I'm back again!

loobie

and still need help.

Here is my SOA

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................ 537
Partners monthly income after tax....... 950
Benefits................................ 654
Other income............................ 0
Total monthly income.................... 2141
Monthly Expense Details
Mortgage................................ 688
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 108
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 5
Mobile phone............................ 52
TV Licence.............................. 11
Satellite/Cable TV...................... 65
Internet Services....................... 11
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 75
Road tax................................ 8
Car Insurance........................... 26.26
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10.19
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Dancing lessons......................... 50
Total monthly expenses.................. 1633.45

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 125000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 108000...(688)......6.65
Hire Purchase (HP) debt ...... 5000.....(108)......15.8
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................1800......70........18.9
First Direct...................300.......10........17.9
Virgin.........................2300......55........34.9
Empire.........................96........26........0
First Direct...................4500......160.......4.95
Sky............................290.......10........17.9
Simply Be......................209.......18........3.65
Mint...........................990.......40........14.8
Sky............................2700......80........6.95
Amazon.........................2500......25........6.95
Total unsecured debts..........15685.....494.......-

Monthly Budget Summary
Total monthly income.................... 2,141
Expenses (including HP & secured debts). 1,633.45
Available for debt repayments........... 507.55
Monthly UNsecured debt repayments....... 494
Amount left after debt repayments....... 13.55
Personal Balance Sheet Summary
Total assets (things you own)........... 125,000
Total HP & Secured debt................. -113,000
Total Unsecured debt.................... -15,685
Net Assets.............................. 1,315
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


Now, according to this, we should have approx £13 a month to play with, and yet every month, just before payday, we are really struggling, and certainly don't have that much left, this month it's actually -£54!

What we were thinking of was getting a loan for about 12k over 5 years to pay off all the debts apart from the First Direct Gold Card - debt 4500, but 4.95% til December 2012, easily payable, and the car, only taken for 5 years. If we took the loan out, instead of paying £334 per month, we could pay approx £248, saving just under £100.

Having written it down, it doesn't make sense, takng out a loan, when we should have some money left anyway, but we just don't and it's really getting me down. I know that we could, theoretically pay the FD Credit Card, 1 Sky card and possibly the Mint Card, Simply Be and Empire off by Xmas, but I also know that the Virgin and MBNA cards need to to ASAP.

I really don't know what to do. Some days I think "Just get the loan and pay everything off then cut the cards up and sort yourselves out", and then other days I think "We can do this, if we make a plan and stick to it", but the trouble is that both me and my dh have no common sense when it comes to money :rolleyes: :doh:

sammey90

Hi, Welcome (back)

Not sure how you sort things out at the mo, but i have just opened a second bank account, with the intention that i will put the money i need for the month into it (pretty much just petrol and groceries), and when it's gone, it's gone. I'm quite looking forward to getting it going next month.

Could you do similar? That way, the £13 would get left behind in the account, along with the bill money. Also, it might help you to see where you could make savings throughout the month.

I agree with you about the loan, (not that I could!!) but i shouldn't think it'd help to extend your debt

Good Luck!

~Beanie~

loobie wrote: »

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................ 537
Partners monthly income after tax....... 950
Benefits................................ 654
Other income............................ 0
Total monthly income.................... 2141
Monthly Expense Details
Mortgage................................ 688
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 108
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 5
Mobile phone............................ 52 - This is quite high, is it for 2 phones?
TV Licence.............................. 11
Satellite/Cable TV...................... 65 - wow, this is HUGE :eek:
Internet Services....................... 11
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 75
Road tax................................ 8
Car Insurance........................... 26.26
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10.19
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Dancing lessons......................... 50
Total monthly expenses.................. 1633.45

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 125000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 108000...(688)......6.65
Hire Purchase (HP) debt ...... 5000.....(108)......15.8
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................1800......70........18.9
First Direct...................300.......10........17.9
Virgin.........................2300......55........34.9
Empire.........................96........26........0
First Direct...................4500......160.......4.95
Sky............................290.......10........17.9
Simply Be......................209.......18........3.65
Mint...........................990.......40........14.8
Sky............................2700......80........6.95
Amazon.........................2500......25........6.95
Total unsecured debts..........15685.....494.......-

Monthly Budget Summary
Total monthly income.................... 2,141
Expenses (including HP & secured debts). 1,633.45
Available for debt repayments........... 507.55
Monthly UNsecured debt repayments....... 494
Amount left after debt repayments....... 13.55
Personal Balance Sheet Summary
Total assets (things you own)........... 125,000
Total HP & Secured debt................. -113,000
Total Unsecured debt.................... -15,685
Net Assets.............................. 1,315
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


Now, according to this, we should have approx £13 a month to play with, and yet every month, just before payday, we are really struggling, and certainly don't have that much left, this month it's actually -£54!

If you are finding that you have no money left at the end of each month, mabe try keeping a spending diary and write down EVERYTHING that you spend money on. It will soon show you where the surplus (and more!) is going.

What we were thinking of was getting a loan for about 12k over 5 years to pay off all the debts apart from the First Direct Gold Card - debt 4500, but 4.95% til December 2012, easily payable, and the car, only taken for 5 years. If we took the loan out, instead of paying £334 per month, we could pay approx £248, saving just under £100.

Don't do it!! You admit yourself that you have no common sense when it comes to money - would you trust both yourelf and your OH not to run the cards / catalogues etc back up again? I've been there, now I am repaying a consolidation loan AND 3 credit cards It might save you almost £100 pre month but that isn't much really.

Some thoughts above - I can't see much to cut down on in your SOA but your satellite TV is massive - you are paying £80 per month for TV, phone line and internet, I pay less than half that.

Keeping_Positive

loobie wrote: »

Here is my SOA

Mobile phone............................ 52 Can thi sbe reduced it seems high is itmore than one phone?
TV Licence.............................. 11
Satellite/Cable TV...................... 65 could this been cut back a bit?
Internet Services....................... 11
Groceries etc. ......................... 200
Clothing................................ 40 savings on this for a while using freecycle, ebay, carboots for a while?
Petrol/diesel........................... 75
Road tax................................ 8
Car Insurance........................... 26.26
Car maintenance (including MOT)......... 20
Car parking............................. 0 usually a few quid a month goes here for me
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5 seems low
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10.19
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0 . I budgetted 70 for haircuts last year for the five and it wasnt enough
Entertainment........................... 0 Again what about the odd newspaper, mag, choc bar etc?
Holiday................................. 0
Emergency fund.......................... 0
Dancing lessons......................... 50
Total monthly expenses.................. 1633.45

I think a spending diary is need to see where that "surplus" goes. I personally am amazed on how little spends/treats add up. You are right not to take the loan.

Good Luck xx

Radish72

Hi Loobie

Just wanted to drop you some words of encouragement :T
Well done for working out the budget. I'm sure that people with lots more experience than me will be dropping in to offer you help.
Without sounding too harsh, have you thought about cancelling your Sky subscription as it seems a lot of money per month

mummy2mygirls

Hello, and well done for doing your soa its a great start and im sure you can do it!! some body with better advice will be along soon im sure as from my sig you can see i havent been the best with money myself!!
Just a few points though, the sky does seam high - with internet along side it aswell...could you lower the deal a bit??

I would say to do a spending diary so that you can see exactly where they money is going if like you say you dont end up with what it says

good luck and im sure you will be fine once you put your head to it!!