My Lightbulb Moment

curs82

My lightbulb decided to smash me in the face today, so I decided to have a good look at my finances and start dealing with them instead of just paying the minimum on everything.

A little about me:
My girlfriend and I both work full-time although we've just found out my GF is pregnant with our first and is due in June (hence the lightbulb hitting)
Ideally, I'd like to lose the credit card debts by June so we can deal with just the loan/mortgage as she will only be getting SMP.

I'm waiting to see if i've been accepted for a 0% for 13 months credit card to transfer the Virgin card to, couldn't transfer the Mint card as its part of the same group.

I've listed my SOA below, with a few comments to explain some of the high monthly payments.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1204
Partners monthly income after tax....... 1139
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2343
Monthly Expense Details
Mortgage................................ 620
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 84.5 (Dual-Fuel)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 12
Mobile phone............................ 60 (2 mobiles, both in contracts)
TV Licence.............................. 10
Satellite/Cable TV...................... 33 (Sky package includes BB)
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 15
Petrol/diesel........................... 180 (2 cars both work 15 miles from home)
Road tax................................ 30 (again, 2 cars)
Car Insurance........................... 65 (as above)
Car maintenance (including MOT)......... 8
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15 (Buildings & Contents)
Contents insurance...................... 0
Life assurance ......................... 32 (2 persons)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1514.5

Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 122000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 113000...(620)......5.34
Total secured debts........... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Card....................4020......85........15.9
Mint...........................1000......50........14.9
Natwest Loan...................23541.....379.......7.9
Overdraft......................700.......0.........0
Allied Carpet..................510.......51........0
Total unsecured debts..........29771.....565.......-

Monthly Budget Summary
Total monthly income.................... 2,343
Expenses (including secured debts)...... 1,514.5
Available for debt repayments........... 828.5
Monthly UNsecured debt repayments....... 565
Surplus(deficit if negative)............ 263.5
Personal Balance Sheet Summary
Total assets (things you own)........... 122,000
Total Secured debt...................... -113,000
Total Unsecured debt.................... -29,771
Net Assets.............................. -20,771
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

poorandindenial

Hello and welcome,and congrats on the pregnancy

I just nipped on before I go to bed so just a quick one from me

As you have a surplus you should try the snowball calculator at www.whatsthecost.com/snowball.aspx

It will show you the best way to repay and will tell you when you can expect to be debt free.

Other than that nothing huge from me, just that you should look to bundle your phone into your sky package and kill off the extras (you can get tv/bb/phone for less than £30) and to make sure you are being good about not using the heating too much etc to get the fuel bills as low as poss.

All the best