I really need some good advice please...c

KingElvis

Nina, why don't you go to work in your jeep and dump the other car? even if it's heavy on fuel it would be cheaper than running another car

Nina_75

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1070
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 340
Total monthly income.................... 1410
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 410
Rent.................................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 0
Car Insurance........................... 60
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 66
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.................. 786

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 10800
Car(s).................................. 10000
Other assets............................ 500
Total Assets............................ 21300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(173)......0<
Overdraft......................1400.....(0)........0<
Loan 2.........................1600.....(70).......9<
Loan 1.........................4500.....(167)......13
Total secured & HP debts...... 7500......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 786
Available for debt repayments........... 624
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 624
Personal Balance Sheet Summary
Total assets (things you own)........... 21,300
Total HP & Secured debt................. -7,500
Total Unsecured debt.................... -0
Net Assets.............................. 13,800

I haven't added mortgage etc as this still hasn't gone through.

Nina_75

KingElvis wrote: »

Nina, why don't you go to work in your jeep and dump the other car? even if it's heavy on fuel it would be cheaper than running another car

I am actually thinking of selling the car once i have paid it off in oct - that would get me around £5k and free up some cash i suppose?

Nina_75

Ive just noticed from my SOA - i haven't added my lessons and livery!!

Nina_75

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1070
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 340
Total monthly income.................... 1410
Monthly Expense Details
Livery £144
Straw £30
Hay £60
Lessons £160 (£40 per week and sometime less when time is tight etc)

Mortgage................................ 0
Secured/HP loan repayments.............. 410
Rent.................................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 0
Car Insurance........................... 60
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 66
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.................. 786

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 10800
Car(s).................................. 10000
Other assets............................ 500
Total Assets............................ 21300

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(173)......0<
Overdraft......................1400.....(0)....... .0<
Loan 2.........................1600.....(70).......9<
Loan 1.........................4500.....(167)......13
Total secured & HP debts...... 7500......-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 786
Available for debt repayments........... 624
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 624
Personal Balance Sheet Summary
Total assets (things you own)........... 21,300
Total HP & Secured debt................. -7,500
Total Unsecured debt.................... -0
Net Assets.............................. 13,800

Mikeone

Your debts total £7,500 and you've got share/bond assets of £10,800?

Nina_75

Mikeone wrote: »

Your debts total £7,500 and you've got share/bond assets of £10,800?

That's being saved for my deposit for the house ive made an offer on........i haven't been able to touch that for 3 years (ISA account).

Fang_3

How do you expect to pay all the costs associated with running a home when you can barely afford to live now? You cannot afford a house and the horses. Anything else is kidding yourself.

GeorgeUK

Nina, you need to start with the basics.

Tell us how much you spend on each item monthly.
I think you would be better having 2 lessons a month until your loan is paid off - this would make a huge impact in your immediate finances.

You definately can't afford 2 vehicles so you are probably better getting rid of the car when you can.

SusieT

Saw this last night and am on msn to a mad friend of mine who has horses!
She said to cut the feed down as even though you are doing shows its summer and if you get them out onto grass the feed and hay bills will drop until towards the end of October. She is competing twice a week and in summer she pays about £10 a month to feed three, I know she gets a lot of prizes so she must be doing well.
If you have been to shows regularly you should be at the point where can cut back on the lessons so just have one a month until you have got yourself sorted out.