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Really Dreading Next Month... Any Suggestions?
Mrs_Ryan
Posts: 11,841 Forumite
Hi everyone!
Have posted my SOA before and it made really depressing reading! However now I'm on a DMP but OH now has a stinking great car loan to contend with and to be honest we really are dreading how we're going to manage.
I've managed to cut a few things - I was spending £50 a month PAYG :eek: but with my DMP company's permission I've gone SIM only on contract - bill now - £20 per month! It will probably appear that we have a surplus but neither of us know where our money is going!
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1037
Partners monthly income after tax....... 1122
Benefits................................ 146
Other income............................ 0
Total monthly income.................... 2305
Monthly Expense Details
Mortgage................................ 76
Secured/HP loan repayments.............. 226
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 40
Gas..................................... 24
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 16
Mobile phone............................ 40
TV Licence.............................. 15
Satellite/Cable TV...................... 46
Internet Services....................... 17
Groceries etc. ......................... 216
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 2.91
Car Insurance........................... 24
Car maintenance (including MOT)......... 23
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 60
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1253.41
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 1500
Car(s).................................. 11000
Other assets............................ 200
Total Assets............................ 197700
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 7600.....(76).......0
Secured Debt.................. 9000.....(226)......0
Total secured & HP debts...... 16600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zebra Finance (OH).............350.......65........29.9
Overdraft (OH) ................100.......0.........0
DMP (me).......................4000......200.......0
Capital One (me)...............200.......5.........34.9
Total unsecured debts..........4650......270.......-
Monthly Budget Summary
Total monthly income.................... 2,305
Expenses (including HP & secured debts). 1,253.41
Available for debt repayments........... 1,051.59
Monthly UNsecured debt repayments....... 270
Amount left after debt repayments....... 781.59
Personal Balance Sheet Summary
Total assets (things you own)........... 197,700
Total HP & Secured debt................. -16,600
Total Unsecured debt.................... -4,650
Net Assets.............................. 176,450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
I realise this doesnt look too bad - we seem to have a fairly hefty surplus. Neither of us have the faintest idea though where our money is going and why neither of us never have any cash!!! My income does fluctuate depending on my shifts - however I've gone with an average for the last few months.
The secured loan is on the car, by the way. My Capital One card wasnt included on the DMP with the consent of the DMP company as it's needed for work, however I dont really use it.
I might also add the reason the phone/broadband is high is that we live in a rural area well away from the exchange and we are not eligible for many of the cheap deals about - there are only a handful of providers that will touch our area and they are all VERY expensive! Also Freeview isnt an option - terrestrial and Freeview do not work round here at the moment.
TIA!
Have posted my SOA before and it made really depressing reading! However now I'm on a DMP but OH now has a stinking great car loan to contend with and to be honest we really are dreading how we're going to manage.
I've managed to cut a few things - I was spending £50 a month PAYG :eek: but with my DMP company's permission I've gone SIM only on contract - bill now - £20 per month! It will probably appear that we have a surplus but neither of us know where our money is going!
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1037
Partners monthly income after tax....... 1122
Benefits................................ 146
Other income............................ 0
Total monthly income.................... 2305
Monthly Expense Details
Mortgage................................ 76
Secured/HP loan repayments.............. 226
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 40
Gas..................................... 24
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 16
Mobile phone............................ 40
TV Licence.............................. 15
Satellite/Cable TV...................... 46
Internet Services....................... 17
Groceries etc. ......................... 216
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 2.91
Car Insurance........................... 24
Car maintenance (including MOT)......... 23
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 60
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1253.41
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 1500
Car(s).................................. 11000
Other assets............................ 200
Total Assets............................ 197700
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 7600.....(76).......0
Secured Debt.................. 9000.....(226)......0
Total secured & HP debts...... 16600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zebra Finance (OH).............350.......65........29.9
Overdraft (OH) ................100.......0.........0
DMP (me).......................4000......200.......0
Capital One (me)...............200.......5.........34.9
Total unsecured debts..........4650......270.......-
Monthly Budget Summary
Total monthly income.................... 2,305
Expenses (including HP & secured debts). 1,253.41
Available for debt repayments........... 1,051.59
Monthly UNsecured debt repayments....... 270
Amount left after debt repayments....... 781.59
Personal Balance Sheet Summary
Total assets (things you own)........... 197,700
Total HP & Secured debt................. -16,600
Total Unsecured debt.................... -4,650
Net Assets.............................. 176,450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
I realise this doesnt look too bad - we seem to have a fairly hefty surplus. Neither of us have the faintest idea though where our money is going and why neither of us never have any cash!!! My income does fluctuate depending on my shifts - however I've gone with an average for the last few months.
The secured loan is on the car, by the way. My Capital One card wasnt included on the DMP with the consent of the DMP company as it's needed for work, however I dont really use it.
I might also add the reason the phone/broadband is high is that we live in a rural area well away from the exchange and we are not eligible for many of the cheap deals about - there are only a handful of providers that will touch our area and they are all VERY expensive! Also Freeview isnt an option - terrestrial and Freeview do not work round here at the moment.
