my first post

jagr68

Hello
Very nervous about doing this but would love to take family to Florida next year, 3 special birthdays and a 25th wedding anniversary. Debt is getting in way Mortgage is being overpaid by £100 per month I know I should put it towards debts each month but it does not seem to make it!!
so have deceided to wait for 6 months and then do a £500 transfer. We have a flexible mortgage linked to base rate so we can do this. Hve read through martins site for last couple of months and have taken advantage of many suggestions. just need to keep on top of it and not get back into spending more than we earn.

thanks


:o
Statement of Affairs and Personal Balance Sheet[/b]
Monthly Income Details
Monthly income after tax................ 815
Partners monthly income after tax....... 1018
Benefits................................ 112
Other income............................ 0
Total monthly income.................... 1945
Monthly Expense Details
Mortgage................................ 550
Secured/HP loan repayments.............. 36
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 127
Electricity............................. 47
Gas..................................... 40
Oil..................................... 0
Water rates............................. 68
Telephone (land line)................... 28
Mobile phone............................ 55
TV Licence.............................. 12
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 303
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 64
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 11
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1607
Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 1000
Total Assets............................ 192500
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 58000....(550)......1.25
Hire Purchase (HP) debt ...... 1000.....(36).......0[
Total secured & HP debts...... 59000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................7000......50........0 12 months interest free till may 2010
credit card....................4150......124.......6.9 life of balance rate
credit card....................1500......30........6.8 life of balance rate
loan........................... 3500......103.......12.9
credit card.................. ..800......30........19.9 pay off asapf
Total unsecured debts.....16950.....337.......-
Monthly Budget Summary
Total monthly income.................... 1,945
Expenses (including HP & secured debts). 1,607
Available for debt repayments........... 338
Monthly UNsecured debt repayments....... 337
Amount available for making debt repayments. 1
Personal Balance Sheet Summary
Total assets (things you own)........... 192,500
Total HP & Secured debt................. -59,000
Total Unsecured debt.................... -16,950
Net Assets.............................. 117,550

gettingbetter

jagr68 wrote: »

Hello
Very nervous about doing this but would love to take family to Florida next year, 3 special birthdays and a 25th wedding anniversary. Debt is getting in way Mortgage is being overpaid by £100 per month I know I should put it towards debts each month but it does not seem to make it!!
so have deceided to wait for 6 months and then do a £500 transfer. We have a flexible mortgage linked to base rate so we can do this. Hve read through martins site for last couple of months and have taken advantage of many suggestions. just need to keep on top of it and not get back into spending more than we earn.

thanks


:o
Statement of Affairs and Personal Balance Sheet[/b]
Monthly Income Details
Monthly income after tax................ 815
Partners monthly income after tax....... 1018
Benefits................................ 112
Other income............................ 0
Total monthly income.................... 1945
Monthly Expense Details
Mortgage................................ 550
Secured/HP loan repayments.............. 36
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 127
Electricity............................. 47
Gas..................................... 40
Oil..................................... 0
Water rates............................. 68
Telephone (land line)................... 28
Mobile phone............................ 55

---

is very high
TV Licence.............................. 12
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 303

---

how many is a bit high go to o/s board and get tips from them
Clothing................................ 30

---

could be cut for a while join freecycle you get a lot of clothes for free
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 64

---

per month :eek: try comparrison sites and quidco for cashback
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 11
Contents insurance...................... 0----you need this
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1607
Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 1000
Total Assets............................ 192500
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 58000....(550)......1.25
Hire Purchase (HP) debt ...... 1000.....(36).......0[
Total secured & HP debts...... 59000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................7000......50........0 12 months interest free till may 2010
credit card....................4150......124.......6.9 life of balance rate
credit card....................1500......30........6.8 life of balance rate
loan........................... 3500......103.......12.9
credit card.................. ..800......30........19.9 pay off asapf
Total unsecured debts.....16950.....337.......-
Monthly Budget Summary
Total monthly income.................... 1,945
Expenses (including HP & secured debts). 1,607
Available for debt repayments........... 338
Monthly UNsecured debt repayments....... 337
Amount available for making debt repayments. 1
Personal Balance Sheet Summary
Total assets (things you own)........... 192,500
Total HP & Secured debt................. -59,000
Total Unsecured debt.................... -16,950
Net Assets.............................. 117,550

hi

am no expert but there is a couple of points for you
hope you dont mind

kas xx

RAS

hi

The money you are overpaying on the mortgage is only saving you 1.25 APR. It is costing you up to 19.9% to borrow that money.

have a lay with the snowball on www.whatsthecost.com or on the senseofcards web-site if you used it to create your SOA. Tha will help you understand how to pay least for your debts.

