Gulp! Just done SOA

scotdebs

Hi there have just faced up to facts and done my SOA................ given that hubby and I have good jobs it makes for very sorry reading - main thing is credit card debt need to get that down.... pronto.....anyway here it is

Monthly Expense Details[/b]
Mortgage................................ 1443
Secured/HP loan repayments.............. 866
Rent.................................... 0
Management charge (leasehold property).. 12
Council tax............................. 260
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 58 - this is getting cut down
Internet Services....................... 22
Groceries etc. ......................... 450
Clothing................................ 100 - well that will be stopping
Petrol/diesel........................... 200
Road tax................................ 26
Car Insurance........................... 50
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22 - will shop about for cheaper
Buildings insurance..................... 35 - B&C combined will shop about for cheaper
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 77 mortgage protection -will shop about for cheaper
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0 - always end up sticking this on the cc :mad:
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
sky box cover........................... 8
boiler cover............................ 13
leisure club (family membership)........ 96- seems like a luxury but we use it all the time
golf club............................... 55- its the only money hubby spends
Total monthly expenses.................. 4136

Assets
Cash.................................... 0
House value (Gross)..................... 305000
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 316000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 245000...(1443).....6.7
Hire Purchase (HP) debt ...... 15000....(240)......15<
AA loan........................7000.....(166)......11<
HP car.........................8000.....(202)......7<
HP - aunts house...............13000....(258)......11
Total secured & HP debts...... 288000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
RBS gold Card..................1947......44........27.9
next...........................669.......60........26.49
next...........................245.......8.........26.49
MBNA...........................3400......25........0 -0% until May 2010
RBS Black Card.................14400.....339.......12.4
barclay Card...................5204......96........22.9
RBS PLAT.......................1383......50........24.9
M&S Reserve....................1037......35........24.9
Total unsecured debts..........28285.....657.......-

Monthly Budget Summary
Total monthly income.................... 5,248
Expenses (including HP & secured debts). 4,136
Available for debt repayments........... 1,112
Monthly UNsecured debt repayments....... 657
Amount left after debt repayments....... 455

saxysarah

Looking on the bright side - you have a fair bit left at the end of every month why not use the snowball calculator to see how you can pay off the cards most effectively. It is pretty high but doable and you've def come to the right place for advice - how many of you in the house? £450pm on groceries does seem high if its only the 2 of you?

savingmummy

scotdebs wrote: »

Hi there have just faced up to facts and done my SOA................ given that hubby and I have good jobs it makes for very sorry reading - main thing is credit card debt need to get that down.... pronto.....anyway here it is

Monthly Expense Details[/b]
Mortgage................................ 1443
Secured/HP loan repayments.............. 866
Rent.................................... 0
Management charge (leasehold property).. 12
Council tax............................. 260 are these arrears too? if not check it is right. Pay over 12 months instead of 10
Electricity............................. 40
Gas..................................... 35 is this cheapest you can get? shop around
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 58 - this is getting cut down deinately reduce or go freeview
Internet Services....................... 22
Groceries etc. ......................... 450:eek: for how many?? reduce this, drop brands, stick to a list, meal plan
Clothing................................ 100 - well that will be stopping wow!! you must have loads!! use what you have and stop spending lol!
Petrol/diesel........................... 200:eek: can this be reduced?? is this for 1 or 2 cars?
Road tax................................ 26
Car Insurance........................... 50 is this the cheapest?
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150 is this maintenence? or other?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22 - will shop about for cheaper
Buildings insurance..................... 35 - B&C combined will shop about for cheaper
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 77 mortgage protection -will shop about for cheaper
Presents (birthday, christmas etc)...... 40 reduce reduce and limit who you buy for
Haircuts................................ 0 never??
Entertainment........................... 0 no take outs, cinema, day/nights out?
Holiday................................. 0 - always end up sticking this on the cc :mad: cut the cards up!!!!!!
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
sky box cover........................... 8
boiler cover............................ 13
leisure club (family membership)........ 96- seems like a luxury but we use it all the time that is alot a month aswell as the golf!!
golf club............................... 55- its the only money hubby spends
Total monthly expenses.................. 4136

