Slowly Sinking. Advice Please

Tabatha_Kitten

Statement of Affairs and Personal Balance Sheet[/b]

Monthly Income Details
Monthly income after tax................ 650
Partners monthly income after tax....... 1690
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2340

Monthly Expense Details
Mortgage................................ 712
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 127
Electricity............................. 42
Gas..................................... 34
Oil..................................... 0
Water rates............................. 14.98
Telephone (land line)................... 26 (includes broadband)
Mobile phone............................ 15
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 48
Car maintenance (including MOT)......... 70
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 31.85
Contents insurance...................... 0
Life assurance ......................... 42.61
Other insurance......................... 30.06
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 300
Holiday................................. 0
Emergency fund.......................... 0
Pension................................. 51.28
Total monthly expenses.................. 2026.73

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 219500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(712)......0
Total secured debts........... 115000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Card.....................0.........0.........17.9 Was £1500. Paid off & Cut up Oct 08 !
HSBC Card......................2445......100.......11.9
Overdraft......................2000......0.........0
Northern Rock Loan.............2723.94...302.6.....0
Dad Loan.......................3700......50........0
Total unsecured debts..........10868.94..452.6.....-

Monthly Budget Summary
Total monthly income.................... 2,340
Expenses (including secured debts)....... 2,026.73
Available for debt repayments........... 313.27
Monthly UNsecured debt repayments....... 452.6
Surplus(deficit if negative)............ -139.33

Personal Balance Sheet Summary
Total assets (things you own)........... 219,500
Total Secured debt...................... -115,000
Total Unsecured debt.................... -10,868.94
Net Assets.............................. 93,631.06

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== 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.

2 adults, 0 kids, 2 cars, 1 dog, 3 cats.

annamc75

Tabatha_Kitten wrote: »

Statement of Affairs and Personal Balance Sheet[/b]

Monthly Income Details
Monthly income after tax................ 650
Partners monthly income after tax....... 1690
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2340

Monthly Expense Details
Mortgage................................ 712
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 127
Electricity............................. 42
Gas..................................... 34
Oil..................................... 0
Water rates............................. 14.98
Telephone (land line)................... 26 (includes broadband)
Mobile phone............................ 15
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 - THIS COULD BE IMPROVED
Clothing................................ 10
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 48
Car maintenance (including MOT)......... 70
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 31.85
Contents insurance...................... 0
Life assurance ......................... 42.61
Other insurance......................... 30.06
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 300 - TOO HIGH (what does this cover?)
Holiday................................. 0
Emergency fund.......................... 0
Pension................................. 51.28
Total monthly expenses.................. 2026.73

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 219500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(712)......0
Total secured debts........... 115000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Card.....................0.........0.........17.9 Was £1500. Paid off & Cut up Oct 08 !
HSBC Card......................2445......100.......11.9
Overdraft......................2000......0.........0
Northern Rock Loan.............2723.94...302.6.....0
Dad Loan.......................3700......50........0
Total unsecured debts..........10868.94..452.6.....-

Monthly Budget Summary
Total monthly income.................... 2,340
Expenses (including secured debts)....... 2,026.73
Available for debt repayments........... 313.27
Monthly UNsecured debt repayments....... 452.6
Surplus(deficit if negative)............ -139.33

Personal Balance Sheet Summary
Total assets (things you own)........... 219,500
Total Secured debt...................... -115,000
Total Unsecured debt.................... -10,868.94
Net Assets.............................. 93,631.06

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== 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.

2 adults, 0 kids, 2 cars, 1 dog, 3 cats.

Right now for the questions

1. Do you need 2 cars?
2. What does your £300 entertainment fund cover?
3. What is your credit rating like for moving money and interest free deals?

You arent in an impossible situation - you are over spending by £130 a month which could be found in your budget with a bit of work.

I am sure that the others will be along with more advice in a min

Anna x

boredofbeingathome

Tabatha_Kitten wrote: »

Statement of Affairs and Personal Balance Sheet[/b]

Monthly Income Details
Monthly income after tax................ 650
Partners monthly income after tax....... 1690
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2340

Monthly Expense Details
Mortgage................................ 712is this interest only? You can get it put on if not
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 127Could this go over 12 months?
Electricity............................. 42any chance of swapping and reducing useage?
Gas..................................... 34
Oil..................................... 0
Water rates............................. 14.98
Telephone (land line)................... 26 (includes broadband)
Mobile phone............................ 15
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 200any chance of getting rid of car and therefore getting rid of these expenses? would cut a lot out of your budget
Road tax................................ 30
Car Insurance........................... 48
Car maintenance (including MOT)......... 70
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 31.85:eek: get it swapped and go through quidco, ditto the others, use a cash copmarison site first
Contents insurance...................... 0
Life assurance ......................... 42.61
Other insurance......................... 30.06
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 300

this has to be cut

Holiday................................. 0
Emergency fund.......................... 0
Pension................................. 51.28
Total monthly expenses.................. 2026.73

Assets
Cash.................................... 0
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 219500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(712)......0
Total secured debts........... 115000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Card.....................0.........0.........17.9 Was £1500. Paid off & Cut up Oct 08 !
HSBC Card......................2445......100.......11.9
Overdraft......................2000......0.........0
Northern Rock Loan.............2723.94...302.6.....0
Dad Loan.......................3700......50........0
Total unsecured debts..........10868.94..452.6.....-

Monthly Budget Summary
Total monthly income.................... 2,340
Expenses (including secured debts)....... 2,026.73
Available for debt repayments........... 313.27
Monthly UNsecured debt repayments....... 452.6
Surplus(deficit if negative)............ -139.33

Personal Balance Sheet Summary
Total assets (things you own)........... 219,500
Total Secured debt...................... -115,000
Total Unsecured debt.................... -10,868.94
Net Assets.............................. 93,631.06

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== 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.

