£30 til payday again and sick with worry!

HAYLEY8005

Hi Sakina
Welcome to the board ok from soa i an see some big savings namely the groceries even including cigs that is huge for just 2 adults i have 2 kids on top of that and only spend 300 comfortably so this needs a major relook into can you try cutting down on cigs i know its hard or maybe switch to rolling tobacco to save money there.
I know you mentioned your lodger ran up big bills but now they are gone look into switching your gas and electric again this is alot for only 2 adults usage. Your council tax an you spread over 12 months if it is only over 10 at present.
Your phone,tv and net is costing over £100 again you need to look into combining these with sky or virgin or even better ditch the sky tv and go freeview.
Do you really need 2 cars? would public transport be any better and cheaper for one of you. Petrol i know is huge at the moment but make sure all journeys are only essential ones.
What is the £3500 other assests is this the other car?
Again that bupa cover is very high try looking around for cheaper deals, also buildings and contents is to high there is cheaper out there.

Good luck hope some of these ideas help

rising_from_the_ashes

Sakina wrote: »

Here's my statement of accounts - sorry I don't know the rates of interest at which things like mortgage are paid or car loan I pay all household bills OH does those ones.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700

Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 367 (car loan finishes Nov 2012 when we will own the car)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 60
Gas..................................... 56
Oil..................................... 0
Water rates............................. 40 (inc sewerage)
Telephone (land line)................... 25
Mobile phone............................ 40 (for both contracts)
TV Licence.............................. 20
Satellite/Cable TV...................... 60
Internet Services....................... 15
Groceries etc. ......................... 600 (includes cigarettes)
Clothing................................ 10
Petrol/diesel........................... 350
Road tax................................ 30
Car Insurance........................... 70 (both cars)
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 140 (6 prescriptions pm plus over counter medicine I also have to take)
Pet insurance/vet bills................. 17
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 147 (BUPA cover OH has through work he won't cancel it as I see a consultant 4 times a year on it and have several medical problems - I have suggested we cancel!)
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 50 (goes into a savings acct I can and usually take from when overdraft limit hit and use as end of month cash)
Total monthly expenses.................. 2757


Assets
Cash.................................... 0
House value (Gross)..................... 287500
Shares and bonds........................ 8000 (OH's work share scheme - can't take from until it matures)
Car(s).................................. 9000
Other assets............................ 3500
Total Assets............................ 308000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 200000...(400)......0
Hire Purchase (HP) debt ...... 16000....(367)......0
Total secured & HP debts...... 216000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................2000......34........0
Mint...........................500.......12........0
Capital One....................300.......7.........0
Total unsecured debts..........2800......53........-


Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including HP & secured debts). 2,757
Available for debt repayments........... -57
Monthly UNsecured debt repayments....... 53
Amount short for making debt repayments. -110

Personal Balance Sheet Summary
Total assets (things you own)........... 308,000
Total HP & Secured debt................. -216,000
Total Unsecured debt.................... -2,800
Net Assets.............................. 89,200

Hello, welcome to the boards!

1st of all, get a pre-payment certificate for your prescriptions: http://www.patient.co.uk/health/Free-or-Reduced-Cost-Prescriptions.htm advises on this (you can get them at most chemists - around £28 for 4 months in England & £10 in Scotland).

Your groceries (even incl cigs) is enormous for 2 people - do you have other pets costs etc you're including in this? This can be radically cut pretty easily.

Sky would be the obvious thing to get rid of is you're struggling.

dreamdreamer

First thoughts;

