Out with the old...

GeorgieFTB

kezzygirl wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400 - anyway to up, overtime? 2nd job?
Partners monthly income after tax....... 0 - anyway to up this? Avon/part-time etc
Benefits................................ 470 - check you are getting everything you should (I think theres a check on here or entitledto.org)
Other income............................ 0
Total monthly income.................... 1870
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 340
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40 - cheapest? check comparision sites and cashback sites to get the best deal
Gas..................................... 0
Oil..................................... 80 - are you in a co-op? could you start one?
Water rates............................. 29
Telephone (land line)................... 16 - is this cheapest? can you lump internet & phone together, use cashback sites
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 350 - as BoF said, go over to the old style board
Clothing................................ 30 - try binding the kids to stop them growing:D
Petrol/diesel........................... 175 - are all journeys nessesary? do you drive economically, there is a guide on the main site
Road tax................................ 12
Car Insurance........................... 58 - expensive, points? shop around at renewal and use cashback sites
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................. 22 - how many pets? can you get this cheaper, is it nessesary?
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 42 - see if you can cut this, shop in sales during year etc
Haircuts................................ 0 - need something here
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0 - need something here in case the boiler blows up!
tobacco................................. 35
nacsa................................... 30
Total monthly expenses.................. 1447

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
santander crditcard............491.58....16.09.....29.9-paying 70 a month to clear it - about 2 frugal months could clear this
santander loan.................1432.71...30........0
barclaycard....................982.26....28.74.....12.9
very...........................639.......61........0
barclaycard....................1939.17...42........12.9

toatl monthyly income-1870
expenses-1497
available for debt repayments-373
unsecured debt repayments-231
surplus-141.26
net assets--4584

Kezzy

If you really cut back for a few months I think you could really kick start paying off.

The most I think you could save is off groceries, take a look at http://www.cheap-family-recipes.org.uk/ for some ideas as well as the old style board for ways to cut down, I think you should be able to get it down to £200, that should free up about £150 to throw at your debts.

As your partner isn't working at the moment (temp or perm situation) you should be able to cut costs a lot, cook from scratch, look for the best deals for everything etc

Gx

GeorgieFTB

Aso forgot to mention, are you snowballing? on the same site you filled out the SOA there is a snowball calculator, it will tell you what debts to pay off first and how long it will take to pay everything off. It might also give hubby an added bonus if he knnow how much sooner you could be debt free if you cut costs.

Start a couple of challenges, they make things more fun, PAD (payment a day), or NSD (no spend days), 1 debt vs 100 days, anything that looks fun and will help you get debt free.

Gx

kezzygirl

GeorgieFTB wrote: »

Kezzy

If you really cut back for a few months I think you could really kick start paying off.

The most I think you could save is off groceries, take a look at http://www.cheap-family-recipes.org.uk/ for some ideas as well as the old style board for ways to cut down, I think you should be able to get it down to £200, that should free up about £150 to throw at your debts.

As your partner isn't working at the moment (temp or perm situation) you should be able to cut costs a lot, cook from scratch, look for the best deals for everything etc

Gx

Hi George,thanks for looking.No option of overtime,i am salary paid.I use my car for my job-driving to dr's surgeries,paid expenses by employer(nhs).insurance is so high as hubby writ a car off,i was main policy holder.could look into lowering electric,we are on a meter as i was sick of being messed around by electric companies and like to know where I stand.
Hubby is fulltime stay at home dad to our kids-daughter is 5,son has just turned 2 (so wont be long before he is out of nappies!yay!lol)I am mentally drained by the end of the day(psychological therapist)so no option of me doing ote extra.Hubby is keen to do something,althoughits difficult as son at home all day.we have looked for evening jobs and are still looking.

No,we dont do a co-op.dont really know neighbours lol
think that answers everything!

kezzygirl

we live in housing association house so they do repairs if required.pet insurance is for two animals-golden retriever puppy(15 a month) and cat(7 a month).If i ever see any cheap presents/toys we buy them and put them away for xmas.
Think we are getting all we are entitled to...tax credits have gone down by £20 a weekas i have just qualified and my pay has gone up.

