a handle on things before they get out of control.

    HTH
    Debt peak approx £30,000
    Total debt Jan2017: £21,249 Feb2017: £20,953 March17:£19,223 April 17: £18,463.89
    My parents always said "If you can't afford it cash, you can't afford it!" so true!
    .... mind you, turns out we can't afford much lol
    • zippygeorgeandben
    • By zippygeorgeandben 18th Mar 17, 11:38 PM
    • 480 Posts
    • 534 Thanks
    zippygeorgeandben
    • #3
    • 18th Mar 17, 11:38 PM
    • #3
    • 18th Mar 17, 11:38 PM
    £200 on entertainment? You need to say what exactly that is as it seems extremely high.
    I'm also going to say the same about the £140 on presents. £140 per month?!
    End Sep 2016 End March 2017 £8236.57 £6900.91(Tesco 4.8%) £6185.75 £4755.62 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Total debt £19.766.82 £15,050.53 Bronze Pay £1344.50 by Sep '17 SMASHED! Silver Pay £1844.50 by Sep '17 EASY! Gold Pay £2344.50 by Sep '17 Platinum Pay £2844.50 by Sep '17. Original DFD May 2019.
    • Bedsit Bob
    • By Bedsit Bob 19th Mar 17, 12:49 AM
    • 9,516 Posts
    • 49,774 Thanks
    Bedsit Bob
    • #4
    • 19th Mar 17, 12:49 AM
    • #4
    • 19th Mar 17, 12:49 AM
    Statement of Affairs & Personal Balance Sheet

    Summary

    Monthly Budget Summary Amount(£)
    Total monthly income 4,137
    Monthly expenses (incl. HP & secured loans) 4,177.09
    Available for debt repayments -40.09
    UNsecured debt repayments 175
    Amount short for making debt repayments -215.09
    Personal Balance Sheet Summary Amount(£)
    Total Assets (things you own) 335,000
    Total Secured & HP Debt -287,000
    Total Unsecured Debt -8,273
    Net Assets 39,727
    Household Information

    Number of adults in household 2
    Number of children in household 2
    Number of cars owned 2
    Income, Expense, Debt & Asset Details

    Income Amount(£)
    Monthly income after tax 1870
    Partners monthly income 2130
    Benefits 137
    Other income 0
    Total monthly income 4137
    Expenses Amount(£)
    Mortgage 1215
    Secured/HP loan payments 547
    Rent 0
    Management charge (leasehold property) 0
    Council tax 112
    Electricity 45
    Gas 45
    Oil 0
    Water Rates 49.24
    Telephone (land line) 0
    Mobile phone 38 - How many phones is this for?
    TV Licence 12.12
    Satellite/Cable TV 54 - This is almost £650 pa. You can't afford this. Cancel ASAP and go Freeview/Freesat.
    Internet services 0
    Groceries etc. 200
    Clothing 0
    Petrol/diesel 100
    Road tax 24
    Car Insurance 75 - This is £900 pa, which is a lot, even for 2 cars. Check comparison sites, and investigate multi-car policies.
    Car maintenance (including MOT) 15 - This is only £180 pa, which is barely going to cover MOTs for 2 cars.
    Car Parking 0
    Other travel 0
    Childcare/nursery 850
    Other child related expenses 0
    Medical (prescriptions, dentists, opticians etc.) 10
    Pet Insurance/Vet bills 22.73
    Buildings Insurance 13
    Contents Insurance 13
    Life Assurance 80
    Other Insurance 0
    Presents (birthday, christmas etc.) 140 - This is £1,680 pa. Limit major presents to immediate family and give token gifts (say £10 max) to everyone else.
    Haircuts 21
    Entertainment 200 - This is £2,400 pa. You need to cut back on this.
    Holiday 166 - This is almost £2,000 pa. Cut back or, better yet, cut out completely until you have dealt with the debts.
    Emergency Fund 50
    children extracurricular 60 - What does this involve?
    gym membership 20
    Total monthly expenses 4177.09
    Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
    Mortgage 247000 (1215) 3.94
    Secured Debt 30000 (371) 15.8
    Hire Purchase (HP) Debt 10000 (176) 0
    Secured & HP Debt totals 287000 - -
    Unsecured Debt Description Debt(£) Monthly(£) APR(%)
    credit card sainsbury 7473 150 0
    credit card tesco 800 25 17.47
    Unsecured Debt totals 8273 175 -
    Asset Description Value (£)
    Cash 0
    House Value (Gross) 320000
    Shares and bonds 0
    Car(s) 15000
    Other assets (e.g. endowments, jewellery etc) 0
    Total Assets 335000
    Comments on the results

    You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £215.09.
    Originally posted by Grazeley
    You are currently overspending by £2,581 per year, and, judging by the small amount you have allocated to car maintenance, I suspect it is even higher.