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700

Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 367 (car loan finishes Nov 2012 when we will own the car)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180 - over how many months? If not 12, is it worth spreading over 12 to lessen the monthly outgoings?
Electricity............................. 60 - shop around, this is twice what we use in a 3 bed house and energy efficient we are not!
Gas..................................... 56 - likewise, this is high
Oil..................................... 0
Water rates............................. 40 (inc sewerage)
Telephone (land line)................... 25 - unlimited broadband AND landline use from talktalk for £15 - you could prob go even cheaper if you wanted
Mobile phone............................ 40 (for both contracts)
TV Licence.............................. 20 - why so high? is this going down to £12 soon?
Satellite/Cable TV...................... 60 - ditch this and get freeview, or go down to basic package.
Internet Services....................... 15 - see above
Groceries etc. ......................... 600 (includes cigarettes) - you stated £50 a week on food - does this mean you're spending £400 a month on cigarettes - that's a LOT of money. If you cut down you could afford to up the food budget if you wanted.
Clothing................................ 10
Petrol/diesel........................... 350 - does OH not get paid for work mileage?
Road tax................................ 30
Car Insurance........................... 70 (both cars)
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 140 (6 prescriptions pm plus over counter medicine I also have to take)- this is ridiculous! speak to your GP about a pre-payment certificate - £104 for the year and you can pay in installments.
Pet insurance/vet bills................. 17
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 147 (BUPA cover OH has through work he won't cancel it as I see a consultant 4 times a year on it and have several medical problems - I have suggested we cancel!) ouch - can you downgrade to a less expensive package at all?
Presents (birthday, christmas etc)...... 0 - nothing here?
Haircuts................................ 0 - or here?
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 50 (goes into a savings acct I can and usually take from when overdraft limit hit and use as end of month cash)
Total monthly expenses.................. 2757


Assets
Cash.................................... 0
House value (Gross)..................... 287500
Shares and bonds........................ 8000 (OH's work share scheme - can't take from until it matures)
Car(s).................................. 9000
Other assets............................ 3500
Total Assets............................ 308000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 200000...(400)......0
Hire Purchase (HP) debt ...... 16000....(367)......0
Total secured & HP debts...... 216000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Barclaycard....................2000......34....... .0
Mint...........................500.......12....... .0
Capital One....................300.......7.........0
Total unsecured debts..........2800......53........-


Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including HP & secured debts). 2,757
Available for debt repayments........... -57
Monthly UNsecured debt repayments....... 53
Amount short for making debt repayments. -110

Personal Balance Sheet Summary
Total assets (things you own)........... 308,000
Total HP & Secured debt................. -216,000
Total Unsecured debt.................... -2,800
Net Assets.............................. 89,200

You don't have a big deficit - only £110 a month - this should be easily recoverable by making some savings elsewhere. Just getting the prescriptions sorted would cover it. Anything else you do will just give you some breathing room, which you sound like you need bless ya!

SurreyBear

Hi,
Your medication is very expensive. Can you get a pre-payment certificate? https://www.ppa.org.uk/ppa/ppcdd/patient.do

MFWannabe

Sakina wrote: »

Here's my statement of accounts - sorry I don't know the rates of interest at which things like mortgage are paid or car loan I pay all household bills OH does those ones.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700

Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 367 (car loan finishes Nov 2012 when we will own the car)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180 - this seems very high; are you in arrears? could you change to paying over 12 months instead of 10?
Electricity............................. 60 - check comparisons sites to see if you can get cheaper
Gas..................................... 56 - check comparisons sites to see if you can get cheaper
Oil..................................... 0
Water rates............................. 40 (inc sewerage)
Telephone (land line)................... 25 - see if you can get this cheaper in a combined package with your satellite tv
Mobile phone............................ 40 (for both contracts)
TV Licence.............................. 20
Satellite/Cable TV...................... 60 - change to a lower package
Internet Services....................... 15 - see comment in telephone
Groceries etc. ......................... 600 (includes cigarettes) - this is a huge amount!! How much is groceries and how much is cigs? You could knock £200 per month off this figure
Clothing................................ 10
Petrol/diesel........................... 350
Road tax................................ 30
Car Insurance........................... 70 (both cars)
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 140 (6 prescriptions pm plus over counter medicine I also have to take) - this is a huge amount; i don't know much about this but i'm sure there is some kind of yearly prescription you can pay?
Pet insurance/vet bills................. 17
Buildings insurance..................... 20 - check comparison sites to see if you can get cheaper
Contents insurance...................... 20 - check comparison sites to see if you can get cheaper
Life assurance ......................... 0
Other insurance......................... 147 (BUPA cover OH has through work he won't cancel it as I see a consultant 4 times a year on it and have several medical problems - I have suggested we cancel!) - Perhaps someone can offer advice if it's possible to get this cheaper
Presents (birthday, christmas etc)...... 0 - you need something here
Haircuts................................ 0 you need something here
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 50 (goes into a savings acct I can and usually take from when overdraft limit hit and use as end of month cash) - use this for debt repayments until they are paid
Total monthly expenses.................. 2757