TIA!
*The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.20
0
Comments
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Is your mortgage really only £76 a month?0
-
Yes it is! Its only about 7k now.*The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.200
-
Hi everyone!
Have posted my SOA before and it made really depressing reading! However now I'm on a DMP but OH now has a stinking great car loan to contend with and to be honest we really are dreading how we're going to manage.
I've managed to cut a few things - I was spending £50 a month PAYG :eek: but with my DMP company's permission I've gone SIM only on contract - bill now - £20 per month! It will probably appear that we have a surplus but neither of us know where our money is going!
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1037
Partners monthly income after tax....... 1122
Benefits................................ 146
Other income............................ 0
Total monthly income.................... 2305
Monthly Expense Details
Mortgage................................ 76
Secured/HP loan repayments.............. 226
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 40 - simple things like turning off lights, don't put tv etc on standby, charge phones, laptops etc in the room ur in, less likely to leave them overnight
Gas..................................... 24
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 16
Mobile phone............................ 40 - if that the 2 phones?
TV Licence.............................. 15
Satellite/Cable TV...................... 46 - is a luxury
Internet Services....................... 17
Groceries etc. ......................... 216
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 2.91
Car Insurance........................... 24
Car maintenance (including MOT)......... 23
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 60 - is that all needed
Presents (birthday, christmas etc)...... 0 - need to allow for this
Haircuts................................ 0 - again you need to allow for this
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1253.41
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 1500
Car(s).................................. 11000
Other assets............................ 200
Total Assets............................ 197700
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 7600.....(76).......0
Secured Debt.................. 9000.....(226)......0
Total secured & HP debts...... 16600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zebra Finance (OH).............350.......65........29.9
Overdraft (OH) ................100.......0.........0
DMP (me).......................4000......200.......0
Capital One (me)...............200.......5.........34.9
Total unsecured debts..........4650......270.......-
Monthly Budget Summary
Total monthly income.................... 2,305
Expenses (including HP & secured debts). 1,253.41
Available for debt repayments........... 1,051.59
Monthly UNsecured debt repayments....... 270
Amount left after debt repayments....... 781.59
Personal Balance Sheet Summary
Total assets (things you own)........... 197,700
Total HP & Secured debt................. -16,600
Total Unsecured debt.................... -4,650
Net Assets.............................. 176,450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
I realise this doesnt look too bad - we seem to have a fairly hefty surplus. Neither of us have the faintest idea though where our money is going and why neither of us never have any cash!!! My income does fluctuate depending on my shifts - however I've gone with an average for the last few months.
The secured loan is on the car, by the way. My Capital One card wasnt included on the DMP with the consent of the DMP company as it's needed for work, however I dont really use it.
I might also add the reason the phone/broadband is high is that we live in a rural area well away from the exchange and we are not eligible for many of the cheap deals about - there are only a handful of providers that will touch our area and they are all VERY expensive! Also Freeview isnt an option - terrestrial and Freeview do not work round here at the moment.
TIA!
Hi
I've made a couple of comments on the soa, I know it says you have £781 per month left, but I guess like the rest of us, most of its gone into thin air at the end of the month.
The 1st thing I'd suggest is a spending diary for both u + hubby, its simple things that add up
Magazine - 70p upto £4
Coffee - £2.00
bar of choc when paying for petrol £1.00
that odd £10 out of the cash machine
For a week, ideally a month you both need to keep a spending diary and this should be able to plug some leaks as they say.
also noticed you hadn't accounted for presents or hair cuts, personally for me - my bday spends (excluding dd and parents )- £400, thats without the extra presents for when the party invites from school come in.
Xmas presents - £600 - again without accounting for family, so based on just those two expenses, thats 1k, averaging £80 pm,that could account for some of the extras.
I know this may sound daft, but is the mortgage just £76 per month? xxxx rip dad... we had our ups and downs but we’re always be family xx0 -
HiHi everyone!
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1037
Partners monthly income after tax....... 1122
Benefits................................ 146
Other income............................ 0
Total monthly income.................... 2305
Monthly Expense Details
Mortgage................................ 76
Secured/HP loan repayments.............. 226
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 40 have you checked your with the cheapest providers for gas & electric?
Gas..................................... 24
Oil..................................... 0
Water rates............................. 47 - I've put a link below for uswitch's water meter calculator which will tell you if you'll save by switching to a meter (if you're not already on one)
Telephone (land line)................... 16
Mobile phone............................ 40
TV Licence.............................. 15
Satellite/Cable TV...................... 46 - Can you reduce to the minimum package which is about £19-20?
Internet Services....................... 17
Groceries etc. ......................... 216 - Can you reduce this by shopping at Lidl/Aldi/Netto/Farmfoods or dropping a brand level?
