2009 - New year, new start?

funkyxmooover

Hello! I'm a long time lurker, first time poster and I can now gladly announce I'm addressing my problems!

I've just completed a SOA thingymjig and it's telling me we should have £90-ish spare per month?! I don't know why we are in so much trouble, I am genuinely puzzled. Anyway, I'm going to post the SOA and any advice and hints would be greatly appreciated. Thanks!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 918
Partners monthly income after tax....... 0
Benefits................................ 633
Other income............................ 0
Total monthly income.................... 1551

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 79
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 18
Internet Services....................... 15
Groceries etc. ......................... 260
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 40
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1199


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Card...................5300......0.........0
Credit for the Car.............1300......144.......0
Scottish Power.................400.......20........0
HSBC Flexi Loan................1500......60........0
Books for Children.............280.......35........0
Total unsecured debts..........8780......259.......-


Monthly Budget Summary
Total monthly income.................... 1,551
Expenses (including secured debts)...... 1,199
Available for debt repayments........... 352
Monthly UNsecured debt repayments....... 259
Amount left after debt repayments....... 93

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total Secured debt...................... -0
Total Unsecured debt.................... -8,780
Net Assets.............................. -7,880

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

Buffythedebtslayer

Hello xxx

I am pants at SOA 's mine being a work of fiction!! but I didn't want you to disappear off the first page before an expert comes along and works out what is going on!

the most obvious ones I would think are can you get cheaper Gas and Electric? and can you cut down on your groceries?


and do you keep a spending diary? cos that could explain the extra money disappearing?

Good Luck xx

funkyxmooover

Hey thanks! I did see me beginning to slip off the page!

We did change from Scottish Power to British Gas last year after they spent over a year declining our bank account details and subsequently not receiving any payment. We were forced on to pre-payment meters. I don't know if that's cheaper or not but it sure does make me more aware of what appliances are on at any time of the day and I switch everything off at the plug if I'm not using it. Fridge/freezer not included lol!

I actually came out of Tesco this morning having only spent £39 and we're set for the week, that even included nappies. I'm so proud of myself!

Fire_Fox

Just wanted to pop in and welcome you to the board!

If you are struggling to understand why you are in debt, go through your bank and credit card statements over one year and add up things in categories, e.g. cash withdrawals, clothes shops, garage, etc.

savingholmes

Hi you could always keep a spending diary virtual or literal to see where your money goes. Or ring around your statements and colour code them to see where your unpredicted spending goes. Also visit the old style board for ideas on cheaper shopping. Perhaps you could start with the storecupboard challenge. They give you loads of ideas of things you could make with what you have in right now...

Hope that helps. Congratulations on posting.

Also suggest you find the £10 a day challenge for January for ideas on how to bring in extra cash so you can pay more off your debt quicker!

Jules

Hi funkyxmooover

On a practical level. Are you receiving all the benefits your entitled to? It's amazing how many people aren't!
Working Tax Credit
Child Tax Credit
Child Benefit
Housing Benefit
Council Tax Benefit

HTH
Jules

funkyxmooover

Thanks everyone!

I sat down properly read our statements and noticed £10 here and there from the cash machine round the corner, turns out OH buys himself supplies to get through his night shift. It probably amounts to £100p/m. I was so shocked!

I do believe we get everything we're entitled to, benefits-wise. We only recently became eligible for Council Tax Benefit but it all helps. I'm feeling quite positive now after looking through these boards and reading all the helpful hints and suggestions.

Thank you again!