    With this amount of overspending, you can't get away with just tinkering with it. You need to be ruthless.

    Fortunately, there is room to cut back, without living on Beans on Toast.

    I suggest the following:-

    Cancel Pay TV = £54pm
    Cancel holidays = £166pm
    Halve entertainment = £100pm
    Halve presents = £70pm
    Total = £390.

    That will cancel out the overspend, and leave you about £150pm (having allowed a more reasonable £40pm for car servicing & MOTs) with which to make inroads into your debts.

    ETA: I'd suggest initially putting that £150pm toward the Tesco credit card.

    At the current £25pm, It's going to take 43 months to pay it off, and cost £265 in interest.

    Putting the £150pm toward it, will see it gone in 5 months, for just £22 in interest.
    Last edited by Bedsit Bob; 19-03-2017 at 1:02 AM.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • Money saving maniac
    • By Money saving maniac 19th Mar 17, 12:59 AM
    • 351 Posts
    • 655 Thanks
    Money saving maniac
    • #5
    • 19th Mar 17, 12:59 AM
    • #5
    • 19th Mar 17, 12:59 AM
    Absolutely agree with what Bedsit Bob says.
    You are in danger of getting into a lot of financial trouble, and you could avoid that very easily by simply cutting out holidays, cable tv, cutting down on entertainment and christmas presents until you can afford them.
    I'd also recommend you dump the gym membership too.
    • FBaby
    • By FBaby 19th Mar 17, 7:48 AM
    • 15,208 Posts
    • 38,199 Thanks
    FBaby
    • #6
    • 19th Mar 17, 7:48 AM
    • #6
    • 19th Mar 17, 7:48 AM
    How old are your children? Any chance for a reduction in childcare costs any time soon?
    • tallyhoh
    • By tallyhoh 19th Mar 17, 8:23 AM
    • 2,047 Posts
    • 2,010 Thanks
    tallyhoh
    • #7
    • 19th Mar 17, 8:23 AM
    • #7
    • 19th Mar 17, 8:23 AM
    2 cars & only £100 a month petrol, are they necessary?
    Tallyhoh!

    Stopped Smoking October 2000. Saved £21,840 so far!
    • Happier Me
    • By Happier Me 19th Mar 17, 8:49 AM
    • 355 Posts
    • 758 Thanks
    Happier Me
    • #8
    • 19th Mar 17, 8:49 AM
    • #8
    • 19th Mar 17, 8:49 AM
    Lots of really good advice already. You need to be ruthless to reduce your spend, can't anything new but I would do what others have already said if I were in your position:
    • Get rid of your holiday completely for the foreseeable future, This is a want not a need
    • Halve your entertainment budget (at least).
    • Reduce present spend to a minimum. Aim for at least half but I would try for much more
    • Do you need to spend on gym membership, pay TV and kids activities? Try to reduce costs here
    • I think your mortgage term is around 25 years given the rate, balance and the amount you pay. Is wouldn't change this unless you really have to.
    • If you and your OH don't already receive child care vouchers from your employer, look jnto this asap. The scheme is changing but you can make a good saving from either scheme.
    • Do you need two cars? Or can you sell one privately and buy a cheaper run around to reduce your debts?
    • I personally think your food bill is too low for four but if you can stick to this every month then great!

    You at least have some slack in your budget but tackling this is going to significantly affect your current lifestyle, because any savings will effectively come from your 'fun' money. But you really can't afford these things at the moment! It's important that you are both on board to address your debts and you need to do this now. If you don't your debts will increase and the 'fix' won't be as simple as cutting back on holidays and entertainment.
    • Grazeley
    • By Grazeley 19th Mar 17, 8:50 AM
    • 12 Posts
    • 4 Thanks
    Grazeley
    • #9
    • 19th Mar 17, 8:50 AM
    • #9
    • 19th Mar 17, 8:50 AM
    Thank you for the replies, much appreciated.

