Newbie needs a monthly kick up the :-0

robbed50

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................ 2300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2300
Monthly Expense Details
Mortgage................................ 376
Secured/HP loan repayments.............. 370
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 61
Gas..................................... 30
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 35
Petrol/diesel........................... 70
Road tax................................ 160
Car Insurance........................... 65
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 65
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1809

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 5600
Other assets............................ 0
Total Assets............................ 100600

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91500....(376)......4.16
Secured Debt.................. 8500.....(90).......4.16
Hire Purchase (HP) debt ...... 5600.....(280)......10
Total secured & HP debts...... 105600....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................7946......182.......0
HSBC...........................3400......82........16.9
Bank of America................870.......25........27.9
Total unsecured debts..........12216.....289.......-

Monthly Budget Summary
Total monthly income.................... 2,300
Expenses (including HP & secured debts). 1,809
Available for debt repayments........... 491
Monthly UNsecured debt repayments....... 289
Amount left after debt repayments....... 202
Personal Balance Sheet Summary
Total assets (things you own)........... 100,600
Total HP & Secured debt................. -105,600
Total Unsecured debt.................... -12,216
Net Assets.............................. -17,216


Hello,

Just getting to grips with everything ATM not new to the site, but new to this forum but getting there.

Briefly, I started dealing with my credit card debt's last year and managed basically to get rid of most of any and all out-goings that were not a necessity, giving me more money to play with and pay off credit cards :j
I payed off around £3500 but at the same time doing the forever ongoing work on my house.

I saved up around £3000 pound to do up the kitchen and unfortunatley in my rush to get the kitchen finished I have put the £3400 BACK ON MY CREDIT CARD :mad:

In my pitiful defense I have done most of the work myself and I know I have saved myself at least £4000 from what a firm would have charged me. But now left to start all over again.

I do get paid my bonus in April which I am not exactly sure what it will be but hoping to take a large chunk back off it. But can't help thinking it could have been a nice chunk off what I had already started!!

Anyhow it's done now, so I guess I just need a debt busting buddy to slap me a cross the face at least once a month maybe twice! Anyone local to Liverpool who can actually hit me if I do this again is very welcome. :eek:

Rob

Hannah_10

Your SOA shows a £200 a month surplus after your debts are paid. Do you actually see a surplus? If not then you have missing money and you need to track it by keeping a spending diary. Your electric is high which usually means gas could be imporved upon too and there is scope in your grocery budget for reduction. The real shockers though are your pet insurance/vet bills (that is whopping- what's the reason?) and your road tax- How Much??? :eek: Check that, I think you might have made a mistake.

Petrol is a fair whack too, if it's the unavoidable commute and there are no public transport options then fair enough, but usually at least part of anyones car use is unneccessary.

I don't do beatings, but I will give you something to think about. Go away and work out what the exact cost of the money you borrowed for the kitchen will be in interest. You can use a snowball calculator to work it out according to your rate of repayment. Here's one>> http://www.whatsthecost.com/snowball.aspx Then go and write that number on a big bit of paper and stick it to the fridge as a reminder how much money you wasted for not being able to wait until you had saved. It is a powerful motivator not to borrow when you don't have to.

Saving money by doing it yourself was great, but you've wasted a fair amount by not being able to wait a little while.

Tixy

Hi Rob and welcome

I've put some comments/questions in below as a starter:)

robbed50 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................ 2300
Partners monthly income after tax....... 0 does partner not earn? could they? do they get any benefits?
Benefits................................ 0 don't you get child benefit? anything else?
Other income............................ 0
Total monthly income.................... 2300
Monthly Expense Details
Mortgage................................ 376
Secured/HP loan repayments.............. 370
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 61 this looks pretty high - are you paying off arrears? have you looked on the comparison sites to see if you are with the cheapest provider and on the best tariff?
Gas..................................... 30
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 0 neither of you have one?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320 should be some scope to reduce this a bit. Some families your size manage on £200 but perhaps you could see if you could get it to £250? try things like the drop a brand challenge and meal planning for the week before you go shopping.
Clothing................................ 35
Petrol/diesel........................... 70
Road tax................................ 160 hope this is wrong and actually an annual figure?
Car Insurance........................... 65 do you shop around at renewal time?
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 65 looks quite high? any specific reason? anyway to reduce this? cheaper ins or anything?
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 0 do you need to budget something here?
Entertainment........................... 0 and a little something here?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1809

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 5600
Other assets............................ 0
Total Assets............................ 100600

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91500....(376)......4.16
Secured Debt.................. 8500.....(90).......4.16
Hire Purchase (HP) debt ...... 5600.....(280)......10
Total secured & HP debts...... 105600....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................7946......182.......0
HSBC...........................3400......82........16.9
Bank of America................870.......25........27.9
Total unsecured debts..........12216.....289.......-

Monthly Budget Summary
Total monthly income.................... 2,300
Expenses (including HP & secured debts). 1,809
Available for debt repayments........... 491
Monthly UNsecured debt repayments....... 289
Amount left after debt repayments....... 202 do you have this spare each month? are you using it to overpay your debts? if you do have it spare tackle the America card first with its high APR, if you don't know where its going then try keeping a spending diary for a couple of months.
Personal Balance Sheet Summary
Total assets (things you own)........... 100,600
Total HP & Secured debt................. -105,600
Total Unsecured debt.................... -12,216
Net Assets.............................. -17,216


Hello,

Just getting to grips with everything ATM not new to the site, but new to this forum but getting there.

Briefly, I started dealing with my credit card debt's last year and managed basically to get rid of most of any and all out-goings that were not a necessity, giving me more money to play with and pay off credit cards :j
I payed off around £3500 but at the same time doing the forever ongoing work on my house.

I saved up around £3000 pound to do up the kitchen and unfortunatley in my rush to get the kitchen finished I have put the £3400 BACK ON MY CREDIT CARD :mad: At least you know where the money has gone, plenty of people have debts and no idea what the money was spent on. Is this now all finished? if there is anything else you might need then remember to budget or to budget for an emergency fund etc.

In my pitiful defense I have done most of the work myself and I know I have saved myself at least £4000 from what a firm would have charged me. But now left to start all over again.

I do get paid my bonus in April which I am not exactly sure what it will be but hoping to take a large chunk back off it. But can't help thinking it could have been a nice chunk off what I had already started!!

Anyhow it's done now, so I guess I just need a debt busting buddy to slap me a cross the face at least once a month maybe twice! Anyone local to Liverpool who can actually hit me if I do this again is very welcome. :eek: Can manage a virtual stick poke if thats any use


Rob

robbed50

Just write a massive reply but got lost in the ether ! Grrrr!

But thanks guys for your help.