SOA Help

SueP19

Ok Here goes, just a bit of background. We have been in debt most of our married life (21 years next month) I realise that we have got into awful spending habits and never seem to be able to save, ever.
I have dealt with it all the time and it has taken its toll on my health, hubbys answer is to walk away both mentally and physically (he wants to sell up and move) If I try to push it too much he gets angry and says he will not pay them anything!!!!! Its not all his fault, since the very begining I realised he couldn't cope with anything so I kept quiet, bad move. He has the last few years became more responsible but when the pressure mounts he does get worse, falling out etc and wanting to spend what we haven't got, so it gets funded by cards. For example he wants to go on holiday this year but with no funds he is constantly telling me "if we could only have something to look forward to...." He said he would give up smoking but wanted to use the extra money for the holiday....................he needs an incentive. I have 1 pair of shoes which has holes in !!!!!!! Needless to say I had to use the money saved for bills and ended up with a chorus of whats the point
Pocket money, our daughter is at college (17) does not get EMA, the pocket money is not negotiable, she knows that we are experiencing difficulty and has offered to not have any money for awhile (bless her) She pays for her own kungfu classes/licence and college stuff and clothes etc, so it would be more expensive to not give her £15 a week and I don't want her to know how bad things are, I was bought up with knowing how bad life was and every time I got xmas pressies etc I felt incredibly guilty cos it was always preceded by how my mother couldn't afford it.
I do have a fledgling business as well, this is in the early days and will take time to build a reputation (I did win a national award in November) This could eventually net me about £200-300 a month more but I am a while away from that yet. I didn't include those expenses but they did come to £100 per month........advertising, internet site, supplies, shows etc

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.................... 1

Monthly Income Details
Monthly income after tax................ 1002
Partners monthly income after tax....... 1385
Benefits................................ 122 (child benefit and WFTC)
Other income............................ 0
Total monthly income.................... 2509

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 248
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 111 (always high never worked out why)
Gas..................................... 70 (not paying at mo, no LPG gas since Feb but will need next this winter)
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 20
Mobile phone............................ 52 (both on contracts)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 21
Groceries etc. ......................... 423 (SHOCKED!!!! per April)
Clothing................................ 10 (No clothes since last sept but do need new shoes)
Petrol/diesel........................... 195 (live in the country travel about 250 miles/week)
Road tax................................ 35
Car Insurance........................... 73 (2 cars plus breakdown and main ins)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.8
Pet insurance/vet bills................. 0
Buildings insurance..................... 31 (incs contents)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 (this is not really monthly but what I spend at xmas and for daughters birthday)
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 100 (this was last years, no hols this !!!!)
Emergency fund.......................... 0
Pocket money............................ 65 (non negotiable)
Tobacco................................. 135 (see note below)
Total monthly expenses.................. 2393.8


Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 113500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 92500....(600)......5.5
Secured Debt.................. 17000....(248)......12
Total secured & HP debts...... 109500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Citifinancial..................3095......130.......30
Mbna 1.........................4700......150.......35
Mbna 2.........................5376......200.......35
Capital one....................800........25.........30
Overdraft......................1000.........5...........-
Total unsecured debts..........13971.....510.......-


Monthly Budget Summary
Total monthly income.................... 2,509
Expenses (including HP & secured debts). 2,388.8
Available for debt repayments........... 115.2
Monthly UNsecured debt repayments....... 510
Amount short for making debt repayments. -389.8

Personal Balance Sheet Summary
Total assets (things you own)........... 113,500
Total HP & Secured debt................. -109,500
Total Unsecured debt.................... -13,171
Net Assets.............................. -9,171

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.


Thanks
Sue

lucielle

Morning Sue, well done for posting. The main things that jump out at me are your groceries, mobiles and electricity. We are a family of 6 and monthly food budget for everything is £336. Shop around for a new electricity tariff and see if you can get your mobiles down. Hope this helps and good luck.
L

cocalls

hi sUe the things that really stuck out for me as being v high were your gas/leccy/mobiles /roceries/holidays/and also pocket money-your daughter is nearly an adult so can get a part time job and pay for her own luxeries. I had a p/t job from 13 im sure you can trim those bits off to make your SOA balance.

good luck in your journey

SueP19

Hi Lucielle, um!!! the groceries were a shock, I added Aprils receipts and that is waht it came to, I am adding May's to see if April was typical. I shop at Aldi as well!!!!

Hi Cocalls the mobile are locked in contracts for 6 month and a year, I am with 3 but hubby refused to change from orange. Electric..................hubby has a bath every night!!! won't change I am sure that is why the electric is so high, but it has been high all our married life.
Pocket money I understand what you are saying, she can't drive and we live in the middle of nowhere, 3 miles down a dirt track.She does work for my boss 1 day a week so I am trying to get her to save and plan and budget, don't want her to end up like me

Changingme

If you go to the old style board try joining the grocrey challenge this has been a real help to me.

