Cant do this anymore - SOA

Jules69B

Hi, We have been struggling for years now and this week has been the final straw! Our Tax credit renewal plus the fact that our eldest has left school now means that with the loss of child benefit for him and the change in Tax credits mean that we have lost over £250 per month. I just dont know how we will manage. We use cheap food etc where possible but even the packed lunches for the boys and hubbie cost a fortune. There is always too much month left at the end of the money and although the soa shows we have excess money it just doenst happen that way?? The car I am driving costs at least £60 per week for fuel just for work and the school runs without all the running around for holiday clubs and activities etc. We do not have any money as back up at all. I am listing tems on Ebay and have asked for some more hours but not yet forthcoming.

Jules



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1083
Partners monthly income after tax....... 1450
Benefits...Child benefit................ 186
Other income......Tax Credits........ 7.56
Total monthly income.................... 2726.56

Monthly Expense Details
Rent.................................... 360.32

Council tax............................. 129
Electricity............................. 80
Gas..................................... 44
Water rates............................. 55
Mobile phone............................ 20
TV Licence.............................. 12.75
Internet/Cable TV/phone .............. 80.00
Groceries etc. ......................... 600.00
Petrol/diesel........................... 90 pw
Road tax................................ 320 py
Car Insurance........................... 130 pm
Car maintenance (including MOT)......... 30pm
Car parking............................. 20pm
Bank account charges 16pm
Childcare/nursery....................... 0
Other child related expenses............ 300 py
Medical (prescriptions, dentist etc).... 0
Bank charges varies but average..........70pm
Buildings insurance..................... 0
Contents insurance...................... 23pm
Life assurance ......................... 9pm
Other insurance......................... 24pm
Presents (birthday, christmas etc)...... 50pm
Haircuts................................ 50pq
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2184.73
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0
Total secured & HP debts......

Unsecured Debts
Description....................Debt......Monthly.. .APR
Utilities.......................2500 water not sorted yet
Council tax……………………. 4210 attachment of earnings taken before wages paid
Capital one 600
Edinburgh mortgage company 9600
Phillips debt collection (re cars not sorned) 160
Dad for car 1300
mum 240

Total unsecured debts.......... 18610


Monthly Budget Summary
Total monthly income....................2726.56
Expenses (including HP & secured debts). 2183.73

Excess ???? £542.83

Lizzielonglegs_2

Hi Jules

Didn't want to read and run, and just wanted to say I understand how you feel as our tax credit situation changed recently and it makes balancing the books alot harder.

well done for completing your SOA...I'm not great on these and I am sure the guiding lights will help better than me, but on a quick look you seem to be paying a lot for gas and electric each month, could you change this? and the TV package seems high too, could that be dropped?

Also, you say on paper there should be more money at the end of the month, but it doesn't feel that way...could you keep a spending diary for a few weeks and it might show where it goes...all those odd pounds and pennies!!

Sure others will be along to help soon too x

Mikazaru

You need to put in the monthly cost for everything, so for the car tax etc divide it by 12 to get your monthly figure. You can then say what you should have left each month.
The internet/phone seems very high at first glance, the child who you've lost credits/benefits for have they gone to uni or are they working?

QueenBeruthiel

With three children of school age - if I'm reading this right - surely you should get more in Child Tax Credit than £7 pm! That has to be a mistake. Can you query that?

theoretica

The most productive targets to aim for look like:
Looking back over your bank statements and keeping a spending diary to make sure your SOA and reality match
Bank charges - hopefully you can find a way to stop giving them any money!
Groceries - the Old Style board here will help you cut this, £60 per person a month is mentioned as a sensible figure to aim for, but try to cut off £50 or so each month as you find out money saving tricks. Are you buying 'sandwich fillings' for instance? If you buy a joint when they are on offer and roast slice and freeze you can save masses there for instance.
TV/broadband - why so high and do you really need it if it is driving you into debt.
Presents, can you find less expensive, but thoughtful, presents?

