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SOA Here's A Challenge!!!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 400
Other income............................ 0
Total monthly income.................... 1400


Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 5
Petrol/diesel........................... 30
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1364


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500


No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3200......60........0
overdraft......................3000......0.........0
loan...........................7500......150.......0
Total unsecured debts..........13700.....210.......-


Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,364
Available for debt repayments........... 36
Monthly UNsecured debt repayments....... 210
Surplus(deficit if negative)............ -174


Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total Secured debt...................... -0
Total Unsecured debt.................... -13,700
Net Assets.............................. -11,200


Right guys n gals the challenge if you choose to accept it is here, i know your gonna say get rid of sky get rid of mobile but im in contracts with both or they'd both be gone, also two adults two toddlers in family. Help me if you can!!
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Comments

  • Horace
    Horace Posts: 14,426 Forumite
    I can see where you can save and that is the grocery bill. £320 a month is excessive even for 2 adults and 2 kids. When you go shopping take a list with you, look in all your cupboards to see if you have actually run out of the thing that you want.

    Look on the Oldstyle Moneysaving forum (on MSE) for tips on meal planning and how to get the shopping bill down.

    You maybe able to save on the medical bills too - buy a pre-pay prescription card (it is cheaper than buying individual items on the prescription), if you are paying the dentist join a plan such as Birmingham Hospital Saturday Fund or something similar (you pay a bit to it each month) when you submit receipts they will send you some of the cost back. As an example, I recently paid my dentist £50 for an examination plus scale/polish - I made a claim and got £36 back.

    Keep a spending diary - write everything in it - every bit of money spent on a newspaper, a packet of sweets etc. By doing this, you will see where your money is going.
  • biguglybaby
    biguglybaby Posts: 10 Forumite
    hello

    I'm only new myself so don't know how much help I'll be :confused:

    Quick thoughts:

    Are you claiming Council Tax Benefit?

    Does your Benefits income include Child Tax Credit and Child Benefit?

    Your shopping looks a little high to me (I also have 2 small people)- we've recently switched to Aldi because the price of groceries gone so sky high- worth a try? And DEFINITELY use Tesco or Lidl nappies instead of Pampers or Huggies- half the price and (in my view) a better nappy! Also, wipes will always be on BOGOF somewhere, and I think Asda's own are the best.

    Could you or partner (I presume one of you looks after children) do some work at home when children gone to bed? Could not only increase your income, but may also increase working element of child tax credit? Look on the Boost your income article on the main site if interested.

    Hope someone else (who knows what they are doing) replies too!

    PS Horace posted while I was typing. I am not suggesting Horace doesn;t know what he's doing!!!!!
    big ugly baby

    new to all this but LOVING it

    £10 a day July total £288/£310 (hooray!)
  • Hello,

    Yes, I agree with biguglybaby, you can definately drop your food bill. Try swapping some of your normal goods with tesco/asda/sainsbury own brand goods. Many of their products are good quality and WAY cheaper - like biscuits, yogurts, etc.
    You might also want to find a way to lower your mobile phone bill - you can get great deals for 30 a month or less.
    Also, try earning extra cash by flogging your unwanted stuff on ebay, many people here do well with that.
    Hope this helps!
    :)
    Debt at highest 01/01/2008- $79,385.32 :eek:
    Debt now 01/03/2009 - $63,194.72
    DFW Nerd Club Member #993
    Feb NSD challenge 9/10 days, Mar NSD 5/10 days
    Mar grocery challenge 221.02/250
  • Horace
    Horace Posts: 14,426 Forumite
    hello

    PS Horace posted while I was typing. I am not suggesting Horace doesn;t know what he's doing!!!!!

    :rotfl: I am sorry but I am not a he but a she.

    Lidl is also good for shopping, some food is rather tasty and better than normal supermarkets and in the case of the lasagne better than homemade because you could not make it for the amount of money they charge. It is a kilo size and can feed 4 people at least.

    Take part in the make £10 a day challenge and also the grocery challenge (this one on Oldstyle board).

    Every little helps.
  • smudga99_2
    smudga99_2 Posts: 48 Forumite
    thanks for the suggestions guys, yeah already shopping at aldi's, well about £60's worth, only got a little freezer so the mrs ends up spending an extra £20 during the week on fresh groceries. Also getting all the benefits as far as i know but they're due to go down as i had a pay rise last month so things will be even tighter than they are at the moment!! This work at home idea, anyone know of any reputable companies that don't want money up front for stuffing envelopes etc, as all the companies ive looked into want money up front and i dont trust em!!
  • Horace
    Horace Posts: 14,426 Forumite
    There is an Up your Income board on the forum that has lots of ideas. As well as the Make £10 a day challenge on this forum.
  • smudga99_2
    smudga99_2 Posts: 48 Forumite
    Hello,

    Yes, I agree with biguglybaby, you can definately drop your food bill. Try swapping some of your normal goods with tesco/asda/sainsbury own brand goods. Many of their products are good quality and WAY cheaper - like biscuits, yogurts, etc.
    You might also want to find a way to lower your mobile phone bill - you can get great deals for 30 a month or less.
    Also, try earning extra cash by flogging your unwanted stuff on ebay, many people here do well with that.
    Hope this helps!
    :)

    Yes the mobile, i think i might have been in the contract long enough to change tariffs. It's amazing the things you dont think about. Thanks
  • smudga99_2
    smudga99_2 Posts: 48 Forumite
    Horace wrote: »
    There is an Up your Income board on the forum that has lots of ideas. As well as the Make £10 a day challenge on this forum.

    Excellent i'll look into that thanks.;)
  • Barneysmom
    Barneysmom Posts: 10,136 Ambassador
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    I'd go for a water meter too, I went from £37 a month to £19, we got a water saver in the loo but you could use a 500ml plastic bottle full of water, drop it into the cistern.
    If you're careful you can do it.
    The mobile phone bill seems a bit steep.
    I’m a Forum Ambassador and I support the Forum Team on the Old style MoneySaving boards.
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  • biguglybaby
    biguglybaby Posts: 10 Forumite
    Horace wrote: »
    :rotfl: I am sorry but I am not a he but a she.

    Sorry! :o

    My name is Sam and I'm a girl so I should have thought of that possibility!

    And you definitely sound like you know what you're talking about ;)
    big ugly baby

    new to all this but LOVING it

    £10 a day July total £288/£310 (hooray!)
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