SOA and Snowball done-its the cash flow that has me stumped.

polkadot

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1670
Partners monthly income after tax....... 0
Benefits................................ 690
Other income............................ 130
Total monthly income.................... 2490

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 128
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 19.94
Mobile phone............................ 45
TV Licence.............................. 12.12
Satellite/Cable TV...................... 34.5
Internet Services....................... 37
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 20
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24.76
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 20
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1800.32


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................722.4.....17........12.9
Lloyds airmilles duo...........1009.5....22........14.88
Lloyds Loan....................10110.....329.4.....9.9
Argos..........................180.......5.........27.9
Studio.........................145.......10........44.9
Classic confidence.............49.86.....5.........39.6
Platinum overdraft.............2800......20........12.3
Total unsecured debts..........15016.76..408.4.....-


Monthly Budget Summary
Total monthly income.................... 2,490
Expenses (including HP & secured debts). 1,800.32
Available for debt repayments........... 689.68
Monthly UNsecured debt repayments....... 408.4
Amount left after debt repayments....... 281.28

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,016.76
Net Assets.............................. -14,416.76

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

polkadot

I've been on the boards for a long time, always with the debt in the back of my mind. Have started learning all those little habits that add up...Eagerlearners budget spreadsheet and daily clicks plan, sealed pot challenge and to a small extent the grocery challenge.

Im 25 weeks pregnant with DS2 and receive DLA for Cerebral palsy...Higher rate for mobility and lower rate for care. This makes the bulk of our benefits...totaling £270.00 every four weeks. I also get £150.00 for LHA every fortnight,£80.00 every 4 weeks CB and the £10 a week ctc that hubby gets comes to my account. That's where I get my £690.00 from.

The mobile phone payment is for two mobiles, we both get 700 minutes and unlimited texts. I decorate cakes when there is a demand so my phone gets used for this also (I just registered self employed to keep above board in case of tax).
Our landline includes talk unlimited.

We have the XL package on BB because hubby works in IT so the company pays him in the form of expenses, as well as his travel card. Because I have the DLA I have a freedom pass.

I'm not sure how "on board" hubby is at the mo as his priority is trying to keep his job, so he's taking on a lot of stress at work. I've tried to talk to him, and explain that in the grand scheme our £15000.00 of debt is meager compared to some and if we get on top of it now things will be so much easier. He took the loan 3 years ago trying to consolidate some old debt and now feels if we didn't have that £300 a month payment we'd be much better off. He feels he made the wrong choice I think and is now afraid to make new decisions. He said he would look at the snowball print out later but when I said we *can* do this in 25 months he snorted:(He's told me to come up with a plan and he'll go with that.

I'm feeling VERY relieved to see it all on paper like it is (especially as its not *as bad* as I thought) but I'm concerned about the cash flow. His money comes in on the last day of the month, but mine comes in trickles...DLA and CH once every four weeks(thankfully on the same day), LHA every two weeks and ctc once a week.

I have just *trialled* a basic budget sticking to cash flow and it *has* worked this month, but obviously it didn't take the snowball into account. Would it help to post that?

I'm sure I've missed something so please yell at me if I have:T

La_escocesa

Hi Polkadot,

I've put some things below. It's what I would do... Hope some of them help.

polkadot wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1670
Partners monthly income after tax....... 0
Benefits................................ 690
Other income............................ 130
Total monthly income.................... 2490

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 128 Can you pay over 12 months instead of 10?
Electricity............................. 60 Have you checked this is the cheapest you can get? Switch through quidco too for cashback.
Gas..................................... 40 As above.
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 19.94 Think BT's cheapest is around £11 or £12.
Mobile phone............................ 45 Can this be cut?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 34.5 Freeview?
Internet Services....................... 37
Groceries etc. ......................... 300
Clothing................................ 20 Sell/wear what you've got for now.
Petrol/diesel........................... 20
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 24
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24.76
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 Can this be cut for now?
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 20
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1800.32


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................722.4.....17........12.9
Lloyds airmilles duo...........1009.5....22........14.88
Lloyds Loan....................10110.....329.4.....9.9
Argos..........................180.......5.........27.9
Studio.........................145.......10........44.9
Classic confidence.............49.86.....5.........39.6
Platinum overdraft.............2800......20........12.3
Total unsecured debts..........15016.76..408.4.....-


Monthly Budget Summary
Total monthly income.................... 2,490
Expenses (including HP & secured debts). 1,800.32
Available for debt repayments........... 689.68
Monthly UNsecured debt repayments....... 408.4
Amount left after debt repayments....... 281.28 This is good - keep a spending diary to see where it all goes.