Assets
Cash.................................... 0
House value (Gross)..................... 305000
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 316000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 245000...(1443).....6.7
Hire Purchase (HP) debt ...... 15000....(240)......15<
AA loan........................7000.....(166)......11<
HP car.........................8000.....(202)......7<
HP - aunts house...............13000....(258)......11
Total secured & HP debts...... 288000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
RBS gold Card..................1947......44........27.9
next...........................669.......60........26.49
next...........................245.......8.........26.49
MBNA...........................3400......25........0 -0% until May 2010
RBS Black Card.................14400.....339.......12.4
barclay Card...................5204......96........22.9
RBS PLAT.......................1383......50........24.9
M&S Reserve....................1037......35........24.9
Total unsecured debts..........28285.....657.......-

Monthly Budget Summary
Total monthly income.................... 5,248
Expenses (including HP & secured debts). 4,136
Available for debt repayments........... 1,112
Monthly UNsecured debt repayments....... 657
Amount left after debt repayments....... 455 where does this go????

Hi and welcome
I have left some comments!
STOP the cards and catologues. You have a big surplus where does this go?? throw it at the high APR debts.

zarazara

CUT UP THE CARDS! Stop the calalogues,put all spare money towards clearing the debts and put a bit away for unforeseen costs.

scotdebs

thanks for the replies there are 2 adults 2 children and a dog in the house - i know my grocery spending is out of control and have started on the grocery challenge thread to try and get this under control as for where the balance goes who knows hubby and i are going to keep track of every penny this month so we can work out where we have been going so wrong (apart from the obvious of never wanting to wait for anything and sticking it on a card!)
council tax is high because we are in a new build therefore recently valued and at the top of the band; we have 2 cars one is an old banger that we own outright - the other child care cost is for when i am at work

Numpty_Monkey

scotdebs wrote: »

Hi there have just faced up to facts and done my SOA................ given that hubby and I have good jobs it makes for very sorry reading - main thing is credit card debt need to get that down.... pronto.....anyway here it is

How many people in the House?

Monthly Expense Details[/b]
Mortgage................................ 1443
Secured/HP loan repayments.............. 866
Rent.................................... 0
Management charge (leasehold property).. 12
Council tax............................. 260:eek: is this paying arrears?
Electricity............................. 40 can be reduced use coparrison and cashback sites
Gas..................................... 35 as above
Oil..................................... 0
Water rates............................. 0:think: is this in with CT?
Telephone (land line)................... 11
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 58 - this is getting cut down good
Internet Services....................... 22:D you can get Landlne and internet for less
Groceries etc. ......................... 450:eek: how many in household, reduce , checkout the OS board
Clothing................................ 100 - well that will be stopping
Petrol/diesel........................... 200 look at Martins article http://www.moneysavingexpert.com/travel/cheaper-fuel
Road tax................................ 26
Car Insurance........................... 50 any Insurance use comparrison site and cashback sites
Car maintenance (including MOT)......... 50 half this
Car parking............................. 0?
Other travel............................ 0?
Childcare/nursery....................... 0
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22 - will shop about for cheaper
Buildings insurance..................... 35 - B&C combined will shop about for cheaper
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 77 mortgage protection -will shop about for cheaper
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0 - always end up sticking this on the cc :mad: budget for it then £20
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
sky box cover........................... 8
boiler cover............................ 13
leisure club (family membership)........ 96- seems like a luxury but we use it all the time
golf club............................... 55- its the only money hubby spends
Total monthly expenses.................. 4136

Assets
Cash.................................... 0
House value (Gross)..................... 305000
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 316000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 245000...(1443).....6.7
Hire Purchase (HP) debt ...... 15000....(240)......15<
AA loan........................7000.....(166)......11<
HP car.........................8000.....(202)......7<
HP - aunts house...............13000....(258)......11
Total secured & HP debts...... 288000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
RBS gold Card..................1947......44........27.9
next...........................669.......60........26.49
next...........................245.......8.........26.49
MBNA...........................3400......25........0 -0% until May 2010
RBS Black Card.................14400.....339.......12.4
barclay Card...................5204......96........22.9
RBS PLAT.......................1383......50........24.9
M&S Reserve....................1037......35........24.9
Total unsecured debts..........28285.....657.......-

Monthly Budget Summary
Total monthly income.................... 5,248
Expenses (including HP & secured debts). 4,136
Available for debt repayments........... 1,112
Monthly UNsecured debt repayments....... 657
Amount left after debt repayments....... 455

I've put a few coments in
You have a surplus as it stands, a few tweeks a bigger surplus;)
My best sugguestions are
1 Keep a spending diary, findout where the extra is going
2 http://www.makesenseofcards.com/snowcalc.html

HTH
:A

Tixy

Hi, well done for posting.

