My saving for a wedding and looking after a newborn diary!

carkeyz

Right well as my old diary was a diary of a mummy to be and I am now a mummy I thought I would start a fresh. Also our finances have changed dramatically! SMP is crap lol!

This is how the SOA is looking at the mo.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 527
Partners monthly income after tax....... 1282
Benefits................................ 86.66
Other income............................ 0
Total monthly income.................... 1895.66

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 440
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 67
Mobile phone............................ 120
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 180
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1764.95


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Debt Management Plan...........7416......188.......0
Total unsecured debts..........7416......188.......-


Monthly Budget Summary
Total monthly income.................... 1,895.66
Expenses (including HP & secured debts). 1,764.95
Available for debt repayments........... 130.71
Monthly UNsecured debt repayments....... 188
Amount short for making debt repayments. -57.29

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,416
Net Assets.............................. -4,916

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

We are making cut backs though.
The Gas and Electric is high purely because we had a huuuuge winter bill and am paying it off 35 each a month and then I also put £25 each away a month for next bill. We should have finished paying this off in August.

Our telephone at £67 includes TV subscription and the internet. We have recently moved and didnt have the money for the £122.50 reconnection fee so are paying this off too so will have finished paying that off in September. It will then go down to £47 for the phone, internet and TV.

Mobiles.... these are high I know. I have just changed mine from a basic £35 a month to £25 a month which should give me all the minutes I need but OH renewed his contacts for £35 a month but his last two bills have been over £120.... he has been told we just cant afford it anymore.

Ive put £300 for food cause this will include all Tescos shops. I am still getting used to having Millie buying her food ect and juggleing her and household tasks like cooking dinner lol.

Car insurance again is high. That is for two vehicles but we have decided to switch and save on both insurance and vehicles. We have a 306 and a van and just cant afford to keep them both going at the moment. We are going to sell the car and the van and buy an estate... 1) because its hard work getting a car seat in a 3 door and 2) because then OH can get private work in the vehicle and we can still get all 3 of us in.
I am also not going to go on the insurance. I am still a learner and hence the cost of the insurance being so high. Hopefully that will bring insurance costs down down to about £50-£60 quid.

Ive put £200 in entertainment. Although we dont go out that often due to having a newborn we do have a "weekly spends" amount for things we do want to do/buy and also to get things like milk and also cigs which I am ashamed to say I have started smoking again! This is £50 a week between the 3 of us.

We are on a debt management plan and are paying £188 a month but I think looking at my new SOA I will have to get in touch and bring my payments down as it was set up when we were both bringing in a wage and now I am on SMP which is rubbish!

Well guys if there is anything I can cut back on let me know!

Carla
x

carkeyz

Right need to look at the plan for the next year.... November is the last payday I will get untill April 10! Also need to save and plan our wedding for August 2010! My task for today is to fill out the tax credits form! x

ragstoricheswannabe

Hiya, big congrats on millie (loving the name by the way)!!!!!!!!

And well done you for getting back to being a dfw so soon.........tut tut on the starting smoking thing.......................................lol!!!!

Seems you already know where you need to cut back on your soa, the only thing i can add is to stock up on baby bargins when you find them. If you have an asda near you, they are having a baby week or 2 and you can pick up jumbo boxes of nappies (about 120 in the one i got) for £12!!! not sure if they have the newborn ones but always handy for when millie gets bigger!!!!

ooh lucky you to have a wedding to plan, that i think would be my ultimate incentive to get debt free.......................do you think you will go all out with your wedding or do it slightly frugally????

Good luck hun, as always will cheer you on from the sidelines!!!
love rags
xxxxxxxxx

carkeyz

Well I have spent the day working on our SOA.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 527
Partners monthly income after tax....... 1282
Benefits................................ 86.66
Other income............................ 0
Total monthly income.................... 1895.66

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 440
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 67
Mobile phone............................ 120
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 180
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 20
Breakdown Cover......................... 20.8
Total monthly expenses.................. 1715.75


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
DMP............................6500......100.......0
Total unsecured debts..........6500......100.......-


Monthly Budget Summary
Total monthly income.................... 1,895.66
Expenses (including HP & secured debts). 1,715.75
Available for debt repayments........... 179.91
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 79.91

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,500
Net Assets.............................. -4,000

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

I have reduced DMP payments to £100 a month until I go back to work so we will be able to afford it and we have also encorporated our gas and electric arrears into this so have saved £88 a month on DMP and £70 a month on Gas and Electric. I have also filled in my tax credit form although we are - according to the online entitledto.co.uk checker - entitled to £21 a week so it wont go far but every little helps.
Have spoken to OH and he knows if his mobile is high this month he is dead lol
x

Lemon_Tree

hi glad to find your new diary, i used to keep track of the last one. In pure DFW way hope you have OH insured before you do him in over a high mobile bill! lol
glad you got good news when you rang up the DMP people.