My S.O.A. enclosed, and first post

shaunyb

Hi, this is my first time here and Ive done the SOA calculator (just dont have all the apr figures yet)

Im self employed and can earn more money than shown, but the figures are what I'd class as an average months earnings.
There are 2 aspects to my self employment, the first is what I'd class as "the day job", doing things online for others, and this is the bit I can do more or less of (but is really boring.. mind numbing in fact).

The second aspect is the stuff I am passionate about and could work on 18 hours a day if permitted, but I feel constantly torn to work on the "boring" work to help with the bills and as a direct consequence I feel like I never have time to work on my passions (the website management)

The income from the website management self employment is gradually improving (I run a few websites), but for the last year Ive not saved any tax from any income because we've never made enough to meet our basic household bills, so Im reluctant to use any of that money as "earnings" yet, as I think it will be another year until those earnings have recouped the tax I should have saved along the way. I hope to start taking an income from the website management online activities in 6-12 months. Up until today, the money earned online (about £600/month from the website management)was reinvested into the business and/or spent to buy groceries.

My "job" is the stuff I class as boring (producing content for other people online) and find hard to stick to each day and have an awful time getting motivated to do it, but this is the stuff that pays more if I do more..

One day I'd like to do the website management full time and stop the boring stuff.


Out of this moneysavingexpert journey, I want to ensure Ive still got time to work at my business (website management) as that is the only thing that keeps me going.. the thought of doing the boring stuff "only" fills me with dread... so that is my aim.. to give me more time to work at the stuff my heart is into.

We've been struggling for 10 years now with debts, outlined below.
If push comes to shove, I could just about make up the shortfall of the £500-or-so a month, but is there anything glaringly obvious in there you can see that I can do?

Ive already negotiated with most lenders, got many on a £10 a month arrangement and we've approached many companies for help with loans to help consolidate.

Ive sent an email to a credit union local to me, as mentioned on this forum, so hopefully I can use some of that to tackle things like the wonga loans or greenwood loans as they are costing me a fortune.

I appreciate any input you can give... all I can see is I need to work harder and keep pushing the online activities, and keep tackling the highest APR items... if you see anything obvious though I'd really appreciate it...

thanks


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 400
Benefits................................ 800
Other income............................ 200
Total monthly income.................... 2200

Monthly Expense Details
Mortgage................................ 207
Secured/HP loan repayments.............. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 90
Gas..................................... 110
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 12
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 40
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 30
Car Insurance........................... 38
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 90
Haircuts................................ 40
Entertainment........................... 100
Holiday................................. 80
Emergency fund.......................... 20
Total monthly expenses.................. 1876


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 91400


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(207)......2.5
Secured Debt.................. 27000....(250)......0
Total secured & HP debts...... 121000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest biz cred card..........3000......140.......16.6
Natwest biz o/draft............1000......10........0
natwest main o/draft...........700.......70........0
greenwoods 2accounts...........2000......360.......0
wonga (2 accounts).............1200......200.......0
hsbc credit card...............3000......10........0
CCJ - tsb credit card..........10000.....10........0
CCJ - car (taxi)...............7000......10........0
CCJ - car (peugeot)............7000......10........0
barclays C.D.L.................3000......10........0
halifax c/card.................7000......11........0
hsbc overdraft.................1000......10........0
tsb o/draft....................1000......10........0
Total unsecured debts..........46900.....861.......-


Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,876
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 861
Amount short for making debt repayments. -537

Personal Balance Sheet Summary
Total assets (things you own)........... 91,400
Total HP & Secured debt................. -121,000
Total Unsecured debt.................... -46,900
Net Assets.............................. -76,500

Created using the SOA calculator at makesenseofcards dot come
Reproduced on Moneysavingexpert with permission, using Firefox browser.

desperate+determined

Hi, welcome and well done on seeking advice, hopefully someone more experienced will help further, but from my point the following could change:

1. Reduce Gas and Elec - try a comparison site or quidco (cash back site) i'd say aim for between £60-70 each
2. Reduce Groceries - Way high for a fam of four, we spend around half that and that includes nappies and formula - there
3. Reduce Presents - H/made cards or gifts
4. Reduce Entertainment - what are you currently including in that - seems a lot for a month.

Could potentialy free up £300 - £400 pm

Good Luck

shaunyb

desperate+determined wrote: »

Hi, welcome and well done on seeking advice, hopefully someone more experienced will help further, but from my point the following could change:

1. Reduce Gas and Elec - try a comparison site or quidco (cash back site) i'd say aim for between £60-70 each
2. Reduce Groceries - Way high for a fam of four, we spend around half that and that includes nappies and formula - there
3. Reduce Presents - H/made cards or gifts
4. Reduce Entertainment - what are you currently including in that - seems a lot for a month.

