help pls

destroyerofdebt2011

Ok thought it was time to bite the bullet and put it in black and white.


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1180
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1180
Monthly Expense Details
Mortgage................................ 442.4
Secured/HP loan repayments.............. 14.29000000000002
Rent.................................... 0
Management charge (leasehold property).. 33.33
Council tax............................. 63.33
Electricity............................. 12
Gas..................................... 30
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 18
Mobile phone............................ 1.66
TV Licence.............................. 12.96
Satellite/Cable TV...................... 0
Internet Services....................... 17
Groceries etc. ......................... 65
Clothing................................ 5
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 1
Pet insurance/vet bills................. 4.5
Buildings insurance..................... 51
Contents insurance...................... 9
Life assurance ......................... 14.02
Other insurance......................... 26.76
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 1
Emergency fund.......................... 2
Total monthly expenses.................. 967.25

Assets
Cash.................................... 40
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 110040

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 78000....(442.4)....5.34
Secured Debt.................. 1800.....(14.29)....5.34
Total secured & HP debts...... 79800.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................2992.5....77.31.....29.9
capital 1......................1700......50.5......18.9
overdraft......................850.......50........10
Total unsecured debts..........5542.5....177.81....-

Monthly Budget Summary
Total monthly income.................... 1,180
Expenses (including HP & secured debts). 967.25
Available for debt repayments........... 212.75
Monthly UNsecured debt repayments....... 177.81
Amount left after debt repayments....... 34.94
Personal Balance Sheet Summary
Total assets (things you own)........... 110,040
Total HP & Secured debt................. -79,800
Total Unsecured debt.................... -5,542.5
Net Assets.............................. 24,697.5



Ok few pointers on the above information groceries includes all food,cleaning,eating out, small purchases, food and small clothing items from tesc0 etc..

The house insurance i have no option of changing its tied into the lease damn money pinchers and yes i know its extortionate i want my certificate gold plated this year!

Council tax is worked out over 12 mnths not 10 and does account for single person discount.

Haircuts is nil because this year im forfeiting them and if all else fails i have a friend who will do it for nowt! :money:

otherwise i could be here till 2014 trying to pay this little lot off if nothing else happens .. snowball is saying march 2014 now ive updated the revised DDs and bus fares for work.:eek:

All help appreciated

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1

Monthly Income Details
Monthly income after tax................ 1180 Any way to increase? Overtime? Second job? - Check out the "up your income" board for inspiration
Total monthly income.................... 1180

Monthly Expense Details
Mortgage................................ 442.4
Secured/HP loan repayments.............. 14.29
Management charge (leasehold property).. 33.33
Council tax............................. 63.33
Electricity............................. 12 Although this and below are very reasonable (often duel fuel and online tariffs are easier), there is still no harm in checking every 6 months or so with USwitch to ensure you are on the best tariff for your area (if switching is cheaper - check out the cashback sites, Quidco, Topcashback, onepoll etc...)
Gas..................................... 30 as above
Water rates............................. 38 is this metered? Would a meter work out cheaper if just you in the property (we only pay a little more than this for two on a meter and I like my baths!)
Telephone (land line)................... 18 (see if combining with internet would be cheaper - should get combined for about £20 pm)
Mobile phone............................ 1.66 Very cheap - well done.
TV Licence.............................. 12.96 (12.37)
Internet Services....................... 17 (as above)
Groceries etc. ......................... 65
Clothing................................ 5
Other travel............................ 100 what does this cover - would weekly, monthly, quarterly or yearly work out cheaper?
Pet insurance/vet bills................. 4.5
Buildings insurance..................... 51 (wow!)
Contents insurance...................... 9
Life assurance ......................... 14.02
Other insurance......................... 26.76 what does this cover? Is it competative)
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0 nothing?
Holiday................................. 1 really?
Emergency fund.......................... 2
Total monthly expenses.................. 967.25

Assets
Cash.................................... 40
House value (Gross)..................... 110000
Total Assets............................ 110040

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 78000....(442.4)....5.34
Secured Debt.................. 1800.....(14.29)....5.34
Total secured & HP debts...... 79800.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................2992.5....77.31.....29.9
capital 1......................1700......50.5......18.9
overdraft......................850.......50........10 (Any way that you could increase this and transfer some of the more expensive hsbc card debt so you are paying 10% instead of 29.9% - Also if your credit rating is good, see if you could tranfer any of the most expensive debt to 0%, or low rate credit cards)
Total unsecured debts..........5542.5....177.81....-

Monthly Budget Summary
Total monthly income.................... 1,180
Expenses (including HP & secured debts). 967.25
Available for debt repayments........... 212.75
Monthly UNsecured debt repayments....... 177.81
Amount left after debt repayments....... 34.94 Do you actually have this at the end of every month? If so put it towards your most expensive debt (hsbc), if not keep a spending diary to see where it goes.

Personal Balance Sheet Summary
Total assets (things you own)........... 110,040
Total HP & Secured debt................. -79,800
Total Unsecured debt.................... -5,542.5
Net Assets.............................. 24,697.5



Ok few pointers on the above information groceries includes all food,cleaning,eating out, small purchases, food and small clothing items from tesc0 etc.. excellent budgeting here - well done

The house insurance i have no option of changing its tied into the lease damn money pinchers and yes i know its extortionate i want my certificate gold plated this year! wow, it is extortionate!

