Just to say hi!

Sam1984

Hi there, new to all this, have completed my SOA and found it really kind of scary!! especially the debt free date being april 2012! But guess its not that long in the grand scheme of things, but getting married next year so really need to save the pennies! Any pointers gratefully recieved!
Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 558
Partners monthly income after tax....... 1028
Benefits................................ 120
Other income............................ 130
Total monthly income.................... 1836

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 90
Gas..................................... 39
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 23
Mobile phone............................ 20
TV Licence.............................. 22
Satellite/Cable TV...................... 0
Internet Services....................... 14.99
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 17.33
Car Insurance........................... 25
Car maintenance (including MOT)......... 2
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5.65
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Wedding fund............................ 200
Total monthly expenses.................. 1435.97


Assets
Cash.................................... 450
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................6000......243.8.....15.4
c/c 1..........................1300......27........1.24
c/c 2..........................1104......27........1.24
0/d 2..........................400.......0.........0
o/d 1..........................450.......0.........0
Total unsecured debts..........9254......297.8.....-


Monthly Budget Summary
Total monthly income.................... 1,836
Expenses (including HP & secured debts). 1,435.97
Available for debt repayments........... 400.03
Monthly UNsecured debt repayments....... 297.8
Amount left after debt repayments....... 102.23

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,254
Net Assets.............................. -8,554

[

niccatw

Well done on your first post! It's scary, isn't it! And congratulations on the upcoming wedding! Let's see if we can help you!

Remember, not all the suggestions will be feasible for your situation and you may not like some of them, but try to keep an open mind and seriously think about all the options, then you and your OH can decdide what will work best for you both.

Also have a read of some of the DFW diaries - they are a great inspiration and a fab way of keeping you motivated and on the straight and narrow.

I've added my ideas below, hope they are of some help. And I's recommend trying to keep a spending diary to see where things are going, esp if you are wanting to save for the wedding as it's so easy just to pick a few things up because they are cheap - without realising how many things you have actually picked up Though I have to say, I do find my spending diary quite a chore

Sam1984 wrote: »

Hi there, new to all this, have completed my SOA and found it really kind of scary!! especially the debt free date being april 2012! But guess its not that long in the grand scheme of things, but getting married next year so really need to save the pennies! Any pointers gratefully recieved!
Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 558
Partners monthly income after tax....... 1028
Benefits................................ 120
Other income............................ 130
Total monthly income.................... 1836

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 90 This seems extemely high! I pay £50 per month for both in a 2 bed flat. I'd check this out.
Gas..................................... 39 As above
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 23 You can probably get this cheaper if you are not in contract.
Mobile phone............................ 20
TV Licence.............................. 22 is will half within 6 months which will help a bit
Satellite/Cable TV...................... 0
Internet Services....................... 14.99 Are you in contract? I pay £7.50 per month
Groceries etc. ......................... 160 Probably the easiest place to make savings with a bit of hard work and a lot of scouring the OS forum
Clothing................................ 0 Add a little for essentials (also join the £100 clothes challenge if it ever might be an issue!
Petrol/diesel........................... 50
Road tax................................ 17.33
Car Insurance........................... 25
Car maintenance (including MOT)......... 2
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5.65
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0 Is this realistic? I budget £20 here but is probably the place I'm most likely to overspend if I don't keep up the spending diary or forward plan things my friends and family are doing.
Holiday................................. 0
Emergency fund.......................... 0
Wedding fund............................ 200
Total monthly expenses.................. 1435.97


Assets
Cash.................................... 450
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................6000......243.8.....15.4
c/c 1..........................1300......27........1.24
c/c 2..........................1104......27........1.24
0/d 2..........................400.......0.........0
o/d 1..........................450.......0.........0
Total unsecured debts..........9254......297.8.....-
What are the balances on the credit cards and when do any deals end? You may be able to transfer some of the loan between them as the loan is costing you the most. The snowball calculator on Make Sense of Cards will help you work out what different options are available. I'd throw all your extra at the loan. And I'd keep an eye on the overdrafts, decreasing them a little whenever possible - just to avoid temptation but to have enough of a buffer.

Monthly Budget Summary
Total monthly income.................... 1,836
Expenses (including HP & secured debts). 1,435.97
Available for debt repayments........... 400.03
Monthly UNsecured debt repayments....... 297.8
Amount left after debt repayments....... 102.23

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,254
Net Assets.............................. -8,554

[

Hope this helps. Good luck

niccatw

I read your cc APRs as 1.24... but on looking again, I'm guessing they are actually 12.4? In which case, I probably wouldn't transfer any of the loan to them, even if it isan option.