Can you overpay on the 3500 loan?

cuddlymarm

Hi

Welcome. You'll soon have lots of good ideas coming your way from other Old Stylers but my 3 favourites are
1 Shop with cash (when it runs out don't spend any more)
2 Put your change in a jar every day and stick in the bank once a week (Holiday fund?)
3 Write everything you spend down (Its amazing what you can cut once you know what you're spending)

Good luck with your moneysaving
Cuddles:rotfl:

mooomin

jagr68 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details

Monthly income after tax................ 815
Partners monthly income after tax....... 1018
Benefits................................ 112
Total monthly income.................... 1945

Monthly Expense Details

Mortgage................................ 550
Secured/HP loan repayments.............. 36
Council tax............................. 127 Over ten months or twelve?
Electricity............................. 47
Gas..................................... 40
Water rates............................. 68 On top of Council Tax? Yikes! I don't know how to get this down, being in Scotland where it's all included, anyone else fot suggestions?
Telephone (land line)................... 28 Seems high - mine is included in my telly/internet package
Mobile phone............................ 55 For both of you? are your contacts up for renewal?
TV Licence.............................. 12
Satellite/Cable TV...................... 26
Internet Services....................... 0 No internets?! :eek:
Groceries etc. ......................... 303 If this is for two people it's quite high, look to the Old Style board for tips
Clothing................................ 30 Can this be reduced?
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 64 Seems high.
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other child related expenses............ 20 What's this for?
Medical (prescriptions, dentist etc).... 10
Buildings insurance..................... 11
Contents insurance...................... 0 You should have this
Life assurance ......................... 15
Presents (birthday, christmas etc)...... 30 Is this being saved into an account or just "guesstimated"?
Haircuts................................ 5
Entertainment........................... 20
Total monthly expenses.................. 1607

Assets

House value (Gross)..................... 190000
Car(s).................................. 1500
Other assets............................ 1000 What is this?
Total Assets............................ 192500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 58000....(550)......1.25
Hire Purchase (HP) debt ...... 1000.....(36).......0
Total secured & HP debts...... 59000.....-.........-

Unsecured Debts

Description....................Debt......Monthly...APR
credit card....................7000......50........0 12 months interest free till may 2010
credit card....................4150......124.......6.9 life of balance rate
credit card....................1500......30........6.8 life of balance rate
loan........................... 3500......103.......12.9
credit card.................. ..800......30........19.9 pay off asapf

Total unsecured debts.....16950.....337.......-

Monthly Budget Summary

Total monthly income.................... 1,945
Expenses (including HP & secured debts). 1,607
Available for debt repayments........... 338
Monthly UNsecured debt repayments....... 337
Amount available for making debt repayments. 1

Personal Balance Sheet Summary

Total assets (things you own)........... 192,500
Total HP & Secured debt................. -59,000
Total Unsecured debt.................... -16,950
Net Assets.............................. 117,550

Hi there!

Well done for posting :T I have also added my thoughts. Your budget seems tight, have you any other ways of increasing income?

jagr68

Thanks for all the tips just to clarify a few points

Contents insurance is included with the buildings, should have said that. mobile phone is what comes out of my bank my son at university actuallyy pays me £25.00 per month in lump sums when he gets his loans but it does not always make it to my bank.

oh gets paid weekly so I pay for water rates, council tax and gas/electricty weekly at the post office. trying to get the money into the bank each week was a nightmare and we often ended up with bank charges so now pay weekly Council tax is actaully over 48 weeks

The internet is included with our tv package.

There are between 3 and 5 of us at home depending on time of year. I am looking to reduce food bill but this is an average for 4 to 5 of us.

Thanks for the other tips though. I have just finished duck taping an old coffee jar for the sealed pot challange.

Primula

Hello and welcome
Don't be nervous, everyone on here is very friendly and always willing to give good advice. I don't really have anything to add other than what's been said already. £55 for your son's mobile is very high. You can get O2 PAYG for top up £15 per month for unlimited texts and calls to other O2 mobiles. This might be an option for him?
Do you keep a spending diary? If not, definitely give it a go.
Good luck.
P

Deep_In_Debt

Hi
Have you thought about a water meter? I had one fitted for free a couple of years ago - I was paying £32 pm pre meter now pay £10pm. Might be worth ringing your water authority and see what they say.

waterwatcher

Just wish to add re the water rates, as a fellow devonian it is impossible to get get much cheaper and actually wash!!! South West Water charge extortionate amounts as we have to pay for the clean up of the coast line, I dont think the rest of the country really appreciates this. If only the locals could get to the beach through the traffic jams in the summer...... rant over

utopiah

hi
another devonian here, south west water is so expensive, i would be paying £72 a month for water over 10 months. I have been on a water meter now for 4 years and only pay £32 a month I have a 4 bedroomed house and there are 4 of us living in it (2 adults and 2 teenagers who are always in the shower). I have saved over a £1000 in that time on my water bills. Give it a go you can always revert back if you find its more expensive (it won't be);)

Cherry1

Hi,
On www.phones4u.com there are options to receive up to £250 cashback in 30 days - sounds quite simple, they just send you a cheque - with some new contracts. Sounds too good to be true but the downside is that some of the minute/txts allowances might not suit your son however have a lookie cos they might!