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  • FIRST POST
    • vickthestick
    • By vickthestick 3rd Jan 18, 11:56 PM
    • 197Posts
    • 1,509Thanks
    vickthestick
    Something has to give
    • #1
    • 3rd Jan 18, 11:56 PM
    Something has to give 3rd Jan 18 at 11:56 PM
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 2,031.84
    Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
    State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000.00
    Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 267.80
    Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Monthly Expense Details

    In Your Home

    Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.00
    TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12
    Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.00
    Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.00
    Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270.00
    Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
    Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.17
    Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 701.68
    Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.57
    Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 600.00
    Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Insurance to Brendan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Motoring & Public Transport

    Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216.67
    Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.83
    Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33
    Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.83

    Debt Repayments

    Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.40
    Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Savings & Investments

    Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Family

    Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.00
    School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180.00
    Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Entertainment

    Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49
    Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    RSPB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Historic Scotland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.87
    Guides and Brownies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50
    Lone Guides . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
    MCofS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cheerleading. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Stirling Spiders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Swimming lessons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dance classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310.00
    Panto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    NyCOS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.67
    Peak Memberships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Voice lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Singing group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Guide trips and internationals. . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Clothes, Health & Beauty

    Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
    Shoes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00

    Education & Courses

    University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Big One-Offs

    Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Odds & Sods

    Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
    Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    EIS union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.63
    SNP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00


    Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,304.64


    Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,551.76




    SOA amended from previous one and can't take off items we no longer have, hence odd categories with nothing on them

    2 adults, plus 1 older daughter who is between work contracts over winter and earning nothing, here till March, plus 4 children all at school and 2 elderly dogs
    1 small car for me to go to work and drop 2 of the kids at school, 1 old van for OH to take other kids to different school in opposite direction at different time
    I work full time, OH retired early on ill-health and is the at-home-dad

    What to do, what to do...
    The biggest expense is children's activities, all of which are fairly well locked in for the rest of the year at least, although the dancing may well drop to £40 a term rather than £310 a month after the summer.

    Thoughts please
    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
Page 1
    • Sharon87
    • By Sharon87 4th Jan 18, 12:11 AM
    • 3,518 Posts
    • 2,980 Thanks
    Sharon87
    • #2
    • 4th Jan 18, 12:11 AM
    • #2
    • 4th Jan 18, 12:11 AM
    Wow that's a lot of money on the kids. Is there any way to cut back on the clothes, shoes and activities for them? £45 a month on shoes sounds a lot! How often do they go through them? Can you buy unbranded shoes?

    Also council tax is a LOT, are there arrears in there or will you get 2 months off at the end of the tax year? (which can be used toward something else)

    £600 on food is also a lot, I understand you have a big family, but try and cut down here, drop a brand (from heinz to own brand for example).

    £50 each on Christmases and Birthdays - cut this back, you can't afford a big Christmas next year looking at your outgoings. I had a few Christmases as a kid where my parents didn't spend much, but still had a good time. Maybe limit the amount or buy a large gift to share and then some stocking fillers. Limit the amount spent on birthdays too. Kids will understand, they can't have everything all the time, (it's either having dance lessons or less presents!)

    Also school trips - £175?! is this every month and for how long? Do they need to go on the school trips? And £180 on school lunches - can't they take packed lunches, it will be a lot cheaper.

    Seems you're spending most of your money on your kids, I know you want the best for them, but money isn't always the way. I grew up in a household where we didn't have much money, I understood why I couldn't go on the school trip to France or have all branded clothes. It helped me as a teenager going to uni as I knew how to be frugal. I wouldn't cut everything out for the kids, but you can definitely cut back on what you're spending now

    Also in regards to your overdraft cost - you can get this down, how's your credit score? Will you be able to get a 0% money transfer deal to clear this? MBNA, Virgin and Barclaycard are the best for money transfer deals. Even if you can only transfer it for 18 months, that's almost £1800 saved (minus the balance transfer fee)
    • Mumoffourkids
    • By Mumoffourkids 4th Jan 18, 6:21 AM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    • #3
    • 4th Jan 18, 6:21 AM
    • #3
    • 4th Jan 18, 6:21 AM
    I have six kids, four of which are at school. I went through some money issues last year and I sat the kids down and told them they couldnít do all their activities so they had to choose. They used to swimming lessons but that stopped in favour of gymnastics and the four eldest play rugby now which costs me £7.50 per month. Three of them also used up dance but that was getting expensive with competitions and outfits and lessons.

