Getting a grip on my finances

susan26_2

Hi everyone,

I've decided to pull my head out of the sand and try to clear my debt by the time I am 30 (2.5 years time, eek!). So, here is my SOA, I have tried to be realistic and have allowed myself some money for holidays and entertainment, as there is no way I would stick to this budget otherwise:


Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 200
Total monthly income.................... 2200

Monthly Expense Details
Mortgage................................ 380
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 14
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 15
Car Insurance........................... 54
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 28
Contents insurance...................... 12.95
Life assurance ......................... 58
Other insurance......................... 11
Presents (birthday, christmas etc)...... 25
Haircuts................................ 7
Entertainment........................... 200
Holiday................................. 100
Emergency fund.......................... 70
Total monthly expenses.................. 1584.95

Assets
Cash.................................... 0
House value (Gross)..................... 68000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 68500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 54500....(380)......6.79
Total secured & HP debts...... 54500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR

personal loan HSBC.............6900......172.......8.7
BACS...........................300.......59........14.6
Credit LLOYDS..................589.......50........16
Total unsecured debts..........7789......281.......

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,584.95
Available for debt repayments........... 615.05
Monthly UNsecured debt repayments....... 281
Amount left after debt repayments....... 334.05

Personal Balance Sheet Summary
Total assets (things you own)........... 68,500
Total HP & Secured debt................. -54,500
Total Unsecured debt.................... -7,789
Net Assets.............................. 6,211



I also have a water bill of 591 to pay, and a University fees bill to pay of 891. So it looks like the spare money I apparently have every month will be going towards paying them. Paying this debt seems like a daunting prospect, but I have to start somewhere...:o

Numpty_Monkey

susan26 wrote: »

Hi everyone,

I've decided to pull my head out of the sand and try to clear my debt by the time I am 30 (2.5 years time, eek!). So, here is my SOA, I have tried to be realistic and have allowed myself some money for holidays and entertainment, as there is no way I would stick to this budget otherwise:


Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 0 check out Entitled to
Other income............................ 200 whats this for?
Total monthly income.................... 2200

Monthly Expense Details
Mortgage................................ 380
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107 ask to pay over 12 months
Electricity............................. 50 Reduce if you are both at work Gas and Electric are very high
Gas..................................... 50 look at comparrison sites and cashback sites, turn things off not standby, don't have heating on if your not in
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 0
Mobile phone............................ 35 are you using all the free stuff, reduce contract
TV Licence.............................. 14
Satellite/Cable TV...................... 35 is landline and internet included in this?
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 15
Car Insurance........................... 54 :eek: look at Martins article
Car maintenance (including MOT)......... 25
Car parking............................. 0 budget £10
Other travel............................ 0 the odd bus or taxi?budget £10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20 as car
Buildings insurance..................... 28as car
Contents insurance...................... 12.95as car
Life assurance ......................... 58 as car
Other insurance......................... 11whats this for? as car
Presents (birthday, christmas etc)...... 25
Haircuts................................ 7
Entertainment........................... 200 truthfull:D but high;) look for cheap nights incheaper deals, use MSE for ideas
Holiday................................. 100 look for cheaper deals
Emergency fund.......................... 70 How much have you got in your emergancy fund?????
Total monthly expenses.................. 1584.95

Assets
Cash.................................... 0 this is where emergancy fund savings should be and MOT/repairs
House value (Gross)..................... 68000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 68500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 54500....(380)......6.79
Total secured & HP debts...... 54500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR

personal loan HSBC.............6900......172.......8.7
BACS...........................300.......59........14.6 Who is this for?
Credit LLOYDS..................589.......50........16
Total unsecured debts..........7789......281.......

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,584.95
Available for debt repayments........... 615.05
Monthly UNsecured debt repayments....... 281
Amount left after debt repayments....... 334.05

Personal Balance Sheet Summary
Total assets (things you own)........... 68,500
Total HP & Secured debt................. -54,500
Total Unsecured debt.................... -7,789
Net Assets.............................. 6,211



I also have a water bill of 591 to pay, and a University fees bill to pay of 891. So it looks like the spare money I apparently have every month will be going towards paying them. Paying this debt seems like a daunting prospect, but I have to start somewhere...:o

Hi Susan:hello:
I've left a few comments, hope they don't sound to bad:A
Your SOA as it stands shows a surplus of £334, you really need to find out where that is going
I sugguest you and your partner keep a spending diary, write down everything you send money on.

Tixy

Hi Susan and welcome, I've read through your SoA and put a few comments below. As this is a joint SoA for you and OH do the debts listed also include any debts OH has (if any).

susan26 wrote: »

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 200
Total monthly income.................... 2200

Monthly Expense Details
Mortgage................................ 380
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 50 this looks quite high, have you shopped around to make sure you are with the cheapest supplier & best tariff? have you tried to reduce your usage?
Gas..................................... 50
Oil..................................... 0
Water rates............................. 28 is this the current usage amount (excluding arrears?) are you on a meter?
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 14
Satellite/Cable TV...................... 35 does this include internet?
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 15
Car Insurance........................... 54 looks high for 1 car, whenever you renew insurances always show around for the best deal and see if you can earn cashback. Do both you and OH drive the car?
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 28 You may be able to get B&C for quite a bit less given the value of your house. Shop around at renewal time
Contents insurance...................... 12.95
Life assurance ......................... 58 looks quite high for young people. Shop around. Did you buy with your mortgage? if so usually you pay over the odds.
Other insurance......................... 11 what is this for?
Presents (birthday, christmas etc)...... 25
Haircuts................................ 7
Entertainment........................... 200 This is quite high but I note your comments at the top
Holiday................................. 100 £1200pa, could you try getting a last min deal for less than this?
Emergency fund.......................... 70 are you actually going to start saving this?
Total monthly expenses.................. 1584.95

Assets
Cash.................................... 0
House value (Gross)..................... 68000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 68500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 54500....(380)......6.79
Total secured & HP debts...... 54500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR

personal loan HSBC.............6900......172.......8.7
BACS...........................300.......59........14.6
Credit LLOYDS..................589.......50........16
Total unsecured debts..........7789......281.......

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,584.95
Available for debt repayments........... 615.05
Monthly UNsecured debt repayments....... 281
Amount left after debt repayments....... 334.05 Do you think you have this spare (aside from the Uni debt and water debt?)

Personal Balance Sheet Summary
Total assets (things you own)........... 68,500
Total HP & Secured debt................. -54,500
Total Unsecured debt.................... -7,789
Net Assets.............................. 6,211



I also have a water bill of 591 to pay, and a University fees bill to pay of 891. So it looks like the spare money I apparently have every month will be going towards paying them. Paying this debt seems like a daunting prospect, but I have to start somewhere...:o

Is the Uni debt incurring interest? When does it need to be paid? Have you come to an agreement regarding the water arrears? are you paying the current bill on DD?

Do you have any overdrafts? don't forget to include them in the list of debts.

Have you tried the snowball calculator to see how long it will take you to repay your debts based on this budget (you'll need to add in the other 2 debts as well to get a correct answer).
If you do this and work out how long it will take based on this budget then if you decide that is longer than you hope, you may want to reconsider the amount budgeted for some of the luxury items.

Good luck