soa, please help and advice

mummyofboys

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1 ( another due in 10 weeks)
Number of cars owned.................... 1 (company car)

Monthly Income Details
Monthly income after tax................ 568
Partners monthly income after tax....... 1070
Benefits................................ 332 (tax credits and child benefit)
Other income............................ 0
Total monthly income.................... 1970

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550 (no arrears)
Management charge (leasehold property).. 0
Council tax............................. 90 have to pay feb /march due to arrears
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 58 some arrears , which is why high
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12.12
Satellite/Cable TV...................... 100 (sky and the phone)
Internet Services....................... 17.88
Groceries etc. ......................... 120 (30 per week, mum brings few bags of shopping in the week)
Clothing................................ 0 (my brother is 8 months older then my son, he gets all his hand me downs, hardly ever have to buy. boyfriend in uniform mon-fri, has alot of clothes and tops up with xmas.bday money. i have clothes and hardly ever buy something new)
Petrol/diesel........................... 60 (personal petrol he uses to and from work)
Road tax................................ 0 company pays
Car Insurance........................... 0 company pays
Car maintenance (including MOT)......... 0 company pays
Car parking............................. 0 company pays
Other travel............................ 0
Childcare/nursery....................... 91 ( one day a week, my mum has my son two afternoons a week, my step mum has my son one day a week whilst i work)
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 ( Son gets for free, i have a maternity certificate)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 46.01 (22.05 redundancy insurance, we had a few months of thinking my boyfriend was going to get made redundant so this kicks in if the case and pays out 750 per month for max 12 months. the rest is 6.99 laptop insurance have used 3 times already this year, £6.99 tv insurance son broke the last one so had to have it replaced, £6.99 playstation insurance again has come in useful twice, and 2.99 tv insurance for the other one.)
Presents (birthday, christmas etc)...... 30 ( park catatalogue, first time i have done this, but spent so much last time and got panicy have a massive family 4 brothers and sisters ect. This is paid for 10 months so totals £300)
Haircuts................................ 0 ( I shave my boyfriends hair and cut my sons, and i go with any birthday . xmas money ect)
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1320.01

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

No Secured nor Hire Purchase Debts

Unsecured Debts

Description....................Debt......Monthly...APR
tax credt overpayment..........700.......27.77.....0
wescott bt debt................95........33........0 2 more payments then done
ovrdraft sole account..........2903......85........0 only 38 comes off overdraft the rest is intrest! they wont stop it
littlewoods mine...............700.......36........0
marshall ward..................145.81....8.........39.7 we actually pay 15
littlewoods boyf...............563.04....24.........0
joint overdraft................750.......0.........0
boyf credit card...............1900......100.......0
capital one credit ............200.......11........0 actually pay 30
halifax credit card............700.......40........0 actually pay 60
boyfriend lloyds loan..........809.83....49.77.....0
lloyds tsb loan................871.68....61.24.....0
Total unsecured debts..........10338.36..475.78....

Monthly Budget Summary
Total monthly income.................... 1,970
Expenses (including HP & secured debts). 1,344.01
Available for debt repayments........... 649.99
Monthly UNsecured debt repayments....... 475.7
Amount left after debt repayments....... 174.21

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,338.36
Net Assets.............................. -10,338.36

Thanks for reading, well i have been on this site for ages as a lurker, basically got into alot of trouble a few months ago with me just spending and not paying bills, basically i had got into around 600 of arrears, which was following me around every month and was never able to catch up. my mum stepped in and lent me the money which i caught up with everything and have really tried to rein my spending in since.

I should explain in my job alot of the time i have had opportunity to earn overtime and usually the minimum i earn extra has been 24 per week, but sometimes as much as 100 , i used this to pay off two finances i had on a tv and a loan. I have never included it in my income so i dont relie on it as it is not set.

I am due to go on maternity leave for nine months in 8 weeks, my income will drop to £123 per week, but i am hoping the shortfall will come with the extra child benefits and tax credits so i should be ok. I have worked really hard the last few weeks prob doing more then i should to earn money to cover baby things, i have bought nearly everything from ebay ect for my baby including a brand new pram and car seat for 99 from tesco! and only spent around 200 in total on everything.