Your son who has left school, what are his plans now and will he soon be paying you at least for the food he eats? Or off to University so you won't be feeding him so much?

Tixy

Hi

redo the SoA with the monthly cost of everything, having yearly and weekly figures in there is messing up how much you should have surplus. Plus you need to list the repayments for the debts which you don't seem to have done yet.

Jules69B wrote: »

Electricity............................. 80 looks very high, do you have arrears? have you shopped around for cheaper and tried to get everyone to cut back on usage?
Gas..................................... 44
Internet/Cable TV/phone .............. 80.00 can you drop this to a basic package which should be only half the price
Groceries etc. ......................... 600.00 this is a lot even for a large family. Families of 4with pets manage on £250 so you should be able to reduce to say £400. lots of tips on the oldstyle board and grocery challenge such as meal planning for the whole week before you shop and trying the drop a brand challenge. Does this include anything extra to normal groceries (such as cigs or lots of drink etc)?
Bank account charges 16pm
Bank charges varies but average..........70pm what is this for? bounced items or daily charges or what?
Contents insurance...................... 23pm shop around at renewal

I'd suggest you seek some advice from one of the debt charities for some help on a way forward.

binnie

£600 a month sounds a lot for groceries.
Can you do a meal plan for the week and make bulk amounts and freeze them. There are tons of recipes on the old style board. Can you buy the Chosen by you Range from Asda. They are good and reasoanble prices.
We buy Asdas own chocolate bars which are just the same as a mars bar, but half the price.
Also their smart price pot noodles are no different in taste to the dearer ones and only cost about 30p. They are filling and ideal for hubbies lunch maybe.
I wish you well and hope you can get more replies with help.
xxx

Dave101t

over £500 spare a month, this can easily be paying off the debts with interest.

Jules69B

Thanks for your replies.
Son is starting an apprenticeship in september.He will be paid and so we can ask him for some housekeeping but dont want him to feel that we are sponging off him. His friends only pay about £10 per week!
The Tax credits letter came through this morning and we are now entitled to just £7.56 per week, I spoke to someone who said it was right and that I needed to wait 21 days before quering it??
Electric is on a direct debit worked on energy smart and is worked out by british gas. the gas has just been dropped from £81 to £44 following updating the meter readings.
One of my 2 jobs is internet based and I need the phone for that as well so we have an anytime calls package. basic tv package and small internet. I keep missing the payment date and so i keep getting charged £10 late payment charges. The petrol for my car is ridiculous but we dont have the money to get a smaller car and it is too far to walk to work and my daytime job involves going to several differnt places within 1 hour so the bus is not practical.Some of our bills are on direct debits and some on payment books so some I can juggle when I pay them and others are fixed.
We buy most of the kids clothes at bootsales and pass them down to the younger ones where possible but the 13 and 10 yr old are almost the same size! The 16 yr old is huge compared to the 13 yr old who is very small for his age, his clothes cost the same as his Dad's. and the 7yr old is a girl so I put floral patches etc on the boys jeans for her to use.

We have been through worse, so I know we can get out the other side but it just feels overwhelming today. I am on annual leave next week and cant even afford to take the kids anywhere for a break. I know other people are going through much much worse and I know that noone has a magic answer, It has helped just writing it down I guess.

Thanks
Julie


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4 7, 10, 13 and 16
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1083
Partners monthly income after tax....... 1450
Benefits...Child benefit................ 186 £201.50pm
Other income......Tax Credits........ 7.56pw £32.76 pm
Total monthly income.................... 2767.26

