Help me save money...please

wessex12

I am 7 months pregnant and looking to save some money, any help appreciated!


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.................... 2
Monthly Income Details
Monthly income after tax................ 1357
Partners monthly income after tax....... 2200
Benefits................................ 81.2
Other income............................ 37.5
Total monthly income.................... 3675.7
Monthly Expense Details
Mortgage................................ 1105
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 48
Gas..................................... 80
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 12
Mobile phone............................ 40
TV Licence.............................. 12.18
Satellite/Cable TV...................... 33
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 32.5
Car Insurance........................... 75
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 48
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 21.37
Contents insurance...................... 0
Life assurance ......................... 15.59
Other insurance......................... 52.17
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2080.81

Assets
Cash.................................... 700
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 228700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 184000...(1105).....5.87
Total secured & HP debts...... 184000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Loan....................5289......150.2.....7.48
Lloyds Loan....................13725.....236.7.....9.6
Total unsecured debts..........19014.....386.9.....-

Monthly Budget Summary
Total monthly income.................... 3,675.7
Expenses (including HP & secured debts). 2,080.81
Available for debt repayments........... 1,594.89
Monthly UNsecured debt repayments....... 386.9
Amount left after debt repayments....... 1,207.99
Personal Balance Sheet Summary
Total assets (things you own)........... 228,700
Total HP & Secured debt................. -184,000
Total Unsecured debt.................... -19,014
Net Assets.............................. 25,686

Mimi_Arc_en_ciel

wessex12 wrote: »

I am 7 months pregnant and looking to save some money, any help appreciated!


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.................... 2 Do you need both cars?
Monthly Income Details
Monthly income after tax................ 1357
Partners monthly income after tax....... 2200
Benefits................................ 81.2 are you entitled to TC/ WTC? is this the child benefit?
Other income............................ 37.5
Total monthly income.................... 3675.7
Monthly Expense Details
Mortgage................................ 1105
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129 Can this be paid over 12 months instead of 10?
Electricity............................. 48 not bad but can be lowered, dont leave things on standby, turn lights off etc
Gas..................................... 80 OUCH!!! Def can be lowered- does it include arrers?
Oil..................................... 0
Water rates............................. 57 Lower / arrers?
Telephone (land line)................... 12
Mobile phone............................ 40
TV Licence.............................. 12.18
Satellite/Cable TV...................... 33 Can be lowered - My sky is £18 a month - do you really need all the channels?
Internet Services....................... 0
Groceries etc. ......................... 250 Can be lowered - meal plan, freeze food etc change supermarket? online/cash back?
Clothing................................ 0
Petrol/diesel........................... 60 not bad!
Road tax................................ 32.5
Car Insurance........................... 75 for both cars?
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 48 Do you get tax credits?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 21.37
Contents insurance...................... 0 Is this included in buildings?
Life assurance ......................... 15.59
Other insurance......................... 52.17 Whats this?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 Never? You should budget some - trainee college's are good
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 You NEED to budget some emergency fund
Total monthly expenses.................. 2080.81

Assets
Cash.................................... 700
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 228700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 184000...(1105).....5.87
Total secured & HP debts...... 184000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Loan....................5289......150.2.....7.48
Lloyds Loan....................13725.....236.7.....9.6
Total unsecured debts..........19014.....386.9.....-

Monthly Budget Summary
Total monthly income.................... 3,675.7
Expenses (including HP & secured debts). 2,080.81
Available for debt repayments........... 1,594.89
Monthly UNsecured debt repayments....... 386.9
Amount left after debt repayments....... 1,207.99
Personal Balance Sheet Summary
Total assets (things you own)........... 228,700
Total HP & Secured debt................. -184,000
Total Unsecured debt.................... -19,014
Net Assets.............................. 25,686

on a whole your in the green at the end of the month which is good - I've made a few comments, hope they help

Me xx

RAS

First questions

1. Is this your income now or when you go on mat leave?

2. What are the early redemption penalties on the loans?

wessex12

Hi, many thanks for your replies:

Ras: This is salary before i go on maternity leave, however ill be working from home so will still benefit from full salary.

Where would I find the early redemption penalties?

mommyme:

1)Yes need both cars, both work in different areas. However my husband is a mechanic so sometimes has a company van home so doesnt use his car all the time.
2) 81.20 is child benefit the 37.5 is child tax credit.
3) No local council dont allow payment over 12 months.
4) Gas yes does include some arrears, I think my account is due for renewal in July so its something ill definately be looking at.
5) Water rates, we live in the most expensive county for water rates (Cornwall) and i believe at the moment i may be in credit with them.
6) Sky includes £10.00 for HD and then just have the entertainments package which I believe is £23.00?
7) Car insurance, yes thats for both cars
8) Contents included in buildings
9) 52.17 is payment protection on the higher loan.

mr.ton

I say this with the greatest respect....but there is no need for 2 cars at all in my view....alot of people do get by on just 1 or no vehicle at all.
So with regards to saving money - that would be 1 area to target right away.

Tixy

How much less will you be earning on maternity leave (i.e how much do you need to cut off your budget to still meet your payments?

wessex12 wrote: »

I am 7 months pregnant and looking to save some money, any help appreciated!