Pollycat

SueP19 wrote: »

Hi Lucielle, um!!! the groceries were a shock, I added Aprils receipts and that is waht it came to, I am adding May's to see if April was typical. I shop at Aldi as well!!!!

Hi Cocalls the mobile are locked in contracts for 6 month and a year, I am with 3 but hubby refused to change from orange. Electric..................hubby has a bath every night!!! won't change I am sure that is why the electric is so high, but it has been high all our married life.
Pocket money I understand what you are saying, she can't drive and we live in the middle of nowhere, 3 miles down a dirt track.She does work for my boss 1 day a week so I am trying to get her to save and plan and budget, don't want her to end up like me

Hi Sue & welcome
I think you have a battle on your hands with your OH.
Change is needed to get you out of the debt you're BOTH in.
If he wants to go on holiday and have something to look forward to, he needs to sign up to CHANGE.
Can't he have a shower?
£111 per month on electricity is huge. Do you have energy saving bulbs in? Are you in the habit of leaving lights/appliances on?

Re groceries - pop over to the OldStyle board, there's lots of tips on cooking in bulk, menu planning, using up leftovers etc. You'll be able to reduce your food bill by quite a bit, I'm sure.

Good luck with reducing your debts and I hope your business works out too.

MrsTinks

Having a bath each night is NOT going to explain your electricity bill! Check the tariff ASAP and look out for prime offenders like tumbledriers, washing machines, fridges (some old ones are so bad at eating power that replacing it could pay off in as little as 5-6 months...), heaters and those water heaters you have in the tank to keep them warm (name escapes me... blooming pregnancy brain!).
Check when the heating is on for the hot water and try to shave 15 minutes off at least - that's an hour and 45 minutes a week of heating you would save
Your daughter is 17... I had a weekend job at 15 and paid for my own hobbies from then on. £65 is a lot and frankly it's money you DO NOT HAVE! You can say non-negotiable until the cows come home but you are over spending each month by nearly £400... Explaining to a creditor that your daughters hobbies comes first will not endear you to them I can promise you

TotallyBroke

SueP19 wrote: »

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.................... 1 2

Monthly Income Details
Monthly income after tax................ 1002
Partners monthly income after tax....... 1385
Benefits................................ 122 (child benefit and WFTC) How long before this stops?

Total monthly income.................... 2509

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 248
Council tax............................. 90
Electricity............................. 111 (always high never worked out why) Do you heat water this way
Gas..................................... 70 (not paying at mo, no LPG gas since Feb but will need next this winter)
Water rates............................. 17
Telephone (land line)................... 20
Mobile phone............................ 52 Just because they are on contract does not mean you can't change. Ring them and ask to be dropped down to a tariff more suited to your needs could save £5-10 per contract
TV Licence.............................. 12
Internet Services....................... 21 This is high can you not get this included with your phone line
Groceries etc. ......................... 423 (SHOCKED!!!! per April) With meal planning and buying certain value products this could be halved
Clothing................................ 10 (No clothes since last sept but do need new shoes)
Petrol/diesel........................... 195 (live in the country travel about 250 miles/week)
Road tax................................ 35
Car Insurance........................... 73 (2 cars plus breakdown and main ins)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.8
Pet insurance/vet bills................. 0
Buildings insurance..................... 31 (incs contents)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 (this is not really monthly but what I spend at xmas and for daughters birthday)
Haircuts................................ 25 Only cut every 3 months
Entertainment........................... 0
Holiday................................. 100 (this was last years, no hols this !!!!) If this is a debt from a holiday it needs to be in the debt section not here
Emergency fund.......................... 0
Pocket money............................ 65 (non negotiable)
Tobacco................................. 135 (see note below) Couldn't see a note below but I suggest you move onto roll your own so much cheaper if you cannot give up
Total monthly expenses.................. 2393.8


Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 113500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 92500....(600)......5.5
Secured Debt.................. 17000....(248)......12
Total secured & HP debts...... 109500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Citifinancial..................3095......130.......30
Mbna 1.........................4700......150.......35
Mbna 2.........................5376......200.......35
Capital one....................800........25.........30
Overdraft......................1000.........5...........-
Total unsecured debts..........13971.....510.......-


Monthly Budget Summary
Total monthly income.................... 2,509
Expenses (including HP & secured debts). 2,388.8
Available for debt repayments........... 115.2
Monthly UNsecured debt repayments....... 510
Amount short for making debt repayments. -389.8

Personal Balance Sheet Summary
Total assets (things you own)........... 113,500
Total HP & Secured debt................. -109,500
Total Unsecured debt.................... -13,171
Net Assets.............................. -9,171

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.


