Time to break free!

savingholmes

savingholmes wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1914
Partners monthly income after tax....... 1617
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 3656

Monthly Expense Details
Mortgage................................ 753
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 70
Gas..................................... 40
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 28
Mobile phone............................ 25
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 360
Clothing................................ 25
Petrol/diesel........................... 400
Road tax................................ 40
Car Insurance........................... 60
Car maintenance (including MOT)......... 170
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 36 [strike]110[/strike]
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 16
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 70
Other insurance......................... 33
Presents (birthday, christmas etc)...... 0 [strike]30[/strike]Trying for cost neutral
Haircuts................................ 25
Entertainment........................... 40
Holiday................................. 0 [strike]50[/strike] Can stop from Sept
Emergency fund.......................... 0
Child sponsorship 2..................... 18
Child sponsorship 1..................... 18
Charitable giving me.................... 0 [strike]180[/strike] from Sept
Charitable giving 0H.................... 175
Cleaner 90
Total monthly expenses.................. 2724[strike]3068[/strike] Diff 344

Assets
Cash.................................... 1300
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 3300
Other assets............................ 0
Total Assets............................ 204600

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 151000...(753)......5.95
Total secured debts........... 151000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
C12............................7168......100.......0
E..............................300.......10........18
V..............................10500.....25........0
bh.............................960.......40........0
C1.............................1262......10........0
BC.............................500.......10........6.5
MS.............................250.......5.........18
Total unsecured debts..........20940.....200.......-

Monthly Budget Summary
Total monthly income.................... 3,656
Expenses (including secured debts).......2,724 [strike]3068[/strike]
Available for debt repayments........... 932[strike]588[/strike]
Monthly UNsecured debt repayments....... 200
Surplus(deficit if negative)............ 732[strike]388[/strike]

Personal Balance Sheet Summary
Total assets (things you own)........... 204,600
Total Secured debt...................... -151,000
Total Unsecured debt.................... -20,940
Net Assets.............................. 32,660

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

2 adults, 2 children. 2 cars old and 1 motorbike very old hence high maintenance costs

:T Well I've redone my SOA with the changes I am prepared to make. Thanks for the suggestions and support:A
* Will list car and motorbike for sale next week after holidays - but may then to reduce maintenance and petrol costs temporarily add to debt total
* Am on holiday next week so will have another go at selling books
* Still working on getting house ready for lodger....:eek:
* 932 to be used for debt repayment (on top of mortgage) initially - will leave £200 a month in until overdraft cleared.... At 732 debt free poss within * 28 months (excluding any 3% transfer fees) at 932 after 3 months will knock another 1 month off this....
* If working on a payment a day would be £24 initially per day but as most on 0% and salary dates for me and OH are close together not sure of the benefit of that approach to me currently so will stick with monthly payments for now (using snowball calculator to determine order and amounts).

fudgecat

Hi, well done for the measures you have been considering.
On the internet front - we have o2 mobiles (husbands is just 15.00 per month) and having their mobiles gives us unlimited broadband for 7.50 per month. Might be worth looking into for you? My husband`s deal was given when we threatened to cancel a more expensive monthly contract as we were really not making full use of the talk and text time.
If you stop or reduce your charitable tithe in the short term (up to three years) you could be debt free. You would then be free to contribute, or even to stooze and give your profit to the church. I do understand how hard it must be to give up a financial commitment that does so much good, but it will be a temporary measure. Every penny you currently pay in interest, which will disappear with the debts, could be turned over to the tithe in the future.
As for the cleaner, a little feminist imp in me suggests that a little less on line gaming and a little more help with the housework might assist this problem?

savingholmes

fudgecat wrote: »

Hi, well done for the measures you have been considering.
On the internet front - we have o2 mobiles (husbands is just 15.00 per month) and having their mobiles gives us unlimited broadband for 7.50 per month. Might be worth looking into for you? My husband`s deal was given when we threatened to cancel a more expensive monthly contract as we were really not making full use of the talk and text time.
If you stop or reduce your charitable tithe in the short term (up to three years) you could be debt free. You would then be free to contribute, or even to stooze and give your profit to the church. I do understand how hard it must be to give up a financial commitment that does so much good, but it will be a temporary measure. Every penny you currently pay in interest, which will disappear with the debts, could be turned over to the tithe in the future.
As for the cleaner, a little feminist imp in me suggests that a little less on line gaming and a little more help with the housework might assist this problem?

I will get OH to check into O2 and Orange broadband. I do have sims for O2 (through quidco) so we may be able to do something there. I do like that idea.:A

On the tithe OH not willing to compromise but okay with me doing so (yes that is how he would put it):o

On gaming - I agree however I think pigs will fly before I resolve that problem - would rather have OH even gaming than not have him at all - so not willing to go through the aggravation of trying to resolve what is for him as much of an addiction as shopping has perhaps been for me or chocolate;)

savingholmes

:j Well today got a free bed through freecycle (yahoo groups) and actually started moving furniture around ready for the lodger. Still not got confirmation from college that they are definitely coming - but I think that is due to holidays etc rather than because it's not going to happen.:rolleyes:

Finished another Christmas basket (no new spend) and started 2 others.

Am off after tomorrow for a few days holiday (camping!!!). :eek:

When I go back, I'm trying to work up to asking for a payrise - after all they can only say yes or no....

savingholmes

:mad: Lodger may not be happening now (no fault of ours) - the college may not need the space.... but I may not find out for definite until Monday the day they would arrive!!!!

We are switching our broadband and phone to Talk Talk reducing our costs to approx £16.95 per month from a joint cost of approx £47!!!! and OH really chuffed as gets an extra 30 gig!!!! bandwidth!!!!:money:

beanielou

Fingers crossed on lodger.

savingholmes

:mad: Lodger doesn't seem to be happening sadly.

But saved loads on childcare, moving to talk talk and charitable giving since posting.

I've also been doing well with the challenges and preparing for Christmas and birthdays. 9 out of 25 presents to buy between now and end Jan sorted. :j Most important - DD and DS sorted although still have DS' birthday to resolve.

I need my pin sentry device to arrive before I can do on-line banking and change any more payments tho....:cool: so not had much impact on credit cards yet. Also having just changed mortgage - we have an extra large payment this month to them as all our dates are messed up and the payment is amalgamated. So prioritising paying that and when we see what's left hopefully can also pay extra off CCs. I'm definitely starting to see all this as much more do-able!:whistle:

Still need to ask for a payrise, sell car (stopped working again - need to charge battery and sell it quick!), sort out paypal account and list some things on e-bay. Sigh!:eek: