Worried and Upset - SOA Calculator

Jag_Babe

I have just done an up to date statement of affairs and it was made me worried and upset any ideas would be appreciated. This takes into account both my income (student) and my partners income (part time job, is trying to get a full time job)

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 862.20
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . 636.52

Monthly Expense Details

In Your Home
Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.88
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.00
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.80
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.17
48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575.00
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 212.00
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.67
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140.00
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.33

Debt Repayments
Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255.00
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 249.60

Family
Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.00
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00

Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Clothes, Health & Beauty
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Education & Courses
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166.67

Big One Offs
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.67
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.67

Odds & Sods
NI/Tax Provisions ............................................................33.33
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.67

Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,498.72

Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . 3,224.44

psychopathbabble

http://www.makesenseofcards.com/soacalc.html

Can you fill this one in? This is the standard one that everyone uses.

Are you in arrears with gas and elec? Seems quite high. Internet can be cut down. How many people is the grocery shopping for? If it's monthly, birthdays and christmas need to be cut down. Summer holiday, is this already booked? Coffee sandwiches and snacks are unneccessary when you have debt to deal with and £90 a month is a lot! £100 gym? £20 clothes can be cut out until you are better off.

Hope this helps... the link I have suggested is much easier to read and make use off.

savingmummy

Jag_Babe wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 862.20
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . 636.52

Monthly Expense Details

In Your Home
Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.88
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.00 can you get cheaper?
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00 maybe get incoming calls only then only pay for line
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00 if this is products visit the £shops
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00 too high!!
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00 elec/gas arrears??
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.80 this seems high
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.17
48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.00 ???
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575.00
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 212.00 reduce this! drop brands, meal plan.
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153.00 what is this for?
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250.00:eek: this is a killer a month
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.67 do you have 2 cars?? if so do you need 2!!
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140.00 shop around
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.33 why so much? what car do you own?

Debt Repayments
Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255.00
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 249.60

Family
Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 have you shopped around, markets or buying in bulk can be cheaper
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.00 packed lunch for now??
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00

Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.00 cancel or go freeview for now
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 reduce

Clothes, Health & Beauty
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00:eek: This a bit OTT - you cant afford this
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 use what you have for now

Education & Courses
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166.67

Big One Offs
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 cut down!
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.67 is this booked?
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.67 reduce this, limit who you buy for

Odds & Sods
NI/Tax Provisions ............................................................33.33
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.67 take your own stuff from home

Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,498.72

Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . 3,224.44

You need to do the MSE SOA it is much clearer and easier to follow.
I have hightlighted bits i think could be changed/altered.
You are spending more then you earn how are you paying for things? overdraft? credit cards?

Jag_Babe

Fresh SOA as suggested:

Household Information

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

Monthly Income Details[/b]

Monthly income after tax................ 376
Partners monthly income after tax....... 486.2
Benefits................................ 636.5

Total monthly income.................... 1498.7[/b]

Monthly Expense Details

Rent.................................... 575
Council tax............................. 93.17
Electricity............................. 150
Gas..................................... 100
Water rates............................. 32.8
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 11.88
Satellite/Cable TV...................... 22
Internet Services....................... 31
Groceries etc. ......................... 212
Clothing................................ 30
Petrol/diesel........................... 250
Road tax................................ 34.67
Car Insurance........................... 140
Car maintenance (including MOT)......... 83.33
Other child related expenses............ 42
Pet insurance/vet bills................. 20
Contents insurance...................... 19
Presents (birthday, christmas etc)...... 66.67
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 41.67

Total monthly expenses.................. 2065.2

Assets

Cash.................................... 100
Car(s).................................. 3000
Other assets............................ 500
Total Assets............................ 3600

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................17700.....255.......25.9
Bank Overdraft.................2000......45........19
Bank Loan......................2000......30........19
Catalgoue......................1214.87...100.......5
Personal Loans.................5089.8....249.6.....183.2
Total unsecured debts..........28004.67..679.6.....-

Monthly Budget Summary

Total monthly income.................... 1,498.7
Expenses (including HP & secured debts). 2,065.2
Available for debt repayments........... -566.5
Monthly UNsecured debt repayments....... 679.6
Amount short for making debt repayments. -1,246.1
Personal Balance Sheet Summary
Total assets (things you own)........... 3,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,004.67
Net Assets.............................. -24,404.67

Not included in this is:
Storage £150 monthly
£100 gym (horse riding)
£166.67 educational fees
Lunches £86.67
NI/Tax £33.33

Jag_Babe

Paying arrears on gas and electric at the moment hence it being quite high

Internet is both fixed broadband and mobile.

nuttylou

Jag_Babe wrote: »

Fresh SOA as suggested:

Household Information

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

Monthly Income Details[/b]

Monthly income after tax................ 376
Partners monthly income after tax....... 486.2
Benefits................................ 636.5

Total monthly income.................... 1498.7[/b]

Monthly Expense Details

Rent.................................... 575 Have you applied for HB?
Council tax............................. 93.17 Are you a full time student 16+ hours ? Have you got your 25% reduction?
Electricity............................. 150 These are high there are 6 of us at home, lots of washing, drying etc etc ours is much lower for both g&e.
Gas..................................... 100
Water rates............................. 32.8
Telephone (land line)................... 30 Can this go? Or can you have BT basic?
Mobile phone............................ 20
TV Licence.............................. 11.88
Satellite/Cable TV...................... 22 Can you have freeview for a bit?
Internet Services....................... 31
Groceries etc. ......................... 212
Clothing................................ 30
Petrol/diesel........................... 250 Do you live far away from work/uni/college?
Road tax................................ 34.67
Car Insurance........................... 140
Car maintenance (including MOT)......... 83.33 This is high per month?
Other child related expenses............ 42
Pet insurance/vet bills................. 20
Contents insurance...................... 19
Presents (birthday, christmas etc)....66.67 Can you cut this to just your kids untill finances improved?
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 41.67 Can this go until you have better finances?

Total monthly expenses.................. 2065.2

Assets

Cash.................................... 100
Car(s).................................. 3000
Other assets............................ 500
Total Assets............................ 3600

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................17700.....255.......25.9
Bank Overdraft.................2000......45........19
Bank Loan......................2000......30........19
Catalgoue......................1214.87...100.......5
Personal Loans.................5089.8....249.6.....183.2
Total unsecured debts..........28004.67..679.6.....-

Monthly Budget Summary

Total monthly income.................... 1,498.7
Expenses (including HP & secured debts). 2,065.2
Available for debt repayments........... -566.5
Monthly UNsecured debt repayments....... 679.6
Amount short for making debt repayments. -1,246.1
Personal Balance Sheet Summary
Total assets (things you own)........... 3,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,004.67
Net Assets.............................. -24,404.67

Its really difficult posting and getting people's views, well done!:j
There are lots of things you can cut back on in your budget.,,,,I have no room to talk though as mine is fairly bad in itself!
I am a full time student with 4 kiddies and 2 that stay regular so I know it is really hard.
What are you studying? x:)

psychopathbabble

Jag_Babe wrote: »

Fresh SOA as suggested:

Household Information

Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2 is 2 cars necessary?

Monthly Income Details[/b]

Monthly income after tax................ 376
Partners monthly income after tax....... 486.2
Benefits................................ 636.5

Total monthly income.................... 1498.7[/b]

Monthly Expense Details

Rent.................................... 575
Council tax............................. 93.17
Electricity............................. 150
Gas..................................... 100
Water rates............................. 32.8
Telephone (land line)................... 30 not sure as i don't pay for a phoneline but can you change supplier?
Mobile phone............................ 20
TV Licence.............................. 11.88
Satellite/Cable TV...................... 22 can you cancel this?
Internet Services....................... 31 this is too high... maybe get a package with the tv if you cant live without satellite?
Groceries etc. ......................... 212 this doesnt seem to bad to me but i only by for me
Clothing................................ 30 this can be cut as much as possible, children might need new things when outgrown but can you make do with what you have for a bit?
Petrol/diesel........................... 250 ouch!!
Road tax................................ 34.67
Car Insurance........................... 140 have you used comparison websites? this is a lot.
Car maintenance (including MOT)......... 83.33 again this is a lot, £900 a year for maintenance!? Again, do you need 2 cars?
Other child related expenses............ 42 what is this?
Pet insurance/vet bills................. 20 can you get a cheaper insurance policy?
Contents insurance...................... 19 see above
Presents (birthday, christmas etc)...... 66.67 would suggest limits on spending for each child, only buy for those closest to you.
Haircuts................................ 10
Entertainment........................... 50 what is this?
Holiday................................. 41.67 is this necessary? unless it's already booked, you can't afford a holiday.

