My SOA- Help Please

Mrs._Irwin

gfplux, this is based on what her husbands wages will be reduced to in September.

What are the other child related expenses?

tq16

gfplux- you are right I do need to take control now, not in debt yet as SOA uses the income my husband will get starting September, it is higher now so hence no debt.
money terrifies me- and I am fortunate enough not to have any other debts (don't even own a credit card). Spending diary sounds a great idea though, as its the little daily bits which i forget about which i think add up to quite alot- and i maybe don't account for. Will check out website, this eve- thank you
BeautyandtheBeast- would love to start up ironing service, though my husband is rolling around on the floor at the thought of this (i'm not very good-he does his own shirts!) :-)

milliemonster

Have you looked into possibly putting your mortgage on interest only for a short period of time until you can possibly get some extra work?

tq16

No I hadn't but I will give mortgage company a ring today- thank you

WillpowerFree

OK this might sound odd to you but have you thought about waitressing? I used to have a well paid job but after maternity leave there was no point in going back cuz i was an estate agent so the commission would've been non existent because of the credit crunch and also i didnt fancy working 6 days a week and being away from DS that much. I was going to be a SAHM but then OH's wages dropped by over £1000 a month so that wasn't an option. I started waitressing and I actually make really good money. I'm paid minimum wage but make anywhere between £20 and £50 per shift in tips! I do evenings and weekends and it really helps. If you did three shifts a week then minimum you'd get would be in the region of £130 per week including tips if you found a job in a good restaurant.

Don't get me wrong, its not glamorous or particularly interesting but you get to meet people and when you leave at the end of your shift you dont have to worry about it. And if the money will help get u thru then it might be worth a go?

also, if u go on entitledto.co.uk then u can put in hyperthetical earnings and see what you will be entitled to in september.

i hope you manage to sort it out x

tq16

tq16 wrote: »

ok have been trying to absorb advice, glad I had today free to focus on this. What do people think?

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................ £100
Partners monthly income after tax....... £1002.56
Benefits................................ £173.69
Other income............................ 0
Total monthly income.................... £1276.25

Monthly Expense Details
Mortgage................................ £400
Council tax............................. 152
Electricity............................. 45 (this is estimate as not had winter in house yet)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32
Telephone and internet combined................... 28.62 (BT)
Mobile phone............................ 22.50 (tied in to contract for 11more months)
TV Licence.............................. 12.01
Satellite/Cable TV...................... 0
Groceries etc. ......................... 250 - will cut this to £150
Clothing................................ 15
Petrol/diesel........................... 150 (my husband will have to drive to new work but hoping this won't have to go up)
Road tax................................ 17.92
Car Insurance........................... 18.84
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50 - have worked out exactly what must be paid for and think can cut this to £20
Medical (prescriptions, dentist etc).... 0
Pet expenses................................ 6
Buildings insurance..................... £27
Contents insurance...................... 10.49
Life assurance ......................... 9.64
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 50- going to reduce this to £35
Holiday................................. 30 -will reduce this to £20
Emergency fund.......................... 50 - will reduce this £20
Charity donations........................7 - have cancelled this
step/pilates class........................24 - have cancelled this


Total monthly expenses.................. 1453.02

Assets
Cash.................................... 0
House value (Gross)..................... 195000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 197500
Unsecured Debts
none
Total unsecured debts..........0

Monthly Budget Summary
Total monthly income.................... 1276.25
Expenses (including HP & secured debts). 1453.02
Amount left .... -£176.77:eek:

I know that amount may not seem alot to some people, in fact is less than I had estimated (£400) based in my husbands salary (what have we been spending the extra £200 on!!!) but please help, Thank you x

If I have worked this out right- that should save me £216, which would just put us in credit by £39.23- which I would keep as standby as bound to have forgotten something.

What do you think? should I still look into paying interest only on mortgage? Have I missed anything vital off my list? dd1 is starting school in sept so bound to be hidden charges there!!!

QueenBeruthiel

You should be able to get a better deal for phone/internet. Check out the comparison sites and Quidco.

£150 pm is quite a lot for petrol. Make sure you are paying the lowest price in your area: www.petrolprices.com If the lowest price is a supermarket (it usually is), make sure you are collecting reward points, Nectar points, whatever, when you fill up.

What are the £50pm "other child related expenses"?

Like others, I think you will likely get increased benefits - working tax credit and child tax credit.