What next?

moo2moo

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 720 Only just started this after 9 years as a stay at home mum
Partners monthly income after tax....... 2100
Benefits................................ 0
Other income............................ 163
Total monthly income.................... 2983

Monthly Expense Details
Mortgage................................ 205
Secured loan repayments................. 167
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 85 Constant supply problems, changing companies make managing these almost impossible
Gas..................................... 80 LPG tank so can't change supplier
Oil..................................... 0
Water rates............................. 14 V.low as we pay for clean water supply only, no sewage
Telephone (land line)................... 12 Line rental only, problematic supply have changed back to BT
Mobile phone............................ 3 Emergency use only (and when BT line not working)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15 Includes free phone calls
Groceries etc. ......................... 300 High as DD1 lactose intollerant with other food allergies
Clothing................................ 15
Petrol/diesel........................... 350 Ridiculous but nearest school is 10 mile round trip twice a day and OH has 120 mile round trip commute
Road tax................................ 27 2 cars
Car Insurance........................... 40
Car maintenance (including MOT)......... 120 Elderly v. high mileage car which will be replaced
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100 £25 per week term time, rising to £120 week during school hols.
Other child related expenses............ 5 Snack money for school to cover fresh fruit and veg
Medical (prescriptions, dentist etc).... 20 Dentist
Pet insurance/vet bills................. 30 Elderly dog and cat
Buildings and content insurance......... 25
Life assurance ......................... 60 Required by mortgage company
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 I mutilate them myself and I'm butchered by the trainees for free
Entertainment........................... 130 £50 swimming lessons and £80 Horse riding lessons for the DDs (I do halve this when money is tight)
Holiday................................. 0 The next one has been paid for in Tesco Clubcard Deals
Emergency fund.......................... 0
Long term childrens saving plans........ 111 The equivalent of the child benefit money
Chicken Feed............................ 25 Eggs and meat, surplus exchanged for fresh veg and jams.
Endowment Policy - to pay off mortgage.. 110
Roll-up Fags (OH only).................. 60 He won't quit but has cut it down from £300 per month
Coal (winter only)...................... 120
Total monthly expenses.................. 2364

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(205)......0
Secured Debt.................. 34786....(167)......6.7
Total secured debts........... 34786.....-.........-

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

Monthly Budget Summary
Total monthly income.................... 2,983
Expenses (including secured debts)....... 2,364
Available for debt repayments........... 619
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 619

Personal Balance Sheet Summary
Total assets (things you own)........... 1,200
Total Secured debt...................... -34,786
Total Unsecured debt.................... -0
Net Assets.............................. -33,586

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

2 adults, 2 under 8s in a very rural location.

Things did look a lot bleaker than this but I now have a job which has eased things no end. I'm looking to be debt free sooner than later and can overpay both the mortgage and the loan. I zero all credit cards monthly but pay for absolutely everything on them in order to gain cash back and because the nearest cash point is 15 miles away and the village shop charges 75p per cash back transaction.

OHs car is rapidly approaching 200,000 miles and the garage have predicted his next bill as being in the region of £2000. Its starting to rot so will also need welding and has broken down twice so far this year at £250 per time. Since the car is only worth £700 as a part ex. its clearly not worth spending that sort of money repairing it so we'll be replacing it in the very near future which means finding in the region of £4000.

hypno06

hi there, I would suggest that you start keeping a daily spending diary to see exactly what you are spending on every day.....it will highlight any areas where your budgets need tweaking.

The thing that stands out to me in the SOA is the petrol cost - if the nearest school is 5 miles away, do the LEA not have a responsibility to provide transport?

You will have to make an application - they don't volunteer the information, but after a couple of years of having a similar "get them to school" nightmare, I discovered that the LEA have to pay, so put in an application and from them on, a taxi was sent to pick them up at 7.30 and return them home at 3.15.....!!!

It would certainly be worth a phone call or two on Monday, if you have not already explored this.

moo2moo

Thanks for the reply Hypno. A taxi isn't an option as I work at school and take the DDs in with me and bring them home afterwards. I work a split shift hence the 2 trips a day rather than the one trip I would have if I was a teaching assistant.