My SOA

gizmo111

evherkes wrote: »

I am positing this in case anyone has any suggestions!

I cannot afford to have any marks on my credit reports (IVA etc) as I can lose my job over it! Sadly as I have CL Finance dealing with a previous issue, until it is fully paid off credit cards wont touch me either.

I am happy to take on board any suggestions. I already use comparison websites to check insurance, my weekly shopping and fuel prices so I am wary. I don't buy any luxuries, as you can see no haircuts, holidays & Sky!

Thanks

[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1247
Partners monthly income after tax....... 0
Benefits................................
Other income............................ 0
Total monthly income.................... 1247
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax.............................
Electricity............................. 45
Gas..................................... 40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel...........................
Road tax................................
Car Insurance...........................
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery.......................
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1083

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB.....................1531.32...25........15.9
CL Finanace....................3754......50........0
M&S............................1311......0.........21.9
Car Finance.................... .......5
Total unsecured debts..........6596.32.. 75......-

Monthly Budget Summary
Total monthly income.................... 1247
Expenses (including HP & secured debts). 1083
Available for debt repayments........... 164
Monthly UNsecured debt repayments.......
Amount short for making debt repayments. + 89
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,596.32
Net Assets.............................. -6,596.32
[/tt]

Look at the difference in your SOA if you gave up work for a couple of years and got rid of the car. You'd have a little bit to play with. Your full LHA for a 2 bed in MK is £610 per month
Any CSA you receive would be in addition to the £89 per month you have surplus.

Doubtful_Guest

Your food costs are ridiculous for one adult and a toddler. Frozen vegetables have been demonstrated to retain nutrients far better than fresh veg which often travels around and then sits on supermarket shelves for days shrivelling. Bags of frozen peas/sweetcorn/carrots/cabbage/spinach etc cost about £1 per kilo in ASDA. You could eat a kilo per day and still only spend £30 per month on veg. Plus lots of pasta, rice, pulses and fish plus occasional meat and you should be able to do it for under £100 per month no problem.

I don't know why you're talking about school catchment areas when your daughter is only two. Why are you paying a premium for that now when it's 3 years away ? By which time, you won't have to pay for childcare. If it were a single mum getting £300 further into debt every month, I'd be looking for a one bedroom flat and sharing with the toddler for a couple of years.

NeverAgain_2

What are you feeding the child?

It should be what you are having, chopped up small.

I saw a mother in the supermarket a few weeks ago buying dozen of pots of 'baby food'.

What a waste of money, full of preservatives and chemicals, too.

I was tempted to use my licence to interfere, but decided against it.

Going back to your situation, you need to make bigger changes than just cutting back on the grocery bill

Not wanting to sound harsh, but you are earning a pittance while trying to live like a yummy mummy.

The nursery costs alone are unaffordable for someone on twice what you are paid.

It's all very well saying the child must not suffer, but if you are not careful, she will have a mother who is jobless, homeless and bankrupt.

brummiebabe

You said you use Childcare vouchers .....so is the £800 the extra that you pay on top of what the voucher covers? If £800 is the full nursery bill per month then you should be reducing the amount on your SOA to show what you actually pay on top of the Childcare voucher.

Oh and from the school term after her 3rd birthday you will get 15 hours per week (during school terms) paid for. Not much...but every little helps:money:

cheftyke

I am not criticising you personally here but good god, its no wonder the country has gone down the pan.

I spent six years at university, work 50 hour weeks and your take home pay inclusive of benefits is greater than mine. What a joke.

brummiebabe

cheftyke wrote: »

I am not criticising you personally here but good god, its no wonder the country has gone down the pan.

I spent six years at university, work 50 hour weeks and your take home pay inclusive of benefits is greater than mine. What a joke.

Most of her benefits will be related to Childcare costs - I admire that the OP wants to work, and not be a stereotypical single mum stuck at home on benefits, but it might be better to do this until her daughter starts school. Feel for her though...Childcare costs are a nightmare. I've been paying them for the last 10 years....& can't wait until they end in September when DD starts school:j