taxi driver needs help

basher30

silly me i had already deducted my 90 rent a wk from my earnings as well as tax so here is another updated version!!!!! third time lucky


Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Mortgage................................ 478.92
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 32
Gas..................................... 32
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 20.5
Mobile phone............................ 36
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 600
Road tax................................ 10
Car Insurance........................... 125
Car maintenance (including MOT)......... 200
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 22
Buildings insurance..................... 41
Contents insurance...................... 0
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2018.42

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(478.92)...4.5
Total secured debts........... 96000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....290.......15
loan...........................7000......201.......10
barclaycard....................1800......50........19
owe parents....................6920......500.......0
Total unsecured debts..........26720.....1041......-

Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including secured debts)...... 2,018.42
Available for debt repayments........... 1,181.58
Monthly UNsecured debt repayments....... 1,041
Surplus(deficit if negative)............ 140.58
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total Secured debt...................... -96,000
Total Unsecured debt.................... -26,720
Net Assets.............................. -18,720
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

MrsTinks

Basher you're in good hands with Taxi73 He's been here a while and knows his stuff and he knows your line of business

A few bits i can start you off with:

Council tax............................. 60 do you get single occupancy discount?
Electricity............................. 32 have you checked for best rate?
Gas..................................... 32 have you checked for best rate?
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 20.5 This seems high... can you reduce your use and shop around for a better deal?
Mobile phone............................ 36 Again you will probably save money if you go PAYG
TV Licence.............................. 12
Satellite/Cable TV...................... 20 cancel - right now this is a luxury you can't afford...
Internet Services....................... 15 you can get cheaper than this if you shop around
Groceries etc. ......................... 200 How many are you feeding???
Clothing................................ 50 How many are you clothing! I'm having to replace most of my wardrobe as I'm pregnant and I still don't spend that much!
Petrol/diesel........................... 600
Road tax................................ 10
Car Insurance........................... 125
Car maintenance (including MOT)......... 200
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 22 either you are paying a lot for pet insurance or you have several pets... have you checked for better deals and cashback through Quidco?
Buildings insurance..................... 41 This seems high too... have you tried shopping around?
Contents insurance...................... 0
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0

Those would be areas I'd start with looking at

basher30

so am i thinking right if everything runs smoothly i have £140 a month free
as i have included £500 a month to pay my dad off witch is a high target maybe i shud give him 400 and 150 a month of my credit card ??
any thoughts
thanks again guys its good to put things in figures see whats going on!!!

taxi73

Thanks for that..see how much difference that makes compared with the other one.
The second one is a true budget and we know what we have to work with.
I only point these things out as that was the mistake that got me in debt in the first place as I hadn't budgetted for everything for the taxi and thought I was richer than I was.
I hope none of this comes across as harsh or anything as I really don't want it to as I want to help you if I can.
So now we have a deficit of £219.42 p/m...so we have to find a way of upping the income ...perhaps another few hours per week would cover that.

taxi73

Gosh I've got loads more to read now ..give me 10 mins and I'll get back to you...lol
I'm a woman by the way...a lot of people make that mistake...lol..

taxi73

Right I've read you're third one.
Yes you are right that even after paying everything you have £140 p/m spare.
That's great news.
How we normally do it is pay the highest interest debt first so if possible pay as much as you can to Barclaycard and what you can get away comfortably with dad as he was good enough to help you out.

basher30

MrsTine wrote: »

Basher you're in good hands with Taxi73 He's been here a while and knows his stuff and he knows your line of business

A few bits i can start you off with:


Those would be areas I'd start with looking at

I do get single occupancy i have 2 dogs and as for sky its probably the only luxury i have so i dont wanna get rid of that i ahvent got full package i cut that down last month and saved myself about £20 a month the £41 is for buildings and contents is that still high???
as for the others i will be doing some shopping around
just a question tho if i swap like house ins and pet ins and stuff like that do i have to pay a deposit or do i just carry on paying monthly???
thanks again

MrsTinks

DOH sorry Taxi I just assumed you were a him as I know far more male taxi drivers than female S'long as you can forgive me!

MrsTinks

Pet insurance you can definitely find policies that allow monthly premiums - if either dog is a rescue through the RSPCA forexample you get a discount if you insure through them and they certainly used to do cashback on Quidco That's who my hound is through as she was rescued from them
And why not join the food challenges on the Old Style board to see how little you can spend on food for a couple of months? Bet it's a LOT less than £200

taxi73

Mrs Tine is comletely right on stuff she highlights for you as well.
These budgeting sheets really help you figure it out don't they?
Another massive moneysaving tip in our job is to take a packed lunch with you and a flask of tea or pop etc bought from supermarket as that saves £100s a month and gives more to throw at the debt....
EG...pity you didn't see my sig a couple of weeks ago...I paid £29.5k off debt in 2008...just by budgeting and taking baby steps...