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Where to start my soa

moneysavermum_2
moneysavermum_2 Posts: 508 Forumite
edited 9 March 2010 at 12:42PM in Debt-free wannabe
Any ideas for saving and therefore paying more off things i owe would be appreciated. Single mother of 3


[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1113 (30 hours work, also get a £1k bonus at xmas)
Partners monthly income after tax....... 0
Benefits................................ 1235(tax credit and child benefit)
Other income............................ 344(csa, ex doesnt pay right amount)
Total monthly income.................... 2692
Monthly Expense Details
Mortgage................................ 497
Secured/HP loan repayments.............. 571(car and legal fees)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94(113 month over 10 months,dont do 12mths)
Electricity............................. 25
Gas..................................... 36
Oil..................................... 27
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 28(ends october will cut back to £18 for kids)
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50(kids always growing...needing trainers,shoes you name it)
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520(420 for baby and £150 x 10 weeks for holidays)
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18(house combined)
Contents insurance...................... 0
Life assurance ......................... 22(lot of cover cos have little family to help)
Other insurance......................... 55(redundancy and boiler(old boiler)not me lol
Presents (birthday, christmas etc)...... 50(mainly for xmas
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 150
Total monthly expenses.................. 2680

Assets
Cash.................................... 150
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 203150

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99000....(497)......2.5% BMR RATE WITH NATIONWIDE
Secured Debt.................. 15000....(150)......8( legal fees from divorce, dont need to pay but it goes up if i dont...simple interest)
Hire Purchase (HP) debt ...... 15000....(421)......11.7 (car ends jan 2013)
Total secured & HP debts...... 129000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
OVERDRAFT......................1900......0.........19.5
AMAZON CREDIT CARD.............975.......25........0
Total unsecured debts..........2875......25........-

Monthly Budget Summary
Total monthly income.................... 2,692
Expenses (including HP & secured debts). 2,680
Available for debt repayments........... 12
Monthly UNsecured debt repayments....... 25
Amount short for making debt repayments. -13
Personal Balance Sheet Summary
Total assets (things you own)........... 203,150
Total HP & Secured debt................. -129,000
Total Unsecured debt.................... -2,875
Net Assets.............................. 71,275
[/tt]

Comments

  • moneysavermum_2
    moneysavermum_2 Posts: 508 Forumite
    edited 9 March 2010 at 12:49PM
    ex took the car so got a loan for newish one, also he went for custody and cost me £15000 in legal fees now hes in thousands arrears with csa but dont see anymore than £83 week plus £3 arrears
  • miss_missy
    miss_missy Posts: 253 Forumite
    nje24 wrote: »
    Any ideas for saving and therefore paying more off things i owe would be appreciated. Single mother of 3


    [tt]Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 1
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1113 (30 hours work, also get a £1k bonus at xmas)
    Partners monthly income after tax....... 0
    Benefits................................ 1235(tax credit and child benefit)
    Other income............................ 344(csa, ex doesnt pay right amount)
    Total monthly income.................... 2692
    Monthly Expense Details
    Mortgage................................ 497
    Secured/HP loan repayments.............. 571(car and legal fees)
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 94(113 month over 10 months,dpont do 12mths) im i right in thinking your paying 113 at present if so you need to put that amount in as thats whats going out every monht
    Electricity............................. 25
    Gas..................................... 36
    Oil..................................... 27 whats this for? do you need all 3?
    Water rates............................. 25
    Telephone (land line)................... 0 no land line?
    Mobile phone............................ 10
    TV Licence.............................. 12
    Satellite/Cable TV...................... 28(ends october will cut back to £18 for kids)
    Internet Services....................... 0 no internet?
    Groceries etc. ......................... 300 try to reduce alittle even just a few pounds would help if buying nappies try shop own brand instead of pampers etc also if buying baby milk see if your doc/clinic sell it as mine did and it was about 50p cheaper than in shop
    Clothing................................ 50(kids always growing...needing trainers,shoes you name it) can you not try to reduce this by alittle even just 10 less a month would help you
    Petrol/diesel........................... 150
    Road tax................................ 10
    Car Insurance........................... 20
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 520(420 for baby and £150 x 10 weeks for holidays)
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0 you need something here
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 18(house combined)
    Contents insurance...................... 0
    Life assurance ......................... 22(lot of cover cos have little family to help)
    Other insurance......................... 55(redundancy and boiler(old boiler)not me lol
    Presents (birthday, christmas etc)...... 50(mainly for xmas i would try to reduce this a little with 3 children its hard but i find that for my 20 month old i already have a couple of presents bought as i only ever buy when on sale for little ones and i keep check of argos clearance you can get some great bargains shopping year round and keep a list of what ive bought and spent helped me save loads unfortunately this year my son is 6 so will have to buy his at christmas time when he decides what he wants but for under 3 start buying in any sales now same for birthday
    Haircuts................................ 0 no haircuts/ you need something here
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 150 wow what sort of emergency are you saving for reduce reduce reduce!!!!!!!!!!!
    Total monthly expenses.................. 2680