Monthly Expense Details
Rent.................................... 360.32pm

Council tax............................. 129pm
Electricity............................. 80pm direct debit
Gas..................................... 44
Water rates............................. 55
Mobile phone............................ 20 includes family plan for free calls to each other
TV Licence.............................. 12.75
Internet/Cable TV/phone .............. 80.00 needed for one of my jobs work online
Groceries etc. ......................... 600.00
Petrol/diesel........................... 90 pw
Road tax................................ 320 py £26.66pm
Car Insurance........................... 130 pm
Car maintenance (including MOT)......... 30pm
Car parking............................. 20pm
Bank account charges £16pm ( allows overdraft and RAC and travel ins etc)
Childcare/nursery....................... 0
Other child related expenses............ 300 py £25 pm club registration fees
Medical (prescriptions, dentist etc).... 0
Bank charges varies but average..........70pm
Buildings insurance..................... 0
Contents insurance...................... 23pm
Life assurance ......................... 9pm
Other insurance......................... 24pm
Presents (birthday, christmas etc)...... 50pm
Haircuts................................ 50pq £10pm
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. £2178.07

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0
Total secured & HP debts......

Unsecured Debts
Description....................Debt......Monthly.. .APR
Utilities.......................2500 water not sorted yet
Council tax……………………. 4210 attachment of earnings taken before wages paid
Capital one 600
Edinburgh mortgage company 9600
Phillips debt collection (re cars not sorned) 160
Dad for car 1300
mum 240

Total unsecured debts.......... 18610


Monthly Budget Summary
Total monthly income....................2726.56
Expenses (including HP & secured debts). £2178.07

Excess ???? £589.19

Mikazaru

You should have over £500 a month left before the debt repayments what do they total a month?
Car insurance seems high, although does that include your son? Use cashback sites for all your insurance renewals.
Have a look at the Old Style Board to cut down the grocery bill.
Even with phone, internet, tv £80 is a lot. Go freeview and BT do a internet and phone package for around £25 a month

miradene

Firstly well done for posting. It is the first step to sleep filled nights!!!

I am sure there are people on here who have more to offer than me and can help you in many ways.

I do agree that you should repost your SOA with all costs as monthly costs. Include absolutley everything. It is so easy to miss things and it suddenly looks like there is a surpluss of money...;)

Perhaps start to keep a diary of spending and ALL reciepts - you will be suprised where the money goes....

I have made a couple of notes on your SOA.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1083
Partners monthly income after tax....... 1450
Benefits...Child benefit................ 186
Other income......Tax Credits........ 7.56 seems low - check you are getting all entitlements
Total monthly income.................... 2726.56

Monthly Expense Details
Rent.................................... 360.32

Council tax............................. 129
Electricity............................. 80 seems high - check for better deals if you are not in arrears
Gas..................................... 44
Water rates............................. 55
Mobile phone............................ 20 good if this is for everyone
TV Licence.............................. 12.75
Internet/Cable TV/phone .............. 80.00
Groceries etc. ......................... 600.00 this could be reduced - check some of the old style boards
Petrol/diesel........................... 90 pw
Road tax................................ 320 py
Car Insurance........................... 130 pm seems really high - £1560 per year!!
Car maintenance (including MOT)......... 30pm
Car parking............................. 20pm
Bank account charges 16pm
Childcare/nursery....................... 0
Other child related expenses............ 300 py £25pm? does this include school trips etc?
Medical (prescriptions, dentist etc).... 0 Free dental care and prescriptions?
Bank charges varies but average..........70pm high
Buildings insurance..................... 0
Contents insurance...................... 23pm
Life assurance ......................... 9pm
Other insurance......................... 24pm
Presents (birthday, christmas etc)...... 50pm
Haircuts................................ 50pq
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 you should really have something in here for unexpected car repairs / washing machine breaks down etc
Total monthly expenses.................. 2184.73
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200 Is this each or both together? (More expensive than insurance if together!)
Other assets............................ 0
Total Assets............................ 1200


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0
Total secured & HP debts......

Unsecured Debts
Description....................Debt......Monthly.. .APR
Utilities.......................2500 water not sorted yet
Council tax……………………. 4210 attachment of earnings taken before wages paid
Capital one 600
Edinburgh mortgage company 9600
Phillips debt collection (re cars not sorned) 160
Dad for car 1300
mum 240

Total unsecured debts.......... 18610


Monthly Budget Summary
Total monthly income....................2726.56
Expenses (including HP & secured debts). 2183.73

Excess ???? £542.83


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