Total monthly expenses.................. 2065.2

Assets

Cash.................................... 100
Car(s).................................. 3000
Other assets............................ 500
Total Assets............................ 3600

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................17700.....255.......25.9
Bank Overdraft.................2000......45........19
Bank Loan......................2000......30........19
Catalgoue......................1214.87...100.......5
Personal Loans.................5089.8....249.6.....183.2
Total unsecured debts..........28004.67..679.6.....-

Monthly Budget Summary

Total monthly income.................... 1,498.7
Expenses (including HP & secured debts). 2,065.2
Available for debt repayments........... -566.5
Monthly UNsecured debt repayments....... 679.6
Amount short for making debt repayments. -1,246.1
Personal Balance Sheet Summary
Total assets (things you own)........... 3,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,004.67
Net Assets.............................. -24,404.67

Not included in this is:
Storage £150 monthly
£100 gym (horse riding)
£166.67 educational fees
Lunches £86.67
NI/Tax £33.33

What is the storage for? Can you get a cheaper rate eslewhere? Horse riding may need to be reconsidered. Lunches need to be homemade.

Unfortunately you are going to have to make a lot of cut-backs and sacrifices for a while to get back on track.

Lots of ideas on these threads to help lower grocery costs etc.

Maybe others have some ideas for you.. unfortunately I don't pay my bills (I rent a room) so I can't be of much help in that area.

Ames

Jag_Babe wrote: »

Fresh SOA as suggested:

Household Information

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

Monthly Income Details[/b]

Monthly income after tax................ 376 look into the hardship fund at uni, this seems a very low amount, are you sure you're getting all the grants/bursaries etc you're entitled to.
Partners monthly income after tax....... 486.2
Benefits................................ 636.5

Total monthly income.................... 1498.7[/b]

Monthly Expense Details

Rent.................................... 575
Council tax............................. 93.17 Apply for council tax benefit, as you're a student you're exempt so there should at least be the 25% single discount on there. If you look on your council website there should be a calculator to see if you can get any housing or council tax benefit. Students with children come under different rules, although that could only be single students.
Electricity............................. 150
Gas..................................... 100 How long till the arrears are paid off? Do you do all the energy saving stuff - energy saving bulbs, turning everything off at the plug, wearing a jumper instead of putting the heating on. Don't ever use a tumble dryer, they eat electricity.
Water rates............................. 32.8 Go to your water suppliers website, there'll be a calculator to see if you're better of on a meter than rates. You can have a meter fitted for free, and if after a year it's more expensive then they can remove it for free.
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 11.88
Satellite/Cable TV...................... 22 Get rid and go freeview.
Internet Services....................... 31 Ouch you should be able to get this for about a tenner, or is it one of the laptop deals?
Groceries etc. ......................... 212 Not too bad but you should be able to shave quite a bit off this, check out the old style board for meal planning in bulk and freezing.
Clothing................................ 30 This can be cut down - ebay, charity shops, freegle, car boot sales.
Petrol/diesel........................... 250 Ouch! Make sure you're driving efficiently and getting the best deals on petrol
Road tax................................ 34.67 Is it really this high a month? What car do you drive?
Car Insurance........................... 140 :eek: A month? That's astronomical! What do you drive and how old are you? Shop around when it's due for renewal and get the best deal.
Car maintenance (including MOT)......... 83.33 :eek: The most I've ever spent on a car was about 600 a year, have you had lots of repais lately?
Other child related expenses............ 42
Pet insurance/vet bills................. 20
Contents insurance...................... 19
Presents (birthday, christmas etc)...... 66.67 :eek: You need to cut this down to about a tenner tops. Only buy for kids, and make as much as you can yourself. How old is your child? Are they old enough to understand, or young enough not to notice?
Haircuts................................ 10 Go to the local training college, mine costs £4 every couple of months.
Entertainment........................... 50
Holiday................................. 41.67 You can't afford a holiday.

Total monthly expenses.................. 2065.2

Assets

Cash.................................... 100
Car(s).................................. 3000
Other assets............................ 500
Total Assets............................ 3600

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................17700.....255.......25.9
Bank Overdraft.................2000......45........19
Bank Loan......................2000......30........19
Catalgoue......................1214.87...100.......5
Personal Loans.................5089.8....249.6.....183.2
Total unsecured debts..........28004.67..679.6.....-

Monthly Budget Summary

Total monthly income.................... 1,498.7
Expenses (including HP & secured debts). 2,065.2
Available for debt repayments........... -566.5
Monthly UNsecured debt repayments....... 679.6
Amount short for making debt repayments. -1,246.1
Personal Balance Sheet Summary
Total assets (things you own)........... 3,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,004.67
Net Assets.............................. -24,404.67

Not included in this is:
Storage £150 monthly What are you storing? Can you sell a load of stuff so you can fit it in your home or relatives lofts?
£100 gym (horse riding) If you're not in a contract this has to stop, you just can't afford it.
£166.67 educational fees What's this for, shouldn't the student loans system cover fees?
Lunches £86.67 A loaf of bread for a quid and some cheese/ham/whatever. A lot less!
NI/Tax £33.33Why isn't this taken at source?