Can you let us know how many children do you have? how many cars do you run?

scotdebs wrote: »

Hi there have just faced up to facts and done my SOA................ given that hubby and I have good jobs it makes for very sorry reading - main thing is credit card debt need to get that down.... pronto.....anyway here it is

Monthly Expense Details[/b]
Mortgage................................ 1443
Secured/HP loan repayments.............. 866
Rent.................................... 0
Management charge (leasehold property).. 12
Council tax............................. 260
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0 ? is this in with Ctax?
Telephone (land line)................... 11
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 58 - this is getting cut down good!
Internet Services....................... 22 - see if you can get a cheaper deal (if not in contract - cheapest landline & internet combined is just under £20 i think)
Groceries etc. ......................... 450 probably make some savings here (depending on how many you are feeding - for a family of 5 £250 should be do-able with meal planning and careful buying.
Clothing................................ 100 - well that will be stopping certainly reduce but if you have children leave a small budget in.
Petrol/diesel........................... 200 are all these essential journeys? do you drive efficently (slowly!)
Road tax................................ 26
Car Insurance........................... 50
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150 what are these?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 22 - will shop about for cheaper
Buildings insurance..................... 35 - B&C combined will shop about for cheaper
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 77 mortgage protection -will shop about for cheaper
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0 - always end up sticking this on the cc :mad:
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
sky box cover........................... 8 is this worth the cost? (don't have sky so I don't know how often they break/what it covers)
boiler cover............................ 13 is this the cheapest?
leisure club (family membership)........ 96- seems like a luxury but we use it all the time
golf club............................... 55- its the only money hubby spends
Total monthly expenses.................. 4136

Assets
Cash.................................... 0
House value (Gross)..................... 305000
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 316000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 245000...(1443).....6.7
Hire Purchase (HP) debt ...... 15000....(240)......15< what is this for?
AA loan........................7000.....(166)......11< is this secured? I would guess it might not be?
HP car.........................8000.....(202)......7<
HP - aunts house...............13000....(258)......11 ? what is this? do you pay it?
Total secured & HP debts...... 288000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
RBS gold Card..................1947......44........27.9
next...........................669.......60........26.49
next...........................245.......8.........26.49
MBNA...........................3400......25........0 -0% until May 2010
RBS Black Card.................14400.....339.......12.4
barclay Card...................5204......96........22.9
RBS PLAT.......................1383......50........24.9
M&S Reserve....................1037......35........24.9
Total unsecured debts..........28285.....657.......-

Monthly Budget Summary
Total monthly income.................... 5,248
Expenses (including HP & secured debts). 4,136
Available for debt repayments........... 1,112
Monthly UNsecured debt repayments....... 657
Amount left after debt repayments....... 455 This is good - if you have that amount spare and can spend it straight on to your debts

The key thing is whether you know where the £455 spare goes? if so tackle your debts in order of highest interest first. If you can clear MBNA in 4months or so you could see if they would do a cheap balance transfer to move one of your other debts across to get a cheaper rate.

If you don't know where the £455 is then you need to start spending diaries to find it - often culprits are meals at work, takeaways, top up shopping, lottery, newspapers, magazines etc.

Do you have any items you could sell to raise some cash? Did the debts arise from general overspending or something specific?

Sorry probably posted more questions than answers so far!

Good luck

zarazara

Theres some great threads on the OLd Style board about cheap meals and make do and mend stuff. Its worth a look. Have you fried Freecycle for things you want, instead of buying at the shops?

Numpty_Monkey

zarazara wrote: »

Theres some great threads on the OLd Style board about cheap meals and make do and mend stuff. Its worth a look. Have you fried Freecycle for things you want, instead of buying at the shops?

Sorry to laugh:rotfl::rotfl::rotfl:
but I doubt even the magicians on OS could cook freecycle :rotfl:

that has to be the best typo I've seen :T

:A:A

zarazara

:j:rotfl:yes! just seen it, I should get the Best Typo gold medal of the day.:T:)

scotdebs

i think as you have all pointed out its not knowing where the "spare" cash goes that is probably not helping hence a record of every penny spent in March - but kids clother/shoes/dvds/takeaways like likely to be biggest culprts.
I have a lot of stuff I can sell on ebay and plan to start this week - was thinking that whatever I get I should save 50% (so we have emergency fund and wont have to rely on cards) and put the other 50% to the credit cards - any thoughts