[Deleted User]

kezzygirl wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1400 Any way to increase? Overtime? Second job?
Partners monthly income after tax....... 0 Any way to put something here? Even very part-time would help - one day or evening a week? Or else look at the up-your-income board for some ideas.
Benefits................................ 470 Are you claiming all that you are entitled to?
Total monthly income.................... 1870

Monthly Expense Details
Rent.................................... 340
Council tax............................. 100 Is this the full amount divided by 12? Are you paying this over the usual 10 months? If so either ask your council to spread over 12, or use your free months to throw the same amount towards the debt costing you the most in interest
Electricity............................. 40 Although this is not high, do check that you are a) not in credit with the company (and if so claim it back), or b) that you are on the cheapest tariff for your area, often online and duel fuel tariffs are cheaper (eg USwitch), and if switching is cheaper use one of the cashback sites (Quidco, topcashback, Onepoll etc)
Oil..................................... 80 Is this an average for the year, and do you keep saving this amout somewhere until needed in the winter months to spread the cost?
Water rates............................. 29 Are you on a meter? If not, would one be cheaper?
Telephone (land line)................... 16 See if combining with internet would be cheaper for you - might be/might not be - but worth a look.
Mobile phone............................ 10
TV Licence.............................. 13
Internet Services....................... 13
Groceries etc. ......................... 350 I think that you can cut this down, even with four of you and still eat healthily and well, take a look over on the old style board for hints, tips and advice - batch cook, meal plan, drop brands, use lidl/aldi, etc - set your self a target to reduce by x amount this month, and then x amount next month and see how you get on.
Clothing................................ 30 just buy what's needed for the kids now and wear what you have until you are debt free
Petrol/diesel........................... 175
Road tax................................ 12
Car Insurance........................... 58
Car maintenance (including MOT)......... 30
Pet insurance/vet bills................. 22
Contents insurance...................... 14
Presents (birthday, christmas etc)...... 42
Haircuts................................ 0 never?
Entertainment........................... 50 what does this get spend on? Is it good value? could you get the same for cheaper elsewhere? - use offers eg meal vouchers for eating out, orange wednesdays for the cinema etc
tobacco................................. 35 Although a difficult task, it might be time to try and make a quit attempt, you should be able to access your local NHS stop smoking service for free and get nicotine (or other) stop smoking aids on an NHS prescription if not free - so will save you cash even when in the process of quitting, and you will also be much healthier
nacsa................................... 30 Not sure what this is? What is it?
Total monthly expenses.................. 1447

Assets
Cash.................................... 0 should you not have something for yearly bills and expenses here?
Car(s).................................. 900
Total Assets............................ 900

No Secured nor Hire Purchase Debts

Unsecured Debts - Have you stopped spending on your cards?
Description....................Debt......Monthly...APR
1) santander crditcard............491.58....16.09.....29.9-paying 70 a month to clear it you are right to make this your priority as it's the debt that's costing you the most in interest - pay the minimum towards all your other debts, and then overpay this one as much as you can until it's completly gone.

2) barclaycard....................982.26....28.74.....12.9barclaycard....................1939.17...42........12.9Once the above debt is cleared move on to the barclay cards are they appear to be your next most expensive debt - continue to pay the minimum towards all remaining debts and then overpay these with what you were previiously paying to the santander card (minimum payment + any surplus)

3) santander loan.................1432.71...30........0 is this really 0%? If so it is a low priority at the moment, so only pay the minimum until all debts charging you interest are gone, but do check this, and prioritise it accordingly in your list if you find out it is costing you more than any of the other debts

4)very...........................639.......61........0 Again, double check that this one is really 0%, as catalogues tend to charge high interest rates, and prioritise accordingly if the interest being charged is costing you more than any of your other debts.

In prioritising your debts in this way you will be reducing the total amount of interest that you are paying back, and therefore paying more off the balances each month, ensuring that your debt free day is as soon as it can be. But do check the interest rates. Take a look at the Snowball calculator at the end of the page where you filled in this SOA - it will hopefully make it clearer, and you can play around with it to work out your debt free day


toatl monthyly income-1870
expenses-1497
available for debt repayments-373
unsecured debt repayments-231
surplus-141.26 - this is great you have more left at the end of the month than you spend, throw this at the debt that's costing you the most in interest to speed up your debt free day. If you don't have this at the end of every month, then double check that you have included everything in your SOA. If you still can't find it then keep a spending diary for a couple of months noting down everything that you spend from a packet of chewing gum to your rent and everything in between, and you will soon see where it goes.
net assets--4584

Hi,

I have made some comments above, I hope that some of them will be of use to you.

HTH

D9

kezzygirl

Originally Posted by kezzygirl
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1400 Any way to increase? Overtime? Second job?
Partners monthly income after tax....... 0 Any way to put something here? Even very part-time would help - one day or evening a week? Or else look at the up-your-income board for some ideas.
Benefits................................ 470 Are you claiming all that you are entitled to?
Total monthly income.................... 1870