I've put a few comments in. I think your biggest problem, and please don't take this the wrong way, is that you're a student but don't live a student lifestyle,. You just can't affords holidays and horse riding. Your car is a money eater too, is there anyway of changing it for something more economical? You could free up three grand and get something for a few hundred.

Ames

Sorry, I've only just noticed it's for two cars, can you get rid of one? That'll cut your costs a lot.

kingfisherblue

Jag_Babe wrote: »

Fresh SOA as suggested:

Household Information

Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2 Do you really need two cars?

Monthly Income Details[/b]

Monthly income after tax................ 376
Partners monthly income after tax....... 486.2
Benefits................................ 636.5 CB, CTC? Any others?

Total monthly income.................... 1498.7[/b]

Monthly Expense Details

Rent.................................... 575 Can you get HB?
Council tax............................. 93.17 have you applied for council tax benefit? I don't think students have to pay - but someone will correct me if I'm wrong
Electricity............................. 150 Way too high! Why?
Gas..................................... 100 Way too high! Why?
Water rates............................. 32.8
Telephone (land line)................... 30 A bundle for internet, phone and TV might be cheaper. I have unlimited calls, line rental and internet for less than £30 and use Freeview
Mobile phone............................ 20
TV Licence.............................. 11.88
Satellite/Cable TV...................... 22 See comments for landline
Internet Services....................... 31 See comments for landline - I think this is very expensive just for internet!
Groceries etc. ......................... 212 Can be cut down for two people
Clothing................................ 30 Use what you have for now - you can't really afford £30 a month on clothes
Petrol/diesel........................... 250 How much would you save if you only had one car?
Road tax................................ 34.67
Car Insurance........................... 140 :eek: a month?!
Car maintenance (including MOT)......... 83.33 :eek: a month?!
Other child related expenses............ 42 What are these?
Pet insurance/vet bills................. 20 Expensive - how many animals is it for?
Contents insurance...................... 19
Presents (birthday, christmas etc)...... 66.67 Way too much - cut down
Haircuts................................ 10
Entertainment........................... 50 You need to find cheaper or free entertainment for now
Holiday................................. 41.67 If this isn't booked, I would do without this year.

Total monthly expenses.................. 2065.2

Assets

Cash.................................... 100
Car(s).................................. 3000
Other assets............................ 500 What are these?
Total Assets............................ 3600

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................17700.....255.......25.9
Bank Overdraft.................2000......45........19
Bank Loan......................2000......30........19
Catalgoue......................1214.87...100.......5
Personal Loans.................5089.8....249.6.....183.2
Total unsecured debts..........28004.67..679.6.....-

Monthly Budget Summary

Total monthly income.................... 1,498.7
Expenses (including HP & secured debts). 2,065.2
Available for debt repayments........... -566.5
Monthly UNsecured debt repayments....... 679.6
Amount short for making debt repayments. -1,246.1
Personal Balance Sheet Summary
Total assets (things you own)........... 3,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,004.67
Net Assets.............................. -24,404.67

Not included in this is:
Storage £150 monthly What is this for? Do you really need to pay to store something? If you're not using whatever it is, could you sell it to help pay your debts?
£100 gym (horse riding) I really don't think you can afford this luxury
£166.67 educational fees Do you get a student loan to cover these?
Lunches £86.67 Make your own at home - you can't afford to spend this much on lunches.
NI/Tax £33.33

On your original SOA there was something called 48, which you pay £19 a month. What is this? Do you pay it or not?

NI/tax should be a priority - does it not come out of wages before you are paid?

TBH, there appear to be several ways that you can cut down. Can your partner get another part time job as well as keeping his current one? Do you really need two cars? They are costing you a fortune each month.

Jag_Babe

nuttylou wrote: »

Its really difficult posting and getting people's views, well done!:j
There are lots of things you can cut back on in your budget.,,,,I have no room to talk though as mine is fairly bad in itself!
I am a full time student with 4 kiddies and 2 that stay regular so I know it is really hard.
What are you studying? x:)

Thanks for your comments. Unfortunately we do require 2 cars as there is pretty much no bus service where we stay and the nearest shop is 3 miles away. We ahve applied for housing benefit but we ahve been told that we don't qualify for anything except 25% discount. I sadly do not get my educational fees paid as I am re-training. The thing called 48 on original budget was contents insurance. I am studying to be a vet.