2 adults, 0 kids, 2 cars, 1 dog, 3 cats.

Hi i have added a few thoughts,hope you don't mind, but with a few painless cutbacks i think you could easily get all of this under control.
Well done for posting.:D

Jesthar

Hi Tabatha,

Congratulations on posting, and well done on an excellent start with the Tesco card! :T

Bit short of time, so I'll have to post and run, but there are two VERY easy targets here which would get you back within budget quite easily!

1. Your grocery budget - even with a dog and three cats you could knock £50 off this quite easily - I'm single living on my own, and I spend around £50 last month on food.

2. Your entertainment budget - this is HUGE! :eek: Just halving this would cover all your defecit, and leave you with a little to overpay too. OK, so you might have to forgo a night out or two, but it's better than being in debt

Also, do you always spend £70 on car maintenance every month? as this would be better paid off your credit card than saved if not.

Hope that helps!

~Jes

Tabatha_Kitten

Unfortunately, Yes, we do need 2 cars.
Husband works long hours in Manchester. I only work part time but we live in a rural village - bus every third Tuesday when there's an "r" in the month !
We dont really go out. Im embarrassed to say but the £300 covers our cigarette & alcohol for the month.
Ive been a long time lurker here and have been following the old style tips as much as possible. The fridge is full of frozen spag bol sauce and good old Lancashire potato hash, but Im struggling to cut the grocery bill any more.

boredofbeingathome

Tabatha_Kitten wrote: »

Unfortunately, Yes, we do need 2 cars.
Husband works long hours in Manchester. I only work part time but we live in a rural village - bus every third Tuesday when there's an "r" in the month !
We dont really go out. Im embarrassed to say but the £300 covers our cigarette & alcohol for the month.
Ive been a long time lurker here and have been following the old style tips as much as possible. The fridge is full of frozen spag bol sauce and good old Lancashire potato hash, but Im struggling to cut the grocery bill any more.

Hi fellow lanky bob here:rotfl: Ok lots of folks trying to cut back on fags and booze, why not join up on these threads? Allow yourself so many a day, and then that's it or join NHS website and get advice on it..all monies in your pocket:D With the booze, why not set yourself a challenge of none until Christmas and then buy the 3 for £10 deals even use Tesco's vouchers as a treat.
Good start on the oldstyle stuff and budgetting for food is defo the way to go, i have trimmed loads off this year and put it towards a holiday. I am not a smoker so have no other tips to offer, just know plenty on here who can give you advice on it.
Any chance of flogging cars and buying cheaper ones?
forgot to add have a look at mystery shopping and the like you can soon up your income.

Tabatha_Kitten

The mortgage is 75k fixed at 4.9% with 18months left and 40k at a 5yr fixed which has just expired. Ive just refixed this one at 6.78% for another 5yrs with no booking fee. I think the repayments will go up around £30 a month.
The £70 was worked out on what we spent over the last 12 months on MOT & service for the 2 cars.
The £31.85 actually covers buildings and contents - sorry, I forgot to amend that.

andys15

Tabatha_Kitten wrote: »

The mortgage is 75k fixed at 4.9% with 18months left and 40k at a 5yr fixed which has just expired. Ive just refixed this one at 6.78% for another 5yrs with no booking fee. I think the repayments will go up around £30 a month.
The £70 was worked out on what we spent over the last 12 months on MOT & service for the 2 cars.
The £31.85 actually covers buildings and contents - sorry, I forgot to amend that.

i phoned my building and contents insurance co up and told them i wanted to cancel 2 months after we renewed. cut a long story short it went from 35 to 16 a month took me 5 mins and a bogus quote

Tabatha_Kitten

Thanks Andys15.
Ive been lurking around here for a while and thought Id covered most things but this hadn't crossed my mind. Ill do some research tomorrow.
Also the gas/elecy needs to be addressed. Im with British Gas so Im sure there will be cheaper out there. To be honest tho, Im a bit scared to change - Ive heard too many horror stories from friends. Promises of better deals then finding out that the said deal is not available in their area and facing admin charges to move back again.

andys15

Tabatha_Kitten wrote: »

Thanks Andys15.
Ive been lurking around here for a while and thought Id covered most things but this hadn't crossed my mind. Ill do some research tomorrow.
Also the gas/elecy needs to be addressed. Im with British Gas so Im sure there will be cheaper out there. To be honest tho, Im a bit scared to change - Ive heard too many horror stories from friends. Promises of better deals then finding out that the said deal is not available in their area and facing admin charges to move back again.

i have just changed to british gas click 6 was cheapest

tealady

Hi Tabitha. If you are thinking of switching utilities go via a cashback website. I changed my gas and electricity supplier a few years ago and had no hassle and just got a "sorry to lose you" letter from my old supplier.