Help with tweaking SOA

slscarborough

Looking at my soa I have to cut 560 a month.

Taking your advice I could lose 50 a month from presents and 100 a month from grocery. Cut 50 a month from the emergency fund. 10 from car parking. 25 a month from clothes. This only amounts to 235.00. I am still a fair bit short.

pennypusher

Hi I would suggest you check your Gas and Electricity usage and see if you can have the central heating on for less time or turn it down a little, close the curtains when it is dark etc. You could borrow an energy monitor and see exactly what you are spending your money on.

Have you checked to see if you have all the benefits you are entitled to: Child Tax Credit, Working Tax Credit, Child Benefit etc?

You need to check out the interest on your bills so that you can decide which one to target first.

I think it would be a good idea for you to contact one of the debt free charities who don't charge for their services to see if they can help.

Good luck.

slummymummyof3

How about suggesting to your family that you all have a 'just buy for the children' policy. We did this a few years ago and everyone was relieved in all honesty - money has become tighter for most; you will not be alone in needing to trim back on this expenditure!

We only buy for our nieces/nephews etc until the age of 18.

We also have an agreed budget between the family on how much we will spend per child.

You also have a couple of months with no council tax now (unless you pay 12 months rather than 10) - anyway you could use this to throw at one of your outstanding bills?

[Deleted User]

slscarborough wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1322 (Any way to up this? Overtime? Second Job?)
Partners monthly income after tax....... 0 (Possible to get something here?)
Benefits................................ 325 (Are you getting all that you are entitled to?)
Total monthly income.................... 1647

Monthly Expense Details
Rent.................................... 393
Council tax............................. 126 (Can you spread this over 12 months? - Or use the 2 ctax free months to overpay on debt that's costing you the most)
Electricity............................. 40 (These both seem a little hig - check that you are on the cheapest tariff - often online and duel fuel are cheaper)
Gas..................................... 45 (as above)
Water rates............................. 0 (nothing here? If you are in Scotland ignore)
Telephone (land line)................... 15 (Can this be reduced if you can't get out of mobile contract)
Mobile phone............................ 20 (How may mobiles is this for? - If only one and in contract plead with provider to drop a tariff (sometimes they do) - if /when out of contract look at £10 SIM only deals or go PAYG)
TV Licence.............................. 12
Internet Services....................... 12 (See if combining with home phone would be cheaper - and compare with other providers - combined home phone and internet with Talk Talk is £20/month - but check others)
Groceries etc. ......................... 400 (Very high - drop brands, meal plan, batch cook, take a list and only buy what you need. Check the old style board for cheap healthy meals)
Clothing................................ 50 (Cut and buy essentials only)
Petrol/diesel........................... 90
Road tax................................ 20
Car Insurance........................... 46
Car maintenance (including MOT)......... 90
Car parking............................. 10
Childcare/nursery....................... 45
Medical (prescriptions, dentist etc).... 20 (Would a pre-pay certificate work out cheaper? - you need to investiagte this)
Pet insurance/vet bills................. 10
Contents insurance...................... 8
Presents (birthday, christmas etc)...... 100 (Very high - buy for your own children only, and perhapse organise a Secret Santa style thing with family at christmas - reduce to £20ish)
Haircuts................................ 10 (Check to see if there's a college near you for cheap trainee cuts - if not go an extra week or two in between)
Entertainment........................... 40 (What does this get spent on - and can you get the same/similar for cheaper)
Holiday................................. 50 (I really don't think you can afford this)
Emergency fund.......................... 80 (Again, saving a little for a genuine emergency is a good idea - but not this much whilst you have such high debts)
CSA Payments............................ 161
Total monthly expenses.................. 1893

Assets
Cash.................................... 0 (Where are emergency savings)
Car(s).................................. 4000 (Consider downgrading car - it's got a descent amout of value, and is costing a you a lot each month to tax, insure, petrol, and maintain) - could you live without a car? Or buy a cheaper run-around
Total Assets............................ 4000


No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR (What are the APR's - need to know this. Or are the first to really 0%)
littlewoods....................1000......95........0
kays...........................100.......18........0
loan...........................4000......200.......8
Total unsecured debts..........5100......313.......-


Monthly Budget Summary
Total monthly income.................... 1,647
Expenses (including HP & secured debts). 1,893
Available for debt repayments........... -246
Monthly UNsecured debt repayments....... 313
Amount short for making debt repayments. -559
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,100
Net Assets.............................. -1,100

Even if you made considerable savings in all the areas suggested you would still be short every month - this means that you will be getting fyrther in to debt every month. Consider speaking to one of the debt charities for impartial, free, non-jusgemental advice (CCCS, CAD, NAtional debtline). They 'll be able to give you better advice based on your individual circumstances.