Thanks
Sue

Electricity ~ my first suggestion would be to look at the meter and watch the numbers change. Then go around the house unplugging everything in each room. When you get to the kitchen unplug fridge and freezer as well, the meter numbers should not move. If they don't move then plug back in the fridge/freezer. They are the only things to be left plugged in (unless it will affect the boiler). You do not need the cooker, microwave, video and dv player displaying the time. I pay £45 per month on electric am currently in credit and my sky box, broadband, tv and video and dvd player upstairs and down are all on standby. I also have 2 extension leads plugged in at all time, I need to take my own advice lol

You could in the next couple of months be out of the negative money so not getting into further debt. Good Luck to you

jennyo

Firstly I would like to add my support for you, you story is so similar to mine, when I first started reading I thought I don't remember writing this.

As has already been pointed out your grocery bill is very high, look on the discount voucher thread, printable money off vouchers, some Tescos take them even when you have not bought the product, I have been doing this for 2 months and have used £80 in vouchers, but my grocery bill is only £100 max per month for the 2 of us.
Become a supermarket tart, vary where you go, to take advantage of offers, just sticking to one supermarket costs.

Electric is very high, I take areading each week (sad cow) and say we need to cut down.

Check on the reclaiming board and get some claims in for late payment charges on your CC, if you have any. Also think about putting a claim in for reclaiming bank charges if you have any. I did this at the beginning of the year and it was a turning point for us got back £2940, in total, for actualy very little work, this provided a major incentive to us to sort our life out.

I find planning really boring, but it saves loads of money, making us packed lunch, plan for the meal in the evening, we waste no food at all now.

Good luck with you business, just watch your outgoings, I know it is expensive to set up, We have been self employed for years, I'm glad we no longer need to advertise, it costs a fortune.

Get hubby to go on to rolling baccy, it saves a fortune, and cuts down on smoking, I'm often too idle to roll one !!

I wish you the best of luck it will take time, but you can do it

donny-gal

I know this is an outlay, but it may save you money in the long run. Look here, you may find one cheaper if you hunt around the web, and some electricity companies offer them free.
DG

lilly81

SueP19 wrote: »

I do have a fledgling business as well, this is in the early days and will take time to build a reputation (I did win a national award in November) This could eventually net me about £200-300 a month more but I am a while away from that yet. I didn't include those expenses but they did come to £100 per month........advertising, internet site, supplies, shows etc why has this cost not been included?

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.................... 1

Monthly Income Details
Monthly income after tax................ 1002
Partners monthly income after tax....... 1385
Benefits................................ 122 (child benefit and WFTC)
Other income............................ 0
Total monthly income.................... 2509

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 248
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 111 (always high never worked out why) Have u looked at switching to a cheaper company?
Gas..................................... 70 (not paying at mo, no LPG gas since Feb but will need next this winter)
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 20
Mobile phone............................ 52 (both on contracts) Have u looked into a SIM only contract?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 21
Groceries etc. ......................... 423 (SHOCKED!!!! per April) Old style board for tips on reducing this
Clothing................................ 10 (No clothes since last sept but do need new shoes)
Petrol/diesel........................... 195 (live in the country travel about 250 miles/week) Look at tips for reducing e.g. tyre pressure etc
Road tax................................ 35
Car Insurance........................... 73 (2 cars plus breakdown and main ins)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.8
Pet insurance/vet bills................. 0
Buildings insurance..................... 31 (incs contents)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 (this is not really monthly but what I spend at xmas and for daughters birthday) put aside each month to save up
Haircuts................................ 25 have u tried local college?
Entertainment........................... 0
Holiday................................. 100 (this was last years, no hols this !!!!)
Emergency fund.......................... 0 Need something for an emergency
Pocket money............................ 65 (non negotiable) Far enough
Tobacco................................. 135 (see note below)
Total monthly expenses.................. 2393.8


Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 113500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 92500....(600)......5.5
Secured Debt.................. 17000....(248)......12
Total secured & HP debts...... 109500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Citifinancial..................3095......130.......30
Mbna 1.........................4700......150.......35
Mbna 2.........................5376......200.......35
Capital one....................800........25.........30
Overdraft......................1000.........5...........-
Total unsecured debts..........13971.....510.......-


Monthly Budget Summary
Total monthly income.................... 2,509
Expenses (including HP & secured debts). 2,388.8
Available for debt repayments........... 115.2
Monthly UNsecured debt repayments....... 510
Amount short for making debt repayments. -389.8

Personal Balance Sheet Summary
Total assets (things you own)........... 113,500
Total HP & Secured debt................. -109,500
Total Unsecured debt.................... -13,171
Net Assets.............................. -9,171

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.


Thanks
Sue

Hiya
Ive put some tips up there in red for you. Have you thought abut looking at cashback sites like Quidco?
I do online surveys in return for gift vouchers that I will use for presents.
I decided to grow my hair long so only needed it cut a couple of times a year.
To save loads on the grocery shops look at the Old style board for cheap recipes but also for cleaning products-you will be amazed! Meal planning is essentials.
Also you have £0 for your entertainment budget which is fair enough with the current finances but please look into things you can do for free- like DVD rental trials as this could put a bit of fun back in your life and help cheer everyone up.
Good Luck
Lilly X