    Assets
    Cash.................................... 150
    House value (Gross)..................... 190000
    Shares and bonds........................ 0
    Car(s).................................. 13000
    Other assets............................ 0
    Total Assets............................ 203150

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 99000....(497)......2.5% BMR RATE WITH NATIONWIDE
    Secured Debt.................. 15000....(150)......8( legal fees from divorce, dont need to pay but it goes up if i dont...simple interest)
    Hire Purchase (HP) debt ...... 15000....(421)......11.7 (car ends jan 2013)
    Total secured & HP debts...... 129000....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    OVERDRAFT......................1900......0.........19.5
    AMAZON CREDIT CARD.............975.......25........0
    Total unsecured debts..........2875......25........-

    Monthly Budget Summary
    Total monthly income.................... 2,692
    Expenses (including HP & secured debts). 2,680
    Available for debt repayments........... 12
    Monthly UNsecured debt repayments....... 25
    Amount short for making debt repayments. -13
    Personal Balance Sheet Summary
    Total assets (things you own)........... 203,150
    Total HP & Secured debt................. -129,000
    Total Unsecured debt.................... -2,875
    Net Assets.............................. 71,275
    [/tt]

    ok reduce your emergency savings to no more that 50 per month and youve got an extra 100 but you need to look at your soa again as i think you havent listed everything you spend on eg medical and haircuts
  • miss_missy
    miss_missy Posts: 253 Forumite
    nje24 wrote: »
    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 99000....(497)......2.5% BMR RATE WITH NATIONWIDE
    Secured Debt.................. 15000....(150)......8( legal fees from divorce, dont need to pay but it goes up if i dont...simple interest)
    Hire Purchase (HP) debt ...... 15000....(421)......11.7 (car ends jan 2013)
    Total secured & HP debts...... 129000....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    OVERDRAFT......................1900......0.........19.5 you must be paying something for this otherwise its just increasing, is this the overdraft your currently using? whats your limit? it might be worth moving back accounts and starting from scratch and keep paying a little off the overdraft each month
    AMAZON CREDIT CARD.............975.......25........0 how long left on the 0% and what apr when it finishes
    Total unsecured debts..........2875......25........-


    [/tt]

    add some things above
  • Tixy
    Tixy Posts: 31,455 Forumite
    Hi NJE
    Well done for posting your statement of affairs

    nje24 wrote: »
    Any ideas for saving and therefore paying more off things i owe would be appreciated. Single mother of 3


    [tt]Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 1
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1113 (30 hours work, also get a £1k bonus at xmas)
    Partners monthly income after tax....... 0
    Benefits................................ 1235(tax credit and child benefit)
    Other income............................ 344(csa, ex doesnt pay right amount)
    Total monthly income.................... 2692
    Monthly Expense Details
    Mortgage................................ 497
    Secured/HP loan repayments.............. 571(car and legal fees)
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 94(113 month over 10 months,dont do 12mths)
    Electricity............................. 25 gas & elec look very reasonable but always worth double checking you are with the cheapest supplier & cheapest (internet) tariff
    Gas..................................... 36
    Oil..................................... 27 is this the average over the year?
    Water rates............................. 25
    Telephone (land line)................... 0
    Mobile phone............................ 10
    TV Licence.............................. 12
    Satellite/Cable TV...................... 28(ends october will cut back to £18 for kids)
    Internet Services....................... 0
    Groceries etc. ......................... 300 I think this is the area you might make a little saving, some people manage on £200 for a family your size but if you start by aiming for £250 it all helps. Do you meal plan before you shop? have you tried the cheaper supermarkets for some things? tried the drop a brand challenge? If you buy nappies people say the Lidl ones are as good as pampers (apparently!)
    Clothing................................ 50(kids always growing...needing trainers,shoes you name it) obviously try to keep to a minimum but I expect this is reasonable for 3kids.
    Petrol/diesel........................... 150 are all journeys essential? do you drive efficently? always buy the cheapest fuel etc?
    Road tax................................ 10
    Car Insurance........................... 20
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 520(420 for baby and £150 x 10 weeks for holidays) does your employer do salary sacrifice vouchers and if so do you get them (saves tax)
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 18(house combined)
    Contents insurance...................... 0
    Life assurance ......................... 22(lot of cover cos have little family to help)
    Other insurance......................... 55(redundancy and boiler(old boiler)not me lol have you checked these are the cheapest available deals? and that you have the right amount of cover?
    Presents (birthday, christmas etc)...... 50(mainly for xmas try to make some savings here, perhaps you could try earning online vouchers to contribute towards the cost of christmas by doing surveys/reviews etc
    Haircuts................................ 0
    Entertainment........................... 0 is this realistic? no after school activites? trips out etc?
    Holiday................................. 0
    Emergency fund.......................... 150 its good to have a bit of a fund built up but I would probably halve this for a while. Then once you have built up a sum I would reduce even futher.
    Total monthly expenses.................. 2680

    Assets
    Cash.................................... 150
    House value (Gross)..................... 190000
    Shares and bonds........................ 0
    Car(s).................................. 13000
    Other assets............................ 0
    Total Assets............................ 203150