Monthly Expense Details
Rent.................................... 340
Council tax............................. 100 Is this the full amount divided by 12? Are you paying this over the usual 10 months? If so either ask your council to spread over 12, or use your free months to throw the same amount towards the debt costing you the most in interest
Electricity............................. 40 Although this is not high, do check that you are a) not in credit with the company (and if so claim it back), or b) that you are on the cheapest tariff for your area, often online and duel fuel tariffs are cheaper (eg USwitch), and if switching is cheaper use one of the cashback sites (Quidco, topcashback, Onepoll etc)
Oil..................................... 80 Is this an average for the year, and do you keep saving this amout somewhere until needed in the winter months to spread the cost?
Water rates............................. 29 Are you on a meter? If not, would one be cheaper?
Telephone (land line)................... 16 See if combining with internet would be cheaper for you - might be/might not be - but worth a look.
Mobile phone............................ 10
TV Licence.............................. 13
Internet Services....................... 13
Groceries etc. ......................... 350 I think that you can cut this down, even with four of you and still eat healthily and well, take a look over on the old style board for hints, tips and advice - batch cook, meal plan, drop brands, use lidl/aldi, etc - set your self a target to reduce by x amount this month, and then x amount next month and see how you get on.
Clothing................................ 30 just buy what's needed for the kids now and wear what you have until you are debt free
Petrol/diesel........................... 175
Road tax................................ 12
Car Insurance........................... 58
Car maintenance (including MOT)......... 30
Pet insurance/vet bills................. 22
Contents insurance...................... 14
Presents (birthday, christmas etc)...... 42
Haircuts................................ 0 never?
Entertainment........................... 50 what does this get spend on? Is it good value? could you get the same for cheaper elsewhere? - use offers eg meal vouchers for eating out, orange wednesdays for the cinema etc
tobacco................................. 35 Although a difficult task, it might be time to try and make a quit attempt, you should be able to access your local NHS stop smoking service for free and get nicotine (or other) stop smoking aids on an NHS prescription if not free - so will save you cash even when in the process of quitting, and you will also be much healthier
nacsa................................... 30 Not sure what this is? What is it?
Total monthly expenses.................. 1447

Assets
Cash.................................... 0 should you not have something for yearly bills and expenses here?
Car(s).................................. 900
Total Assets............................ 900

No Secured nor Hire Purchase Debts

Unsecured Debts - Have you stopped spending on your cards?
Description....................Debt......Monthly.. .APR
1) santander crditcard............491.58....16.09.....29.9-paying 70 a month to clear it you are right to make this your priority as it's the debt that's costing you the most in interest - pay the minimum towards all your other debts, and then overpay this one as much as you can until it's completly gone.

2) barclaycard....................982.26....28.74.... .12.9barclaycard....................1939.17...42.. ......12.9Once the above debt is cleared move on to the barclay cards are they appear to be your next most expensive debt - continue to pay the minimum towards all remaining debts and then overpay these with what you were previiously paying to the santander card (minimum payment + any surplus)

3) santander loan.................1432.71...30........0 is this really 0%? If so it is a low priority at the moment, so only pay the minimum until all debts charging you interest are gone, but do check this, and prioritise it accordingly in your list if you find out it is costing you more than any of the other debts

4)very...........................639.......61....... .0 Again, double check that this one is really 0%, as catalogues tend to charge high interest rates, and prioritise accordingly if the interest being charged is costing you more than any of your other debts.

In prioritising your debts in this way you will be reducing the total amount of interest that you are paying back, and therefore paying more off the balances each month, ensuring that your debt free day is as soon as it can be. But do check the interest rates. Take a look at the Snowball calculator at the end of the page where you filled in this SOA - it will hopefully make it clearer, and you can play around with it to work out your debt free day


Hi, all of the very debt is buy now pay later etc and so we have worked out how much we need to pay to clear it for when the buy now pay laters are due.Yes,santander loan is interest free-we paid all interest on the loan from day one and then got into financial difficulty,went on a dmp,then stopped dmp a year down the road and now tackling creditors ourselves,so from what i understand they cant charge us interest as that is what are payments were going to from the start.

I agree with the food situation,we need to cut that down and will endeavour to do this in the coming weeks

GeorgieFTB

kezzygirl wrote: »

Hi George,thanks for looking.No option of overtime,i am salary paid.I use my car for my job-driving to dr's surgeries,paid expenses by employer(nhs).insurance is so high as hubby writ a car off,i was main policy holder.could look into lowering electric,we are on a meter as i was sick of being messed around by electric companies and like to know where I stand.
Hubby is fulltime stay at home dad to our kids-daughter is 5,son has just turned 2 (so wont be long before he is out of nappies!yay!lol)I am mentally drained by the end of the day(psychological therapist)so no option of me doing ote extra.Hubby is keen to do something,althoughits difficult as son at home all day.we have looked for evening jobs and are still looking.

No,we dont do a co-op.dont really know neighbours lol
think that answers everything!

If hubby is keen to do something, excellent, there are many SAHMs that reckon they save a lot of money by not working, get him thinking that saving money is the same as earning, well because it is, if your earning and wiped out then his job is bringing up the children and gettting the most for the families money. Get him on the old style board to see where you can cut costs and start living better.

Gx