Here's the link for the snowball calculator too, http://www.makesenseofcards.com/snowcalc.html

[Deleted User]

Sam1984 wrote: »

Hi there, new to all this, have completed my SOA and found it really kind of scary!! especially the debt free date being april 2012! But guess its not that long in the grand scheme of things, but getting married next year so really need to save the pennies! Any pointers gratefully recieved!
Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 558
Partners monthly income after tax....... 1028
Benefits................................ 120
Other income............................ 130
Total monthly income.................... 1836

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 90seems high can you get cheaper?
Gas..................................... 39
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 23bt option3 £16 month inc most calls
Mobile phone............................ 20can you get cheaper?
TV Licence.............................. 22this should be £12 month
Satellite/Cable TV...................... 0
Internet Services....................... 14.99if out of contract could be half this
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 17.33?
Car Insurance........................... 25
Car maintenance (including MOT)......... 2
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5.65
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Wedding fund............................ 200
Total monthly expenses.................. 1435.97


Assets
Cash.................................... 450
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................6000......243.8.....15.4
c/c 1..........................1300......27........1.24
c/c 2..........................1104......27........1.24
0/d 2..........................400.......0.........0
o/d 1..........................450.......0.........0
Total unsecured debts..........9254......297.8.....-


Monthly Budget Summary
Total monthly income.................... 1,836
Expenses (including HP & secured debts). 1,435.97
Available for debt repayments........... 400.03
Monthly UNsecured debt repayments....... 297.8
Amount left after debt repayments....... 102.23

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,254
Net Assets.............................. -8,554

[

hope that helps

Sam1984

Hi, thanks for replies!! C/c aprs are 1.24% from what i can see on statements,
Elec and gas are expensive as owed quite a bit, but should drop next month (dramatically i hope!!) Have recently changed tarrifs but not a loud to change suppliers! Such a pain, dont think npower are that good! Think spending diary sounds like a fab idea, do often wonder were it all goes!! Also £20 mobile is £10 each on pay as you go, not sure if could get cheaper, sometimes last two months if im being stingy lol!!

Moneytroubles_2

Hi, just wanted to say hello and welcome you to the board! I wont add to your SOA as I still consider myself being a newbie so will leave it to the experts Keep coming back to the site and keep posting it really does help! Congrats on the up coming wedding and good luck with the debt free journey xxx

slummymummyof3

Can I make a suggestion? As you have a little person, you should really have some life insurance. It can be very cheap these days as the prices have reduced over the last few years.

niccatw

http://www.spendingdiary.com/

In case you want to give the spending diary a go. I have to say, even knowing I have to write down anything I buy, is good motivation for not buying in the first place. It's been great for my health too as I most of the impulse buys tended to be biscuits, cakes, sweets, crisps, pizza... that kind of thing! But now trying to keep to a meal planner (the thing I'm having the least success with as I'm not that fussed about cooking and tend to let myself be easily distracted!)

What mobile provider are you with? I have an o2 simplicity sim for £15 pm (600 texts, 300 mins) which gets me broadband at £7.50...

Sam1984

Thats great thanks!! Doesnt look to complicated either, ha ha! Meal planning i do quite well, im quite a good cook when im in the mood so think batch cooking maybe a good idea! Im with o2, i get 1000 min/texts to o2 numbers (most F&F) and 300 anyone texts for £10! Is the broadband any good? have been looking at it, just need OH to ring AOL for his MAC code! Going to look in to the life insurance today thou! Thanks guys xx

slummymummyof3

If you are looking at the life insurance, broadband etc then check out the cash back sites as sometimes there are some very good cash back deals. Just clear your cookies first!

IWantToBeFree_2

Sam1984 wrote: »

Hi, thanks for replies!! C/c aprs are 1.24% from what i can see on statements,
Elec and gas are expensive as owed quite a bit, but should drop next month (dramatically i hope!!) Have recently changed tarrifs but not a loud to change suppliers! Such a pain, dont think npower are that good! Think spending diary sounds like a fab idea, do often wonder were it all goes!! Also £20 mobile is £10 each on pay as you go, not sure if could get cheaper, sometimes last two months if im being stingy lol!!

Pretty sure that will be the monthly APR and not the annual one