    In addition I have a food budget of £100 per week which includes two in nappies. The four at school all have packed lunches which is also included in my food budget weekly so you can definitely reduce that spend.

    I think your kids are going to have to understand that they canít do every activity as you just donít have the money.
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Teacher2
    • By Teacher2 4th Jan 18, 8:46 AM
    • 506 Posts
    • 2,560 Thanks
    Teacher2
    • #4
    • 4th Jan 18, 8:46 AM
    • #4
    • 4th Jan 18, 8:46 AM
    School trips, school meals and dance classes are coming to over £600 a month. These are a luxury if you cannot manage on what you have (which is quite a decent income and a great deal more than three adults are living on in our house wuth far higher taxes and utility bills).

    I suggest you sit down with the children and explain that, while you will be able to live adequately on what you have by spending only on what you need, you cannot afford the extras that you merely want. The lesson of the difference between 'want' and 'need' cannot be learnt too early and, if not learnt, can lead to debt and financial misery as attested by the awful stories posted on 'Debt Free Wannabe'. Of course the children will protest at first and it will be painful but most kids really want love, not things, and if they realise they could lose their home they will see sense eventually.

    As for the school meals, of course children have to eat, but they could take packed lunches made for a fraction of the cost of bought dinners.

    Hang on a minute. I have just read your SOA and cannot make your outgoings five grand a month. In fact I just did a quick recount with a calculator and found the outgoings to be around £3400. If that's right then you can knock off the £600 for school trips, meals and dance classes and the budget will more or less balance. Have I got something wrong there?
    • vickthestick
    • By vickthestick 4th Jan 18, 9:05 AM
    • 197 Posts
    • 1,509 Thanks
    vickthestick
    • #5
    • 4th Jan 18, 9:05 AM
    • #5
    • 4th Jan 18, 9:05 AM
    The Council tax is what it is. There are no arrears and I pay over 12 months. It's a big old falling down house because we can't do the repairs needed and we have the big house in a fairly run down area but in Housing Band G. Nothing I can do about it apart from move which will put up the commute. Two school trips abroad - one to Venice and one to the Battlefields in May. Will be paid up in April, then there aren't any more. One gets free school meals because he is in Primary 2. Shoes I was averaging out. 4 (currently 5) kids at home (one living semi- independently down the road makes 6 in total) need school shoes, gym shoes, trainers and dance shoes. And they keep growing!
    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • vickthestick
    • By vickthestick 4th Jan 18, 9:10 AM
    • 197 Posts
    • 1,509 Thanks
    vickthestick
    • #6
    • 4th Jan 18, 9:10 AM
    • #6
    • 4th Jan 18, 9:10 AM
    School trips, school meals and dance classes are coming to over £600 a month. These are a luxury if you cannot manage on what you have (which is quite a decent income and a great deal more than three adults are living on in our house wuth far higher taxes and utility bills).

    I suggest you sit down with the children and explain that, while you will be able to live adequately on what you have by spending only on what you need, you cannot afford the extras that you merely want. The lesson of the difference between 'want' and 'need' cannot be learnt too early and, if not learnt, can lead to debt and financial misery as attested by the awful stories posted on 'Debt Free Wannabe'. Of course the children will protest at first and it will be painful but most kids really want love, not things, and if they realise they could lose their home they will see sense eventually.

    As for the school meals, of course children have to eat, but they could take packed lunches made for a fraction of the cost of bought dinners.