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,016.76
Net Assets.............................. -14,416.76

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

HTH

polkadot

Thank you La escocesa

Council tax is already being paid over 12 months. We moved in here in June last year and paid over 10-it was closer to £150.00.
Electricity and gas could possibly come down, we've only just finished switching to EDF (earning nectar points) after a long nightmarish story involving Scottish power and our house move. This is basically our first quarter and after my scare with SP we opted to potentially over pay on our DD for this time round. I am emailing meter readings and have a spreadsheet for it in our budget workbook. Im still rather scared of Quidco, perhaps that'll be my next habit
Landline includes talk unlimited and we have it included in a bundle which means it works out cheaper than BT (I use it for all our admin calls and the "oldies" in our family are in the north so we do have regular "long" conversations with them.
Mobile I think we cross posted-it does include both our mobiles.
We've discussed cutting back to freeview but DH is non neg on this one, he is adamant that he has no more "entertainment" since I took away the beer budget that he wont give up on this or his gym, which we just moved from virgin to the leisure centre. I suppose I could push more for it.
The clothes budget has mostly just been in place for "incase" considering my growing bump and new baby requiring clothes when he arrives. Been watching freecycle and have spent £15 on ebay to basically clothe him through the new born stage...same with birthday and christmas, doesn't always get used but will be this month as its DS1's fourth birthday in June.
Just opened an account with myspendingdiary this week...one for me and one for DH...I had to backtrach through his bank account to enter info as he hadn't entered his spends:(

beanielou

Hi polkadot.
The thing that jumped out at me was your rent is so high.
Can you have a car boot/ebay & get rid of those couple of smaller debts with the high APR~Studio & Classic?

polkadot

Hi Beanie I have some bits that need Ebaying but Ive only just learned how to buy on Ebay so Im not brave enough yet to try selling. DH sold something years ago and got caught by one of those Nigerian scams and has refused to use ebay for anything since.
He has given me an Acer laptop and a PS2 that need to be sold but I havent done it yet.

We live in London, but are very near Kent. Our rent is for a 2 bedroom terrace with a garage-which saves us on parking for the second hand runabout:)
Basically we are *only* paying £525 since we get the £300 LHA. I never would have applied for it (or DLA for that matter) but one of the first things I learned here was "the worst answer you can get is no":T

DH has just read the snowball worksheet and now seems "a bit more keen" and it dawned on me that according to the snowball calculator, our debt payment needed to clear our debt over the next 25 months is the equivalent of my "income" :j

La_escocesa

Polkadot, it sounds like you've got your eye on the ball. Nice one.

I always post on the small things thread. Join us and it'll defo keep you on track! There's a new thread every day and I've picked up loads of tips from it.

Today's thread is here https://forums.moneysavingexpert.com/discussion/2475573

Pollycat

Hi
it looks like you have some small debts with pretty big interest rates:
Argos..........................180.......5........ .27.9
Studio.........................145.......10....... .44.9
Classic confidence.............49.86.....5.........39.6

Paying off £180 @ £5 per month will take you 3 years even without considering any interest added!

Could you chuck any spare money at these to get rid of them?

As La escocesa says, keep a spending diary to see where all that spare money is going to.

polkadot

Thank you everyone for the replies:) And I'll be heading over to the small things thread now:D

MinniMe_2

I know your hubby isn't willing to get rid of the TV package - is it worth ringing them and saying you are thinking of leaving and see if you can get a retentions package - say £10 a month discount, that way you could throw that at the high APR debt to free up more money a month when they are gone?

DarkConvict

For 3 people i would aim the groceries to be about £200, ~(£60 per person)

Can you cut the price of the contents insurance, we are insured for upto £70,000 and pay less than your paying.