Well... Today is the day....

Bens_Mom

After reading some of your views on here,
I have decided along with my other half that today is the day our finances are going to turn around... (Hopefully)

Soooo.... With that in mind I have used the SOA calculater and put the results below, Any help is much appreciated.

We currently live in Housing Association property and our rent and Council tax are paid for us as I have a disability and my partner looks after us - therefore they are paid directly so not included...
We have a mobile each and have 3 cats insured hence the pet insurance,
Our little boy also seems to get through clothes at a rate of nothing!!!
I also use vouchers for online shopping at tesco - we have it delivered as it is such a hassle when I go into the store (I just seem to feel unwell straight away and with all the great MSE users on the TESCO forum hehe)

So thats a bit about me, any help is so very much appreciated, and also if you think i have forgotten anything.....

SOA - (Gulp)

Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1149.8
Other income............................ 0
Total monthly income.................... 1149.8

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 32
Gas..................................... 32
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 70
TV Licence.............................. 11.61
Satellite/Cable TV...................... 20
Internet Services....................... 10
Groceries etc. ......................... 240
Clothing................................ 40
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 0
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 19
Buildings insurance..................... 0
Contents insurance...................... 17.3
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 608.91

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
HSBC Credit Card...............1800......85.99.....21.9
family.........................420.......0.........0
Catalogue......................580.......0.........0
Total unsecured debts..........2800......85.99.....-

Monthly Budget Summary
Total monthly income.................... 1,149.8
Expenses (including secured debts)....... 608.91
Available for debt repayments........... 540.89
Monthly UNsecured debt repayments....... 85.99
Surplus(deficit if negative)............ 454.9

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -2,800
Net Assets.............................. -2,800

We never seem to have anything left really at the end of the month...

RichOneday_2

Sorry if I'm missing something, but there doesn't seem to be a problem. Your finances look quite healthy.

mbaz

The only thing I would say is use your surplus to pay off your debts quicker...and perhaps look for work????

thepinkladez_2

i'm a bit confused? all looks ok?

savingholmes

Perhaps look at surveys and cash back sites (no spend offers) as a way of "earning" some money / vouchers for presents. Also look at freecycle. I only signed up a couple of weeks ago but have already got a bed through it... they regularly advertise kids clothes and toys as well as all the stuff adults like! I get given most of the clothes for my kids and we have a bit of a clothes swapping circle going perhaps you could try and build some networks there too so you spend less on clothes.

Also suggest you try a spending diary - there is a link on the forums somewhere but I don't have it - at least then you would know why you have no money at the end of the month. Also use the snowball calc at whatsthecost so that you can work out what order you should pay off in and how much in order to pay off debt as quick as poss and as low interest as poss.

Hope that helps

RAS

Hi

You both need to start a spending diary, a little book in which you list ever last pennny that you spend.

You might get some ideas from your CC and bank statewments, but the spending diary will identify what is happening more accurately.

With respect to clothes, you need to join www.freecycle.org - like e-bay but free of charge as long as you collect the clothes, elecrical goods, toys, what ever thet you have bid for successfully.

The other factor is that you mobile phone costs are huge and you are not listing any car insurance costs.

Bens_Mom

I would look for work - but with the disability I have they dont keep me for very long, my other half is my carer as I cant be left on my own anymore,

I didnt think our finances looked 'healthy' but thanks for looking, we do use freecycle regularly and have had some very nice bits, :money:

Thanks everyone, although from the sounds of it, we are doing ok. :T

tyllwyd

I can't help thinking that since you are posting here and looking for help, your SOA can't be totally realistic, because if you did find yourself with a surplus of £455 at the end of every month you'd have savings instead of debts. I agree with the others - track your spending, and do that over a few months so that you get a realistic picture of what is going out.