New and worried

workoholic

Hi, i am new here and feel that things are seriously getting (probably got) out of control and would welcome any advise and support.
Below is our SOA which doesnt take into account CSA payments we make monthly of £478.


Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1227.56
Benefits................................ 125.4
Other income............................ 143.3
Total monthly income.................... 3296.26

Monthly Expense Details
Mortgage................................ 700
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 100
Gas..................................... 65
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 50
TV Licence.............................. 11.61
Satellite/Cable TV...................... 21.87
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 15
Petrol/diesel........................... 250
Road tax................................ 25
Car Insurance........................... 63.87
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 19.74
Contents insurance...................... 8.45
Life assurance ......................... 57
Other insurance......................... 27.72
Presents (birthday, christmas etc)...... 1000
Haircuts................................ 200
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
clothes................................. 0
Total monthly expenses.................. 3250.26

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 195000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(700)......0
Total secured debts........... 95000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
alliance and leiceste..........8000......265.......0
llyods loan....................8000......215.......0
egg loan.......................14000.....283.......0
Total unsecured debts..........30000.....763.......-

Monthly Budget Summary
Total monthly income.................... 3,296.26
Expenses (including secured debts)....... 3,250.26
Available for debt repayments........... 46
Monthly UNsecured debt repayments....... 763
Surplus(deficit if negative)............ -717

Personal Balance Sheet Summary
Total assets (things you own)........... 195,000
Total Secured debt...................... -95,000
Total Unsecured debt.................... -30,000
Net Assets.............................. 70,000



These calculations are based on mine and my husbands earings and the 2 cars/phones we have.

Thankyou all for taking the time to read/help. xx

moneymabel

Hi and welcome, there will be some more knowledgable peeps along soon but in the meantime a couple of things..£1000 for presents?! Is this a mistype ?also is it just you and OH? If so your grocery bill can be cut drasticly, check out the oldstyle board for hints and tips and good luck on your df journey.

workoholic

Hi Mabel,
There is 6 children between us, 2 at home with us hence the 1000 pr yr on christmas/birthdays and the shopping bill, which i have tried to shave dramatically and still working on it. x

poorandindenial

workoholic wrote: »

Hi, i am new here and feel that things are seriously getting (probably got) out of control and would welcome any advise and support.
Below is our SOA which doesnt take into account CSA payments we make monthly of £478.


Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1227.56
Benefits................................ 125.4
Other income............................ 143.3
Total monthly income.................... 3296.26

Monthly Expense Details
Mortgage................................ 700
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 100 (do you have arrears or are you paying for mine as well as yours? turn off lights when not in use, turn off things at the socket instead of leaving on standby, etc etc)
Gas..................................... 65 (also quite high for a monthly figure, how big is the place you are heating and how many are you cooking for?)
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30 (you are spending 51.87 on phone and broadband, you can do this for less - sky and virgin both have better TV, internet and phone combi deals than you are currently paying)
Mobile phone............................ 50 (for one or two, either way if you are on a contract this might come down if you went PAYG - it is worth checking out some of the deals out there)
TV Licence.............................. 11.61
Satellite/Cable TV...................... 21.87 (see above)
Internet Services....................... 0
Groceries etc. ......................... 400 (how many is this for, you cando this for a LOT less than this - check out the old style board for tips on meal planning etc)
Clothing................................ 15
Petrol/diesel........................... 250 (this is quite a bit, how many cars and is this for getting to work? are you walking where possible for local journeys?)
Road tax................................ 25
Car Insurance........................... 63.87 (I have no idea if this is high or low but it looks to be £900 a year which seems higher than lots of people that have posted, is this one or two cars? could you downgrade your car to make this and petrol cheaper)
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 19.74
Contents insurance...................... 8.45
Life assurance ......................... 57 (this seems high, check on moneysupermarket and if you switch do it via quidco - this goes for all insurance and phone etc contract swithches)
Other insurance......................... 27.72 (what is this for)
Presents (birthday, christmas etc)...... 1000 (per month??? I hope not)
Haircuts................................ 200 (how many people? looks like there are savings to be had here)
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
clothes................................. 0
Total monthly expenses.................. 3250.26