Council tax is worked out over 12 mnths not 10 and does account for single person discount. this is teh best way to spread the payments

Haircuts is nil because this year im forfeiting them and if all else fails i have a friend who will do it for nowt! i wish I had a friend with this talent!

otherwise i could be here till 2014 trying to pay this little lot off if nothing else happens .. snowball is saying march 2014 now ive updated the revised DDs and bus fares for work. You seem to have a very well organised budget to be honest, but I have made suggestions where possible, I hope they help.

The only other suggestion I can make is to try and have a good clear out and sell what you you no longer use on e-bay/amazon/gumtree, or have a car boot. Also even if over-time or a second job is not an option try doing some surveys, mystery shopping etc for a little extra (they are not a quick fix for fast cash, but every little helps).

Best of luck,

D9

SamanthaA

Dont want to read & run, but why isn`t the single person discount on ctax? Doh, ignore me, I miss read your comments!
It accounts for 25% discount and would knock around £15 off your monthly bill.

Superbiatch

Any chance you could rent out a room? Just an idea, obviously you would lose your 25% single persons' discount so would need to factor this in, along with electricity, gas, water etc etc.

NeverAgain_2

destroyer,

The management charge and tied-in insurance suggest you are in a flat in a shared building.

Have you thought about banding together with the other leaseholders to run the building yourselves on a not-for-profit basis?

It would save you money in the short term, and make your flat and all the others more attractive to future buyers.

You have no money to do this, but it is one expense that it would be worth extending the mortgage to pay for.

destroyerofdebt2011

regrettably some of the tennants are nightmares to deal with, one is legally trying to make out damage they have done is a shared expense and we should all contribute for the expenses thru the management company as we speak its been ongoing for the last 2 years therefore none of the others want to do this and u need 2 flats minimum to run a flat management company.

Its a one room flat so rent a room scheme is not an option.

fuel is already dual fuel

there is no entertaining expenses because i get that thru my net subs i play online games "free ones" and have upgraded the net to allow for the extra streaming and yes i do need the extra streaming as i was being charged per mb over and above on the basic package. and other entertyainment is funded by the odd surveys/slice the pie etc that i manage to build up funds on.

Other travel is not negotiable this is bus fare to get me to work and already on the basis of weekly tickets which are cheaper for me.

Holidays havent had one in 5 years so the nominal amount is for the mini treat i may allow myself at home in that time off.

My credit rating is very poor was on a mortgage with my ex and he would repeatedly miss payments dispite me handing my share to him. the overdraft is on a volentary debt repayment plan at £50 a mnth so no they wont increase it and take on the higher cc rate. have tried opening a new cc with 0% int for x number of mnths but because of the above they wont allow it.

basically looks like im screwed till march 2014 with my spending diary and my spreedsheets

NeverAgain_2

...basically looks like im screwed till march 2014 with my spending diary and my spreedsheets...

I thought you'd done too good a job on your budget for the likes of me to improve upon.

Look on the bright side, you are nibbling away at a mortgage, so you should have something to show for your efforts.

And that tall, dark, handsome (or even ugly) solvent stranger may be around the corner.

pennypusher

You have an extremely tight budget. You could try to increase your income by a 2nd job, or babysitting or maybe join the 'make £10 a day thread'. Have you got anything to sell by ebay or maybe car boot sale?

Can you change your mortgage and get a better rate so that you are paying less or can you go interest only for a while to reduce the amount you pay?

Can you cut down your Gas or Electric usage by having the heating on for less or turning the thermostat down a little. You can Google 'saving money on gas and electric and get some great ideas, or get an energy monitor to see what your usage is. Can you get a water meter - that should work out cheaper.

Can you get a lift to work to cut down your travel expenses. Can you combine your phone and internet together? Why have you got life assurance, do you need it, who would it benefit if you died? Can you get a lower rate credit card to transfer your HSBC debt onto so that you don't have to pay so much interest?

Your Grocery total is very low. If you go over to the Old Style Board you may find some ideas to help you keep your food bill down and maybe get some new ideas to keep it interesting.

Hope these ideas help.

tealady

Hi. You say you have weekly bus tickets. Have you asked the bus company if they do monthly ones by direct debit. They do here in Brum and it is a bit cheaper than weekly ones bought at the local shops.
I would second the water meter. My bills dropped by half when I switched

destroyerofdebt2011

It is already on a water meter but because of a long period of estimated bills is on catch up, there isnt any leaks ive already had a plumber check it out.

with the bus fares, monthly tickets are not offered in my area and because of working in multiply locations anything more than a week at a time are not practical or cost effective.

I'd love to do a carboot but trying to find a mate with a car who is willing to give up their sat/sunday is like trying to get blood from a stone, but then most of them have the bank of mum and dad that bails them out so they dont feel the need to sell their possessions.

Have tried negotiating a payrise but to no avail.. there is no option of paid overtime either. so far not managed to secure a weekend job seems they dont want to touch someone who already works 40 hrs a week mon-fri.

Was told by the mortgage company that the life assurance was one of the clauses along with buildings ins. i cant change mortgage company due to bad credit as previously stated plus its fixed for another 6 years so i would be penalised heavy and to be honest seeing the trouble ppl are having getting a mortgage at all these days, i think im best sticking the rate is not as bad as several ppl i have talked to about it and most of them are on variable unable to get a fixed rate and panicing over the next bank base rate increase.