    Hang on a minute. I have just read your SOA and cannot make your outgoings five grand a month. In fact I just did a quick recount with a calculator and found the outgoings to be around £3400. If that's right then you can knock off the £600 for school trips, meals and dance classes and the budget will more or less balance. Have I got something wrong there?
    Originally posted by Teacher2
    I'm not sure what happened with the adding up there, you are quite right, but you will note that the signature at the bottom of my posts lists OH's credit cards, and they are currently not allocated any payments...
    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • purdyoaten2
    • By purdyoaten2 4th Jan 18, 9:11 AM
    • 790 Posts
    • 368 Thanks
    purdyoaten2
    • #7
    • 4th Jan 18, 9:11 AM
    • #7
    • 4th Jan 18, 9:11 AM
    The Council tax is what it is. There are no arrears and I pay over 12 months. It's a big old falling down house because we can't do the repairs needed and we have the big house in a fairly run down area but in Housing Band G. Nothing I can do about it apart from move which will put up the commute. Two school trips abroad - one to Venice and one to the Battlefields in May. Will be paid up in April, then there aren't any more. One gets free school meals because he is in Primary 2. Shoes I was averaging out. 4 (currently 5) kids at home (one living semi- independently down the road makes 6 in total) need school shoes, gym shoes, trainers and dance shoes. And they keep growing!
    Originally posted by vickthestick
    Big typo methinks! Your expenses add up to £3551.76 not £5551.76
    purdyoaten lost his password
    • Fireflyaway
    • By Fireflyaway 4th Jan 18, 9:21 AM
    • 1,462 Posts
    • 1,511 Thanks
    Fireflyaway
    • #8
    • 4th Jan 18, 9:21 AM
    • #8
    • 4th Jan 18, 9:21 AM
    The first thing that stuck out to me is food. £600 is a lot. I think you could halve that, even with your large family. Take out cash and you will spend less too. I switched to aldi and its great. Much cheaper and they do some cool stuff. What about water? I don't recall seeing that.
    I agree there is a lot of spending on activities. Find something cheaper / free to replace it. I'd also cut down on the savings a bit. Buy the odd present throughout the year and stash away in readiness. You will get better deals and probably spend less.
    Dental is high. Is that a plan or something? NHS check ups are free for kids so do you really need it?
    • enthusiasticsaver
    • By enthusiasticsaver 4th Jan 18, 9:30 AM
    • 5,231 Posts
    • 9,934 Thanks
    enthusiasticsaver
    • #9
    • 4th Jan 18, 9:30 AM
    • #9
    • 4th Jan 18, 9:30 AM
    As there is £2200 spare on that soa I seriously doubt the figures are correct or you would not have any debt. You have nothing in the credit card repayments column so how much are you repaying monthly and what interest rates are you paying? I would tackle the overdrafts first as £95 a month is
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    • purdyoaten2
    • By purdyoaten2 4th Jan 18, 9:40 AM
    • 790 Posts
    • 368 Thanks
    purdyoaten2
    As there is £2200 spare on that soa I seriously doubt the figures are correct or you would not have any debt. You have nothing in the credit card repayments column so how much are you repaying monthly and what interest rates are you paying? I would tackle the overdrafts first as £95 a month is
    Originally posted by enthusiasticsaver
    It's actually a deficit of £2200 although, as I said in my last post, it should actually be £200.
    purdyoaten lost his password
    • vickthestick
    • By vickthestick 4th Jan 18, 7:35 PM
    • 197 Posts
    • 1,509 Thanks
    vickthestick
    The first thing that stuck out to me is food. £600 is a lot. I think you could halve that, even with your large family. Take out cash and you will spend less too. I switched to aldi and its great. Much cheaper and they do some cool stuff. What about water? I don't recall seeing that.
    I agree there is a lot of spending on activities. Find something cheaper / free to replace it. I'd also cut down on the savings a bit. Buy the odd present throughout the year and stash away in readiness. You will get better deals and probably spend less.
    Dental is high. Is that a plan or something? NHS check ups are free for kids so do you really need it?
    Originally posted by Fireflyaway
    We are in Scotland. Water is part of the Council Tax here. I am not actually currently saving anything. But I could buy a present at a throughout the year. Dental is high because I need a lot of work done and have been putting it off because I can't afford to do it!
    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • vickthestick
    • By vickthestick 4th Jan 18, 7:37 PM
    • 197 Posts
    • 1,509 Thanks
    vickthestick
    As there is £2200 spare on that soa I seriously doubt the figures are correct or you would not have any debt. You have nothing in the credit card repayments column so how much are you repaying monthly and what interest rates are you paying? I would tackle the overdrafts first as £95 a month is
    Originally posted by enthusiasticsaver
    Contemplating moving bank account so that I pay fixed overdraft costs of £30 a month rather than the possible £95. Even just temporarily to get it down?
    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • vickthestick
    • By vickthestick 5th Jan 18, 9:30 AM
    • 197 Posts
    • 1,509 Thanks
    vickthestick
    Thank you all for your helpful suggestions.
    I have re-done the SOA and attach below.
    You were quite right; I don't know what happened but it's £247 a month over spend, but currently nothing allocated to paying down any of OH's CCs or the overdrafts.

