Light Bulb Moment

catweasle64

I am a newbie here and some what embarresed but here goes, things are going wrong financialy we have a poor credit rating and it looks like my job may fold soon my partner is unaware of that at the moment,lets hope it doesnt happen, i guess im have a light bulb momment.Any ideas on where i might save and /or how.:eek:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1560
Partners monthly income after tax....... 1296.21
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2856.21

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 486
Management charge (leasehold property).. 0
Council tax............................. 211
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 40
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 29.99
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 90
Road tax................................ 15
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 220
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1793.6

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 11000
Total Assets............................ 12500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
motorbike his..................10000.....325.......26.6
car his........................578.......289.......19.9
c/c aqua his...................450.......10........34.9
dell...........................1194.39...132.7.....29.9
comet..........................61.88.....15.47.....29.9
provident......................620.......130.......177
debenhams store card ..........1511.99...57.8......29.9
c/c barclay card hers..........700.......15........27.9
c/c barclay card his...........300.......10........27.9
c/c vanquis his................1250......57........47.89
Total unsecured debts..........16666.26..1041.97...-

Monthly Budget Summary
Total monthly income.................... 2,856.21
Expenses (including secured debts)....... 1,793.6
Available for debt repayments........... 1,062.61
Monthly UNsecured debt repayments....... 1,041.97
Surplus(deficit if negative)............ 20.64

Personal Balance Sheet Summary
Total assets (things you own)........... 12,500
Total Secured debt...................... -0
Total Unsecured debt.................... -16,666.26
Net Assets.............................. -4,166.26

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.

Robbda

Hey i'm no expert but would suggest the following.. one of the pro's will be along soon

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 486
Management charge (leasehold property).. 0
Council tax............................. 211
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20 check out the deals on combined /phone/internet packages
Mobile phone............................ 40 is that for both? i go PAYG can't talk if i can't afford avoids scary shocking bills a month later *LOL*
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 29.99check out the deals on combined /phone/internet packages

Groceries etc. ......................... 350 Try cutting down on this a bit? go on the money saving old style for cleaning and receipe tips
Clothing................................ 20 may have to go
Petrol/diesel........................... 90
Road tax................................ 15
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 220
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 50 maybe cut this for a while, you need a life so maybe down to £20 an go to the pictures of 2-4-1 meal once a month?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1793.6

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500 2 cars? maybe get down to 1?
Other assets............................ 11000
Total Assets............................ 12500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly.. .APR
motorbike his..................10000.....325.......26.6
car his........................578.......289.......19. 9
c/c aqua his...................450.......10........34.9
dell...........................1194.39...132.7.... .29.9
comet..........................61.88.....15.47.... .29.9
provident......................620.......130...... .177
debenhams store card ..........1511.99...57.8......29.9
c/c barclay card hers..........700.......15........27.9
c/c barclay card his...........300.......10........27.9
c/c vanquis his................1250......57........47.89
Total unsecured debts..........16666.26..1041.97...-


Monthly Budget Summary
Total monthly income.................... 2,856.21
Expenses (including secured debts)....... 1,793.6
Available for debt repayments........... 1,062.61
Monthly UNsecured debt repayments....... 1,041.97
Surplus(deficit if negative)............ 20.64

Personal Balance Sheet Summary
Total assets (things you own)........... 12,500
Total Secured debt...................... -0
Total Unsecured debt.................... -16,666.26
Net Assets.............................. -4,166.26

embarrassed_about_my_debt

Hi welcome to the forum,

First thing that needs to be asked is how many are there in your household? £350 a month on grocieries if it is just the 2 of you is high. Head over to the old style board for meal planning and tips on how to cut it down.

Also that vanquis card needs to go ASAP the apr is :eek: Do you have any room on any other cards to balance transfer to?

Also although not best in terms of apr but would be worht while trying to pay off the comet debt to clear it and free up a little extra. Also looks like the car only has another two months then you'l have an extra £289 per month to throw at other debts.

Internet and landline come to £50 that seems high, you could try looking for better deals on these.

Im sure someone else with more knowledge will be along shortly but hope that helps to start with!

Robbda

Id also:

Get a change jar that you fill and bank in the savings pot - you can use that for clothes and treats

join one of the mytery shopper things i've made £20 in a few weeks

try and walk rather than use the car, i've sat and really thought about my petrol usage and i realised rather than filling her up every week i actually only use £10 a week so £20 i was wasting i stop popping to the shops and go and get everything in 1 hit or walk i also drive round with the gauge on how many miles worth of petrol i have left which helps :-)

seriously recommend the cooking thread on Money saving old style i realised i had cupboard full of tins of this and that but was still buying stuff every week that wey ate and never used the tinned tomatoes - lazy or what!