newbie looking for any advice...

maeeve

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 1200
Benefits................................ 120
Other income............................ 300
Total monthly income.................... 1920
Monthly Expense Details
Mortgage................................ 131
Secured/HP loan repayments.............. 0
Rent.................................... 432
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 30
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 36
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 170
Clothing................................ 10
Petrol/diesel........................... 90
Road tax................................ 11
Car Insurance........................... 28
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1251

Assets
Cash.................................... 0
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 2800
Other assets............................ 0
Total Assets............................ 262800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97500....(131)......1
Total secured & HP debts...... 97500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
abbey loan.....................11000.....178.......0
mbna...........................4339......50........0
barclaycard....................3800......44........0
capitol one....................200.......9.........30.34
next...........................308.......20........26.49
ikea...........................563.......20........19.9
argos card.....................670.......25........27.9
m&s store card.................530.......10........0
other c/cards..................4800......90........0
Total unsecured debts..........26210.....446.......-

Monthly Budget Summary
Total monthly income.................... 1,920
Expenses (including HP & secured debts). 1,251
Available for debt repayments........... 669
Monthly UNsecured debt repayments....... 446
Amount left after debt repayments....... 223
Personal Balance Sheet Summary
Total assets (things you own)........... 262,800
Total HP & Secured debt................. -97,500
Total Unsecured debt.................... -26,210
Net Assets.............................. 139,090

Think this is pretty acurate. Am currently in a DMP with CCCS with most of these but am always looking for ways to be debt free sooner!!

slummymummyof3

As you have a child, it might be advisable to get some life insurance - sorry I know that actually adds to your expenditure but you would be in dire straits if something happened to your partner opr vice versa.

savingmummy

maeeve wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 1200
Benefits................................ 120
Other income............................ 300
Total monthly income.................... 1920
Monthly Expense Details
Mortgage................................ 131
Secured/HP loan repayments.............. 0
Rent.................................... 432
Management charge (leasehold property).. 0
Council tax............................. 134 you can pay this over 12 months instead of 10
Electricity............................. 30
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30 use mobile only and just pay line rental, OR does this include internet?
Mobile phone............................ 36 can you reduce this by haggling? go payg when contract ends
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 170:T
Clothing................................ 10
Petrol/diesel........................... 90
Road tax................................ 11
Car Insurance........................... 28
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8
Buildings insurance..................... 0
Contents insurance...................... 0 no insurances?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 how to do budget for this?
Haircuts................................ 0
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1251

Assets
Cash.................................... 0
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 2800
Other assets............................ 0
Total Assets............................ 262800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97500....(131)......1
Total secured & HP debts...... 97500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
abbey loan.....................11000.....178.......0
mbna...........................4339......50........0
barclaycard....................3800......44........0
capitol one....................200.......9.........30.34
next...........................308.......20........26.49
ikea...........................563.......20........19.9
argos card.....................670.......25........27.9
m&s store card.................530.......10........0
other c/cards..................4800......90........0
Total unsecured debts..........26210.....446.......-

Monthly Budget Summary
Total monthly income.................... 1,920
Expenses (including HP & secured debts). 1,251
Available for debt repayments........... 669
Monthly UNsecured debt repayments....... 446
Amount left after debt repayments....... 223 where does this go each month??? this could pay capital one debt off in 1 month.
Personal Balance Sheet Summary
Total assets (things you own)........... 262,800
Total HP & Secured debt................. -97,500
Total Unsecured debt.................... -26,210
Net Assets.............................. 139,090

Think this is pretty acurate. Am currently in a DMP with CCCS with most of these but am always looking for ways to be debt free sooner!!

Pretty good. You have 200+ over each month do you use this on debt?
Left a few comments in red you could try apart from that it seems your doing really well!

saxysarah

have u included EVERYTHING in your SOA? i'm a newbie also but I do think in order to really make a difference then its really important to try and include every last item if you can - £15pm for entertainment is absolutely commendable mine was at least £100 inc takeaways for 'I've had a crappy day in work and i can't keep my eyes open long enough to cook' days and outings for the kids that might include ice creams treats etc. plus i'm sure if you have a mortgage you must have to have buildings insurance and contents insurance have you missed this out?

I reckon def start at chipping away at the cards - highest APR first as that will increase ur income in the long run - how about selling grown out of child's clothes on e bay and using any profit to 'overpay' on each card in order of importance?

first step is posting on here so def going in the right direction ;-)

WASHER

slummymummyof3 wrote: »

As you have a child, it might be advisable to get some life insurance - sorry I know that actually adds to your expenditure but you would be in dire straits if something happened to your partner opr vice versa.

I agree with this post, Life Insurance is far more important than a mobile phone imo, especially as you have a mortgage and a child. You both need to be insured, especially your OH, god forbid anything happened, how would you manage the mortgage and the outgoings?

Some employers offer life insurance as a perk, check your with your OH and see if this is the case with him, if not go through quidco.com and see what it would cost you.

Do you really only spend £10 per month on clothing, if so, well done.


You have not budgetted for Christmas, do the CCCS not allow for this?

maeeve

Council tax............................. 134 you can pay this over 12 months instead of 10
Electricity............................. 30
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30 use mobile only and just pay line rental, OR does this include internet?
Mobile phone............................ 36 can you reduce this by haggling? go payg when contract ends
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 170:T
Clothing................................ 10
Petrol/diesel........................... 90
Road tax................................ 11
Car Insurance........................... 28
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 8
Buildings insurance..................... 0
Contents insurance...................... 0 no insurances?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 how to do budget for this?
Haircuts................................ 0
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1251

Assets
Cash.................................... 0
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 2800
Other assets............................ 0
Total Assets............................ 262800

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 97500....(131)......1
Total secured & HP debts...... 97500.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
abbey loan.....................11000.....178.......0
mbna...........................4339......50....... .0
barclaycard....................3800......44....... .0
capitol one....................200.......9.........30.34
next...........................308.......20....... .26.49
ikea...........................563.......20....... .19.9
argos card.....................670.......25........27.9
m&s store card.................530.......10........0
other c/cards..................4800......90........0
Total unsecured debts..........26210.....446.......-

Monthly Budget Summary
Total monthly income.................... 1,920
Expenses (including HP & secured debts). 1,251
Available for debt repayments........... 669
Monthly UNsecured debt repayments....... 446
Amount left after debt repayments....... 223 where does this go each month??? this could pay capital one debt off in 1 month.
Personal Balance Sheet Summary

Thanks for your reply. Builders insurance is included in with our lease as we are part buy part rent, contents and life insurance we have been silly about, when we first got our morgage we kept saying we'll sort it next month-but that never happened, just cos we never had any spare money.
I honestly dont know where that extra money goes, i realy on private work and tips for this so does go up and down most months.
Did this chart late last night so will make it abit more acurate today as i have realised i havent included overdraughts!!

I honestly hardly ever buy clothes, i used too thats partly why in such a mess. But i ask for clothes for baby/myself/partner for birthday/christmas and buy essentials from places like primark!! or ebay.

saxysarah

A great tip if you can manage it would prob be to keep a spending diary so you can see where the money goes i'm always fishing out a quid or two for the shop for this that and the other and it soon adds up. maybe it would help to look at tips for increasing income - ebay/daily clicks etc and then putting that money directly off your highest apr card - if you can manage all the minimum payments then any overpayment will get each card down so much quicker even if its only a few quid here and there the temptation is to sell something on e bay and then see something useful and spend the money back on e bay if you are strict with putting any extra money you make straight of CCs etc that might help

Good luck