    I spend over my means every month hence the credit cards and have got to get a handle on it.

    Everything you all say makes perfect sense.

    I am going to start going through and reducing my outgoings.
    TV £54 we are tied into until July - after that it's going, dont think I can cancel before but I will check. It does include braodband which we do need but can get a better deal on
    Phones is for 2 phones £18 his £20 mine
    Car insurance I am tied into until Sept but will check if option to cancel early as i dont know how that works, the other one renews this month so potential to save a bit there now, will compare insurance.
    Petrol - we could probably bring this down but thats only 1 tank of petrol each for a whole month currently so yes would probably actually be more which i top up my petrol budget with from my entertaining budget - it's hard to judge what the spend is as differs each mth on petrol
    Presents - this is what we spent previous years so yes its ridiculously high. I can revisit this as we have agreed to only buy for the children in the family and not for us at xmas etc, last year xmas was £1000 and I have added up birthdays throughout the year to this but this was the worst case scenario so yes will definitely revisit this.
    Holiday - already booked and paid half so savings for this can reduce until we are in a better position to have a holiday and save for in the future. This would be the last cut back for us we agreed we would rather cut everything else, all going out etc as long as we can have out family holiday.
    Gym membership is hubbys - yes can go, I havent been able to do my bootcamp as its £75 for 6 weeks so thats a no. Walking and my exercise DVD it is!
    children extracurricular is swimming lessons £30 a month and £5 per week for soft play/gymnastics etc. I guess some of this could come out of our entertaining budget.
    entertaining for us is pocket money - this I need to get a grip on. I can easily spend £5 on a magazine, coffee, cake, sarnie whilst out and about. Also covers weekend stuff so car parking, days out with kids, date nights for us which are rarity.

    Children are 3 years so just had funding for her and 7 weeks (argh so 3 more years of childcare for her!) Added to this already dire situation is the fact i am currently on mat leave. We have just about enough saved to tied me through mat leave but wont be pretty.

    To put it towards the tesco credit card and get rid in 5 mths would be amazing, what a difference!

    I really appreciate you going through it in such detail like that and replying thank you.
    • enjoyyourshoes
    • By enjoyyourshoes 19th Mar 17, 8:59 AM
    • 679 Posts
    • 851 Thanks
    enjoyyourshoes
    Get joint agreement on your priorities.

    Agree SMART objective to achieve this priority

    If the priority is become debt free, then advice above to minimise expenditure is good.

    Before you buy (or set up a SO/DD) consider if this is a NEED or WANT? If WANT do not commit for 48 hours, if you still NEED this after the time then its worth analysing where to get the best deal, if you don't need it then this could be a strategy to avoid undue spending.

    Pay off OD first and then CC with highest APR or the expiry of the 0% with the highest APR after the TERM of the deal.

    Throw everything at the debt (change your lifestyle) and get to a position of debt free, then consider savings g via regular savings thereby benefiting from compound interest rather than being a slave to it.
    Debt is a symptom, solve the problem.
    • Grazeley
    • By Grazeley 19th Mar 17, 9:08 AM
    • 12 Posts
    • 4 Thanks
    Grazeley
    Cross posts with HappierMe - thank you.

    yes you are correct on mortgage term, I already spoke to financial adviser earlier this year about option to remortgage as I feel £1200 per mth is a lot! We have 88% LTV and not enough income due to childcare which wipes £10k off our income apparantely so cannot remortgage early (have a £5k early repayment fee).Mortgage term is fixed until July 2018 so just over a year to go then hopefully we will be in a better position with higher house valuation, mortgage being chipped away at. Plan would be to absorb the £30k secured loan into the remortage if possible and give us back that £371 per mth we spend on that.

    We have thought of selling hubbys car which is owned outright (mine is on HP), we would get around £6k for. He has just started a new job and has potential for a company car but not for another 6 mths and in the meantime he needs a car as travels for work. Guess he could use mine as I am on maternity leave so not commuting currently. It hurts to sell a good car that we own outright and has no problems?!

    Food budget is tight you're right and I end up dipping into entertaining budget to cover additional items. Again I need to get this tighter. I am going to keep a spending diary.

