Newbie SOA

gilly37

Hi everyone,

I've been lurking around for a while trying to get my head round everything. Basically when I was a lot younger I got into a bit of a pickle with store cards, credit cards and a student overdraft, I managed to pay off the store card but we're still working on the rest. Just feel like we're getting nowhere and there's always something else to pay for and we're never very far above water, this has been compounded by the arrival of our 8 month old and me having to go part-time at work! When we really need help my parents are willing but I don't like to ask very often.

We have 2 cars (other half has just sold his bigger car and my dad has gifted us his old one so only running costs to pay). I've included £100 under 'other travel', I work as cabin crew, based out of London and living north of the border so I have to pay to commute down there a couple of times a month. I've cut down on these costs by taking the train whenever I can. I'm on the lookout for a 'normal' job close to home but I've been with my current airline now 4 years and they treat us well with pension, medical and more importantly job security at the moment so I'd be loathe to change jobs at the minute... Our benefits are set to be cut to 60 per month as of January 2011 too. Anyway sorry for rambling on!! Here goes:

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................ 500
Partners monthly income after tax....... 1550
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2210
Monthly Expense Details
Mortgage................................ 499
Secured/HP loan repayments.............. 127.5
Rent.................................... 0
Management charge (leasehold property).. 25
Council tax............................. 104
Electricity............................. 40
Gas..................................... 37
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 18
Mobile phone............................ 60
TV Licence.............................. 12.13
Satellite/Cable TV...................... 35
Internet Services....................... 10
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 65
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 450
Haircuts................................ 15
Entertainment........................... 15
Holiday................................. 50
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 2137.63

Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 3700
Other assets............................ 0
Total Assets............................ 73700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91000....(499)......4.5
Hire Purchase (HP) debt ...... 4246.99..(127.5)....20.9
Total secured & HP debts...... 95246.99..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA CC (mine).................1900......42.75.....26.9
CITI CC (mine).................257.......6.........27.9
Egg CC (mine)..................330.......7.........21.9
Overdraft......................2000......0.........19.8
MBNA CC (partner)..............3600......81........26.9
RBS CC (mine)..................400.......10........21.7
Total unsecured debts..........8487......146.75....-

Monthly Budget Summary
Total monthly income.................... 2,210
Expenses (including HP & secured debts). 2,137.63
Available for debt repayments........... 72.37
Monthly UNsecured debt repayments....... 146.75
Amount short for making debt repayments. -74.38
Personal Balance Sheet Summary
Total assets (things you own)........... 73,700
Total HP & Secured debt................. -95,246.99
Total Unsecured debt.................... -8,487
Net Assets.............................. -30,033.99
Created using the SOA calculator at makesenseofcards.com
Reproduced on Moneysavingexpert with permission, using IE browser.

**confuzzled**

gilly37 wrote: »

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................ 500
Partners monthly income after tax....... 1550
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2210
Monthly Expense Details
Mortgage................................ 499
Secured/HP loan repayments.............. 127.5
Rent.................................... 0
Management charge (leasehold property).. 25
Council tax............................. 104
Electricity............................. 40
Gas..................................... 37
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 18 *
Mobile phone............................ 60 *
TV Licence.............................. 12.13
Satellite/Cable TV...................... 35 *
Internet Services....................... 10 *ok for internet/mobile/phone/tv you're paying £123 p/m:eek: not including tv licence! This needs to be reduced, can you get a deal or if in contract drop to the lowest tariff
Groceries etc. ......................... 250 this can easily be reduced have a look at the old style board:)
Clothing................................ 20 cut this to essentials only
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 65 is this the best deal?
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 100 do you have a railcard or similar?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 450 :eek:is this an error?!?! Either way can be reduced by buying in sales
Haircuts................................ 15 can this be reduced?? Maybe have hair done less or go to a local beauty college fro simple things?
Entertainment........................... 15
Holiday................................. 50 Is this booked already?? I imagine you probs get discounted flights etc but if not already booked try putting it into emergency fund instead:)
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 2137.63

Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 3700
Other assets............................ 0
Total Assets............................ 73700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91000....(499)......4.5
Hire Purchase (HP) debt ...... 4246.99..(127.5)....20.9
Total secured & HP debts...... 95246.99..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA CC (mine).................1900......42.75.....26.9
CITI CC (mine).................257.......6.........27.9
Egg CC (mine)..................330.......7.........21.9
Overdraft......................2000......0.........19.8
MBNA CC (partner)..............3600......81........26.9
RBS CC (mine)..................400.......10........21.7
Total unsecured debts..........8487......146.75....-

Monthly Budget Summary
Total monthly income.................... 2,210
Expenses (including HP & secured debts). 2,137.63
Available for debt repayments........... 72.37
Monthly UNsecured debt repayments....... 146.75
Amount short for making debt repayments. -74.38
Personal Balance Sheet Summary
Total assets (things you own)........... 73,700
Total HP & Secured debt................. -95,246.99
Total Unsecured debt.................... -8,487
Net Assets.............................. -30,033.99
Created using the SOA calculator at makesenseofcards.com
Reproduced on Moneysavingexpert with permission, using IE browser.

I've put my comments in red:) I've tried to be nice coz your shortfall isn't a huge amount:o just by reducing groceries you can probably claw the shortfall back tbh:)
As for your work, could you ask one of your managers to 'ground' you for around 12months in another area of the company?? Could be helpful if they have any offices closer to where you live:)

Also do you not have any childcare for when both of you are working?

scottishblondie

Presents (birthday, christmas etc)...... 450

Is that right? £450 a month on presents? That would be £5400 a year.

Wee_Pilsbury

gilly37 wrote: »

Hi everyone,

I've been lurking around for a while trying to get my head round everything. Basically when I was a lot younger I got into a bit of a pickle with store cards, credit cards and a student overdraft, I managed to pay off the store card but we're still working on the rest. Just feel like we're getting nowhere and there's always something else to pay for and we're never very far above water, this has been compounded by the arrival of our 8 month old and me having to go part-time at work! When we really need help my parents are willing but I don't like to ask very often.

We have 2 cars (other half has just sold his bigger car and my dad has gifted us his old one so only running costs to pay). I've included £100 under 'other travel', I work as cabin crew, based out of London and living north of the border so I have to pay to commute down there a couple of times a month. I've cut down on these costs by taking the train whenever I can. I'm on the lookout for a 'normal' job close to home but I've been with my current airline now 4 years and they treat us well with pension, medical and more importantly job security at the moment so I'd be loathe to change jobs at the minute... Our benefits are set to be cut to 60 per month as of January 2011 too. Anyway sorry for rambling on!! Here goes:

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................ 500
Partners monthly income after tax....... 1550
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2210
Monthly Expense Details
Mortgage................................ 499
Secured/HP loan repayments.............. 127.5
Rent.................................... 0
Management charge (leasehold property).. 25
Council tax............................. 104
Electricity............................. 40
Gas..................................... 37
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 18 A bit high I think
Mobile phone............................ 60 :eek: Very high. Do PAYG for emergencies
TV Licence.............................. 12.13
Satellite/Cable TV...................... 35 - Try Freeview
Internet Services....................... 10
Groceries etc. ......................... 250 Could be trimmed quite easily - cook from scratch etc
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 65
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 really nothing?
Contents insurance...................... 0 really nothing?
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 450:eek: per month! Is this a typo? If not, wow, you are sooooooooooooo generous.
Haircuts................................ 15
Entertainment........................... 15
Holiday................................. 50 Is this paid for already? If not, can you really afford a holiday now?
Emergency fund.......................... 0 should be something here
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 2137.63