Assets
Cash.................................... 0
House value (Gross)..................... 287500
Shares and bonds........................ 8000 (OH's work share scheme - can't take from until it matures) - when do these mature?
Car(s).................................. 9000
Other assets............................ 3500 - what is this?
Total Assets............................ 308000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 200000...(400)......0
Hire Purchase (HP) debt ...... 16000....(367)......0
Total secured & HP debts...... 216000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................2000......34........0
Mint...........................500.......12........0
Capital One....................300.......7.........0
Total unsecured debts..........2800......53........-


Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including HP & secured debts). 2,757
Available for debt repayments........... -57
Monthly UNsecured debt repayments....... 53
Amount short for making debt repayments. -110

Personal Balance Sheet Summary
Total assets (things you own)........... 308,000
Total HP & Secured debt................. -216,000
Total Unsecured debt.................... -2,800
Net Assets.............................. 89,200

Hi
I've made some comments above where you could make some cutbacks. These debts can be paid with some cutbacks and paying as much as you can towards them. You need to ask your OH what the APR's are on the cards and loan so that you focus on paying the highest APR first
I'm guessing if your oh is driving a lot he will be reluctant to change the car for a cheap runaround

[Deleted User]

Sakina wrote: »

Here's my statement of accounts - sorry I don't know the rates of interest at which things like mortgage are paid or car loan I pay all household bills OH does those ones.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1100 (is there any way to up your income or your partners income? - overtime etc)
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700

Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 367 (car loan finishes Nov 2012 when we will own the car)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180 (is this paid over 10 months - see if you can pay over 12)
Electricity............................. 60 (Both this and gas is high? Are you in arrears? - Check that you are on the cheapest tariff for your area and usage)
Gas..................................... 56 (as above)
Oil..................................... 0
Water rates............................. 40 (inc sewerage) (are you on a meter?)
Telephone (land line)................... 25 (Look into combining with TV and phone to save cost)
Mobile phone............................ 40 (for both contracts) (look at either PAYG, or SIM only contracts - I get 200 anytime any network minutes and unlimited texts for £10 a month - do you use all the minutes/texts you recieve with the contract?)
TV Licence.............................. 20 (this should be about £12, Have you just started paying it)
Satellite/Cable TV...................... 60 (consider getting rid of this and going free view, or alternatively downgrade, and/or combine with phone and internet for a better deal)
Internet Services....................... 15 (as above)
Groceries etc. ......................... 600 (includes cigarettes)(consider quitting smoking, go to NHS and you should get help (NRT etc for free or more cheaply than buying your own. How much is spent on ciggies and how much is left for groceries - see the old style board for cutting the food bill down: drop brands, batch cook etc)
Clothing................................ 10 (buy essentials for now)
Petrol/diesel........................... 350 (this is high - are all trips essential? can you combine trips? car share?)
Road tax................................ 30
Car Insurance........................... 70 (both cars)
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 140 (6 prescriptions pm plus over counter medicine I also have to take)(Not something I am familiar with but I believe you can get pre-paid certificates for prescriptions that work out cheaper - look into this, or perhapse someone else on here can advise)
Pet insurance/vet bills................. 17
Buildings insurance..................... 20 (ensure that you are getting a good deal here - sometimes combining contents and buildings together works out cheaper)
Contents insurance...................... 20 (as above)
Life assurance ......................... 0
Other insurance......................... 147 (BUPA cover OH has through work he won't cancel it as I see a consultant 4 times a year on it and have several medical problems - I have suggested we cancel!)
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 10 (what's this?)
Holiday................................. 0
Emergency fund.......................... 50 (goes into a savings acct I can and usually take from when overdraft limit hit and use as end of month cash) (do you actually have anything in this account - perhapse aim for a lower amount £10/£15 per month to cover any unexpected expenses - if £50's unrealistic)
Total monthly expenses.................. 2757