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 2,031.84
    Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
    State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000.00
    Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 267.80
    Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Monthly Expense Details

    In Your Home

    Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.00
    TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12
    Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.00
    Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.00
    Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270.00
    Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
    Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.17
    Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 701.68
    Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.57
    Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 600.00
    Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Insurance to Brendan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Motoring & Public Transport

    Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216.67
    Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.83
    Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33
    Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.83

    Debt Repayments

    Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.40
    Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Savings & Investments

    Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Family

    Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.00
    School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180.00
    Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Entertainment

    Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49
    Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    RSPB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Historic Scotland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.87
    Guides and Brownies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50
    Lone Guides . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
    MCofS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cheerleading. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Stirling Spiders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Swimming lessons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dance classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310.00
    Panto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    NyCOS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.67
    Peak Memberships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Voice lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Singing group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Guide trips and internationals. . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Clothes, Health & Beauty

    Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
    Shoes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00

    Education & Courses

    University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Big One-Offs

    Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Odds & Sods

    Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
    Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    EIS union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.63
    SNP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00


    Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,304.64


    Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,551.76


    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • vickthestick
    • By vickthestick 5th Jan 18, 9:31 AM
    • 197 Posts
    • 1,509 Thanks
    vickthestick
    Thank you all for your helpful suggestions.
    I have re-done the SOA and attach below.
    You were quite right; I don't know what happened but it's £247 a month over spend, but currently nothing allocated to paying down any of OH's CCs or the overdrafts.

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 2,031.84
    Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
    State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000.00
    Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 267.80
    Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Monthly Expense Details

    In Your Home

    Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.00
    TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12
    Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.00
    Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.00
    Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270.00
    Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
    Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.17
    Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 701.68
    Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.57
    Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 600.00
    Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Insurance to Brendan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Motoring & Public Transport

    Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216.67
    Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.83
    Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33
    Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.83

    Debt Repayments

    Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.40
    Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Savings & Investments

    Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Family

    Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.00
    School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180.00
    Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Entertainment

    Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49
    Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    RSPB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Historic Scotland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.87
    Guides and Brownies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50
    Lone Guides . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
    MCofS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Cheerleading. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Stirling Spiders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Swimming lessons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dance classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310.00
    Panto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    NyCOS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.67
    Peak Memberships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Voice lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Singing group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Guide trips and internationals. . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Clothes, Health & Beauty

    Complementary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
    New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
    Shoes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00

    Education & Courses

    University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Big One-Offs

    Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Odds & Sods

    Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
    Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    EIS union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.63
    SNP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00


    Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,304.64


    Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,551.76


    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 9:38 AM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Ok you can cut back on your food bill. Currently you are spending £600 on food shopping plus £280 on school meals. I have six kids and have a budget of £100 a week, works out to be just over £410 per month. That includes packed lunches for four of the kids and me. I meal plan, buy yellow sticker everything if I can use it and freeze leftovers or have them myself for lunch the next day. I don't shopping Aldi or Lidl but do online shopping instead.
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • enjoyyourshoes
    • By enjoyyourshoes 5th Jan 18, 11:25 AM
    • 964 Posts
    • 1,182 Thanks
    enjoyyourshoes
    OD costs are high.

