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Single mums budget

mazzymoo3
Posts: 27 Forumite
I would really appreciate if someone could look at this budget for me.
To cut a long story short, my husband and I have seperated ( due to infidelty, his part not mine)
He has agreed to transfer the mortgage to me and pay half the childcare cost, i have not asked him for maintance but we have a informal agreement that he pays me £100 per month if he can afford it, its been hit and miss with it but for my sanity i dont make an issue of it.
i have 3 children under the age of 6.
I work 40hrs a week.
I apologise but i'm not technically minded and havent worked out how to use the tools but here goes;
MY INCOME £1,800
Child Benefit £180
Tax Credit 400
Total Income £2380
Outgoings;
Mortgage £670 £124,000 remaining fixed 4.79 til 2014
Council Tax £95
Gas & Electric £61
Tv licence £10.62
House insurance £56
Mobile £35
childrens savings £45 ( this is a must as I dont have any family and its only future assistance they will get)
Virgin media £42 ( but will change this today)
Life insurance £20
Water £28.40
Sofa (interest free 2 more yrs to go) £26
Hsbc personal loan £211 (7.9% 56 mths remaining)
British gas service £32
Food £250
Petrol £80 ( vital for commute)
Childcare £300 ( also use childcare vouchers
Children haircuts £12
Entertainment for me £15
Kids swimming £175 ( every 3 months)
Kids presents £50
Sorry havent got a calculator so have rounded everything up so my total outgoings are £
Also I have a Virgin credit card £3000 0% APR I pay minimum payment each month
HSBC 500 Overdraft 19.9APR
HSBC 600 Overdraft £17.9 APR
My car is worth £800 but have just spent £400 on getting the bottom of it welded!
I have paid my car insurance a year up front £500
I work 11/12hr days and I am scared that things will start slipping and I wont be able to keep a grip of my finances.
I know I wont be mortgage free but its the debt that i am worried about and i dont really know where to start.
Any suggestions would be greatly appreciated.
only advice I probably wont listen to is anything to do with CSA, my ex is a rubbish husband but a fantastic dad and I dont want spoil his relationship with the kids.
To cut a long story short, my husband and I have seperated ( due to infidelty, his part not mine)
He has agreed to transfer the mortgage to me and pay half the childcare cost, i have not asked him for maintance but we have a informal agreement that he pays me £100 per month if he can afford it, its been hit and miss with it but for my sanity i dont make an issue of it.
i have 3 children under the age of 6.
I work 40hrs a week.
I apologise but i'm not technically minded and havent worked out how to use the tools but here goes;
MY INCOME £1,800
Child Benefit £180
Tax Credit 400
Total Income £2380
Outgoings;
Mortgage £670 £124,000 remaining fixed 4.79 til 2014
Council Tax £95
Gas & Electric £61
Tv licence £10.62
House insurance £56
Mobile £35
childrens savings £45 ( this is a must as I dont have any family and its only future assistance they will get)
Virgin media £42 ( but will change this today)
Life insurance £20
Water £28.40
Sofa (interest free 2 more yrs to go) £26
Hsbc personal loan £211 (7.9% 56 mths remaining)
British gas service £32
Food £250
Petrol £80 ( vital for commute)
Childcare £300 ( also use childcare vouchers
Children haircuts £12
Entertainment for me £15
Kids swimming £175 ( every 3 months)
Kids presents £50
Sorry havent got a calculator so have rounded everything up so my total outgoings are £
Also I have a Virgin credit card £3000 0% APR I pay minimum payment each month
HSBC 500 Overdraft 19.9APR
HSBC 600 Overdraft £17.9 APR
My car is worth £800 but have just spent £400 on getting the bottom of it welded!
I have paid my car insurance a year up front £500
I work 11/12hr days and I am scared that things will start slipping and I wont be able to keep a grip of my finances.
I know I wont be mortgage free but its the debt that i am worried about and i dont really know where to start.
Any suggestions would be greatly appreciated.
only advice I probably wont listen to is anything to do with CSA, my ex is a rubbish husband but a fantastic dad and I dont want spoil his relationship with the kids.
HSBC loan £11,700 @ 7.9%
Virgin credit card £2400 @ 0%
NSD challenge Jan 2/15
Virgin credit card £2400 @ 0%
NSD challenge Jan 2/15
0
Comments
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You don't need a calculator the computer will do it all for you.
http://www.makesenseofcards.com/soacalc.html:footie:Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
0 -
You need to factor car tax and insurance into your budget for next year, plus mot and car repairs. Also you haven't included anything for clothes. It's all very well saving £45 a month for the kids. But I don't know anyone who had this done for them and we are all ok.
