SOA's - Think i have done it right

IHaveNoMoney.com

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

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1300
Benefits................................ 120
Total monthly income.................... 2820

Monthly Expense Details
Secured/HP loan repayments.............. 594
Rent.................................... 360
Council tax............................. 110
Electricity............................. 30
Gas..................................... 30
Water rates............................. 46
Telephone (land line)................... 11
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 10
Groceries etc. ......................... 300
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 25
Other travel............................ 48
Childcare/nursery....................... 250
Contents insurance...................... 10
Other insurance......................... 44
csa payment............................. 180
husbands phone.......................... 35
weight watchers......................... 10

Total monthly expenses.................. 2325

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR

Secured Debt - £10,000 (414)......8.9<
loan - £5500.....(180)......
Total secured & HP debts £15500

Unsecured Debts
Description....................Debt......Monthly...APR
burtons........................130.......5.........NaN
next...........................170.......17........NaN
captial one....................191.......10........NaN
isme...........................380.......0.........0
additions......................400.......0.........0
very...........................64........0.........0
very...........................35........0.........0
additions......................1000......0.........0
isme...........................75........0.........0
vanquis........................2222......112.......NaN
barclay card...................997.......22........NaN
aqua...........................900.......30........NaN
caqpital one...................500.......24........NaN
barclays card .................442.......10........NaN
argos..........................367.......15........NaN
simply yours ..................262.......14........NaN
vanquis........................250.......11........NaN
jacemo.........................245.......13........NaN
evans..........................201.......6.........NaN
Total unsecured debts..........8831......289......

Monthly Budget Summary
Total monthly income.................... 2,780
Expenses (including HP & secured debts). 2,325
Available for debt repayments........... 495
Monthly UNsecured debt repayments....... 289
Amount left after debt repayments....... 206

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -15,500
Total Unsecured debt.................... -8,831
Net Assets.............................. -23,831

That looks horrible now it's all written down, but it's time i (we) face up to things my husband is useless at this sort of thing and because he is doing nothing about it i am burying my head in the sand thinking why should i bother.

Any advice greatfully received

Thanks

CH27

Do you have the £206 left at the end of the month? Keep a detailed spending diary for a month & you will be able to see where you are frittering cash away.

£300 is a lot for groceries. Drop a brand, meal planning & batch cooking will help you there.

Do you get childcare vouchers?

You need to find out what the APRs are on the debts.

IHaveNoMoney.com

First one on my list is to pay isme £54 by 12th april when the interest free period ends otherwise there will be an extra £17 added, made £30 on ebay today so thats a good step towards it

IHaveNoMoney.com

I will dig the paperwork out later and check aprs

Rough estimates on groceries will keep a spending diary for april but i have nothing left at the end of each month although i am the first to attmit that i am not carefull with money and since i went on holiday last october me and hubby have stayed in the red with our banks at the end of each month

I don't get child care vouchers maybe something to look into not sure how it works

Thanks

theoretica

You have £10k of secured debt, but no house and your car if worth £500. I find this odd - do you actually have more assets than you put down?

IHaveNoMoney.com

theoretica wrote: »

You have £10k of secured debt, but no house and your car if worth £500. I find this odd - do you actually have more assets than you put down?

Maybe i have put the debt in the wrong section i have a barclay bank loan originally £20,000 now owe around £10,000 and hubby has a barclay loan was £6,500 now £5,5OO sorry they are unsecured loans not secured think thats were i have gone wrong

Tixy

Hi and welcome

The debts should all be under unsecured but its still will give the same overall figures- I notice you have deleted quite a few lines from the SoA and I think this may be part of your problem. Eg if you have a car you need to include a line on your SoA for car maintenance - work out an approx cost for MOT, servicing, new tyres etc for a year and then budget 1/12 of that each month. Same with things like clothes, presents, haircuts entertainment etc - if you don't budget anything for these then when you hit a month with a lot of them in you suddenly cannot meet all your debt repayments or end up putting it on credit accounts.

A spending diary is definitely a good idea in your case to get a better picture of these extra spends.

Do work on trying to reduce your grocery bill - lots of advice on the old style board for getting this down, try reducing to 200 for april and see how you get on - once you start thinking about what you are buying or what meals those items can make it is possible to make changes.
Water looks a little expensive - is this metered on unmeasured? if not on a meter could you consider one. If on a meter have a read on the water board website for tips on reducing usage,
Consider switching sky for freeview?
What is other insurance? is it competitive price for the cover you get?

IHaveNoMoney.com

Hi thanks for your reply, water bill is higher at the mintue i am on a meter it was £30 direct debit i then cancelled the direct debit when i changed jobs and they have sent through the bill saying it is going up in june will definately question this.

Grocery maybe a lot less than i think do asda on line so weekly budgeting should be quite easy i will aim for £40 a week asda and then £10 for hubby to pick things up like milk/bread he works in waitrose and we do get some fab meat deals last week 2 huge steaks for £1.

Other insurance is health insurance (healthshield) could maybe get rid of that

Sky i personally would love to get rid of it but hubby will not give on this and the reason it's so high is becasue he has it for the wrestling on sky sports will continue to work on him though with this one.

Gonna keep a strict diary from april 1st to see where the money goes

Thanks you have given me lots to think about i really appreciate it

Tixy

Think carefully before you stop health insurance - only you can know your circumstances and whether you want to keep it - but do check exactly what it pays and also check if there are any cheaper options that give the same cover. (same for all insurances really).

t4mof

I get childcare vouchers through work and they take the amount you specify out of your gross pay meaning that you are taxed on less so technically have more in your pocket. The money (or vouchers) goes directly into an online account and then you can either transfer the amount once a month to your childcare provider or set up a Standing Order so it just happens automatically.

It doesn't feel like like you have more because your pay is less than it was but it's one expensive bill paid for. I don't even think about it now TBH.

HTH.