Time to make a start!!!

Elsas_mamma

Hi all,
I have been looking at this site for a while now and have found all the support and help given to others to be amazing.
Here is a very brief run down of our state of affairs;
at home there is me, my oh, daughter(17), son(16), son(10) and our dog Elsa.
In May OH was made redundant, he got an ok redundancy settlement which we paid off a few debts with and did some stuff around the house that really needed doing. We were left with about £4K. He is currently at college training to be a plumber, so is not earning anything. The course finishes in April and he will then need to find a plumber to take him on as an apprentice for a year before he can start out on his own.
I work part time (15 hours a week) Daughter is hoping to go to uni in September, she is doing her A'levels now. Eldest son is also at college with OH, but he plans to join the army when he is 17 in June.
We are really struggling financially and I don't know what to do next!! Every time we manage to save a few pounds something happens and it dissappears again. I have done a SOA, so if any one has any ideas...........

Thanks for reading.
Elsas mamma


Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details[/b]
Monthly income after tax................ 420.85
Partners monthly income after tax....... 0
Benefits................................ 842.83
Other income............................ 0
Total monthly income.................... 1263.68
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 21 we recieve housing benefit for the rest of the rent
Management charge (leasehold property).. 0
Council tax............................. 21.5 council tax benefit covers the rest
Electricity............................. 45
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0 included in package below
Mobile phone............................ 50 3 phones
TV Licence.............................. 11
Satellite/Cable TV...................... 40 tv, broadband and phone
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 18
Car maintenance (including MOT)......... 0
Car parking............................. 5
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 3.5
Buildings insurance..................... 0
Contents insurance...................... 12.3
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 17
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 914.3

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
AA loan........................15000.....91........0
credit card....................1870......63........0
Total unsecured debts..........16870.....154.......-

Monthly Budget Summary
Total monthly income.................... 1,263.68
Expenses (including secured debts)...... 914.3
Available for debt repayments........... 349.38
Monthly UNsecured debt repayments....... 154
Amount left after debt repayments....... 195.38 we never seem to have this much!!!!!!
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total Secured debt...................... -0
Total Unsecured debt.................... -16,870
Net Assets.............................. -16,370
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

moongarden

Hi Elsas Mamma, Happy New Year!
I've had a look through your SOA and commented below:

Elsas_mamma wrote: »

Monthly income after tax................ 420.85
Partners monthly income after tax....... 0
Benefits................................ 842.83 - have you checked that you are receiving everything you are entitled to? there is a website called entitledto.com also you can check on the benefits forum too
Total monthly income.................... 1263.68
Monthly Expense Details
Rent.................................... 21 we recieve housing benefit for the rest of the rent
Council tax............................. 21.5 council tax benefit covers the rest
Electricity............................. 45
Gas..................................... 35
Water rates............................. 35
Telephone (land line)................... 0 included in package below
Mobile phone............................ 50 3 phones - is this 3 phones sharing a bundle of minutes? post more details please.
TV Licence.............................. 11
Satellite/Cable TV...................... 40 tv, broadband and phone
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 18
Car maintenance (including MOT)......... 0 - you do need to include something here - I usually put 1/12 of the total I spent in the previous 12 months
Car parking............................. 5
Other travel............................ 50
Pet insurance/vet bills................. 3.5
Contents insurance...................... 12.3 - buy through Quidco and get cashback - if this is due in the next 3 months there is a half price offer in the MSE newsletter
Presents (birthday, christmas etc)...... 10
Haircuts................................ 17
Entertainment........................... 20
Emergency fund.......................... 0
Total monthly expenses.................. 914.3

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
AA loan........................15000.....91........0 - is this a car loan? how long is the APR at 0?
credit card....................1870......63........0
Total unsecured debts..........16870.....154.......-

Monthly Budget Summary
Total monthly income.................... 1,263.68
Expenses (including secured debts)...... 914.3
Available for debt repayments........... 349.38
Monthly UNsecured debt repayments....... 154
Amount left after debt repayments....... 195.38 we never seem to have this much!!!!!! - look back over the unexpected outgoings over the past 12 months and try to budget as if they will happen again in the next 12 months - also a clue in what you bought on your credit card

Essentially for the time being it looks like you should aim to try and push the income up a little here and there and then blast a little extra off the credit card. Looks like you will have some big changes financially this year so now is a good time to get ready for those.

Best of luck!

CLAPTON

can OH get a part time evening job until he finishes his training?

as moon garden says look at all the 'unexpected' spending over the last year and add the equivalent to your SOA.

Start keeping a spending diary and see where the money actually goes

Lemon_Tree

if you feel that you never have the amount spare at the end of the month that the SOA suggest then you should probably keep a spending diary. they are very good for showing us our weaknesses and what we're spending our money on
Good luck with your challenge, i'm sure with the support of your family and the fine folks here you will tackle it and survive

Fire_Fox

Nothing on your SoA leaps out as being crazy - but you might be able to shave a bit off your electricity bill by turning everything off when not being used: no more standby (TVs/ DVD/ games consoles/ microwave). Also not using a tumble dryer (if you have one?).

Do you really need three mobile phones? Could the kids use MSN instead of phoning or texting their mates? Check out the Old Style board for ideas of how to shave a little more off your grocery bill. All get your hair cut at the local college in term time.

Do any of the kids have a part-time job? Could DD work over the summer? Then you can get them used to paying for little luxuries for themselves - they will have to do it once they fly the nest anyway. You could also take a small amount of 'rent' each week which you secretly set aside for those inevitable leaving home costs.

Elsas_mamma

Thanks for the suggestions.
The apr on the loan is not 0 ( unfortunately), I cannot remember what it is though. We are currently paying the minimum we can. We had managed to pay the whole amount for 6 months (283 a month), but really cannot do that anymore. They have been very helpful and we are in constant contact with them.
Daughter works part time, she is saving like mad to go to uni. Son had a part time summer job last year but is now finding it impossible to get another one. The college course is full time so they don't get home until 6pm, it would be helpful if OH could work at weekends though ( doesn't seem to be happening though!)
We have three phones, one for me, OH and son. Daughter pays for her own and we are only doing sons until he can find work.
We do not use the credit card anymore, again we are only paying the minimum payment.
Just remembered something else we pay. £45 a month for my youngest to do Kung Fu. He goes twice a week and that is the cheapest club around and luckily the best. He was being bullied at school and his confidence was rock bottom. Since doing Kung Fu that has all changed, so we don't want him to give it up.
I will take a look at Quidco now.
Thanks again
Elsas Mamma