Learn A LOT from you - my SOA

strictwithmoney

We feel very foolish to put aside money as savings, so we use it up to reduce the debt.

I'm a lazy and relax !!!!!!:rotfl:At least, there is one person less competing in the job market OK with hubby as long as I control the expenses well and food is on the table when he came home

strictwithmoney

We live in a 4-bed house, our previous gas+elec bill was £102 pm. Last month, we switched to another supplier and the dual-fuel bill is £71 pm.

The council tax is paid 12 mths by dd.

Hubby leave his debit and credit cards at home. He takes packed lunch to work and I give him £20 pm pocket money.

hmmmm...... put on "financial controller" hat:cool:

strictwithmoney

I save money :T

by growing herbs and vegetable in the garden, getting the seedlings from a friend :j

by keeping chickens for their eggs:j

Mrs_Ryan

NGlady wrote: »

I dont really have much to add... but TWO POUNDS a MONTH? If I was on pay as you go, that would last me approx 2 hours lol

It wouldnt even last me that!! I wish £20 lasted me a year...

asp746

i think the credit limits on your cc is too much, what i'd do is permanently reduce your credit limit each month by say 50 quid or more if possible as it reduces the temptation to spend. i'm with capital one (boo) and all i have to do is send a secure email and its done within 24 hrs or so.

i only became aware that i could do this recently and i feel much better for it.

strictwithmoney

asp746 wrote: »

i think the credit limits on your cc is too much, what i'd do is permanently reduce your credit limit each month by say 50 quid or more if possible as it reduces the temptation to spend. i'm with capital one (boo) and all i have to do is send a secure email and its done within 24 hrs or so.

i only became aware that i could do this recently and i feel much better for it.

I do not work and I agree with your saying about my credit limits. Your method of reducing the credit limit sounds good to me. I will contact the bank and see what they say.

strictwithmoney

OH got a bonus last week :j

His credit card debt had gone down to £2.8k :T

strictwithmoney

I have requested the bank to reduce my credit card limit to £1.2k next month.

strictwithmoney

In the past 2 mths, I have worked thru our finances with a fine comb, reduced our expenses and also selling some stuff.

Yipeee.... we have reduced our debt and here is the new SOA :T:T:T

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2211
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2211

Monthly Expense Details
Mortgage................................ 743 interest only
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 24
Gas..................................... 47
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 17
Mobile phone............................ 2 the £20 prepaid card last us a year
TV Licence.............................. 12
Satellite/Cable TV...................... 78 skyHD+internet+phone
Internet Services....................... 0
Groceries etc. ......................... 200 include eating out, booze and pocket money for OH
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 16
Car Insurance........................... 27
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 *use emergency fund
Pet insurance/vet bills................. 0
Buildings insurance..................... 18 include content
Contents insurance...................... 0
Life assurance ......................... 35 mortgage protection ins
Other insurance......................... 30 health ins for spouse
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 we cut each other hair (brave? or stupid? :rotfl:)
Entertainment........................... 0 we live in a semi-rural area, so we do a lot of walks. Our only entertainment is Sky.
Holiday................................. 100 include gifts
Emergency fund.......................... 5
Total monthly expenses.................. 1559


Assets
Cash.................................... 0
House value (Gross)..................... 320000
Shares and bonds........................ 10000 SAYE & Employee shares (total worth of £30k by 2011 and use it for mortgage redemption)
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 334000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 158000...(743)......5.49
Total secured & HP debts...... 158000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit cards...................2000......0.........21.95
Total unsecured debts..........2000......0.........-


Monthly Budget Summary
Total monthly income.................... 2,211
Expenses (including HP & secured debts). 1,559
Available for debt repayments........... 652
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 652 whatever balance, we use it to clear the debt

Personal Balance Sheet Summary
Total assets (things you own)........... 334,000
Total HP & Secured debt................. -158,000
Total Unsecured debt.................... -2,000
Net Assets.............................. 174,000

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