Help needed with SOA and increasing income

clang_uk

Afternoon everyone!

Not sure where to start on here, just signed up as I'm sick of being in debt, whilst there's some helpful advice for people in large debt, I'm struggling to find a way of making ends meet. Does anyone know a decent link for either increasing my income (about 100% more would be nice!!) or for balancing the books.

Thanks in advance!

Geebee

clang_uk wrote: »

Afternoon everyone!

Not sure where to start on here, just signed up as I'm sick of being in debt, whilst there's some helpful advice for people in large debt, I'm struggling to find a way of making ends meet. Does anyone know a decent link for either increasing my income (about 100% more would be nice!!) or for balancing the books.

Thanks in advance!

Hello.. welcome to the Forum.

If you would like help with your budget, you can start a new post with your SOA (statement of affairs) using this link... http://www.makesenseofcards.com/soacalc.html People will be able to advise where you can maybe cut down.

There are also various ways in which you can make extra cash, it may not "up" it by 100% though!. :rotfl:

Try looking at these two links.. one called "A bit on the side" https://forums.moneysavingexpert.com/discussion/88679

and the "Up your income" thread...
https://forums.moneysavingexpert.com/discussion/101755

Good luck!.

GB

clang_uk

Thanks for these links I'll take a look through them.

Done the SOA doesn't make pretty reading!

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................ 1650
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1650

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 25
Gas..................................... 15
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 405
Childcare/nursery....................... 120
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1588


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5000......227.5.....8.9
Total unsecured debts..........5000......227.5.....-


Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,588
Available for debt repayments........... 62
Monthly UNsecured debt repayments....... 227.5
Amount short for making debt repayments. -165.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,000
Net Assets.............................. -5,000

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

Help and advice is always appreciated.

Krisp_3

clang_uk wrote: »

Thanks for these links I'll take a look through them.

Done the SOA doesn't make pretty reading!

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................ 1650
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1650

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 25
Gas..................................... 15
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 405
Childcare/nursery....................... 120
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1588


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5000......227.5.....8.9
Total unsecured debts..........5000......227.5.....-


Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,588
Available for debt repayments........... 62
Monthly UNsecured debt repayments....... 227.5
Amount short for making debt repayments. -165.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,000
Net Assets.............................. -5,000

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

Help and advice is always appreciated.

clang_uk - you need to post this in a separate post, just to maximise your chance of getting replies from other people. Re-post it and I'll take a look later

Tixy

Hi Clang

clang_uk wrote: »

Thanks for these links I'll take a look through them.

Done the SOA doesn't make pretty reading!

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................ 1650
Partners monthly income after tax....... 0 does the other adult have any income?
Benefits................................ 0 child benefit, do you get any child tax credits/working tax credits, housing benefit etc?
Other income............................ 0
Total monthly income.................... 1650

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600 is this competative for where you live? could you downsize?
Management charge (leasehold property).. 0
Council tax............................. 150 have you checked you are in the correct ctax band? there is a 5min check you can do online to see that you are. Do you pay £150 for 10months or over 12?
Electricity............................. 25
Gas..................................... 15
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50 This looks too low for a family of 3?
Clothing................................ 0 need to budget a little something here even if only for the child.
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 40
Car maintenance (including MOT)......... 0 need to estimate what it costs over a year and budget 1/12 each month
Car parking............................. 0
Other travel............................ 405 what is this for? is a car needed as well as this?
Childcare/nursery....................... 120 is this needed if one adult isn't working?
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 do you not have this? (you can get contents cover really cheap by shopping around)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 budget 1/12 of the annual cost here
Haircuts................................ 0 never?
Entertainment........................... 0 nothing ever?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1588


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5000......227.5.....8.9
Do you have any other debts, overdrafts etc?
Total unsecured debts..........5000......227.5.....-


Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,588
Available for debt repayments........... 62
Monthly UNsecured debt repayments....... 227.5
Amount short for making debt repayments. -165.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,000
Net Assets.............................. -5,000

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

Help and advice is always appreciated.

Glad to see you are looking for ways to up your income, there is also a whole board called Up Your Income which may be worth a look at. Could you do overtime, work any extra hours etc?

