I have decided to be honest with myself new SOA

barrys-lass

Hi there

I have just looked through all my financial affairs again and i have included OH just to see the real story of what is going on in this household!!

I have included a new SOA for any hints and tips. I will answer all questions.

Thank you in advance

[tt]Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 901
Partners monthly income after tax....... 701
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1602

Monthly Expense Details

Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 260
Rent.................................... 400

Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 20
Gas..................................... 60
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40 (2 x PAYG) contract would be much more
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20 (can reduce to £15 if DD) will do asap
Groceries etc. ......................... 250 (incl cigs/baccy)
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 7
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0

Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 (in with rent)
Contents insurance...................... 0 (in with rent)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 60 (only if going out)
Holiday................................. 0
Emergency fund.......................... 0

Total monthly expenses.................. 1557


Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700


Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5411.....(260)......0
Total secured & HP debts...... 5411......-.........-

Unsecured Debts

Description....................Debt......Monthly...APR
Barclay Loan...................3033......95........22.9
Barclays Overdaft..............800.......0.........0
Alliance & Leicester ..........238.......0.........0
OH Barclaycard.................1155.18...40........15.8
Total unsecured debts..........5226.18...135.......-

Monthly Budget Summary

Total monthly income.................... 1,602
Expenses (including HP & secured debts). 1,557
Available for debt repayments........... 45
Monthly UNsecured debt repayments....... 135
Amount short for making debt repayments. -90

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -5,411
Total Unsecured debt.................... -5,226.18
Net Assets.............................. -4,526.18
[/tt]


:eek: :eek:

beanielou

Well done on being honest with yourself
YOUr SOA says no kids but has child related expenses of 50.
Your entertainment seems a wee bit high.
Can you cut down on cigs at all?
Can you ebay/car boot & get the £238 to pay off A& L as that would give you a boost.
Take care.

webitha

barrys-lass wrote: »

Hi there

I have just looked through all my financial affairs again and i have included OH just to see the real story of what is going on in this household!!

I have included a new SOA for any hints and tips. I will answer all questions.

Thank you in advance

[tt]Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 901
Partners monthly income after tax....... 701
Benefits................................ 0 find out whether you are entitled to any benfits, ie working tax credit if over 25
Other income............................ 0
Total monthly income.................... 1602

Monthly Expense Details

Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 260
Rent.................................... 400

Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 20
Gas..................................... 60
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40 (2 x PAYG) contract would be much more
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20 (can reduce to £15 if DD) will do asap
Groceries etc. ......................... 250 (incl cigs/baccy) this seems quite high, i spend this on my OH and 3 kids including houshold toiletries
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 7
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0

Childcare/nursery....................... 0
Other child related expenses............ 50 - what are these?
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 (in with rent)
Contents insurance...................... 0 (in with rent)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 60 (only if going out)- ouch this is high
Holiday................................. 0
Emergency fund.......................... 0

Total monthly expenses.................. 1557


Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700


Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5411.....(260)......0
Total secured & HP debts...... 5411......-.........-

Unsecured Debts

Description....................Debt......Monthly...APR
Barclay Loan...................3033......95........22.9
Barclays Overdaft..............800.......0.........0
Alliance & Leicester ..........238.......0.........0
OH Barclaycard.................1155.18...40........15.8
Total unsecured debts..........5226.18...135.......-

Monthly Budget Summary

Total monthly income.................... 1,602
Expenses (including HP & secured debts). 1,557
Available for debt repayments........... 45
Monthly UNsecured debt repayments....... 135
Amount short for making debt repayments. -90

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -5,411
Total Unsecured debt.................... -5,226.18
Net Assets.............................. -4,526.18
[/tt]


:eek: :eek:

some of my comments are above, re the food, menu plan with what you already have and pop over to the old style board and you will easeily shave £100 off this.
also do you have anything you can ebay??
welcome by the way :hello:, and the real good nitpickers will be along to give you further pearls of wisdom

barrys-lass

Hi beanielou and webitha thanks for your comments, we aren't entitled to any benefits as OH has been overpaid them in the past, the cost of expenses is per month only if we go out and that is for both of us. Otherwise that will be left over for debt, but more often than not we have at least 1 night out on the town per month to keep us sane. We are trying to cut down on cigs by using baccy which i dont like and i am cutting down on shopping by buying own brand goods which taste just as good as more expensive brands. I can prob bring that down by £50 - £100 in the next month. The other child related costs are for OH 4 children which are a must.

I have just started on daily clicks which shold bring in a little bit extra but I am osing my job from 9th March as contract expires and im not being kept on and i am on the sick with back pain atm as i fell on the ice last week, so its going to be 2 weeks on SSP for me im afraid.

