Encouragement needed (SOA included)

Mamma_Mia

Hi I'm a newbie and would love a bit of support/advice. I had my LBM before Christmas when i was about to spend money that we didn’t have i suddenly realised buying for other people just wasn’t that important, so i only spent money we had in the bank on our kids and left the rest which was a first. i have since cut all our cc up, paid back and cancelled OD. (£600 that we permanently lived in). I have done my SOA and the snowball but we still don’t seem to have the money left over that the SOA suggests! I really want to be DF and am determined to continue to cut back and pay as much as we can off our debt. I know we are not in a really bad position but since facing up to the situation i get really anxious when i think about the money we owe, please look over my SOA and idea will be much appreciated.
Thanks


Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 690
Partners monthly income after tax....... 1604
Benefits................................ 174
Other income............................ 0
Total monthly income.................... 2468

Monthly Expense Details
Mortgage................................ 550
Secured/HP loan repayments.............. 80
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 55
Gas..................................... 69
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 0
Mobile phone............................ 60 (for two in contract)
TV Licence.............................. 12
Satellite/Cable TV...................... 65 (Tv/Internet/phone)
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 16
Contents insurance...................... 16
Life assurance ......................... 8.9
Other insurance......................... 58
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Garage (OH needs for wrk)............... 25
season ticket........................... 34
Total monthly expenses.................. 1815.9

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 80000
Total Assets............................ 162500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79998....(550)......2.68
Secured Debt.................. 40000....(80).......1
Total secured & HP debts...... 119998....-.........-
Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Virgin CC......................10759.....25........0
Virgin CC......................2468......25........0
Halifax CC.....................6728......112.......14.9
Halifax CC.....................1671......25........14.9
Total unsecured debts..........21626.....187.......

Monthly Budget Summary
Total monthly income.................... 2,468
Expenses (including HP & secured debts). 1,815.9
Available for debt repayments........... 652.1
Monthly UNsecured debt repayments....... 187
Amount left after debt repayments....... 465.1
Personal Balance Sheet Summary
Total assets (things you own)........... 162,500
Total HP & Secured debt................. -119,998
Total Unsecured debt.................... -21,626
Net Assets.............................. 20,876

Tixy

Hi and welcome

Well done for resisting at christmas that is a hard first step, so many people think 'oh i'll sort things in the new year', now you have a head start on those people.
Well done on the card cutting up and repaying your overdraft.

Have you started a spending diary yet - thats the way to go to find where else your money is escaping.

Mamma_Mia wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 690
Partners monthly income after tax....... 1604
Benefits................................ 174
Other income............................ 0
Total monthly income.................... 2468

Monthly Expense Details
Mortgage................................ 550
Secured/HP loan repayments.............. 80
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 55
Gas..................................... 69
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 0
Mobile phone............................ 60 (for two in contract)
TV Licence.............................. 12
Satellite/Cable TV...................... 65 (Tv/Internet/phone)
Internet Services....................... 0
Groceries etc. ......................... 400 Should be able to reduce a little here - try meal planning for the week before you go to the shop. Try aiming to reduce by £20 each month to see how low you can get it (£250 would be good, £200 would be great!)
Clothing................................ 0 you might need a little here for the children unless you get all hand me downs from family/friends
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 35 what does this relate to? anything large or just general things? if its nhs prescriptions for one of you have you thought about a season ticket?
Pet insurance/vet bills................. 0
Buildings insurance..................... 16
Contents insurance...................... 16
Life assurance ......................... 8.9 (v good)
Other insurance......................... 58 what is this? is is the cheapest deal, does it cover what you think it does?
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 do you do them all yourself?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Garage (OH needs for wrk)............... 25
season ticket........................... 34 ? football?
Total monthly expenses.................. 1815.9

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 80000
Total Assets............................ 162500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79998....(550)......2.68
Secured Debt.................. 40000....(80).......1
Total secured & HP debts...... 119998....-.........-
Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Virgin CC......................10759.....25........0
Virgin CC......................2468......25........0
Halifax CC.....................6728......112.......14.9
Halifax CC.....................1671......25........14.9
Total unsecured debts..........21626.....187.......

Monthly Budget Summary
Total monthly income.................... 2,468
Expenses (including HP & secured debts). 1,815.9
Available for debt repayments........... 652.1
Monthly UNsecured debt repayments....... 187
Amount left after debt repayments....... 465.1 NEED to find this money.
Personal Balance Sheet Summary
Total assets (things you own)........... 162,500
Total HP & Secured debt................. -119,998
Total Unsecured debt.................... -21,626
Net Assets.............................. 20,876

Are your virgin cards still 0%? how long for? is £25 correct on the £10k card? If not that might be wear some of the £465 is going.

Mamma_Mia

Hi tixy,
Thanks for looking at my SOA, i have started trying to cut the groceries, been looking on old style boards, do great some weeks then one week goes to pot!
The Virgin cards both on 0% with min payts of £25, paying more off the biggest when can.
insurance relates to the secured debt which is a second property, didnt know how to show as second mortgage, so need the ins will look at getting cheaper,
a friend cuts my hair and will start a spending diary, i tried before lasted a week! i think this i where my problems lie staying commited!
xx

Tixy

So what is the situation with the second property? Do you rent it out? Is it a second home or holiday home? what is the long term plan? could you sell it and realise a £40k profit?

Presumably once the virgin cards come off 0% the minimum payment is going to be much more on the £10k card. You need to plan for when that happens so that you can afford it when it does.