You do need to include whatever benefits etc you get in to see a full picture, but also you need to budget for some of the costs you haven't included.

The other travel figure in particular looks high - what sort of travel is this? is it essential and is it the cheapest form of transport (do you buy season tickets etc).

Krisp_3

clang_uk wrote: »

Thanks for these links I'll take a look through them.

Done the SOA doesn't make pretty reading!

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................ 1650
Partners monthly income after tax....... 0
Benefits................................ 0 Are you entitled to any benefits, with a child in the house?
Other income............................ 0
Total monthly income.................... 1650

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 150 can you pay this over 12 months instead?
Electricity............................. 25
Gas..................................... 15
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 30 can you get out of this if it is a contract and go PAYG?
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50 Wow! Is that for 3 of you for a month? That's low! Well done!
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 18
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 405
Childcare/nursery....................... 120 If your child is in nursery, is there any way your OH can work (sorry if this sounds personal, just wondering).
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1588


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5000......227.5.....8.9
Total unsecured debts..........5000......227.5.....-


Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,588
Available for debt repayments........... 62
Monthly UNsecured debt repayments....... 227.5
Amount short for making debt repayments. -165.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,000
Net Assets.............................. -5,000

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

Help and advice is always appreciated.

I know that's not much - but I am sure others will be along soon too.

clang_uk

Thank's for the comments. I should really give a little about myself.

My girlfriend has a kid from a previous relationship, she's not yet working but is on benefits (despite several interviews she's not got a great deal of experience in general office work.), I'm not exactly how much she gets but she pays for 3 weeks shopping (hence the £50 that I pay). As the kid is not biologically mine, I can't classify for childcare vouchers. We've recently moved in together and I'm not exactly sure of all the bills so I guesstimated here at what the previous quarter has been.

At present, and what has led me to this forum is my bank balance, after two days is now over the agreed overdraft limit, by a few hundred pounds!!

Another important thing to add is that I have about 2k on the B/card. But this is the only credit card I have....

Tixy

As you are over your overdraft limit you are at risk of them cancelling your overdraft as soon as your next salary goes in. Therefore I would start by setting up a new bank account with a different bank to pay your wages into and DDs out of - it needs to be a bank you don't owe any money to. Once that it set up you can then set up a standing order to start repaying your overdraft (even if its just say £10 per month).

Then you really do need to look at www.entitledto.co.uk as a couple. It might be that your partner is entitled to more money /housing benefit etc. At the moment your rent & council tax are so high that it is eating a very large proportion of your income.

The other cost that is really strangling your finances is the travel. If the £405 other travel is you commuting to work then could you get rid of the car saving in all of those running costs?

Does your girlf have debts do you know. If its quite a new relationship then it can be difficult to broach the subject of how much income she has and what she is spending it on, but you do need to know as in terms of benefits etc you will be assessed jointly. Eg does she get maintenance for her child from the father as if so that should be contributing towards household bills as well etc.

clang_uk

Thanks for the help and support!

The £405 is my season ticket into work (Yep expensive!!), really do need the car, although have thought about selling it, we live in a very, very rural area (there's only 3 shops!). The father of the child is jobless, (and a few other things which I won't post here) so not paying any maintenance.

There are various debts as a result of her moving in, a elec bill for £650 (which her mum is helping with) a water bill for £150 and £160 for leaving BT?!

We do get £54 a week in tax credits and £20 in child credits.

I do like the idea of changing banks, I did this about ten years ago and took me ages to get off natwests books, I would like to be pro-active with it this time and try and tackle this head on.

Trying_to_be_good

If you are responsible for the care of the child you should be able to get salary sacrifice childcare vouchers - worth checking again with your employer, as the test isn't a biological one but a 'real world' one.

dancingfairy

Hopefully a bit of upping your income and maybe being eligible for more benefits will see you straight. However if that doesn'tr work then you may need to look at other options - perhaps a dmp - o.k it will trash your credit rating but then you will be paying what you can afford to the loan.
Another idea is trying to refinance that loan - maybe by 0% credit cards/low life of balance credit cards - etc as you clearly can't make ends meet the way things are at the moment.
A combination of upping the income and restructuring the debts would preserve your credit rating but obviously it all depends on how things work out.
df