    I am wondering whether opening more bank accounts will help - will look into and hear something about piggybanking?
    • angelpye
    • By angelpye 19th Mar 17, 10:11 AM
    • 995 Posts
    • 3,546 Thanks
    angelpye
    Hi,

    Well done for facing it all

    Just a few things

    *Whilst you are on maternity leave could you only put the 3 year old in for free sessions and just pay a retainer for their places when you go back to work. Depending on how long you are off it could give you a huge saving to throw at the CC.
    *consolidation into your mortgage isn't something most would recommend. Martin Lewis says it will cost you much more as paying over a longer term and you are loosing some of your LTV, equity, security etc
    *Can you give your car back? Would be the best solution as you own OH car outright. If not sell I think your idea to sell OH car and he have yours is right. When I was on maternity leave we went down to one car.
    *Look into YNAB or some other budgeting tool. I use YNAB and really helps to keep focused and know exactly where everything is. Can have targets for holidays etc. and no need for separate accounts for holiday pot etc
    *£1000 on xmas is a lot especially when your child is so young. I am guessing this was mainly on other people. Perhaps suggest to the family that you all have a family meal somewhere instead of anyone buying gifts. Buy for your own children and try not to overindulge - how many presents do you remember from your own childhood? Easier said than done though, I know.
    *If holidays are the limit for you, its time to get serious with the small spends as you said - they add up so quickly. Again a budgeting app would help with keeping a track on these things - I can't believe how much I spend almost subconsciously if I don't record it somewhere.

    Good luck, its doable and you sound ready
    Last edited by angelpye; 19-03-2017 at 10:18 AM.
    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 4/6
    EF £0/£4200
    • zippygeorgeandben
    • By zippygeorgeandben 19th Mar 17, 10:41 AM
    • 480 Posts
    • 534 Thanks
    zippygeorgeandben
    It seems to me that you know what you need to cut back on so I wish you all the best.
    Have a think of those needs and wants. I'm presuming your OH is on board with this too. Personally, I would be loathe to cut any extra curricular activities for your children. As a teacher, I think it's important that children get access to plenty of activities. Not just for the physical aspect but also the values of perseverance, developing attributes, working as a team etc. also, why should they have to suffer for the financial mistakes you have made?
    It's the pesky £5 you spend here and there really which you don't realise adds up.
    Some people recommend YNAB however I follow a 50/20/30 diet. If you google '50/20/30 career girl' you'll find a page telling you about it. It's simplistic and I can follow it easily. This is how I cut costs on M&S, Costa, Uber etc.
    But anyway, you don't seem like a 'one time poster' who posts and doesn't come back so good luck with it all!
    End Sep 2016 End March 2017 £8236.57 £6900.91(Tesco 4.8%) £6185.75 £4755.62 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Total debt £19.766.82 £15,050.53 Bronze Pay £1344.50 by Sep '17 SMASHED! Silver Pay £1844.50 by Sep '17 EASY! Gold Pay £2344.50 by Sep '17 Platinum Pay £2844.50 by Sep '17. Original DFD May 2019.
    • Bedsit Bob
    • By Bedsit Bob 19th Mar 17, 12:21 PM
    • 9,516 Posts
    • 49,774 Thanks
    Bedsit Bob
    Phones is for 2 phones £18 his £20 mine
    Originally posted by Grazeley
    You could cut this back, by going PAYG/sim only, for ~ £10 per phone.

    we agreed we would rather cut everything else, all going out etc as long as we can have out family holiday.
    Could you go somewhere cheaper? Currently you are spending almost £500 per person.

    children extracurricular is swimming lessons £30 a month
    What does it cost, to take them to the local swimming baths?

    To put it towards the Tesco credit card and get rid in 5 mths would be amazing, what a difference!
    It is a priority, since it's attracting interest.

    Also, once you have that card cleared, you could put the £175 pm toward the other card, thereby increasing the payments to the Sainsbury card to £325 pm.

    BTW: When does the 0% interest end on the Sainsbury card, and what APR does it then revert to?
    Last edited by Bedsit Bob; 19-03-2017 at 12:23 PM.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • MrsLWW
    • By MrsLWW 19th Mar 17, 1:00 PM
    • 66 Posts
    • 217 Thanks
    MrsLWW
    Some great ideas here that will give you some hope.