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 99000....(497)......2.5% BMR RATE WITH NATIONWIDE
    Secured Debt.................. 15000....(150)......8( legal fees from divorce, dont need to pay but it goes up if i dont...simple interest)
    Hire Purchase (HP) debt ...... 15000....(421)......11.7 (car ends jan 2013)
    Total secured & HP debts...... 129000....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    OVERDRAFT......................1900......0.........19.5
    AMAZON CREDIT CARD.............975.......25........0 is this right at 0%
    Total unsecured debts..........2875......25........-

    Monthly Budget Summary
    Total monthly income.................... 2,692
    Expenses (including HP & secured debts). 2,680
    Available for debt repayments........... 12
    Monthly UNsecured debt repayments....... 25
    Amount short for making debt repayments. -13
    Personal Balance Sheet Summary
    Total assets (things you own)........... 203,150
    Total HP & Secured debt................. -129,000
    Total Unsecured debt.................... -2,875
    Net Assets.............................. 71,275
    [/tt]

    From your SoA is looks like you are just about managing each month - is this the case or have you been slowly slipping further into debt each month? If the latter do you know where you were spending more? If not a spending diary might be useful for a couple of months.

    How frustrating for both the legal fees and the arrears on the CSA. I know little about it but I presume you have tried all avenues to get him to pay more in arrears? Does he pay anything else, does he ever buy clothes for the kids etc?

    Do you have any items you could sell (ebay/amazon/gumtree/carboot) to raise any cash? I guess as your little one grows up you might have some baby bits you could try selling?

    Good luck
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • moneysavermum_2
    moneysavermum_2 Posts: 508 Forumite
    From your SoA is looks like you are just about managing each month - is this the case or have you been slowly slipping further into debt each month? If the latter do you know where you were spending more? If not a spending diary might be useful for a couple of months.( I seem to clear my overdraft onto a 0% superbalance transfer card) then by the time ive paid the card off Im back up to same amount. Although I have changed my spending habits as used to buy loads off stuff off grabbit board

    How frustrating for both the legal fees and the arrears on the CSA. I know little about it but I presume you have tried all avenues to get him to pay more in arrears? Does he pay anything else, does he ever buy clothes for the kids etc?No he doesnt pay anything. He is a policeman and the csa said i should be getting 120 pound but he justs gets out of it. Hes got loads of arrears. Hes a nasty piece of work so dont want to keep going to court

    Do you have any items you could sell (ebay/amazon/gumtree/carboot) to raise any cash? I guess as your little one grows up you might have some baby bits you could try selling? I probably have but its like everything else having the time to post them

    Good luck[/QUOTE]
  • moneysavermum_2
    moneysavermum_2 Posts: 508 Forumite
    edited 9 March 2010 at 2:15PM
    Oil..................................... 27 is this the average over the year?is an error dont have oil

    Petrol/diesel........................... 150 are all journeys essential nursery and childs care is all about 20miles away.

    Childcare/nursery....................... 520(420 for baby and £150 x 10 weeks for holidays) does your employer do salary sacrifice vouchers and if so do you get them (saves tax)(they do will look into it) the youngest child starts school sept 2011 so things will change in this department

    AMAZON CREDIT CARD.............975.......25........0 is this right at 0%
    (0%) till october

    OVERDRAFT......................1900......0........ .19.5 you must be paying something for this otherwise its just increasing, is this the overdraft your currently using? whats your limit? it might be worth moving back accounts and starting from scratch and keep paying a little off the overdraft each month. I am paying interest £15 a month.and im always in an overdraft my limit is 3500 but dont go over it. It stays at 1900
  • moneysavermum_2
    moneysavermum_2 Posts: 508 Forumite
    edited 9 March 2010 at 2:17PM
    Every bit of advice I read says pay off your highest debts first. In my case

    overdraft 1900 19.5%
    legal aid bill 15000 8% pay 150 a month
    amazon credit card 975 0% till october 2010 pay 25 pound a month
    crazy car loan 15000 11.7% ends jan 2013 pay 421 a month

    I applied for virgin card but got turned down as was going to transfer od onto it

    What would you do first. I was overpaying my mortgage until I bought a car as my old one was 11 years old. I know the pressing thing is my overdraft as its demoralising being in it each month.

    I cant rely on getting more csa as they are hopeless with me at present.
  • x-cupcake-x
    x-cupcake-x Posts: 182 Forumite
    edited 9 March 2010 at 3:19PM
    Who is your bank account with A&L do a 0% overdraft for 1 year, and then it's a max of £5 per month charges.
    I think you can get £50 cash back through Quidco too.

    This article might be useful
    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#overdrawn

    Sorry I can't offer any proper advice but good luck xx
  • tyllwyd
    tyllwyd Posts: 5,496 Forumite
    About the childcare vouchers thing - there is a calculator here to check whether you are better off with tax credits or childcare vouchers
    http://www.hmrc.gov.uk/calcs/ccin.htm
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