Stressed, Depressed & Seeing No end in sight

MYLITTLESISTERLOLA

brody77 wrote: »

Not sure if I've done this right....some fields are blank as we've only just gotten the flat & don't know all costs.
I've only included my salary & debt.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 987
Partners monthly income after tax....... 0will this apply
Benefits................................ 0this should apply to u
Other income............................ 0
Total monthly income.................... 987

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0???
Electricity............................. 0approx £50
Gas..................................... 0
Oil..................................... 0approx £70
Water rates............................. 0???
Telephone (land line)................... 0approx £20
Mobile phone............................ 40too high perhaps reduce tariff
TV Licence.............................. 0approx £11
Satellite/Cable TV...................... 15
Internet Services....................... 0
Groceries etc. ......................... 0can do for £150 if careful
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0 £20ish
Car Insurance........................... 0 £40ish
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13 can get for £50/yr
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 308

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
IF.............................3100......50........0
Egg............................2100......50........0
Amex...........................1900......50........0
Cahoot Loan....................3400......187.......0
Total unsecured debts..........10500.....337.......-

Monthly Budget Summary
Total monthly income.................... 987
Expenses (including secured debts)....... 308
Available for debt repayments........... 679
Monthly UNsecured debt repayments....... 337
Surplus(deficit if negative)............ 342

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total Secured debt...................... -0
Total Unsecured debt.................... -10,500
Net Assets.............................. -5,500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

2 adults & 1 baby in the flat once we move in
I pay the min monthly payment on Amex, but pay £60-£70 a month to IF and £60 a month to Egg

I've posted some approx expenditure as I live in a council 3 bed mid terrace with 2 adults & a 4 year old, we are in Northern Ireland so don't know about council tax or water rates but you should look into these
Hope this is some help might help you see if moving in is viable, don't foget partners income/benefits and childcare if this applies to you, also have you thought about the set up cost to furnish/decorate, it cost us £5k for the essentials when we moved in carpet, curtains, blinds, paint, white goods,bedroom furniture
Good luck MLSL

Uniscots97

Also meant to say you'll probably be able to get a freeview box on freecycle too!

brody77

My tv has freeview built in, but the tv/broadband/phone is an employee offer through my work - the whole lot for £15 a month saving of about £60!

Unfortunately I only got my mobile 2 months ago, but I'm fighting with orange to get a cheaper tariff as the included internet with the deal doesn't work.

Forgot to add my car insurance - that's £27 a month
I get my car tax every 6 months, it's £68 or so.

wish I'd known about freecycle before we bought new stuff for the flat!

Uniscots97

Brody make a list of things you'll still need either for the flat or baby and try and get them from freecycle. You'll get lots of childrens books on there too, so plenty for the little one when it comes to a bedtime story.

Look at signing up for the survey sites (collect the vouchers for christmas/birthdays), even maybe signing up for AQA (not sure if they're hiring at the moment but thats extra work that can be done from home. Also see if your gf is interested in mystery shopping (check the up your income board) as its a great way of making a little extra.

Uniscots97

Food shopping, not sure where abouts you are in Glasgow but try and stick to Aldi's and Lidl's if you can that'll save you a lot too. There's thread over on the OS board about the best Aldi/Lidl buys.

brody77

Dithering_Dad wrote: »

What's your Dad doing about the cahoot loan? It seems that you've sold a lot of your stuff to keep your head above water, but has he done the same?

I know blood is thicker than water, but if the loan was taken out on his behalf then he really should shoulder the responsibility for it. If his business is struggling then perhaps he can get an evening or weekend job (delivering free papers, pub work, etc) to help out?

Sorry, forgot to add - I took out the loan in 2004 when his business was going under. It's now long gone, but I pay the loan instead of paying digs to my folks. I don't feel right about bringing the subject up about what happens once I've moved out, as it was my choice to help him.

Dithering_Dad

brody77 wrote: »

Sorry, forgot to add - I took out the loan in 2004 when his business was going under. It's now long gone, but I pay the loan instead of paying digs to my folks. I don't feel right about bringing the subject up about what happens once I've moved out, as it was my choice to help him.

It was his choice to accept your help. I don't think it would be unfair to ask your parents to take that debt on once you've moved out and no longer have the free rent/loan repayment option.

That'd free up a little bit of cash each month for you to tackle the remaining debts.

brody77

It would at that, just don't know how to broach the subject with my folks

Uniscots97

brody77 wrote: »

It would at that, just don't know how to broach the subject with my folks

Be upfront with them but maybe go see them yourself and tell them you're trying to work out figures for what your outgoings will be once you take the flat on etc. Good luck

dancingfairy

I'm a bit confused here. Is this your current SOA or for when you move out? Have you moved out? Are all these things your half of the bills or the total amount or what? It's just you said that it was just your income and debts- what about the gf - is she able to contribute more to the household bills so you can debt bust or is she paying debts? does she earn more? I think it would be fair to split the household bills in half (or proportionally according to income) and then each pay their own debts etc.

You need to find out what the water and c/t will be. I would imagine the water will be about £40 a month?

I think you need to do a more accurate SOA even if you just estimate things - just to give you a rough idea for now. Council tax you can look up on a website somewhere what the band is.