    Suggest you prioritise all debts , do cash flow , and work out how much you need to pay to eradicate. The OD class as debt too.

    Then consider financial priorities & live within your financial envelope, which will involve choice (possibly unpalatable ones). Above commentators have highlighted the potential cost savings you we're probably aware of, now its toto you and partner to make those decisions.
    Debt is a symptom, solve the problem.
    • ani*fan
    • By ani*fan 12th Jan 18, 5:31 AM
    • 1,537 Posts
    • 3,906 Thanks
    ani*fan
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Income from Employment (after tax) 2,031.84
    State Pension 1,000.00
    Benefits (Inc. Child Benefit/Tax Credits & Income Support) 267.80
    Income From Savings & Investments 5.00
    Total income 3,304.64

    Monthly Expense Details

    In Your Home

    Mobile phones 55.00
    TV licence 12.12
    Internet 24.00
    Home phone 0.00
    Electricity 0.00
    Gas 86.00

    Council tax 270.00
    Overdraft cost 95.00
    Bank account fee 5.00
    Home insurance 54.17
    Mortgage/Rent 701.68
    Plumbing/Boiler cover 0.00
    Mortgage life insurance 0.00
    Mortgage payment protection 0.00
    Life insurance 38.57
    Food and household shopping 600.00

    Motoring & Public Transport

    Petrol/Diesel 216.67
    Parking 0.00
    Car tax 20.83
    Car insurance 50.00
    Car maintenance 33.33
    Rail/Buses/Taxis 0.00
    Breakdown cover 10.83

    Debt Repayments

    Credit card repayments 0.00
    Hire purchase repayments 0.00
    Personal loan repayments 175.40
    Car loan repayments 0.00

    Family

    Pet food 30.00
    School trips 175.00
    School meals 180.00
    Pocket money 40.00

    Entertainment

    Satellite/Digital TV 7.49
    Historic Scotland 6.87
    Guides and Brownies 7.50
    Lone Guides 10.00
    Dance classes 310.00
    NyCOS 8.67
    Guide trips and internationals 50.00

    Clothes, Health & Beauty

    Optical bills 25.00
    Haircuts 0.00
    Dentistry 50.00
    New children's clothes 40.00
    New clothes 6.00
    Shoes 45.00

    Big One-Offs

    Birthdays 50.00
    Christmas 50.00

    Odds & Sods

    EIS union 11.63


    Total monthly income 3,304.64


    Total monthly expenses 3,551.76


    Originally posted by vickthestick
    HI there

    I think your layout is making it hard for us to see what's what. I've tried to tidy up. Back in a minute with hopefully some helpful things to say.
    Last edited by ani*fan; 12-01-2018 at 5:40 AM.
    If you know you have enough, you're rich.
    • ani*fan
    • By ani*fan 12th Jan 18, 6:04 AM
    • 1,537 Posts
    • 3,906 Thanks
    ani*fan
    The first thing is that you need to get solvent. Your soa shows a 247.12 deficit, and that doesn't include haircuts and do you not have electricity? I don't see any info in your signature about your OH's credit cards, but I see a further loan repayment of 312.21. If this is in addition to everything else, deficit stands at 559.33. That's quite a lot and explains why you're building up debt.

    We need to see a list of all your debts, how much interest you're paying, minimum monthly payments and so on. You seem to have 2 loans, some credit cards and at least one overdraft. We can help you think about how to manage those debts and pay the least interest possible.

    As for reducing your outgoings, I can only reiterate what others have said. Your food bill is huge, kids need to take packed lunches to school and the huge amount of activities needs to stop immediately. I think £50 for birthdays and another £50 for Christmas is fine with so many kids. By cutting dance classes (310) and school trips (175) you could almost make up the shortfall and be solvent. There's a great start.

    Good luck in working on your budget, your soa and your plan of action. You are almost there. Let us know how you get on and when you get all the info about the debts, post it up here and we will help.
    If you know you have enough, you're rich.
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