Assets
Cash.................................... 0
House value (Gross)..................... 287500
Shares and bonds........................ 8000 (OH's work share scheme - can't take from until it matures) (when will this mature?)
Car(s).................................. 9000 (is it essential to have 2 cars? Can you sell one? This would also reduce the running costs and monthly expense)
Other assets............................ 3500 (what's this? can you sell, or cash in?)
Total Assets............................ 308000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 200000...(400)......0
Hire Purchase (HP) debt ...... 16000....(367)......0 (what's the APR?)
Total secured & HP debts...... 216000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................2000......34........0 (Need to know the APR's)
Mint...........................500.......12........0
Capital One....................300.......7.........0
Total unsecured debts..........2800......53........-


Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including HP & secured debts). 2,757
Available for debt repayments........... -57
Monthly UNsecured debt repayments....... 53
Amount short for making debt repayments. -110 (Not too much to make up - and I think it can be done with organisation and planning and a few cut backs)

Personal Balance Sheet Summary
Total assets (things you own)........... 308,000
Total HP & Secured debt................. -216,000
Total Unsecured debt.................... -2,800
Net Assets.............................. 89,200

I have made some comments, hopefully some of them will be of some use to you. The good news is that there's room for cutbacks and you should be able to meet your expenditure with some changes.

Sakina

Thank you for all the advice - I know the grocery bill is high I will start trying to make shopping lists instead and meal planning and try to bring that down, I have a bad habit of throwing out unused food so I know something needs to change there. We did both give up smoking for about 6 weeks last year but then when I went off work I was so stressed I started again and so did he. Last night we both discussed it and decided we both need to try again so will be looking at that, should save at least £150 a month even with cost of nicotine lozenges etc.

Gas/electric - I thought that was quite good! I had been paying £340 ish until last July and when my meter was read got a huge refund of £380 then payments dropped to £140 pm and then again last month to £116. Not sure about switching as last time I did it had a larger than normal final bill to pay and so the switching over period cost more than normal and don't think could manage that right now.

We really need two cars - live in a very rural area and so public transport is not an option - I did look into cycling to work but that's not possible. We want to switch our car which is on finance to a cheaper diesel as soon as the finance is paid off which will help. Petrol is actually cheap for us at the moment as I'm not using the car to go to work every day.

The £3500 asset is my engagement ring - bought in far easier times when we didn't have a mortgage! We've made so many mistakes I wish I could go back and undo - having lodgers and the huge bills (£400 one month for example for going over download limit on internet, didn't even know that was possible!), had large fees for council tax arrears when renting, wish we had got a cheaper and more efficient car - also OH's share scheme takes £300 a month out of his wages pre-tax which we could really do with although it seemed sensible at the time to save for the future.

[Deleted User]

Also, check out freecycle and gumtree for free/cheap appliances. I for one have given away a second hand freezer that was in perfect working order - they will do for now until you can get your finances under control.

MFWannabe

Your debts are serviceable and with cutbacks with groceries you could easily make up the shortfall
Do have a look at the prepayment certificate for prescriptions as that will save you loads

dreamdreamer

Just as a guide, every house is different but our Gas and Electric are £34 and £32 respectively, for a 3-bed semi. The house is kept at a steady 21 degrees throughout winter, all our bulbs are energy efficient but we leave lights on constantly, we use the tumble drier about once a fortnight, and we heat the water tank once a day. We also have sky boxes, two TVs, 2 laptops, a dishwasher, ipods on charge, etc etc. We're not frugal! So you should be able to bring those down.

You can also get cashback for switching over if you search for a good deal. We got £180 for switching to EDF - £80 cashback and £100 credit to our account. Plus our bills are £20 less a month than they were for the same usage.