Fed up and skint!

Horace

Damien - go over onto the DFW board and post your SOA - you would be surprised on where you can cut down and save money. Like changing your shopping habits for instance, meal plans, keeping a spending diary - every little helps. I know that you claim not to have any debts but if folks over on DFW can help then really you should give it a go - you will be surprised. Over on DFW there are even ways to help you make free money from mystery shops etc.

Everyone is feeling the pinch - I am doing my best to get off JSA by setting up my own business and doing that with zero funds is hard but not impossible. Nothing is impossible.

With regard to insulating your house, ask your local council if they have any grants going - sometimes they do. Failing that, wear extra jumpers - I am not being facetious just stating a fact. We all have to tighten our belts.

I don't know how I manage but I still run a car - I don't use it every day but for me a car is essential if I want to pop into the city centre then I catch a train or bus as its cheaper than parking. You just have to cut your coat according to your cloth. Buy your petrol at supermarkets where it is cheaper.

judy2357

Do you have any idea how much child tax credit you will receive because I think the Inland Rev only deduct something like 39p in the pound or maybe less if you were to earn more or your wife was to work. So in effect you may still be better off but perhaps someone who knows a little more about tax credits will come on and give more exact details. I think people that earn around £60000 per annum still get the min CTC although Im not sure how much this is prob something like £10 per week.

reeceem08

Damian
You will get extra tax credits when your new baby arrives would you not also be entitled to the surestart 500 pound maternity grant it is worth looking into .

Damian_Evans

bonnie wrote: »

Post your soa and we'll tell you where your going wrong and what to change.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1254
Partners monthly income after tax....... 0
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 1430

Monthly Expense Details
Mortgage................................ 700
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 143
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 21
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 3
Petrol/diesel........................... 110
Road tax................................ 15.5
Car Insurance........................... 24
Car maintenance (including MOT)......... 14.5
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12.5
Haircuts................................ 3.5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1474

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 250800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 131000...(700)......5.75
Total secured debts........... 131000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,430
Expenses (including secured debts)....... 1,474
Available for debt repayments........... -44
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ -44

Personal Balance Sheet Summary
Total assets (things you own)........... 250,800
Total Secured debt...................... -131,000
Total Unsecured debt.................... -0
Net Assets.............................. 119,800

Created using the SOA calculator at https://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.

Gemmzie

Is it just you, your other half and a child? I reckon you could cut a bit off your food bill, have a look at the Old Style board for tips

Horace

Your shopping bill is high at £240 - you could cut this down by shopping in Lidl (don't poo poo it - it sells the same stuff as Tesco or even Waitrose). Keep a spending diary so you know what you are frittering away on newspapers, lunches etc.

As said before look at the Moneysaving Oldstyle board for tips on meal planning, groceries etc.

Register with some mystery shopping sites and your wife could perhaps do some during the day - you get paid £10 for doing them. Register with Quidco and Pigsback.com for points on shopping or in the case of Pigsback free points. Do paid surveys (all these details are on the Up your Income board and the DFW board).

Get yourself a cheaper car. Buy petrol at supermarkets where possible as they have a price war on the at the moment.

Do you have stuff you can sell? If so sell it on ebay or do a carboot.

Hope this helps.

Damian_Evans

Thanks for your help.

My wife does the shopping. She spends £50 per week, which equates to £200 per month. I stuck an extra £40 on as she pops to the local shops for extra bread, milk etc in between weekly shops. The figure includes all cleaning stuff, washing powder, bog rolls, baby wipes, pull ups (nappy type pants) etc. etc.

judy2357

To be honest your spending seems very sensible, its your mortgage repayment that stands out as high, is there any possibility of discussing with you Building Society if it could reduced in any way. Meanwhile as mentioned above, look at some of the other money saving threads in particular the couponing thread Ive saved £36 this week by using coupons.

Damian_Evans

Horace wrote: »

Your shopping bill is high at £240 - you could cut this down by shopping in Lidl (don't poo poo it - it sells the same stuff as Tesco or even Waitrose). Keep a spending diary so you know what you are frittering away on newspapers, lunches etc.

As said before look at the Moneysaving Oldstyle board for tips on meal planning, groceries etc.

Register with some mystery shopping sites and your wife could perhaps do some during the day - you get paid £10 for doing them. Register with Quidco and Pigsback.com for points on shopping or in the case of Pigsback free points. Do paid surveys (all these details are on the Up your Income board and the DFW board).

Get yourself a cheaper car. Buy petrol at supermarkets where possible as they have a price war on the at the moment.

Do you have stuff you can sell? If so sell it on ebay or do a carboot.

Hope this helps.

Thanks for that.

I already buy petrol from Tesco. Buying a cheaper car? More efficient do you mean? I have nothing to sell. I will look at the sites you mention. As for Lidl, used to shop there when I did the shopping. Now the wife takes her mum shopping, but in Tesco.

Damian_Evans

judy2357 wrote: »

To be honest your spending seems very sensible, its your mortgage repayment that stands out as high, is there any possibility of discussing with you Building Society if it could reduced in any way. Meanwhile as mentioned above, look at some of the other money saving threads in particular the couponing thread Ive saved £36 this week by using coupons.

Hi Judy.

The mortgage is the killer! Was on a fixed rate for two years, 4.59%. Then it expired just as all the rates shot up....funny that, I reckon there is some kind of conspiracy going on there! Anyway, repayment at 5.75% (best rate I could get with my lender Nationwide) pushed my monthly payments over the top. That is why I opted for a 50/50 repayment/interest only mortgage. I cannot shop around for a mortgage, as my wife and I got the original mortgage on a joint income, when banks were throwing money at you. Now we have started a family, she doesn't work, and I am left paying for a house on half the income.

Hey Ho, that's life I suppose.