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 195000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(700)......0
Total secured debts........... 95000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
alliance and leiceste..........8000......265.......0 (what are the APRs on these?)
llyods loan....................8000......215.......0
egg loan.......................14000.....283.......0
Total unsecured debts..........30000.....763.......-

Monthly Budget Summary
Total monthly income.................... 3,296.26
Expenses (including secured debts)....... 3,250.26
Available for debt repayments........... 46
Monthly UNsecured debt repayments....... 763
Surplus(deficit if negative)............ -717

Personal Balance Sheet Summary
Total assets (things you own)........... 195,000
Total Secured debt...................... -95,000
Total Unsecured debt.................... -30,000
Net Assets.............................. 70,000



These calculations are based on mine and my husbands earings and the 2 cars/phones we have.

Thankyou all for taking the time to read/help. xx

Oops, just saw your comment about the cars/phones - answers some of my questions above

Ames

Ah so it was a mistype, you put it down as £1000 per month! So it's already looking better.

workoholic

Ah
Thanks guys, yes I see the mistakes I have made.
Unfortunatly petrol is that dear due to working as floating support and doing approx 120 miles a week for work, i do get travel allowance which i included in with my income details, I think i need to re-do a SOA and repost,
Thankyou guys x

poorandindenial

Thanks for the clarifications, I look forward to the repost. On the bright side the books should balance after the pressies are sorted, in which case we have a whole host of exciting things to [strike] get you addicted [/strike] introduce you to

moneymabel

phew, was wondering how you could spend 1000 a month lol.

workoholic

Updated SOA



Monthly income after tax................ 1800
Partners monthly income after tax....... 1227.56
Benefits................................ 125.4
Other income............................ 143.3
Total monthly income.................... 3296.26

Monthly Expense Details
Mortgage................................ 700
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 100
Gas..................................... 65
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 50
TV Licence.............................. 11.61
Satellite/Cable TV...................... 21.87
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 15
Petrol/diesel........................... 250
Road tax................................ 25
Car Insurance........................... 63.87
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 19.74
Contents insurance...................... 8.45
Life assurance ......................... 57
Other insurance......................... 27.72
Presents (birthday, christmas etc)...... 100
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 478
Total monthly expenses.................. 2638.26

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 195000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(700)......0
Total secured debts........... 96000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
allia and leicester............8000......265.......0
lloyds loan....................8000......215.......0
egg loan.......................14000.....283.......0
mbna...........................2000......25........0
citi cards.....................2000......35........0
lloyds credit card.............900.......25........0
Total unsecured debts..........34900.....848.......-

Monthly Budget Summary
Total monthly income.................... 3,296.26
Expenses (including secured debts)....... 2,638.26
Available for debt repayments........... 658
Monthly UNsecured debt repayments....... 848
Surplus(deficit if negative)............ -190

Personal Balance Sheet Summary
Total assets (things you own)........... 195,000
Total Secured debt...................... -96,000
Total Unsecured debt.................... -34,900
Net Assets.............................. 64,100

[
Eww still looks bad eh??
I have included the CSA payments in this updated one. x

poorandindenial

Thanks for that workoholic

Right we still have a deficit, but I am sure there is room for maneouver on this, I am convinced that you can save at least £100 off the groceries (did I understand you that there are two of you and two kids at home?) I am also convinced that you can save on the insurances you have running (is your life assurance high because of ill health or a medical condition?) and also on telecoms. You also need to get that electricity and gas in check.

workoholic

Hi Poor
Yes there are 2 adults and 2 children(one is 16 and at college) at home.
the life insurance is high as i suffered cervical cancer 7 yrs ago and it covers critical injuries too.
elec has risen from 85 mth to 100 recently due to price rise, same with gas.

I have thought of remortgaging but in current climate it prob wont be an option, and I dont necessarily want to increase mortgage when loans will be paid in 3-4 yrs!
Thankyou hun x