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 2.91
Car Insurance........................... 24
Car maintenance (including MOT)......... 23
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 60
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 50 - Can you stay in for the next month?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1253.41
Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 1500
Car(s).................................. 11000
Other assets............................ 200
Total Assets............................ 197700
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 7600.....(76).......0
Secured Debt.................. 9000.....(226)......0
Total secured & HP debts...... 16600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zebra Finance (OH).............350.......65........29.9
Overdraft (OH) ................100.......0.........0
DMP (me).......................4000......200.......0
Capital One (me)...............200.......5.........34.9
Total unsecured debts..........4650......270.......-
Monthly Budget Summary
Total monthly income.................... 2,305
Expenses (including HP & secured debts). 1,253.41
Available for debt repayments........... 1,051.59
Monthly UNsecured debt repayments....... 270
Amount left after debt repayments....... 781.59
Personal Balance Sheet Summary
Total assets (things you own)........... 197,700
Total HP & Secured debt................. -16,600
Total Unsecured debt.................... -4,650
Net Assets.............................. 176,450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
TIA!
If you've posted your SOA before you've probably heard it before, but I've made a few suggestions above where you could save more money.
If you can't account for where your money is being spent its best to keep a spending diary. Here's the online one that I use but a pen and paper does just as well.
http://www.spendingdiary.com
This is the link for the water rates calculator.
Hope its of some help
http://www.uswitch.com/water/0 -
Hello I am quite new to this too, my advice is very basic i am sure, i hope it helps though. If poss, reduce your satellite tv/broadband/phonebill down. I paid forty pounds a month and last week i rang them threatening to leave and they magically reduced it down to twenty nine pounds, of course i lost a few channels but wish i had done it sooner.
Also prepare a shopping list and try to cut back spending in supermarkets.
Take sandwiches to work i am saving 15 pounds a week this way and try not to waste money on vending machines (realised i spent a fortune on this today).
Do you really need the mobile, can you get a Pay as you go phone which should be much cheaper?
Hope this helps, it is what i have done over the last two weeks.
good luck :wave:Aiming for a minimal spend 20220 -
yes! honestly, I promise you. Its a fixed rate with A&L, it is only £76 a month. It was very small to start with as OH used to work over 60 hours a week and put down an enormous deposit.
I know we could cut down on the Sky package, but we cant do without it - like I said, if we got rid of it we would have no TV at all :eek:
Yes, that's 2 phones - OH's is on Tesco Mobile PAYG, mine is Voda SIM only.
Unfortunately, yes the other insurance is needed - 27 of that is the British Gas Homecare, our boiler is very old and we've had them out twice in the last year :eek: rest of it is the dam warranty on the dam car :mad: that's OH's doing I'm afraid!
We dont have haircuts! OH has a set of clippers for him (paid for by Clubcard vouchers!) and my hair is quite long - if I need haircut urgently Mum pays bless her
We unfortunately have a lot of electrical gadgets but yes, we are wasteful monkeys - we have them going all the time when we dont need to!*The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.200 -
Oooh, sorry, took so long typing that last reply I didnt catch all of the other replies - sorry!
Unfortunately phone and broadband non-negotiable - we've only just switched and that is a saving on what we were on previous. We're on half-price Sky at the mo as well. PAYG not an option any longer for me, I was on PAYG spending £50 a month now on contract spending £20! 12 month contract though, only 1 month old. OH probably only spends 10 actually, hes on that triple your credit thing.
Entertainment is my rugby tickets, I pay for them - however close season is coming up so that will save me a fortune! Its painfully rare we go out due to my shifts - OH has a season ticket which he is paying for expensive finance :mad:
We have to have our shopping delivered due to us working opposite shifts, OH cant go shopping on his own due his mental health condition and I dont drive (plus I have a bad back) so shopping anywhere cheaper is out. This is a fab suggestion and I get sooo jealous of the girls at work talking about the bargains they have at Aldi - I am very jealous! However, will work on OH about dropping a brand.
Water meter is an excellent idea - I'm onto it now!*The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.200 -
Hi my advice is v basic as i am a newbie too.
I have British Gas Homecare too, i think they are fab. I cut down my Virgin Package and really have only lost one channel i liked, i can cope though as it has helped me to save. Having said that i did not delete it as it is my favourite luxury.
I think the spend diary idea is fab. I have been doing this for two weeks. OH MY GOSH! I had no idea i wasted so much money. (It is educational and it has helped me to plan ways to cut waste in some areas so i can save for the nice things i really want).
If you shop at a posh supermarket go so a cheaper option or dont go for premium brands. I have switched from posh rice crispies to supermarket own, and done the same with cola etc and saved a fortune and barely noticed any difference. I have to find a lidl so i will give it a go eventually.
Little things will make such a difference. I have saved so much over the last two weeks it is amazing. I will not be nearly overdrawn again.
Plus you make lovely friends on this site too. Good luck and Welcome ;j
Am off to sleep. Good night!Aiming for a minimal spend 20220 -
sorry i am just learning smiley things, this is for you :jAiming for a minimal spend 20220
-
thank you savingwannabe
Its not shares, its a bond but unfortunately its tied up at the mo...!
what do you get on freesat?*The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.200
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