wonderful parents

vintagegirl

Ames wrote: »

You look like you have a really high surplus, but you're missing things off your SOA, which is where the problems come. I'd imagine that your 'splurges' are actually for essentials which you're just not budgeting for. You need to put them back in the SOA, because they are neecessary expenses and you shouldn't feel bad about buying them.

But even with those put in I'm sure you should be able to have an extra £500 for debt repayments. You need to know apr's and minimum payments to work out what order to pay everything off in.

thanks for your replies, im going to try and answer. my home phone one is bt because they mucked up the first bill, it will go down to just less than £20 in the next month or so.
the mobiles is one for me (£40 2 yr contract) and my daughters £5 per month.
the car insurance im estimating because that will be confirmed tomorrow when i change it over.
my dentist and prescriptions i dont pay anything for as theyre nhs and i have a medical condition so get free prescriptions.

the tv licence will go down, i think next month to the £12. i need to check that. m going to look into contents and life assurance, i did research that last month but was overwhelmed and kept getting phone calls from people trying to sell me things so i gave up lol.

re the council tax, one month was messed up cos they were trying to charge me for being a couple when im single so august was missed (their fault~) and im catching up. after jan and the 2 free months it will be £77 a month again.

i want to clear my dads payments the most obviously but if i cleared the overdraft (its fee free within £300) that would free up £30 extra to give to my dad

misskaytee

Do you not get any benefits for your daughter? or is included in youe monthly total income...

vintagegirl

misskaytee wrote: »

Do you not get any benefits for your daughter? or is included in youe monthly total income...

ive just lumped everything together that i get. child benefit and a bit of tax credit

sueeve

How old is your child? It does make a difference re perhaps making a bit more money at something extra.

vintagegirl

sueeve wrote: »

How old is your child? It does make a difference re perhaps making a bit more money at something extra.

ah she's 11. im pretty sure im getting all i can get

MFWannabe

vintagegirl wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1763.5
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 5
Total monthly income.................... 1768.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 273.3
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35.5
Mobile phone............................ 45 - when does your contract end? This is very expensive.
TV Licence.............................. 24.45
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 175 - Could try and cut this by £25
Clothing................................ 0 - You need to put something in here; especailly with an 11 year old
Petrol/diesel........................... 260
Road tax................................ 16.67
Car Insurance........................... 43.35 - HAve you checked comparison sites?
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 4.13
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - You need to put something in here; even if you only buy for your child
Haircuts................................ 5
Entertainment........................... 80 - Could you cut this to £50?
Holiday................................. 0
Emergency fund.......................... 0
account fee............................. 12.5 - Is this the amount you are being charged for your overdraft or the amount for a bank account?
Total monthly expenses.................. 1114.9


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
car............................2535......0.........8 - Put a payment figure in here; even if you put £50 per month for now
legal aid......................350.......16.45.....0
overdraft......................1200......31........0
Total unsecured debts..........4085......47.45.....-


Monthly Budget Summary
Total monthly income.................... 1,768.5
Expenses (including HP & secured debts). 1,114.9
Available for debt repayments........... 653.6
Monthly UNsecured debt repayments....... 47.45
Amount left after debt repayments....... 606.15

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,085
Net Assets.............................. -1,085

Hi
I've made some comments above in your soa. Have to go but i hope you find them useful. If you don't have £653 left every month then you need to keep a spending diary to see exactly where you're spending it

misskaytee

I would also suggest a spends diary, also the old style boards are great for help with meal planning and general reductions in your weekly shopping bills, truelly inspirational what some of those women pull off each week!

At the top of the debtfree wannabe forum, There is a list of challenges that an awful lot of people find help keep them on track, could be worth a look and see if any of those take your fancy, reporting in each day and see how everyone else is doing definatly keeps you motivated.

As you can see from my sig i just joined the make £10 a day challenge and it really motivated me.

beanielou

You are very fortunate.
Your income is high in relation to your rent which is low.
As Ames says you should have about £500 per month spare.
So you could be under the £300 on your OD very quickly.
Then you can concentrate on your dad.