I dont know where it started, but it has to end now SOA..Please help

threemuttleys

I really really need to get some help, our situation is dire, and Im scared for our and our sons future if we do not get a grip on our finances, and sort it out.

Oh and I have got ourselves into a huge pile of (money) trouble. It has come to the point where we have barely any money left, and we are struggling to put petrol in the car.

We desperately need to get this sorted, as we cannot move on with out lives until we do. I spent most of the weekend in tears, as everything is so very tight. April is a bad month for us, as we have about 5 birthdays, plus this year we have Mothers day, and Easter.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 500
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 2081.2

Monthly Expense Details
Mortgage................................ 601.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 81
Gas..................................... 12
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 12.47
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 280
Road tax................................ 35
Car Insurance........................... 47.26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 100
Buildings insurance..................... 35.42
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1626.95


Assets
Cash.................................... 0
House value (Gross)..................... 128000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 128800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(601.8)....0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................17800.....267.4.....0
MBNA...........................2300......52.74.....0
Natwest Overdraft..............4000......51.28.....0

I cant sleep properly, Oh is the same. Im trying to cut down food as much as possible, and be as frugal as possible. But I just cant see how we can sort ourselves.

We dont have any savings, and no emergency funds for the car/house. So heaven forbid anything go wrong with either of them.
I am currently on mat.leave, but im already dreading what will happen when I return to work (childcare, increase transport costs etc) I have just sent off the tax credit form, but I am not holding my breath.

Please Help

curlytop12

hi there and welcome.congratulations on your little one.

at least you are here,facing up to,and willing to sort out the money.many people on MSE have been just where you are now.
many will be along to help soon.
can you give a little more info on the debts?
eg. APR's ,length of time left on loans,overdraft limit etc.
def check if there are benefits/credits due to oyu. ?think its www.turn2us.co.uk
good luck,it WILL get better!
G

threemuttleys

I will check aprs and all that when the OH gets in (he usually deals with all of that)

thank you for replying x

Lifes_Grand_Plan

Hi OP,

Looks like you have your expenditure locked down pretty tight. The only things I picked up on were:

- Telephone bill, can you cut that down at all from the current £40 a month. Not sure who you are with but you may be able to get line rental and free evening / weekend calls for £15 ish.

- Your car tax is £35 a month which would indicate an efficient car (usually diesel, or very small engined petrol) yet you pay £280 a month (£65 a week) for fuel. I assume this is your husbands trip to work and back, is it a quite long commute?

EDIT

Just realised that is £35 car tax PER MONTH not per year... sorry...

lazydaysandmondays

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threemuttleys

Lifes_Grand_Plan wrote: »

Hi OP,

Looks like you have your expenditure locked down pretty tight. The only things I picked up on were:

- Telephone bill, can you cut that down at all from the current £40 a month. Not sure who you are with but you may be able to get line rental and free evening / weekend calls for £15 ish.

- Your car tax is £35 a month which would indicate an efficient car (usually diesel, or very small engined petrol) yet you pay £280 a month (£65 a week) for fuel. I assume this is your husbands trip to work and back, is it a quite long commute?

Petrol is OH's car (Volvo estate) he works in Bromley, (we are in Sittingbourne) so at least 30+ miles per day

Phone bill, I think we are tied in to Talk Talk for another few months (must check this) I am going to experiment with not using it (use mobile for out going calls)

threemuttleys

lazydaysandmondays wrote: »

Hi there, try not to worry too much, could you fill in the whole SOA, I can't see if you have a surplus or deficit each month

You should be due Tax Credits on that income, does you OH only bring in £500 per month or is that your maternity pay?

£100 per month for pet insurance and bills? is there any way to bring that down at all?

Is your council tax over 12 months or ten, if you call them they will sometimes allow you to spread it over the year making the payments a little lower each month.

Electricity is a bit high, it can make a difference just using the washing machine at weekend as much as possible and airdrying clothes etc (I saved about £40 a month being more careful). Phone them up and ask to lower the direct debit.

Telephone is high - does that include television services?

You use a lot of petrol, are you going to the cheapest place available and or collecting points with it?

Petrol, is pretty high down here, OH does try to fill her before getting into Bromley, and only puts in £20 at a time. He uses whereever is cheapest when he needs it

Phone is just the phone, we dont have digital (got rid of that)

Thank you for the electric advice, will give that a go. I have started switching the hot water off in the day, and switching all items off at the switch (not sure how much difference that would make)


Not sure about the council tax, will ask the OH

the £1500 is the Oh (after tax) £500 is my maternity pay, have sent off the form, so fingers crossed we will get something.

Pets are pretty expensive, I know some would say get rid (we have 3 dogs and 2 cats) but we are in agreement that this would be an absolute last resort. I feed raw, so their food is around £30 per month (less when I can get free food) its the insurance that bumps them up a lot (cats are £16, dogs just went up to 50 something)

ceejaydee23

three muttleys, i know it may sound strange, but sometimes you find actually filling the car up to its full potential will save you money in the long run, as the car isnt frequently getting to empty so picking up the crap at the bottom of the tank. my other half has a small drive to work 15 mile round trip, and we get through roughly £45 in a fortnight. for a 1.25 3 door fiesta!

beachie

threemuttleys wrote: »

Petrol is OH's car (Volvo estate) he works in Bromley, (we are in Sittingbourne) so at least 30+ miles per day

Phone bill, I think we are tied in to Talk Talk for another few months (must check this) I am going to experiment with not using it (use mobile for out going calls)

Surely that is not right for car tax - £35 a month (£420 a year!)

Also, Volvo's are great cars and do run for a long time but normally their MPG in some of the older cars in awful.

My ex's dad had a Volvo estate and was getting a really low MPG!

g_attrill

The electricity stands out as being quite high.

Call TalkTalk and try and get down to their cheapest package, I think all providers have free weekend calls at least, so try and make lengthy calls then, or get friends/family to use Skype. Also you shouldn't be paying extra for internet if you have TT, triple check you are on the best deal there.

The car is a very expensive outlay, is it really £35 a MONTH in tax?

It's worth looking at buying a smaller car with a lower insurance group and which uses less fuel. I picked up a Micra off ebay for £400 and it does a heck of a mileage with no problem.

I understand you have children and dogs but you might have to live with not being able transporting all of them to the same place at the same time for a while.

KingElvis

For me the critters would have to go and know from experiece that even a 1.6 S40 Volvo can guzzle fuel into the low 20s MPG

Like I said, it may sound tough but the zoo would have to go to Greggs (kidding on the Greggs)