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.................... 2
Monthly Income Details
Monthly income after tax................ 1357 how much will this be once you are on maternity?
Partners monthly income after tax....... 2200
Benefits................................ 81.2 have you checked how much these will be?
Other income............................ 37.5
Total monthly income.................... 3675.7
Monthly Expense Details
Mortgage................................ 1105
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 48
Gas..................................... 80 this looks a little high, have you checked you are with the cheapest supplier for gas & elec?
Oil..................................... 0
Water rates............................. 57 is this metered or unmeasured? might be cheaper on a meter (although might then cost more once you have 2 teenagers in the house in a few years!)
Telephone (land line)................... 12
Mobile phone............................ 40
TV Licence.............................. 12.18
Satellite/Cable TV...................... 33 have you tried threatening to cancel to get a better deal? or you could cut out altogether if you need to.
Internet Services....................... 0
Groceries etc. ......................... 250 Should be able to manage on a little less for a family of 4 if you need to, perhaps aim for £200 including nappies etc
Clothing................................ 0 perhaps need to budget a little here for the children
Petrol/diesel........................... 60
Road tax................................ 32.5
Car Insurance........................... 75 have you both shopped around and read the tips on reducing? are you named drivers on each other policies? this can sometimes bring the cost down.
Car maintenance (including MOT)......... 0 need to budget for this
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 48
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 21.37
Contents insurance...................... 0
Life assurance ......................... 15.59
Other insurance......................... 52.17 what is this? is it needed? is it the best deal?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 is this realistic?
Entertainment........................... 0 and this?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2080.81

Assets
Cash.................................... 700
House value (Gross)..................... 215000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 228700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 184000...(1105).....5.87
Total secured & HP debts...... 184000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Loan....................5289......150.2.....7.48
Lloyds Loan....................13725.....236.7.....9.6
Total unsecured debts..........19014.....386.9.....-

Monthly Budget Summary
Total monthly income.................... 3,675.7
Expenses (including HP & secured debts). 2,080.81
Available for debt repayments........... 1,594.89
Monthly UNsecured debt repayments....... 386.9
Amount left after debt repayments....... 1,207.99 you are Do you have £1200 spare at the moment? what have you been spending it on so far? or has it been clearing other debts?
Personal Balance Sheet Summary
Total assets (things you own)........... 228,700
Total HP & Secured debt................. -184,000
Total Unsecured debt.................... -19,014
Net Assets.............................. 25,686

Just a few comments, not sure which might help.

David_Brent

I agree sell one of the cars this cuts half your payments on tax and insurance and saves payments on fuel!? Could you not survive with one car?

Other things I would look at are your mobile phone bill - 40 pounds is quite a chunk of money being taken each month - could you not shop around different networks/comparison sites and get a cheaper rate/phone? Is there no chance of getting the phone covered through work? Maybe merge both your mobile and your telephone line together as one deal???

Sky TV - is it really worth paying an extra £10 per month to watch a TV programme in HD? I use Free Sat - doesn't cost a penny and is setup to my HD TV and receive BBC HD - ITV HD etc.

Gas - seems far too much

Mimi_Arc_en_ciel

wessex12 wrote: »

mommyme:

1)Yes need both cars, both work in different areas. However my husband is a mechanic so sometimes has a company van home so doesnt use his car all the time. Petrol etc will lower when your on maternity leave so that should free some budget. DONT go buying LOADS of clothes, they arent in them for 2 minutes - my little one is 3 this year and has a wardrobe full of stuff people have brought her but she never wears
2) 81.20 is child benefit the 37.5 is child tax credit.
Do you over qualifiy for WTC? (I still cant fatham WTC out!)
3) No local council dont allow payment over 12 months. that sucks!
4) Gas yes does include some arrears, I think my account is due for renewal in July so its something ill definately be looking at.Definitley look at it, I've started using my immersion heater for hot water and havent used gas in at least a month (I'm on pre-paid, havent topped up in a month!) but my electric has near enough stayed the same (£5 a week, but there is only me and my DD - occ OH - Long distance thing!) may be worth looking at ways to cut your gas down that you use?
5) Water rates, we live in the most expensive county for water rates (Cornwall) and i believe at the moment i may be in credit with them. Ring them and find out I'm on a meter and pay £18 a month (midlands)
6) Sky includes £10.00 for HD and then just have the entertainments package which I believe is £23.00? Do you actually watch all the channels though? I looked at the channels we watched and to be honest most of them are on freeview - I kept sky as my luxury (I used Sky+ a lot) ring them and tell them your leaving - go right through to the final person, they might offer you a better deal
7) Car insurance, yes thats for both cars Not bad then, Tweak your job title as Martin suggests, could save you a few £ on your renewal
8) Contents included in buildings gd gd
9) 52.17 is payment protection on the higher loan. ah ok - wasnt sure

all in red for you

Me x

Tixy

PPI on the loan of £54 per month seems high based on the repayment of £236per month (which I assume is what they pay for 12 months if you make a claim). Have you shopped around to see this is the best deal? It may be but it doesn't hurt to check.

bargainbetty

Sorry, why are you paying £52.17 in PPI on a loan totalling £236 per month? That is astronomical and would probably be a good candidate for mis-selling reclaims! Call them and ask for it to be stopped immediately and ask about reclaiming straight away. Ask them exactly what circumstances would pay out - I'll bet it is a lot toughter than you think, and rarely worth the paper it is written on.

£10 for HD - if you are really trying to save, then scrap it. Do you want to see pores that close anyway?

If you do have £1200 per month over, look at where it goes, and start a savings pot. Once you have three months of expenses in there, start a second pot, and use it to build up the money for other things - paying off loans early, or emergencies!

Good luck x