Could potentialy free up £300 - £400 pm

Good Luck

Thanks for the advice, I'll add a bit more info in response.

We are paying that as we are on gas and elec meters and apparently we'd have to pay them to get swapped to a normal direct debit system, having the PAYG meters taken out again), but yes I can certainly look into this... its always been expensive though.. we an easily put £30 a week on the gas in winter and £25 on the electric.


re: Groceries... ok.. open to looking into this... Im kind of "used to" groceries at £140 to £160 a week, and £100 a week feels kind of tight, but we have done cheap shops several times, spending just £50, althought its all smart price stuff... Ill look at the threads in here for the meal ideas.. thanks

the presents - well we get those high street vouchers each year and comitted months ago to £700 worth for all the family, extended family etc, and the klids (mainly)... the extra amount coveres birthdays really throughout the year, not sure how id be able to reduce that figure much.

The entertainment was really just put in there because we like to do things with the kids - I guess I though £30 a week wasn too bad? Guess Im wrong

Thanks for the reply ..

Mikazaru

shaunyb wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 400 Anyway to increase?
Benefits................................ 800
Other income............................ 200
Total monthly income.................... 2200

Monthly Expense Details
Mortgage................................ 207
Secured/HP loan repayments.............. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 90
Gas..................................... 110 These two are incredibly high, look to reduce/switch
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 12
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20 Can't afford, switch to freeview
Internet Services....................... 40
Groceries etc. ......................... 400 Have a look at the Old Style Board for ideas on reducing
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 30
Car Insurance........................... 38
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 90 This is too high, needs to be cut.
Haircuts................................ 40
Entertainment........................... 100
Holiday................................. 80
Emergency fund.......................... 20 Are you saving this at the moment?
Total monthly expenses.................. 1876


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 91400


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(207)......2.5
Secured Debt.................. 27000....(250)......0
Total secured & HP debts...... 121000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest biz cred card..........3000......140.......16.6
Natwest biz o/draft............1000......10........0
natwest main o/draft...........700.......70........0
greenwoods 2accounts...........2000......360.......0
wonga (2 accounts).............1200......200.......0
hsbc credit card...............3000......10........0
CCJ - tsb credit card..........10000.....10........0
CCJ - car (taxi)...............7000......10........0
CCJ - car (peugeot)............7000......10........0
barclays C.D.L.................3000......10........0
halifax c/card.................7000......11........0
hsbc overdraft.................1000......10........0
tsb o/draft....................1000......10........0
Total unsecured debts..........46900.....861.......-


Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,876
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 861
Amount short for making debt repayments. -537

Personal Balance Sheet Summary
Total assets (things you own)........... 91,400
Total HP & Secured debt................. -121,000
Total Unsecured debt.................... -46,900
Net Assets.............................. -76,500

Created using the SOA calculator at makesenseofcards dot come
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Can you not focus on the work that pays more just for the short term to get the debts down a bit, you need over £500 just to break even at the moment.

somethingcorporate

Sorry to ask the obvious but that is a staggering amount of debt for such a small amount of income, what has changed?

Check your benefit entitlement at: http://www.turn2us.org.uk/benefits_search.aspx

You cannot afford £100 a month on presents for other family members when financially your own families finances are on a knife edge.

desperate+determined

You're doing well and a few tweeks you'll get there. posted a few comments below.

shaunyb wrote: »

Thanks for the advice, I'll add a bit more info in response.

We are paying that as we are on gas and elec meters and apparently we'd have to pay them to get swapped to a normal direct debit system, having the PAYG meters taken out again), but yes I can certainly look into this... its always been expensive though.. we an easily put £30 a week on the gas in winter and £25 on the electric.
(not sure what advice i can give here - sorry)

re: Groceries... ok.. open to looking into this... Im kind of "used to" groceries at £140 to £160 a week, and £100 a week feels kind of tight, but we have done cheap shops several times, spending just £50, althought its all smart price stuff... Ill look at the threads in here for the meal ideas.. thanks (theres some great threads on here re: meal planning / budgeting - key is bulk cook and freeze, shop for whoopsies - i find local market is better value for fruit and veg and it lasts longer) we spend roughly £50 a week (£10 on meat, £10 on baby bits, £10-15 on fruit/veg of market, £10-15 on other milk, bread, eggs etc - bulk meals out with potatoes, lentils - we get a large pack of mince approx £3.50, which does a bolognaise, h/made burgers, chilli - 3 meals) Doesn't need to be all smart price stuff
(Dont tell the OH but i kept a heinz ketchup bottle and refill with cheap tom sauce - he aint sussed yet lol)

the presents - well we get those high street vouchers each year and comitted months ago to £700 worth for all the family, extended family etc, and the klids (mainly)... the extra amount coveres birthdays really throughout the year, not sure how id be able to reduce that figure much. (see if you can buy gifts when on 3 for 2 etc / sale items and put away for upcoming birthdays)

