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Single mums budget

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.
HSBC loan £11,700 @ 7.9%
Virgin credit card £2400 @ 0%
NSD challenge Jan 2/15
«13456

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    You don't need a calculator the computer will do it all for you.

    http://www.makesenseofcards.com/soacalc.html
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • merlin68
    merlin68 Posts: 2,405 Forumite
    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.
  • 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.............................. 24,800
    HSBC loan £11,700 @ 7.9%
    Virgin credit card £2400 @ 0%
    NSD challenge Jan 2/15
  • 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 then
    HSBC loan £11,700 @ 7.9%
    Virgin credit card £2400 @ 0%
    NSD challenge Jan 2/15
  • mildred1978
    mildred1978 Posts: 3,367 Forumite
    £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
  • Hi Mazzy, few comments from me which I hope help.....
    mazzymoo3 wrote: »
    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 / £1,000
    Vet Fund: £410.93 / £1,000
    Debt free & determined to stay that way!
  • mildred1978
    mildred1978 Posts: 3,367 Forumite
    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
    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
  • sugarcube84
    sugarcube84 Posts: 542 Forumite
    Debt-free and Proud!
    edited 27 November 2011 at 5:21PM
    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
  • amorge
    amorge Posts: 386 Forumite
    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?

    X
    LBM 18/06/15 - [STRIKE]£20,276.64[/STRIKE] :eek:
    01/07/15 - £19,897.02
  • 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 2/15
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