I dont know how i can reduce things even more, sometimes i feel were not living, we never go out ect and its hard to see the light at the end of the tunnel as, the rest of the things on loans/credits cards have quit a while to go until there paid off

can anyone help thanks

linz

You seem to be doing very well, one thing stood out for me - Can you get rid of your sky tv & go freeview and get on a cheap landline contract?

charlie2517

Hello! Welcome! WOW you've done well so far, could you cut out sky and combine phone and internet? £100 however you look at it is a lot, freeview?? Your internet is high too again another reason to shop around and combine. Do you have any stuff you can sell - ebay etc?? I know you'll be busy with a new baby soon but if you dont already and you can find time - surveys, payperclicks etc, all takes time but adds up slowly.


Will you still need childcare for your eldest DS when on maternity leave? That could be another £91 back in your pocket for 9 months (that would be the Westcott debt done in one month).

Guessing you have but just in case you havent have you checked you're on the right benefits?

You currently have according to this £174 plus left pcm after paying debts, yet you say you can't go out etc, clearly it's going somewhere, but do you know where? Have you tried keeping a spending diary to see where it goes? That could go to the debt and allow you some treats too (although there's plenty that can be done to have fun for free too.)

Keep the good work up!!

All the best xx

savingmummy

jay_mi10 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1 ( another due in 10 weeks):)
Number of cars owned.................... 1 (company car)

Monthly Income Details
Monthly income after tax................ 568
Partners monthly income after tax....... 1070
Benefits................................ 332 (tax credits and child benefit)
Other income............................ 0
Total monthly income.................... 1970

Electricity............................. 55
Gas..................................... 55 have you looked around for cheaper elec and gas

Satellite/Cable TV...................... 100 (sky and the phone):eek:this is hgh!!!! reduce package or go freeview! home phone do incoming calls only!
Even if it is only for now.
Internet Services....................... 17.88
Groceries etc. ......................... 120 (30 per week, mum brings few bags of shopping in the week):T
Monthly Budget Summary
Total monthly income.................... 1,970
Expenses (including HP & secured debts). 1,344.01
Available for debt repayments........... 649.99
Monthly UNsecured debt repayments....... 475.7
Amount left after debt repayments....... 174.21 where does this go each month???

I have added in blue what i would change for now until your back on the straight!
Goodluck x

mummyofboys

thanks for the replys! Basically so far the £174 last month went with my overtime towards paying for the loans that i paid off, this february will be the first month ive really had that money , as before i paid the loans i was stuggling.

Yes i think the benefits are right, but i honestly have no idea how they get worked out (taxcredits) i aways ring ect and warn them when new change but yet i still had an over payment which im paying back! I also think i get abit of help towards childcare ( so if i cut this back my tax credits would go down , also he only goes one day a week and as he is three he gets 5 hours free. used to pay 138 per month till he turned three) plus my boyfriend and i think a day at nursery is educational, and will give me time to bond with the baby also. but your right it is really dear.

Sky yes, i have discussed this with my boyfriend, we have sky plus, and free view upstairs( which i always use) my boyfriend however wont give it up because of the football, have argued so many times, we have looked into going with virgin for combined sky, phone and internet which would be 77 per month. my phone bill is always high though i cant get it down! i think its 0845 0870 numbers but sometimes i have to use these, for the bank , sky , gas/elec.

gas and elec. were currently with southern electric, i dont know how i find out if somewhere else would be cheaper? they quote ridiculous direct debit amounts like 15 each, but then i would just get into debt as it would not be high enough to cover my usuage??

linz

jay_mi10 wrote: »

my phone bill is always high though i cant get it down! i think its 0845 0870 numbers but sometimes i have to use these, for the bank , sky , gas/elec.

gas and elec. were currently with southern electric, i dont know how i find out if somewhere else would be cheaper? they quote ridiculous direct debit amounts like 15 each, but then i would just get into debt as it would not be high enough to cover my usuage??

I'm sure there is a way of getting around the 0845 numbers - someone else may know but i'm sure i've heard of ways around the rip-off numbers the banks etc charge, 'say no to 0890'? or something like that?

edit - here u go - say no to 0870 http://www.moneysavingexpert.com/phones/0870-say-no

Also, try doing a utilities comparison on one of the cashback sites - topcashback.co.uk or quidco.co.uk. You may find you could switch suppliers and get £100 or so for swapping aswell - this link might help

http://www.moneysavingexpert.com/utilities/you-switch-gas-electricity