Financial Help - Losing £120 a month

sebrown

I am a single mother (two older children, one on gap year and one on apprenticeship) and am in serious trouble with money. I am currently £2000 overdraft every month, and have now have £1200 on a credit card. I am also coming to the end (12 months left) of a 7 year loan. According to the workings below, I am losing £120ish pounds a month...

I work full-time and have recently had a pay rise from £1100 to £1300 a month. I have an excellant credit rating and have never missed a payment etc.

Summary

Monthly Budget SummaryAmount(£)
Total monthly income 1,300
Monthly expenses (incl. HP & secured loans) 1,080.45
Available for debt repayments 219.55
UNsecured debt repayments 343
Amount short for making debt repayments -123.45

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 1,500
Total Secured & HP Debt -0
Total Unsecured Debt -6,536
Net Assets -5,036

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 1300
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1300

ExpensesAmount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 480
Management charge (leasehold property) 0
Council tax 145
Electricity 67
Gas 44
Oil 0
Water Rates24Telephone (land line) 23.50
Mobile phone 15
TV Licence5Satellite/Cable TV 0
Internet services 0
Groceries etc. 100
Clothing 0
Petrol/diesel 120
Road tax 12
Car Insurance 14
Car maintenance (including MOT) 4.50
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 13.85
Buildings Insurance0Contents Insurance 12.60
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc. 0
Haircuts 0
Entertainment 0
Holiday 0
Emergency Fund 0
Total monthly expenses1080. 45

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0(0) 0Secured & HP Debt totals0- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Tescos Loan loan is 3036 paying at monthly 253
Tescos Credit Card 1100
First Direct Overdraf 2000
Littlewoods 400
Unsecured Debt totals 6536

Asset DescriptionValue (£)
Cash0House Value (Gross) 0
Shares and bonds0Car(s) 1500
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 1500

Where do I start?

Ames

sebrown wrote: »

I am a single mother (two older children, one on gap year and one on apprenticeship) and am in serious trouble with money. I am currently £2000 overdraft every month, and have now have £1200 on a credit card. I am also coming to the end (12 months left) of a 7 year loan. According to the workings below, I am losing £120ish pounds a month...

I work full-time and have recently had a pay rise from £1100 to £1300 a month. I have an excellant credit rating and have never missed a payment etc.

Summary

Monthly Budget SummaryAmount(£)
Total monthly income 1,300
Monthly expenses (incl. HP & secured loans) 1,080.45
Available for debt repayments 219.55
UNsecured debt repayments 343
Amount short for making debt repayments -123.45

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 1,500
Total Secured & HP Debt -0
Total Unsecured Debt -6,536
Net Assets -5,036

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 1300
Partners monthly income 0
Benefits 0 Check if you're entitled to something.
Other income 0 If either of your kids are at home they should be contributing something.
Total monthly income 1300

ExpensesAmount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 480
Management charge (leasehold property) 0
Council tax 145 if your kids aren't at home you should get the single persons discount, if they are then they should be contributing.
Electricity 67
Gas 44 These two seem high, make sure you turn all lights off, turn things off at the plug, put a jumper on before the heating, don't use a tumble dryer. Little things add up.
Oil 0
Water Rates24
Telephone (land line) 23.50
Mobile phone 15
TV Licence5Satellite/Cable TV 0 Why's the TV license only 5?
Internet services 0 nothing?
Groceries etc. 100 Well done!
Clothing 0 nothing?
Petrol/diesel 120 Make sure you're driving efficiently
Road tax 12
Car Insurance 14
Car maintenance (including MOT) 4.5 This seems a little too low.
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 13.85
Buildings Insurance0Contents Insurance 12.6
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc. 0
Haircuts 0 nothing?
Entertainment 0
Holiday 0
Emergency Fund 0
Total monthly expenses1080. 45

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0(0) 0Secured & HP Debt totals0- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Tescos Loan loan is 3036 paying at monthly 253
Tescos Credit Card 1100
First Direct Overdraf 2000
Littlewoods 400
Unsecured Debt totals 6536

Asset DescriptionValue (£)
Cash0House Value (Gross) 0
Shares and bonds0Car(s) 1500
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 1500

Where do I start?

Well, the good news is that even after adding in the things that are missing you've still got a big surplus. We need to know how much you're paying monthly to the debts. It could be that with a contribution from your kids (if they're at home) you can break even and start attacking the debts as they are. Otherwise you might need a debt management plan. Other people with more knowledge will be along soon.

sebrown

Thanks for the reply.

One of my sons (one on gap year) pays me £100 a month (which he pays straight to the credit card). He also pays for the internet and tv license. The TV license is minimal as he is registere blind and therefore gets it cheaper. My other son earns £400 a month and contributes £20ish a month as he has to run his car, mobile phone etc. I spend nothing on clothes as my son (gap year) gives me a voucher gift card to spend each christmas which I buy clothes with. Haircuts are free as friend is a hair dresser.

I will be changing my gas and electric as it is definitely too much for what we use.

The tescos credit card is £1100 0% at the moment and my son is paying £100 to it each month to pay it off.
The loan is £253 a month at 5.5%
Overdraft is £2000 at 16% which I'm constantly in.

savingmummy

sebrown wrote: »

I work full-time and have recently had a pay rise from £1100 to £1300 a month. I have an excellant credit rating and have never missed a payment etc.
:j thats fab news!
Summary

Monthly Budget SummaryAmount(£)
Total monthly income 1,300
Monthly expenses (incl. HP & secured loans) 1,080.45
Available for debt repayments 219.55
UNsecured debt repayments 343
Amount short for making debt repayments -123.45

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 1,500
Total Secured & HP Debt -0
Total Unsecured Debt -6,536
Net Assets -5,036

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 1300
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1300

ExpensesAmount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 480
Management charge (leasehold property) 0
Council tax 145 is this over 12 months? if not change to 12mths
Electricity 67 definately shop for cheaper!
Gas 44
Oil 0
Water Rates24
Telephone (land line) 23.50
Mobile phone 15
TV Licence5Satellite/Cable TV 0
Internet services 0
Groceries etc. 100
Clothing 0
Petrol/diesel 120 can this be reduced
Road tax 12
Car Insurance 14
Car maintenance (including MOT) 4.50 thats cheap!!
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 13.85
Buildings Insurance0
Contents Insurance 12.60
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc. 0 nothing from you to others?
Haircuts 0
Entertainment 0 no takeaways, cinema, etc etc
Holiday 0
Emergency Fund 0
Total monthly expenses1080. 45

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0(0) 0Secured & HP Debt totals0- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Tescos Loan loan is 3036 paying at monthly 253
Tescos Credit Card 1100
First Direct Overdraf 2000
Littlewoods 400
Unsecured Debt totals 6536

Asset DescriptionValue (£)
Cash0House Value (Gross) 0
Shares and bonds0Car(s) 1500
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 1500

Where do I start?

I have added my thoughts in red!
Do you have anything to sell on ebay? Any savings?
It would really help if you hit the MSE button after doing the SOA as it is easier to read x