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  • FIRST POST
    • Nikki182
    • By Nikki182 17th Apr 17, 3:27 PM
    • 11Posts
    • 5Thanks
    Nikki182
    Could I be doing more?
    • #1
    • 17th Apr 17, 3:27 PM
    Could I be doing more? 17th Apr 17 at 3:27 PM
    Hi all
    I've never posted before but I've always been a follower and im hoping I can get some advice. I had my LBM approx 6 months ago and made all the big changes you would expect ie zero percent credit cards downscaling from two cars to one etc. I'm not sure if it's because all these large changes (or at least the ones I can think of!) Have been made but I am wondering if I could be doing anymore.
    I've done my SOA -


    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................ 920
    Partners monthly income after tax....... 1375
    Benefits................................ 680
    Other income............................ 0
    Total monthly income.................... 2975


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 158
    Rent.................................... 350
    Management charge (leasehold property).. 0
    Council tax............................. 95
    Electricity............................. 25
    Gas..................................... 26
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 17.99
    Mobile phone............................ 26
    TV Licence.............................. 0
    Satellite/Cable TV...................... 15
    Internet Services....................... 5
    Groceries etc. ......................... 200
    Clothing................................ 0
    Petrol/diesel........................... 100
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 1000
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 6
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 50
    Total monthly expenses.................. 2073.99



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 8300.....(158)......10.7
    Total secured & HP debts...... 8300......-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card....................10800.....250.......0
    Credit card....................600.......25........0
    Total unsecured debts..........11400.....275.......-



    Monthly Budget Summary

    Total monthly income.................... 2,975
    Expenses (including HP & secured debts). 2,073.99
    Available for debt repayments........... 901.01
    Monthly UNsecured debt repayments....... 275
    Amount left after debt repayments....... 626.01


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -8,300
    Total Unsecured debt.................... -11,400
    Net Assets.............................. -19,700


    looking for any advice
    Thanks all
    Nikki
Page 2
    • ReadingTim
    • By ReadingTim 18th Apr 17, 11:32 AM
    • 2,001 Posts
    • 2,919 Thanks
    ReadingTim
    You earn £920 per month, but childcare costs £1,000. You'd be £80 per month better off if you stopped working and looked after the children full time.

    (unless this impacts benefits - does it?)
    • EssexHebridean
    • By EssexHebridean 18th Apr 17, 11:45 AM
    • 7,779 Posts
    • 40,285 Thanks
    EssexHebridean
    You earn £920 per month, but childcare costs £1,000. You'd be £80 per month better off if you stopped working and looked after the children full time.

    (unless this impacts benefits - does it?)
    Originally posted by ReadingTim
    It's not always this easy Tim - sometimes it's necessary to maintain the presence in the workplace if a career path depends on it - taking a break can lead to women needing to effectively "start again" when they return once the children are at school. Another point is that being a full-time Mum isn't for everyone - being someone other than "X & Y's Mum" for 8 hours a day can give a benefit that outweighs the childcare costs.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • enthusiasticsaver
    • By enthusiasticsaver 18th Apr 17, 11:58 AM
    • 4,265 Posts
    • 7,719 Thanks
    enthusiasticsaver
    You earn £920 per month, but childcare costs £1,000. You'd be £80 per month better off if you stopped working and looked after the children full time.

    (unless this impacts benefits - does it?)
    Originally posted by ReadingTim
    It will impact on benefits. Most of the benefits the OP receives will be for help with childcare costs probably by way of tax credits. I would expect around £550 of the benefits to be towards help in childcare so the OP only pays around £450 out of that £1000. The rest of the benefits are probably child benefit which she would get regardless of whether or not she works.

    As EH says there are other benefits to working, some of which are to maintain a career presence, to provide mental stimulation and social contact a job provides, eventually the childcare costs will decrease and cease as the child gets older.
    Countdown to early retirement on 21.12.17 3 months to go.
    • ReadingTim
    • By ReadingTim 18th Apr 17, 1:28 PM
    • 2,001 Posts
    • 2,919 Thanks
    ReadingTim
    It's not always this easy Tim - sometimes it's necessary to maintain the presence in the workplace if a career path depends on it - taking a break can lead to women needing to effectively "start again" when they return once the children are at school. Another point is that being a full-time Mum isn't for everyone - being someone other than "X & Y's Mum" for 8 hours a day can give a benefit that outweighs the childcare costs.
    Originally posted by EssexHebridean
    I'm not suggesting it is always easy, but given the OP asked "could I be doing more", then on paper it's a possibility. However, as someone else mentioned, if the benefits come in the form of tax credits, it might not work in practise. It is however, a lifestyle choice, not an economic necessity.
    • EssexHebridean
    • By EssexHebridean 18th Apr 17, 2:40 PM
    • 7,779 Posts
    • 40,285 Thanks
    EssexHebridean
    I'm not suggesting it is always easy, but given the OP asked "could I be doing more", then on paper it's a possibility. However, as someone else mentioned, if the benefits come in the form of tax credits, it might not work in practise. It is however, a lifestyle choice, not an economic necessity.
    Originally posted by ReadingTim
    Having children, full stop, is a lifestyle choice.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • yvonne alan joshua
    • By yvonne alan joshua 18th Apr 17, 7:55 PM
    • 12 Posts
    • 3 Thanks
    yvonne alan joshua
    Just a thought but can you get childcare vouchers through yours and you partners work this saves the NI
    • Nikki182
    • By Nikki182 20th Apr 17, 7:30 AM
    • 11 Posts
    • 5 Thanks
    Nikki182
    Definitely wouldn't be better off not working as we would not receive any benefits other than the child benefit. So my income would then be £135 a month. As it stands by paying out 1000 and receiving 550 in tax credits I earn a lot more!
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