help needed with finances please

bobsthree

Have just done a soa and have not faired well any ideas how to get these sums to work in my favour. Some amounts are flexible (holidays ,presents,) and some are fixed. Any ideas thanks.:)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................ 1473
Partners monthly income after tax....... 900
Benefits................................ 124.53
Other income............................ 0
Total monthly income.................... 2497.53
Monthly Expense Details
Mortgage................................ 634.1
Secured/HP loan repayments.............. 181.30000000000007
Rent.................................... 0
Management charge (leasehold property).. 1.3
Council tax............................. 146
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 43.59
Telephone (land line)................... 45
Mobile phone............................ 15
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 173
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 6.66
Car Insurance........................... 32.69
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 130
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 22.19
Contents insurance...................... 0
Life assurance ......................... 17.91
Other insurance......................... 0
Presents (birthday, christmas etc)...... 600
Haircuts................................ 7.5
Entertainment........................... 10
Holiday................................. 100
Emergency fund.......................... 10
Total monthly expenses.................. 2408.78

Assets
Cash.................................... 200
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 60000
Other assets............................ 0
Total Assets............................ 280200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81400....(634.1)....0.7
Hire Purchase (HP) debt ...... 7233.3...(181.3)....9.6
Total secured & HP debts...... 88633.3...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card (tesco)............5546.21...100.......17.4
credit card (virgin)...........2910.2....75........15.48
bank loan (abbey)..............1890.4....47.4......24.9
M&S............................148.97....10........15.9
Total unsecured debts..........10495.78..232.4.....-

Monthly Budget Summary
Total monthly income.................... 2,497.53
Expenses (including HP & secured debts). 2,408.78
Available for debt repayments........... 88.75
Monthly UNsecured debt repayments....... 232.4
Amount short for making debt repayments. -143.65
Personal Balance Sheet Summary
Total assets (things you own)........... 280,200
Total HP & Secured debt................. -88,633.3
Total Unsecured debt.................... -10,495.78
Net Assets.............................. 181,070.92


BOB

slyracoon

bobsthree wrote: »

Have just done a soa and have not faired well any ideas how to get these sums to work in my favour. Some amounts are flexible (holidays ,presents,) and some are fixed. Any ideas thanks.:)

BOB

I left my crystal ball at home today. Post you SOA. People will then be able to suggest areas where it looks like your overspending.

bobsthree

sorry first time post and not done this before you should be able to see my soa now Thanks bob

isy1011

£600 a month on presents/Christmas....what! Is that correct?

bobsthree

Just realised Birthdays/christmas should be £50.00 month will now alter that bob

whiteguineapig

it is a good time right now to set the budget for next years christmas and birthdays, everyone should have seen how much they spent.
do you really save £50 a month bob? i put away £5 a week , so thats £20 a month, you'r making me feel tight lol!

bobsthree

We have a large family but you have made me think, I might be the new scrooge next year. It usually goes on cc but just worked out how much we spend and it does come to £600 if not more. Will have tobe tight to get out of this mess. Thanks Bob

iolanthe07

Car(s).................................. 60000

£60,000 is a lot for a car - have you made a typo?

MFWannabe

bobsthree wrote: »

Have just done a soa and have not faired well any ideas how to get these sums to work in my favour. Some amounts are flexible (holidays ,presents,) and some are fixed. Any ideas thanks.:)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................ 1473
Partners monthly income after tax....... 900
Benefits................................ 124.53
Other income............................ 0
Total monthly income.................... 2497.53
Monthly Expense Details
Mortgage................................ 634.1
Secured/HP loan repayments.............. 181.30000000000007
Rent.................................... 0
Management charge (leasehold property).. 1.3 - Is this correct?
Council tax............................. 146
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 43.59 - This seems very high
Telephone (land line)................... 45 - does this also include internet? Check comparison sites to see if you can get cheaper; may also be cheaper to get seperately
Mobile phone............................ 15
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 173
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 6.66
Car Insurance........................... 32.69
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 130 - What is this for?
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 22.19
Contents insurance...................... 0
Life assurance ......................... 17.91
Other insurance......................... 0
Presents (birthday, christmas etc)...... 600 - You've stated below that this should be £50 so if you correct this your soa will look a lot better
Haircuts................................ 7.5
Entertainment........................... 10
Holiday................................. 100 - You cannot afford this at the moment; postpone holidays until debts are paid and you can afford to pay for one.
Emergency fund.......................... 10
Total monthly expenses.................. 2408.78

Assets
Cash.................................... 200
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 60000 - I gues you meant to type £6,000
Other assets............................ 0
Total Assets............................ 280200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81400....(634.1)....0.7
Hire Purchase (HP) debt ...... 7233.3...(181.3)....9.6
Total secured & HP debts...... 88633.3...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card (tesco)............5546.21...100.......17.4
credit card (virgin)...........2910.2....75........15.48
bank loan (abbey)..............1890.4....47.4......24.9
M&S............................148.97....10........15.9
Total unsecured debts..........10495.78..232.4.....-

Monthly Budget Summary
Total monthly income.................... 2,497.53
Expenses (including HP & secured debts). 2,408.78
Available for debt repayments........... 88.75
Monthly UNsecured debt repayments....... 232.4
Amount short for making debt repayments. -143.65
Personal Balance Sheet Summary
Total assets (things you own)........... 280,200
Total HP & Secured debt................. -88,633.3
Total Unsecured debt.................... -10,495.78
Net Assets.............................. 181,070.92


BOB

Hi
I've made some comments above where you could make some cutbacks. When you've amended it with correct figure for christmas it should look a lot better and you should have money available to make overpayments. What is the limit on your Virgin credit card? If there is enough there considering moving what is left of your loan to this card as it is a lower interest rate and they may even offer you a transfer deal. You should also be able to pay off the M&S card next month. You cannot afford to put aside £100 for a holiday; you simply cannot afford a holiday until you have paid off your debts. Consider selling your car and getting a cheap run around for now

whiteguineapig

lots of other people will offer better advice than me i'm just a newbie, but i pay about £18 per month for landline and broadband which is a really good speed , it also gives me free local calls, don't forget quidco if you swap things
editing to add its with talktalk (doh!)

bobsthree

Thanks for your replies,yes the car should be £6000.The other child related costs are for private tuition for our son ( £100 monthly),and clubs and spence. I agree with the no holiday suggestion and the phone is including broadband with talktalk,it is £24.99 because we have add ons. If anyone can reccomend a cheaper supplier it would be good to know.