Time to get a grip!

Jules

Right as the title says it's time to get a grip. We have been on a DMP for 6+ years (thanks to this site) but I've let things slip a bit recently (hubby leaves the finances to me, why? who knows). I used to be so good and have wee pots for everything - christmas, car insurance etc etc and now they are all nearly empty.

Car insurance is due end of October and last year this was £462 as I had a few bumps and have lost my NCD. I suspect it will be more this year. It is usually paid out in one go and have always had the money in my pot to do so, I only have £80 in the pot and I am desperate to find the rest before its due. Hence the £100 allowed for below.

Car is due service @ £175 (it's actually overdue was due in June) but I only have £45 in the pot.

The Christmas pot has been rifled too and has nothing in it.

I'm so disappointed with myself and need to get this sorted out before it gets any worse. I took my eye off the ball and the ball rolled away................
I know we can make savings just need help and motivation and hoping you can shove me in the right direction.

The SOA says I have money over at the end of the month, we don't. I've started (yet another) spending diary to see where it goes but suspect it's the usual pint or milk and loaf of bread here and there.

My further panic is that due to a move to fulltime employment :T and an increase in my income, our tax credits will be dropping by £30 per week (£130pm) from April leaving the budget beyond stretched!

Help...........

Thank you
Jules x

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................ 1276.57
Partners monthly income after tax....... 0
Benefits................................ 415.61
Other income............................ 0
Total monthly income.................... 1692.18

Monthly Expense Details
Rent.................................... 23 This is for my garage - my car has been damaged several times so I rented this.
Electricity............................. 75 No competition here so this is as good a tariff as I can get, just need to reduce usage!
Oil..................................... 85
Water rates............................. 0
Telephone (land line)................... 25 inc broadband
Mobile phone............................ 35 2 x PAYG and one contract £25pm with 24 months to run
TV Licence.............................. 12.12
Satellite/Cable TV...................... 29 This has just started so another 10 months in contract
Internet Services....................... 0
Groceries etc. ......................... 390
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 100 for next 2 months then approx £42pm
Car maintenance (including MOT)......... 22.5
Car parking............................. 27
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 45
Entertainment........................... 23.34 I think this is the lottery that hubby does, needs cut drastically
Holiday................................. 0
Emergency fund.......................... 0
Phone Insurance......................... 11.99
Pocket Money............................ 10
DS Fencing.............................. 20
DS Guitar Lessons....................... 20
Caravan Insurance....................... 15
Washing Machine Insurance............... 6.79
TV Insurance............................ 6.99
Rates .................................. 58.78
Total monthly expenses.................. 1356.51


Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 5000
Total Assets............................ 165000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
CC Debt 1......................2374.18...18.92.....0
CC Debt 2......................1847.34...14.62.....0
CC Debt 3......................1921.56...25.46.....0
Overdraft 2....................495.95....0.........0 I'm sure there is an interest charge for this don't know what though
Overdraft 1....................98.77.....0.........0 ditto
Loan 2.........................10250.7...53.17.....0
Loan 1.........................10148.1...53.15.....0
CC Debt 7......................5917.84...50.75.....0
CC Debt 6......................1376.8....15.47.....0
CC Debt 5......................3744.72...32.17.....0
CC Debt 4......................4434.38...36.29.....0
Total unsecured debts..........42610.34..300.......-


Monthly Budget Summary
Total monthly income.................... 1,692.18
Expenses (including HP & secured debts). 1,356.51
Available for debt repayments........... 335.67
Monthly UNsecured debt repayments....... 300
Amount left after debt repayments....... 35.67

Personal Balance Sheet Summary
Total assets (things you own)........... 165,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -42,610.34
Net Assets.............................. 122,389.66

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

romylou_2

Hi there, well done you for picking the ball back up!

Ive had a quick look at you SOA and I think Ive spotted a few cutbacks you can make. I hope this helps:

Car Parking £27??? Is this every month?? I would suggest you park your car a bit further away and walk. It will save money and increase your exercise (2 birds,1 stone).

Insurances - tv, phone, washing machine etc. These may be covered under your home insurance, check your policy, These companies are making extra money for cover you may already have!! You could be paying TWICE! I never take extra cover (its a rip off!)

You are also paying a lot for your Home Insurance. Ive just renewed mine (yesterday) and have buildings and contents for £16 per month!!

Do you have pet insurance or do you just put money away for your pet? I would suggest cancelling insurance and put the money away every month. That way you can get your hands on the money when your PET needs it. And if they don't, BONUS!:)

I think you can improve your grocery bill and reduce it from £400. There are only 3 of you in the home, make your meals from scratch and freeze. Bulk cooking is the way to go. (Im a convert)

£45 for Haircuts??? OMG Change your hairdresser/barber. Invest in a pair of clippers for hubby (Free haircuts for Hubby for life!) Buy self hair colouring kits from supermarket and DIY. There are great products out there - be brave. I recommend Nice and Easy (£4.50) but usually on special offer. If DD needs a trim make it every 8-10 weeks instead of monthly.

I hope this helps, but you can definitely eliminate a number of expenses that frankly you don't need. The money is better in your pocket!!!

Good Luck

Jules

Thanks for your input, i never thought about checking the house insurance policy to see if these are covered, will do that now. I did manage to get it reduced last yera but maybe I need to be ruthless next time round. it's paid in full until end of March so the £20 is being put away towards next years policy but again the pot is empty!
The hair i have to confess it all mine, i actually forgot to budget for DS. He gets his done when it gets untidy usually 8 weeks or so but last time it was around £7. I couldn't colour my own as it is platinum and needs a lot of work am going to see if local college needs models! Don't know how wise this is but woth a look.

The pet is just flee and wormer. I have priced them online and approx £5pm.

Car Parking I will also look into but that covers 6 days per week all day it is £6.25 for the week. Even the bus is more expensive at £2.90 per day.