    I just wanted to add a couple of suggestions that might help also:

    Shopping - Lidl, Aldi, Farmfoods, BM, Home bargains - these are my favourite shops. FF is great for bulk buying and you can sign up for a mothly e-mail where they send you vouchers for 10% off - we've got our entire spend down to £200 a month for food, toiletries, cleaning, dog and cat food - small things like realising that bleach is bleach 35p or £2 it's the same chemical formula, same for things like over the counter medicines paracetamol is paracetamol £2.50 for paracetamol just because it has caffeine in it is insane (swallow it down with a cup of coffee if you must but buy the 19p stuff - PS I'm a paramedic, I can assure you paying for branded stuff is a big waste of money lol). Aldi has won major awards for their baby range too! In short, look for saving on the small things as well as the big things - look after the pennies and the pounds will look after themselves and all that.

    Use your local library - give the pictures or softplay a miss and loan out a DVD or some books, also many libraries have accounts for e-magazines etc. this coul help curb the need to spend when you are out.

    I noticed as well that you mentioned coffee - my husband is a coffee fiend - he could have had shares in Costa at one point. So I bought him a coffee maker. Currently he has one that cost £35 and has saves us a small fortune - he got barista training for his christmas and he gets a costa gift voucher from my DSis & BIL every birthday and christmas which he uses when out and about.

    Re piggybanking/jam jar accounting - I am a massive advocate. Many would disagree - but they are probably alot more disciplined than me and DH with their money. Currently, DH and I have the following:

    1 x each - current accounts (IN: wages (approx £1600 each: OUT: mobile phone bill and SO's to the following: )

    - 1 x joint - bills account (currently santander 123 (£750 each), gives us cash back and approx £300 left after bills - £250 of which is going towards early repayment of debt)
    - 1 x joint - fuel/shopping/birthdays/socialising (currently Clydesdale £300 each - however spending is a little messy so I proposed jam jarring this down further)
    - 1 x each spending accounts, RBS,DH uses £150, I use £100.

    I also have another account for a rental property, but that takes care of itself with a little profit each month, so I don't touch that, incase of emergency, repair, tax, vacancy etc.)

    I was planning on opening another 3 joint accounts so that the fuel/shopping/birthdays and christmas/socialising each have their own spend amounts. (Obviously not all at once don't want the credit rating damaged).

    So I would have:

    1 x joint - fuel account - £80 each
    1 x joint - shopping account - £115 each
    1 x joint - christmas/birthday - £75 each
    1 x joint - socialising - £40 each

    Once we have paid off out debts we might open up another for holidays and use our savings account for saving up for big purchases such as cars (determined once we are debt free, it will mean debt free for everything except the mortgage).

    You obviously don't need to have so many accounts and most importantly DON'T OPEN MORE THAN ONE AT A TIME as you will wreck your credit file and likely get refused some of them if you don't wait between opening each one..

    But I love that I know where my money goes, I KNOW everything is getting paid and their is enough money for things and I'm not siphoning from other budgets each month to match a shortfall

    Anyway, well done again.

    HTH
    Debt peak approx £30,000
    Total debt Jan2017: £21,249 Feb2017: £20,953 March17:£19,223 April 17: £18,463.89
    My parents always said "If you can't afford it cash, you can't afford it!" so true!
    .... mind you, turns out we can't afford much lol
    • Bedsit Bob
    • By Bedsit Bob 19th Mar 17, 1:13 PM
    • 9,516 Posts
    • 49,774 Thanks
    Bedsit Bob
    give the pictures or softplay a miss and loan out a DVD or some books
    Originally posted by MrsLWW
    Also, while you are at £land, check out their DVDs and Blurays.

    They may not be the latest releases, but they still have some good titles.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • MrsLWW
    • By MrsLWW 19th Mar 17, 1:27 PM
    • 66 Posts
    • 217 Thanks
    MrsLWW
    Good shout Bob, I love £shops, but just remember, it's not always cheapest!
    Debt peak approx £30,000
    Total debt Jan2017: £21,249 Feb2017: £20,953 March17:£19,223 April 17: £18,463.89
    My parents always said "If you can't afford it cash, you can't afford it!" so true!
    .... mind you, turns out we can't afford much lol
    • MrsLWW
    • By MrsLWW 19th Mar 17, 1:37 PM
    • 66 Posts
    • 217 Thanks
    MrsLWW
    I should also mention re the Jam jar accounts, that all of the cards are locked up in the safe, we only ever go out with our own "spend (read fritter)" account cards and if we are going for our monthly shop or weekly top up, then we physically get the card for that out, so that we aren't tempted to spend on the wrong category with the wrong card.