My kids won't have anything either.0 -
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 580
Other income............................ 0
Total monthly income.................... 2380
Monthly Expense Details
Mortgage................................ 670
Secured/HP loan repayments.............. 236
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 30
Gas..................................... 31
Oil..................................... 0
Water rates............................. 28.4
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 10.62
Satellite/Cable TV...................... 42
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 216
Car Insurance........................... 500
Car maintenance (including MOT)......... 400
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 550
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 56
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 12
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Children swimming lessons............... 175
Total monthly expenses.................. 3622.02
Assets
Cash.................................... 0
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 165800
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124000...(670)......4.79
Secured Debt.................. 12000....(211)......7.9
Hire Purchase (HP) debt ...... 2000.....(25).......0
Total secured & HP debts...... 138000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin credit card.............3000......25........0
Total unsecured debts..........3000......25........-
Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including HP & secured debts). 3,622.02
Available for debt repayments........... -1,242.02
Monthly UNsecured debt repayments....... 25
Amount short for making debt repayments. -1,267.02
Personal Balance Sheet Summary
Total assets (things you own)........... 165,800
Total HP & Secured debt................. -138,000
Total Unsecured debt.................... -3,000
Net Assets.............................. 24,800HSBC loan £11,700 @ 7.9%
Virgin credit card £2400 @ 0%
NSD challenge Jan 2/150 -
I know what your saying about the childrens savings, as I have wondered so many times if its a luxury but its really important to me, i would rather do the overtime to keep this going.
i had not even thought about next years mot etc... am hoping the flaming thing will die before thenHSBC loan £11,700 @ 7.9%
Virgin credit card £2400 @ 0%
NSD challenge Jan 2/150 -
£80 per month petrol? Can't be much of a commute!Science adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
0 -
Hi Mazzy, few comments from me which I hope help.....Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 580
Other income............................ 0
Total monthly income.................... 2380
Monthly Expense Details
Mortgage................................ 670
Secured/HP loan repayments.............. 236
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 30
Gas..................................... 31
Oil..................................... 0
Water rates............................. 28.4
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 10.62 This should be £12.12
Satellite/Cable TV...................... 42 Not really essential .... you can get broadband for less than £10/month and a FreeSat card for a one off payment of £25 with a good range of channels
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 50 Too much each month - try ebay & also selling outgrown clothes to fund new ones
Petrol/diesel........................... 80
Road tax................................ 216 This must be an annual figure!
Car Insurance........................... 500 And this!
Car maintenance (including MOT)......... 400 And this!
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 550 Ouch!
Other child related expenses............ 40 What are these for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 56 Way too much - shop around for a better deal. I know it goes by size of property and area but as a comparison mine is £15 for Buildings & Contents
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Reduce to £30
Haircuts................................ 12 Try to reduce - could you / friend / family cut the kids hair? Try student nights etc
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Children swimming lessons............... 175 This can't be a monthly figure!
Total monthly expenses.................. 3622.02
Assets
Cash.................................... 0
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 165800
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124000...(670)......4.79
Secured Debt.................. 12000....(211)......7.9
Hire Purchase (HP) debt ...... 2000.....(25).......0
Total secured & HP debts...... 138000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin credit card.............3000......25........0
Total unsecured debts..........3000......25........-
Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including HP & secured debts). 3,622.02
Available for debt repayments........... -1,242.02
Monthly UNsecured debt repayments....... 25
Amount short for making debt repayments. -1,267.02
Personal Balance Sheet Summary
Total assets (things you own)........... 165,800
Total HP & Secured debt................. -138,000
Total Unsecured debt.................... -3,000
Net Assets.............................. 24,800
I think some of your figures are annual ones rather than monthly ones - if you redo the SOA with the monthly figures in, this will make a huge difference to your left over money! (ETA: it changes these from being over £1000 / month to less than £100 / month!)Grocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
You also need to decide which figure you're using for childcare. You mention vouchers which would be provided on top of your £1800 earnings each month. So you need to deduct the value of those from your total childcare costsScience adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
0 -
mildred1978 wrote: »You also need to decide which figure you're using for childcare. You mention vouchers which would be provided on top of your £1800 earnings each month. So you need to deduct the value of those from your total childcare costs
I agree the childcare figure seems wrong, the childcare vouchers should already have been taken from the take home pay at the top of the SOA and them below should be the reaminder that you pay. Might be worth double checking.DFD September 2017
0 -
Hi, welcome & well done on completing SOA
I agree with above comments on annual payent instead of monthly. I understand you don't want to ask for set mthly maintenance but I think you need I go not the CSA website and use the calculator and one to an arrangement here you get me than £100.
Have you contacted council tax to find out if you're entitled to CT Benefit?
XLBM 18/06/15 - [STRIKE]£20,276.64[/STRIKE] :eek:
01/07/15 - £19,897.020 -
I see my mistake, with regards to yearly costing.
Bit confused regarding the childcare costs as its salary sacrifice still huge though as the younger 2 are 8 months and 3 and are in childcare whilst I work 4ohrs but 5 year old is cheaper as she is in breakfast club and after school club.
So for example my mot and repairs this year were £400 would you just divide that by 12 ?
I dont have much of a commute but its a hard to get to place due to bus services not running very regularily I did debate push biking it but I wouldnt feel safe .
The girls swimming bill is every 3 months
£40 for childcare is really for the baby as nanny takes him to groups so i give her £10 a week but now its on paper i can see its a luxury, i feel bad for him as i did so much with himwhilst I was on maternity leave but i think I will have to knock this on the head.HSBC loan £11,700 @ 7.9%
Virgin credit card £2400 @ 0%
NSD challenge Jan 2/150
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