Advice on SOA - Finances going forward

Rainbow_Butterfly

I posted this on dfw last night, but they have suggested it might be better on here, this is our actual living SOA, not the one for the OR with prescription/dental etc etc added on...

I went BR today, so have just been looking at our household finances now we no longer need to struggle to meet my debts anymore.
Any input would be great, as would any ideas on where we can cut back.
We have a loan with Lloyds that is in my hubbys name that I did not realise until now is at the same rate as his credit card!! :shocked: There is still another 3.5yrs to run on this, so ideally I suppose we would wanna try to move it to somewhere more competitive?? How soon will our finances (totally seperate) show as linked on credit searches on his name now I am BR?? Eek.
Other than that problem, we need to pay off credit card asap, then save for a car/me to have driving lessons as we live in the middle of nowhere.
Our food shopping bill is horrendous, and needs a lot of work on it to bring it down, im sure 300-350 a month is FAR too much to be spending on 2 adults and a baby :eek:


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1122.53
Benefits................................ 252
Other income............................ 0
Total monthly income.................... 1374.53

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 114
Management charge (leasehold property).. 0
Council tax............................. 87.73
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 15
TV Licence.............................. 11.75
Satellite/Cable TV...................... 16
Internet Services....................... 12
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 25
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 19.61
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
repay loan to friend.................... 25
Meals at work........................... 31.25
Tea club at work........................ 7
Lottery................................. 10
Weight watchers......................... 9.95
Total monthly expenses.................. 829.29

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly.. .APR
tesco credit card..............2350......70........16.9
loan...........................4500......120.9.... .16.9
Total unsecured debts..........6850......190.9.....-

Monthly Budget Summary
Total monthly income.................... 1,374.53
Expenses (including secured debts)....... 829.29
Available for debt repayments........... 545.24
Monthly UNsecured debt repayments....... 190.9
Surplus(deficit if negative)............ 354.34

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -6,850
Net Assets.............................. -6,850

_____________________

I shall copy and paste as best I can.
Quote:
Electricity............................. 45 Have you switched lately to make sure this is the best deal?
Gas..................................... 45 As above ^
Have just switched from scottish power to Npower duel fuel, we havnt had our first bill from them yet so this is a guestimate based on sc power bills.
Quote:
Satellite/Cable TV...................... 16 *
Internet Services....................... 12 * Combine these? Both Sky & Virgin do packages for less
Have searched and searched for alternatives, but the deals that people do only seem to be in cities and we basically live in a field. I always get the old - unfortunately we have not rolled out this deal to your area.. in the meantime we can offer you great full priced internet etc etc. Pah.
Ive checked talktalk, sky, tiscali, and a couple of others, all no go.
Quote:
Groceries etc. ......................... 300 Definitely can be cut down!
Agreed. We are only able to do tesco online shopping though so are a bit limited, will really try to work on this.
Quote:
Meals at work........................... 31.25 Is this necessary? Take a packed lunch?
Tea club at work........................ 7
These are my husbands. He is in the military, works shifts and goes to the 'feeder' at work. He normally has 2 main courses and 2 puddings, so it works out cheaper for him to buy that at £1.25 a day than for us to make him that quantity of food.
Quote:
Lottery................................. 10 Scrap it!
but then how will I ever win it? :rotfl:
Quote:
Presents (birthday, christmas etc)...... 0 You should be budgeting for these
I guess we probably should, we have had no money for so long I had forgotten about them, neither of us have had bday or xmas presents for years
Quote:
loan...........................4500......120.9.... .16.9 Can you overpay this without penalty?
It looks from the paperwork as if we can, I *think*.

This is good stuff guys, keep it coming!! :T

dalip

Morn any chance you can just post a i &e as it is going to be for the OR,as the above post is a little confusng. I will try though.D

Rainbow_Butterfly

The bottom bit with the purple is my reply to gemzie on dfw, I thought it might be usefull to show.

I still need to do my OR I&E where I will add on things like dental/ holidays/ prescriptions etc etc but in reality we dont really spend money on these so I was looking for advice on what we do spend rather than what the OR thinks I do. (Does that make sense? Im v tired still, lol)
Morning too!! x

dalip

Morn again
I know you do not in reality spend money on dentist,opticians but you have to cover yourself for every eventuality. Did you know a tooth extraction on the NHS is £40 whilst private it is £90:eek: . Who is say when you may need a dentist.

The things you have to put down what you actually spend on are gas,elect,rent,,food ect.

Do you work?. If only your DH income coming into the house then you won't get an IPA If you are looking to cut corners then you may well have posted that thread in the correct board in the first place:D D

Rainbow_Butterfly

Yep just looking to save some pennies from what we pay out now. I have no income, im at home looking after the baby full time.
Silly dfw peeps sending me over here then, lol.
Thanks for your help anyway! xx

tigerfeet2006

Rainbow I would have commented exactly as Gemzie has. Also as Dalip says you need to start a little emergancy fund.. Go and talk to the folks on the O;ld Style board about your food bill as they are brilliant.

Overpay yoir loan if you can and then when that goes put the money to the credit card to get rid of the CC. Just pay above minimum payment on the CC until the loan has gone.

Also join Freecycle. Like Ebay but you express an interest in an iten and if chosen then you pick the item up for free . www.freecycle.org for your local groups.

Also check out the Up your income board, Freebies and Competitions board.

Posthinking

Just a tiny niggling thought here and I hope I'm wrong. Doesn't the OR ask for all income into the household?

dalip

Yes postie but only rainbow went bc and she is not earning so an IPA wil not be sought on the husbands income.D