where to start

[Deleted User]

No of adults 1
No of dependants 2

Your IncomeAmount
Take home pay £959 Any way to increase? Overtime? Second job? (have a look at the "up your income" board on here for ideas
Working Tax Credit £109
Child Benefit £146
Child Tax Credit £473
Total Income £1,687

Total Expenditure £1,623
Surplus (Deficit) £64

Expenditure Amount
Mortgage £517
Water £46
Council tax £91 Are you paying over the usual 10 months? Ask your council if you can spread over 12.
Gas £35 Although neither this or below is excessive, check that you are on the cheapest tariff for your area (Uswitch) - often online and duel fuel tariffs are cheaper. If switching makes sense, check the cashback sites for incentives (Quidco, topcashback, onepoll)
Electricity £35 as above

Household Services
Building/contents insurance £19
Telephone/mobile/internet £58 How is this split? You should be able to get home phone and internet for approx. £20pm, and as for the mobile phone - are you in contract? If so, see if you can drop a tariff, if/when out of contract look at SIM only bundle deals, or go PAYG (there are some good £10 pm deals)
TV licence £12
Childcare £90
Life insurance/pensions £9
Medical/accident insurance £8

Transport
Spares/servicing £11
Road tax £10
Insurance + breakdown £28
Fuel/parking £130
Public transport £10

Food & Housekeeping
Food, toiletries, cleaning £290 You could cut this down - drop brands, meal plan, batch cook, shop at cheaper supermarkets (lidl/aldi) - check the old style board for ideas
School meals/meals at work £10

Misc. Goods & Services
School trips/activities £100 What does this cover? £1200 a year is a lot!
Medicine/prescriptions £8
Hairdressing £8

Personal & Leisure
Clothing/footwear £44 drop to essentials only for now, wear what you have.
Sports/hobbies/entertainment £23 what does this cover?
Church/charity donations£8 perhapse switch to donating your time instead and volunteer

Sundries & Emergencies
Sundries/emergencies £23 what does this get spend on?
TOTAL£1,623

Total Income £1,687
Total Expenditure £1,623
Surplus (Deficit) £64 According to this you have a monthly surplus, you said earlier that you are over spending by£400 per month - where's the difference going? Keep a spending diary to really see whaere your money goes.


You also need to list all of your debts:


Debt- Amount owed - Minimum monthly payment - APR

Credit Cards
Barclays................................£5400 monthly payment = £150 -Is this the minimum payment? and what's the apr?
RBS........................................£2200 monthly payment = £60 - Is this the minimum payment? and what's the apr?
Natwest...............................£2400 monthly payment = £50 - Is this the minimum payment? and what's the apr?




D9

first

my over spend was highlighted when I put how much I pay off my credit cards, I included them in the outgoings but the budget planner put them seperate. I keep finding mistakes in how I have entered my incoming and outgoings. As yet I am not behind on anything. The Natwest and RBs credit cards are o% at the moment due to expire in 6 weeks and the Barclaycard is I think around 17%. The money spent on the children pays for Cubs £1.50 pw, swimming £4 pw, Clarinet £2.50, Tuba £2.50 and Violin £2.50 (all done through school not private lesons) its basically £100 per instrument per year.

cloudcuckooland_3

Hi there
Without wishing to delve too much into your private life, is there any chance of getting maintenance payments for your two children? Please excuse me if this is an intrusive/irrelevant question. The only reason I am mentioning it is that maintenance is not 'counted' when assessing working tax credit. Also it seems rather unfair if you are managing on your on to support two children when someone elses is also responsible - I speak as a parent of one child, also working and wishing you all the best with your struggle.
I am 54 with debts of 27,500 - my child is 15 - we receive maintenance through the courts but I also work.
You can overcome your present debt but I believe you need to up your income if you can.

[Deleted User]

The Natwest and RBs credit cards are o% at the moment due to expire in 6 weeks How is your credit report, do you think that you will be able to transfer the balances to other 0%, or low life of balance cards? (You also need to find out what the APR's will be at the end of the 0% in case you're unable to transfer the balance.) Are the payments you are currently making to these two the minimum allowed.