Assets
Cash.................................... 0
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 3700
Other assets............................ 0
Total Assets............................ 73700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91000....(499)......4.5
Hire Purchase (HP) debt ...... 4246.99..(127.5)....20.9
Total secured & HP debts...... 95246.99..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA CC (mine).................1900......42.75.....26.9
CITI CC (mine).................257.......6.........27.9
Egg CC (mine)..................330.......7.........21.9
Overdraft......................2000......0.........19.8
MBNA CC (partner)..............3600......81........26.9
RBS CC (mine)..................400.......10........21.7
Total unsecured debts..........8487......146.75....-

Monthly Budget Summary
Total monthly income.................... 2,210
Expenses (including HP & secured debts). 2,137.63
Available for debt repayments........... 72.37
Monthly UNsecured debt repayments....... 146.75
Amount short for making debt repayments. -74.38
Personal Balance Sheet Summary
Total assets (things you own)........... 73,700
Total HP & Secured debt................. -95,246.99
Total Unsecured debt.................... -8,487
Net Assets.............................. -30,033.99
Created using the SOA calculator at makesenseofcards.com
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi there and well done for posting. I'm no expert at this but I've highlighted a few parts of your SOA that stand out. I'm hoping the amount you have for presents is a typing error but if not, you could solve most of your problems in one fell swoop but drastically cutting this down.

Experts sure to be along soon with more comments but all I would add is that you've done the right thing by coming on here.

Good luck

:hello:

misscousinitt

I presume you mean £45 for Christmas and Birthdays?

If this is the case then you will have approx £300 surplus (do you have this?)

Also, I would say you need something in for buildings and contents insurance.

I suggest using your surplus to get rid of CITI, RBS & Egg over the next 3-4 months, and paying a token amount towards the overdraft whilst paying the mins on the others and then tackle the rest using the snowball calculator.

Other things are a trim on your groceries, try to bundle landline, TV and internet and see if you can drop a tariff or two on the mobile.

Good luck.

gilly37

Sorry huge misprint!!!!!!!!!!!!!!!!!!!!!! £45 per month oops! So maybe it isn't so bad after all. Still struggle with keeping afloat though and for emergencies.

Ok as regards everything else....

Obviously the mobile bills are for both phones, partner's is £35 and mine is £25. I'm guessing we could definitely reduce his but my tariff is pretty low anyway.

Every two weeks I shop at Tesco because of the excellent Clubcard rewards we get for Baby and Toddler stuff and vouchers which help a LOT towards that huge Christmas shop that has to be done every year... I'm aware it's probably not the cheapest supermarket out there. We buy all of my partner's stuff for work lunches at Lidl so we're saving there, it just all adds up with nappies, formula etc. I do go round with a calculator but it always ends up around the same £110 (and some in between shops for fresh stuff obviously).

I honestly don't see how I can cut the clothes as the baby is just growing so fast!!!! Even just a set of new vests, babygrows, and a couple of outfits including new jackets/snowsuits comes to £20 easily and I don't shop anywhere expensive for her.

Car insurance again is for 2 cars so £30 on one and £35 on the other.

Hair, I get it done every 2 months and my friend takes a lot less than the normal going rate. Argh I suppose I could ruin it and dye it myself?!?!

My rail travel is already heavily discounted.

Holidays, my parents are taking us on holiday paying for everything except the spending money so that's what that is.

Have never heard of an airline allowing you to be grounded temporarily unless you are pregnant but I suppose if you don't ask you don't get!

Childcare costs we don't have any as my mum is our childminder (thank goodness!!)

Our buildings and contents insurance are covered in our factor bill (under management charge).

Thanks for the suggestions and keep them coming if possible!

Gxx

romylou_2

Well done you for taking the plunge.

Have you considered Admiral's multicar policy for your car insurance. You may be able to get these reduced.

Look forward to see you making progress.

Oooo hair dye - Nice and Easy £4.50 or usually on offer 2 x £8.00 from Tesco. I swear by it, and has saved me a fortune. Be Brave.

jonjamie1970

HI Gilly

Well done for posting your info, If I can go off at a different tangent ?

