Advice welcome

virginqueen

Hi Guys

I've been lurking here for ages, but now is the time to act ! I enclose my SOA, hope I've done it right, and would welcome any advice. It seems like we have money left at the end of the month, but we don't !! Our overdraft is just going up and up. I'd be grateful for any suggestions

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1420
Partners monthly income after tax....... 1555
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 3075

Monthly Expense Details
Mortgage................................ 200
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 148
Electricity............................. 93
Gas..................................... 0
Oil..................................... 40
Water rates............................. 43
Telephone (land line)................... 27
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 16
Groceries etc. ......................... 500
Clothing................................ 25
Petrol/diesel........................... 250
Road tax................................ 33
Car Insurance........................... 160
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 35
Buildings insurance..................... 50
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 18
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 35
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 2085


Assets
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 30000
Total Assets............................ 336000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(200)......NaN
Total secured & HP debts...... 97000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA card......................6000......93........NaN
Total unsecured debts..........6000......93........-


Monthly Budget Summary
Total monthly income.................... 3,075
Expenses (including HP & secured debts). 2,085
Available for debt repayments........... 990
Monthly UNsecured debt repayments....... 93
Amount left after debt repayments....... 897

Personal Balance Sheet Summary
Total assets (things you own)........... 336,000
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -6,000
Net Assets.............................. 233,000

RAS

Styart a spending diary, both of you.

And this weekend drag out all the recent bank and card statments (or go on-line) and make up a speadshhet of everythig that has been spent over the last 3 months. Might be an eye-opener.

Changingme

Try the old style board and join the grocery challenge you could cut a £100 of your shopping bill,try meal planning.:)

hackedoffatthem

I agree.

Until i went through our accounts recently i didn't notice we were drawing out £250!!!!! a month at the cashpoint and had no idea what it was going on.

Also just double check your benefits because i also have (soon!) 3 children and i know our child benefit is about £180 every 4 weeks so yours should be the same.

McKneff

I see you have 2 cars but is your insurance really that expensive, you need to shop around.

Buildings insurance is way too expensive.

You really should have contents insurance (unless its in with your buildings insurance but even if it is its still expensive.

No life insurance - do you have enough saved to at least afford a funeral or two or more if you were to die together.

You could cut at least £100 off your grocery bill with a bit of planning.

Hannah_10

What RAS said, a spending diary is essential. Until you know where your money is really going everything else is guesswork. You're losing a good third of your income if not more and you don't know where it is, that means the rest of your SOA is baseless for now.

How to keep a spending diary: You get a cheap notebook (Co-Op have got little pretty-coloured hardbacked ones with elastic round them for 65p) and you write down every penny you spend, ideally with what kind of thing it was on (Asda £18.34p could be household, pet, food, snacks, cafe, clothes, etc... Thats why it's best to write down what it was on). I mean every penny too- include every direct debit, every paypal purchase, every time you give the kids a quid, every debt repayment, every penny in the Guide Dogs box, even when you have unexpected income (yes 10p found on the street counts). It's incredible what you learn about yourself in the process (I had no idea how much I spent on ready to eat food and snacks)! You both need to keep one, and for at least a couple of weeks.

Even after one week though you'll see a pattern emerging.