Shortie's Improved SoA

Shortie

Hi

I’m getting fed up of being in debt, so am bringing my revised SOA to the DFW board following SS’c help thread. Hope I’ve made it clear enough… Can anyone make any suggestions?

Besides the fact I’ve scared myself daft knowing how much ‘spare cash’ we have and not having a foggiest where it goes each month (spending diary due me thinks…) I’m also concerned there something else major on here that I’ve forgotten. We don’t do holidays and if we do we stay with family so it’s just the cost of petrol if we can afford to go. Clothes – I only buy if I have spare cash and it’s honestly not very often as I hate clothes shopping. DS doesn’t have school trips at the mo (at nursery) so there’s no real expense there either

Thanks in advance.

Monthly Incomings:

My salary - £2,165
Partners salary - £1,000
Benefits - £70

Total - £3,235
**edit... cheers Clapton for spotting the typo

Monthly Outgoings:

Mortgage - £956
Council Tax - £114
Gas & Electric - £50
Water - £30
Sky £21
Mobile Phones - £60
Land Line - £11
Broadband - free
Food - £200
Car Insurance - £40 DH
Petrol - £160 across both of us
Life Insurance - £100
Home Insurance - £54
Childcare - £320
Chrimbo 2007 Savings - £20
Child Trust Fund - £70
RBS Sharesave - £100

Total: £2,306

Loans:
Bank of Mum and Dad (need to confirm rate but Virgin One rate)
Owe as of Nov payment: £11,845
Current finish date: June 2011
Monthly Payment: £250

Bank of DH Mum and Dad
Owe: £4,000
Nothing being repaid yet

Savings p/m:
Christmas 07 Fund - £20
Child Trust Fund - £70
RBS Share Options - £100

Savings:
Natwionwide ISA: £800 but stopped paying into this quite a while back…

CLAPTON

firstly 2165+1000+70 = 3235 and not 4,235

but you are right a spending diary for both will be very helpful

other things....no socialing costs, car tax, servicing/repairs/RAC/AA, work lunches/coffees, optical/dentist/medical, gas &el at 50 is amazingly low, anything spent on the house(decoratring, furniture, appliances) any sports/gym, no takeaways , no xmas expense, no presents....
things to thing about...

calleyw

You can trim a few things down like mobiles and food but that is like spitting in to a black hole.

You need to both be on team shortie and you need look at all your statements (credit cards/bank statements etc) and look at every amount that is spent. If cash has been taken out try and work out why.

Also you both need to keep spending diaries with out that you are never going to learn where you money is going and being able to plug the gaps and get on top of things.

Yours


Calley

david_hellier

Hi. As the others say, a spending diary is the only option. The main benefit of these is to prevent overspend; the curse of society.

According to my figures you have £209.47 per week to spend on food and anything else. With your debts you are not in a position to save, so you need to stop saving and pay more attention to paying the debts. So, in my calcs I have assumed no savings and BOMD 2 to repay at £150 per month.

I suggest you write £209.47 in your spending diary on a Monday and keep a note of all spending/withdrawals by subtracting. If at the end of the week you have any over, carry it forward in the diary to the next week and try and build up a bit of a fund.

I note no mention of overdrafts/charges/interest? You mention a Virgin account. If you are using a One account, you will definately need a spending diary as these accounts are unmanageable without one.

Good luck, the figures are as follows:

Weekly Monthly
Pay 3235.00
rent/mortgage 956.00
council tax 114.00
secured loans
tv licence 11.99
electricity 25.00
gas 25.00
water 30.00
sky 21.00
mob 60.00
landline 11.00
car ins 40.00
petrol 160.00
life 100.00
home ins 54.00
childcare 320.00
bomd 250.00
bomd 2 150.00











Start £209.47

Debt_Free_Chick

Life insurance looks high at £100 pm, but it depends on age & health. Can you tell us more?

There really is little point in saving when you are in debt - other than an emergency fund, which you don't seem to do. I would ditch the Sharesave and the CTF - you can restart them when the debts are under control. But DO make sure you put this money into paying off the debts and DON'T simply fritter it away.