Fire_Fox

I am going to be a bit harsh because you are not breaking even, and your job situation is changing.

Do you really need to run a car? Handing it back to the HP company, if possible, would save a lot of money over the course of the year. Do you really need two mobile phones? £60 is a lot for one night out, I can manage on £10! Contents insurance is not usually included with rent, are you absolutely sure your possessions are covered?

You should be able to get help with stopping smoking from your doctor or local pharmacy, in my area the prescriptions are completely free (not even the basic charge). It would be helpful if you put cigarettes/ tobacco in the entertainment section, as we can then see what you are spending on the essentials.

barrys-lass

Hi firefox thanks for your coments i have been thinking about giving the car back as i wont need it after 9th march this will give me huge saving!! We are renting privately from OH parents and they have sorted the insurance out. I have the docs here and we are definately covered for our belongings. £60 on night out is for both of us including taxi fare. We do sometimes walk home but it takes 45 mins and its not nice if its freezing cold. (i live in the land of perpetual snow - consett in durham) we can have a night out on £30 and be pretty merry with it so if we do have money left it goes in to the house for extra gas and electric as we are on a meter.

barrys-lass

Im having a NSD today - cant get out due to bad back OH has the car and i have just listed an item on amazon - hope it sells!

TotallyBroke

barrys-lass wrote: »

Hi there

I have just looked through all my financial affairs again and i have included OH just to see the real story of what is going on in this household!!

I have included a new SOA for any hints and tips. I will answer all questions.

Thank you in advance

[tt]Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 901
Partners monthly income after tax....... 701
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1602

Monthly Expense Details

Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 260
Rent.................................... 400

Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 20
Gas..................................... 60 This is high. Turn off the heating in any rooms not used, you do not need to heat a kitchen, I also wouldn't heat the bedrooms. (I find sleeping in a warm bedroom makes my nose blocked.) So that only leaves the sitting room and bathroom
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40 (2 x PAYG) contract would be much more Not neccesarily some contracts are £15pm.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20 (can reduce to £15 if DD) will do asap
Groceries etc. ......................... 250 (incl cigs/baccy) Smoking tobacco instead of cigarettes is just like changing a brand it's getting used to it. It's so much cheaper as well. I can buy a weeks worth of tobacco for the same price as 10cigarettes. Huge difference.
Clothing................................ 20 You need to put this towards the debts. Ask for vouchers as presents for your own birthday.
Petrol/diesel........................... 140
Road tax................................ 7
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0

Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 (in with rent)
Contents insurance...................... 0 (in with rent)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10 You will have to stop this for a couple of months
Entertainment........................... 60 You say a lot is spent on cabs. Could you not take it in turns to drive. Maybe offer to pick up friends on the way and drop them off. Basically starting a car share thing saving for you all
Holiday................................. 0
Emergency fund.......................... 0

Total monthly expenses.................. 1557


Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700


Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5411.....(260)......0
Total secured & HP debts...... 5411......-.........-

Unsecured Debts

Description....................Debt......Monthly...APR
Barclay Loan...................3033......95........22.9
Barclays Overdaft..............800.......0.........0
Alliance & Leicester ..........238.......0.........0
OH Barclaycard.................1155.18...40........15.8
Total unsecured debts..........5226.18...135.......-

Monthly Budget Summary

Total monthly income.................... 1,602
Expenses (including HP & secured debts). 1,557
Available for debt repayments........... 45
Monthly UNsecured debt repayments....... 135
Amount short for making debt repayments. -90

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -5,411
Total Unsecured debt.................... -5,226.18
Net Assets.............................. -4,526.18
[/tt]


:eek: :eek:

You are in negative and this will get worse while you are out of work. Have you started looking for a new job. While you are off sick is an ideal time to put your cv on job websites and sent to recruitment agencies.

Can you look at possibly getting a 0% deal for OH Barclaycard.

I also notice in your signature that you have a HFC and phone debt yet these are not on SOA. They need to be,

barrys-lass

Totally forgot about phone debt, the HFC debt is included in HP amount.
I think forgetting is part of my problem. I have started looking for new jobs and i have put my cv on websites. Its just a waiting game now. What i would really like to do is an accounting course but cant seem to find any cheap ones!

barrys-lass

i have decided that im going to sell the car, i wont get much for it but it will pay off a little bit of debt, at least i will be able to pay off one of my overdrafts. when i pay that off im going to cancel the OD as i am always living in it and if i need to buy anything i will have to save up for it.

barrys-lass

I have tried to set up my mobile broadband on DD to save £4 per month. As i have defaulted on this will they let me set up another DD on this acct?