HTH

D9

slscarborough

Right I am taking on board everything everyone has said.

OH is looking for a part time job but there doesnt seem to be much about at the moment. He has applied for loads so fingers crossed? Otherwise I will look to see if I can get a second job or if OH can get a full time job and find a childminder for the kids.

I have cancelled the lovefilm package we have - was only 5.99 a month but every penny counts.

We are looking at downgrading the car. OH will be heartbroken but needs must.

Decorating has been put on hold. Was hoping to get the house carpeted this year but it is just not possible.

Am about to talk to the family with regards to presents and say do not buy for us as we cannot afford to buy for you. We already just buy for the kids so everything will have to stop. Will be hard to talk to everyone as no-one has any idea of how hard up we are.

The £20 a month on medical and prescriptions also includes opticians & glasses so not sure this can be cut back further.

We are already on the cheapest dual fuel tariff.

The emergancy fund and ebtertainment budget will be put to zero and have applied for a credit card for emergencies. Will post an amended SOA.

Thanks x

jinky67

slscarborough wrote: »

have applied for a credit card for emergencies.

no no no no no
Sorry for shouting, but that is an easy road to ruin. You WILL end up using it for other things:cool: no matter is you say you wont. " I will pay it off when we get the bill in" you might start off doing that, but long term it will build up and up and up

so big NO NO

:cool:

CH27

slscarborough wrote: »

Right I am taking on board everything everyone has said.

OH is looking for a part time job but there doesnt seem to be much about at the moment. He has applied for loads so fingers crossed? Otherwise I will look to see if I can get a second job or if OH can get a full time job and find a childminder for the kids.

I have cancelled the lovefilm package we have - was only 5.99 a month but every penny counts.

We are looking at downgrading the car. OH will be heartbroken but needs must.

Decorating has been put on hold. Was hoping to get the house carpeted this year but it is just not possible.

Am about to talk to the family with regards to presents and say do not buy for us as we cannot afford to buy for you. We already just buy for the kids so everything will have to stop. Will be hard to talk to everyone as no-one has any idea of how hard up we are.

The £20 a month on medical and prescriptions also includes opticians & glasses so not sure this can be cut back further.

We are already on the cheapest dual fuel tariff.

The emergancy fund and ebtertainment budget will be put to zero and have applied for a credit card for emergencies. Will post an amended SOA.

Thanks x

That will make a bad situation much worse:eek:

Speak to CCCS as soon as possible for their advice.

slscarborough

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1344
Partners monthly income after tax....... 0
Benefits................................ 325
Other income............................ 0
Total monthly income.................... 1669
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 373
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 40
Gas..................................... 45
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 15
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 350
Clothing................................ 40
Petrol/diesel........................... 90
Road tax................................ 20
Car Insurance........................... 46
Car maintenance (including MOT)......... 90
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 45
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
CSA..................................... 161
Total monthly expenses.................. 1643

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Littlewoods....................905.......95........0
Kays...........................82........18........0
Loan...........................3800......200.......8
Total unsecured debts..........4787......313.......-

Monthly Budget Summary
Total monthly income.................... 1,669
Expenses (including HP & secured debts). 1,643
Available for debt repayments........... 26
Monthly UNsecured debt repayments....... 313
Amount short for making debt repayments. -287
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,787
Net Assets.............................. -787
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

joolsybools

How far do you have to commute by car for work? Is it do-able by moped or bicycle? Have a good think about if you really need it, could it be an option to get rid of it and get another one in say a year's time? You could do food shopping online and have it delivered?

slscarborough

Have spoken to CCCS and they have said I can go on a temporary DMP but only for a few months. Am hoping OH can find work to pull us out of it. I am due a pay rise and bonus in June which should help significantly. Not sure a temporary DMP would help?