I want to know where to save..

flowerinjannah_2

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1438.45
Other income............................ 16
Total monthly income.................... 1454.45

Monthly Expense Details
Mortgage................................ 510.8
Secured/HP loan repayments.............. 27.53
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 26.32
Telephone (land line)................... 50
Mobile phone............................ 70
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 60
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 276
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25.49
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 25.56
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1460.82


Assets
Cash.................................... 0
House value (Gross)..................... 132000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 200
Total Assets............................ 132700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94246....(510.8)....3.5
Hire Purchase (HP) debt ...... 663.55...(27.53)....26.16
Total secured & HP debts...... 94909.55..-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax credit card............4839.67...1.........27.99
Total unsecured debts..........4839.67...1.........-


Monthly Budget Summary
Total monthly income.................... 1,454.45
Expenses (including HP & secured debts). 1,460.82
Available for debt repayments........... -6.37
Monthly UNsecured debt repayments....... 1
Amount short for making debt repayments. -7.37

Personal Balance Sheet Summary
Total assets (things you own)........... 132,700
Total HP & Secured debt................. -94,909.55
Total Unsecured debt.................... -4,839.67
Net Assets.............................. 32,950.78



Am I going in the right direction..to repay my mortgage? ..and be debt free..please help..

dimbo61

You have/dont own a car? worth £500 with no costs for insurance/servicing etc!
You are also spending more than your income and have about £100k of debts but also own a property worth £133K
No CSA ?

Engeroosi

how many mobiles do you have and who is the land lin with? they both seem high!!

Sepa74

I would agree the land line is high - even if it includes internet and tv. I have all three for ~ £35pcm.

Mobiles are also high, although that depends on how many you own! With 4 children it could be anything up to 5! Without knowing how many you have and whether they are payg or contract it's difficult to provide advice.

Your electricity is not high considering the size of your family, but I would say it is an area to think about making savings - lower thermostats to 19 or 20c and get the kids to put on jumpers, check your hot water and heating timers aren't on when you're not in the house, close curtains as soon as it gets dark (when the heating is on!) make sure lights are switched off, replace older bulbs with new energy saving bulbs as they fail, put draft excluders under doors etc.

Your food bill isn't particularly high, but there are a few threads around which might give you ideas for reducing it further - I can't think what they are, but I'm sure someone else will point you in the right direction.

Can't comment on how much it costs to clothe 4 kids, but I would say some charity shopping might help get that £60 down.

I reckon you are a household manager, but I bet that CC is a millstone around your neck. Have you visited the debt-free wannabe boards at all? They are really inspirational in how they manage on so little in order to free themselves from the debt-grind.

Good luck with it all!