Barclaycard is I think around 17%. If this is the highest APR debt that you have? If so this should be the one you give priority to (if you can find spare cash to over pay with) - Also, any chance of switching to lower interest rate card?

Are these figure per child or do they cover both children?

Cubs: £1.50 pw (£6pm), or (£12pm)

Swimming £4 pw (£16pm), or (£32pm)

Clarinet £2.50 pw (£10pm), or (£20pm)

Tuba £2.50 (£10pm), or (£20pm)

Violin £2.50 (£10pm), or (£20pm)

So, this is either £52pm or £104 pm - I am also assuming that this is only during term time, at least for the music lessons?

Is this correct? If so, work out total cost of all these for the whole year and divide by 12 to put in your SOA, because you have also mentioned that it's £100 per instrument per year? If so, then should be £300/12=£25pm

This would mean budget here should be either:

1) cubs (6)+swimming (16)+music (25)=£47

or 2) cubs (12)+swimming (32)+ music (25)=£69

Either way saving you some cash on your SOA. Or do both your children play 3 different instruments? If this is the case, could they cut back, to two or one each?

HTH

D9

first

Hi thanks everyone for offering advice, I will try to move my 0% card deals but I was turned down the last time I tried (first time it has happened but don't think it will be the last). Unfortunately I can't claim maintenance payments for my children.
on the subject of the kids activities it's as follows
child 1

Tuba £2.50 (£10pm), term time

Violin £2.50 (£10pm) term time

Child 2
Cubs: £1.50 pw (£6pm) term time

Swimming £4 pw (£16pm) all year (except 2 weeks at christmas)

determined_new_ms

first wrote: »

Hi, well I have now done my SOA and I'm hoping I have covered everything. If anyone can think of anything I have missed please let me know (although I have my fingers crossed there won't be anything else). I have my hard hat on so feel free to be brutal


Date budget created 20-Mar-11
No of adults ................................1
No of dependants..................... 2
Your IncomeAmount
Take home pay ...........................£959
Working Tax Credit ...................£109
Child Benefit............................... £146
Child Tax Credit ..........................£473
Total Income ............................£1,687
Total Expenditure ...................£1,883
Surplus (Deficit) ............................minus £196
Expenditure Amount
Mortgage ......................................£517 (£69000 owing value about £120000)
Water ..............................................£46
Council tax ......................................£91
Gas ....................................................£35
Electricity .........................................£35
Household Services
Building/contents insurance ........£19
Telephone/mobile/internet ...........£58 I think you could get this down to in the region of £25 pm
TV licence ...........................................£12
Childcare ............................................£90
Life insurance/pensions ...................£9
Medical/accident insurance ............£8
TransportSpares/servicing ................£11
Road tax ..................................................£10
Insurance + breakdown...................... £28
Fuel/parking .......................................£130
Public transport .....................................£10
Food & Housekeeping
Food, toiletries, cleaning .......................£290 I honestly think you can recue this by quite a lot over time - its a process so gets reduced gradually. I think you could get this in the region of £150-190PM. Spend some time on the OS board, for tips & ideas. I spend between £150-200 PM for 3 adults 2 of which are grown men. It takes time to learn but can be done.
School meals/meals at work .................£10 while you are in this situation it really needs to be pack up all the way
Misc. Goods & Services
School trips/activities ............................£100
Medicine/prescriptions ............................£8
Hairdressing ................................................£8 it is for the kids can you do it yourself? look on youtube for instruction video
Personal & Leisure
Clothing/footwear .......................................£44 can you reduce this & buy off of second hand shops/ebay?
Sports/hobbies/entertainment................. £23
Church/charity donations..........................£8 as difficult as this is this may have to stop - I know if its church the pastor would be understanding given the circumstances
Sundries & Emergencies
Sundries/emergencies ................................£23
TOTAL£1,623

Credit Cards
Barclays................................£5400 monthly payment = £150
RBS........................................£2200 monthly payment = £60
Natwest...............................£2400 monthly payment = £50

Grand Total £1883

I agree with getting CSA if at all possible. Good luck you can deal with this x