    HTH
    Debt peak approx £30,000
    Total debt Jan2017: £21,249 Feb2017: £20,953 March17:£19,223 April 17: £18,463.89
    My parents always said "If you can't afford it cash, you can't afford it!" so true!
    .... mind you, turns out we can't afford much lol
    • DCFC79
    • By DCFC79 19th Mar 17, 1:51 PM
    • 28,954 Posts
    • 18,288 Thanks
    DCFC79
    Good shout Bob, I love £shops, but just remember, it's not always cheapest!
    Originally posted by MrsLWW
    Its the same with Farmfoods and B&M, could be cheaper but need to keep a track of prices elsewhere, easy to do this with a smart phone and use mysupermarket.
    Je Suis Charlie
    • Grazeley
    • By Grazeley 21st Mar 17, 1:57 PM
    • 12 Posts
    • 4 Thanks
    Grazeley
    SO I've just revised my finances spreadsheet (see I had a spreadsheet which worked on paper but not in real life!) to this more detailed SOA.
    Before I never saved for things so things like presents, cat food, MOT, broken something round the house etc would have to come out of my entertainment/spending money - so I wouldn't have enough and it would end up going on my credit card. This is why I need to get down to the nitty gritty!

    It looks pretty good now so wonder if I am missing something major here as to why it now looks so much better with disposable income each month to pay off debts!

    Payee & Amount

    Car Finance - 0% APR 176.13
    Buildings & Contents Insurance 26.80
    Car Insurance (me) 42.31
    Car Insurance (hubby) 33.50
    Car maintenance (inc service & MOT) 40.00
    Childcare - child 1 0.00
    Childcare - child 2 0.00
    Children activities - swimming lessons 32.50
    Children activities spends 30.00
    Clothing 0.00
    Council tax 112.00
    Credit Card (£7500) 0% APR 149.84
    Credit Card (£800) 17% APR 25.00
    Dentist 10.00
    Emergency fund 50.00
    Entertainment 100.00
    Fuel (me only) 80.00
    Gas & Elec 90.00
    Groceries (Food, toiletries, cleaning) 200.00
    Gym membership 19.99
    Haircuts (4 x £64) 21.00
    Holiday savings
    Life Insurance 80.76
    Mobile phone - O2 18.42
    Mobile phone - Vodafone 20.40
    Mortgage 1215.78
    Pet Food & vet bills & worm/flea 35.00
    Pet Insurance 22.73
    Presents - birthdays 21.00
    Presents - Christmas 22.00
    Road Tax (annual hubby £250, me £30) 24.00
    Savings - us (home improvements, debt repayments)
    Savings - child 1 account 20.00
    Savings - child 2 account 20.00
    Secured Loan - 16% APR 371.44
    other loan small (until Jan 2019) 12.36
    TV Licence 12.12
    Virgin TV & Broadband 53.48
    Water (no payment Feb & March) 49.24
    Window Cleaner 20.00

    Total mthly expenditure 3257.80

    In Bank on payday 0.00
    Add my salary 1870.00
    Add hubby salary 2130.00
    Add child benefit 137.60

    Total mthly income 4137.60

    Balance 879.80

    *i've left off childcare as this is zero as currently on maternity leave and I am going to need to explore options to save £700 for child 2 per mth when i return to work* this is the main thing that makes it much more attractive listed as above.
    If I included the £850 childcare (worst case scenario) I'm still left with £29 surplus (better than being a negative!)

    And i've yet to reduce my expenditure yet this is based on current (i.e cancel TV, gym, reduce car insurance, life insurance, contents and buildings insurance) so this £29 surplus could be more....

    I appreciate I havent included a figure for savings at this stage as i understand debt repayment comes before savings.

    I'm feeling like I can do this! And did this whilst holding, rocking, feeding, comforting my 7 week old - she's asleep now zzzz
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