The entertainment was really just put in there because we like to do things with the kids - I guess I though £30 a week wasn too bad? Guess Im wrong (do you get clubcard vouchers? - great for days out or even visit some voucher sites many have 2 for 1 passes for kids activies, meals out etc) How old are the kids if you dont mind, if young you could pack a picnic, put on the trainers and hit the road (walking) I sdo this with mine they love the fresh air and eldest takes camera to take pics of his adventure) If theya bit older could they maybe get a paper round on a weekend to pay for trips out - may sound bit harsh but i all in for teaching children value of money.

Thanks for the reply ..

jellybean39

Mikazaru wrote: »

Can you not focus on the work that pays more just for the short term to get the debts down a bit, you need over £500 just to break even at the moment.

have a llok on here for home and building ins mine only 179 a year for 4 bed detactched house for unlimited building 60k contents with certain items on. just thinj you could get that cheaper as you are paying what i used to. hope this helps:rotfl:

shaunyb

Mikazaru wrote: »

Can you not focus on the work that pays more just for the short term to get the debts down a bit, you need over £500 just to break even at the moment.

Yes, I completely agree, and in fact if I lock myself away I could pretty much get this gap closed to almost nothing.

The money that was for the emergency fund.. to be honest I never really saved it, I guess it went on groceries Ill look at the other points you suggested and will look at meal ideas as well s tackling the gas and electricity for sure. thanks for those pointers... Im glad I started this thread!

somethingcorporate wrote: »

Sorry to ask the obvious but that is a staggering amount of debt for such a small amount of income, what has changed?

Check your benefit entitlement at: (link removed as I couldnt post i a a new member here)

You cannot afford £100 a month on presents for other family members when financially your own families finances are on a knife edge.

Yeah, I guess we simply took advantage of when people offered us loans in the past and other credit forms... I knid of used the money to fund lifestyle when I was trying to concentrate on setting up a business a few years ago (I know... I can see how silly it now looks :eek:) These debts go back 10 years, so now Im starting to face up to them, I think its about time.

desperate+determined wrote: »

You're doing well and a few tweeks you'll get there. posted a few comments below.

Thanks again for those additional pointers... the kids are 2 girls at 7 and 5.

My main concern is I can never seem to get the "job" work done in enough time, and then have enough spare time to do stuff with the kids, and its really depressing - Im kind of glued to it untilo things improve




@jellybean: agreed with what you said... I guess I thought id covered everything, so thanks to you all for helping put me on the right path - I feel quite a bit more optimistic now!

GeorgieFTB

Time to take a deep breath and work smarter not harder, I think you need to, well, pull your finger out... I was going to be nicer but I think you need a little kick!

Is the mind numbing work available at any time of the day? Can you structure your day better to get the most out of the paying work and build up the fun work? Do you work from home, in your pjs? If you do then you need to research how others motivate themselves, I give myself a mini target to complete before I'm allowed my first cup of tea, I have to get dressed, put a little bit of make up on etc before I start, it helps me get into the mindset.

Gx

shaunyb

GeorgieFTB wrote: »

Time to take a deep breath and work smarter not harder, I think you need to, well, pull your finger out... I was going to be nicer but I think you need a little kick!

Is the mind numbing work available at any time of the day? Can you structure your day better to get the most out of the paying work and build up the fun work? Do you work from home, in your pjs? If you do then you need to research how others motivate themselves, I give myself a mini target to complete before I'm allowed my first cup of tea, I have to get dressed, put a little bit of make up on etc before I start, it helps me get into the mindset.

Gx

absolutely spot on...
with the kids off school this month has been more than "trying" enough.. I took to working upstairs but still get disrupted and find it hard to "get in the zone"..

anyway, I appreciate the firm boot ... given me some real ideas.. (though I wont be putting any makeup on my male face ever , lol)

GeorgieFTB

shaunyb wrote: »

absolutely spot on...
with the kids off school this month has been more than "trying" enough.. I took to working upstairs but still get disrupted and find it hard to "get in the zone"..

anyway, I appreciate the firm boot ... given me some real ideas.. (though I wont be putting any makeup on my male face ever , lol)

I think a man in eyeliner is hot!!:D

August is never my most productive month either but I have trained my lot, well kind of, I have two boys, 5 and 7, that when I'm in the 'office' in the morning if there isn't blood I don't need to know! Before I get a worst mother award I check on them regularly and always go and see why they are so quiet...:eek:

Gx