Whilst everyone here is helping with the savings, I noticed that you have £21k negative equity on your home ? Interest rates are set to rise next year apparantly, have you got a fixed rate and how long is it for ? You dont want to be facing hikes in monthly payments whilst working part time, if not fixed can you fix so that you can budget ?

Good luck with sorting everything, for me I would ditch the SKY, ditch one of the cars and hit that CITI credit card first, its not a huge amount and will do wonders for morale if you can clear one and cut the thing up.

pure_dead_dopey

Hi

You can definitely cut the groceries, I feed 4 adults and one very large dog for around £80 per week including fresh stuff and dog stuff. Have you tried dropping to the saver brands? and the other thing is just to be careful, try to buy deals when they are available and do as much cooking from scratch as possible........and I know its a pain if you stagger in after a hard day but it does save money and you can cook ahead and freeze for when you know you'll be late/tired. I also think even £45 for pressies is a bit high, I cut our right down and found that quite a few who we had been buying for were struggling as well and were really happy to just send cards! You never know until you ask. you're not far away and you just need to claw it back now while you have the earnings and time. Good luck

gilly37

Hi jonjamie thanks for the input. Interesting! We bought our flat 3 years ago for more than it's worth now (or probably ever was) plus we got extra onto the mortgage for appliances, decorating, furnishings etc as we were moving in straight from living with our parents. Now we're stuck with negative equity, we're on a variable rate mortgage from Northern Rock. Our payments are low at the moment and it's just as well really, but I'm sure they'll go up soon and we'll be in trouble. I'm lost when it comes to mortgage stuff so I have no idea if we can fix or not, or even how to go about it. The payment was at its highest when we first moved in at around £650 I think. But back then I was in full-time work... Quite worrying, thanks for bringing that to my attention. I will pitch the ditching Sky to my other half, and brace myself for the response!

Romylou what colour is your hair? Mine is blonde and I always struggle getting the colour right without highlights, it just looks really one-toned if you get me? Maybe I should go DARK! Multicar policy sounds good, I'll talk to other half about it.

The groceries I have gone from buying the brands and higher quality stuff to the normal supermarket brand stuff, have tried the saver stuff but I reckon it's a false economy as it's either low quality, goes off quicker, or just runs out quicker so we have to buy it more often (things like toilet paper, bleach, meat, vegetables). We tried tesco nappies and they were leaky :-( But I will go around again and see what else I can cut back on. I always plan out our meals for the 2 weeks and cook a big batch of each like bolognese, chilli, curry, stews and freeze them, so handy when you have a baby around don't think I could do it any other way! You've got me motivated now, I'm due for a 'big shop' on Monday so I'll work my hardest at saving. The prezzies I totally know what you're saying, we usually spend £25 on immediate family, £50 on each other (this is being cancelled completely this year since it's our little one's first Christmas...), and I have a £10 secret Santa thing with my friends. But I always feel completely inadequate at that time of year as everyone else in my family seems to be able to spend £40 and £50 on me and you just feel bad don't you?

Phew so many suggestions already, you're all very helpful!

Gxx

**confuzzled**

Nappies - try Lidls own...some on the families board say they're good..I'm due in october and have got a pack to try..must say they don't seem any different to the pampers ones..but what do I know eh? can't trial them for quite a few weeks yet:D
Shopping - if you're not too desperate for anything, do it on the internet, will save petrol by not going, easier to monitor your spending and you can always google for free delivery codes(or check in the codes forum on here;)), assuming you don't get one automatically for being a new customer. Plus you can stop and start so if you forget something or baby needs anything there's no hassle:D
Prezzies and feeling guilty - Yep! But tough:-p besides you soon get used to it;) just remind yourself that only you know what you've paid:D umm think there's a boots thread somewhere too, to grab all the bargains and make the most of your points and all their deals...very handy in the run up to xmas! and you don't feel so cheap coz it's usually branded stuff:D