LBM and SOA

MissShoes

I second Rising's sentiments. The LBM has arrived so the only way is up. OP you can easily halve your groceries spend. Keep a spending diary and budget- savings pot are a good idea for annual expenses, I have some set up for Xmas and car expenses, holidays etc. Divide the annual cost by 12 and set up a standing order into the account- problem solved.

Hiddenidenity

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 4 - we each need one for work and go in opposite directions, public transport is a no as we live in the middle of no-where. The other 2 cars are currently being restored (OH is a mechanic, once restored will be sold)
Monthly Income Details
Monthly income after tax................ 1367.3
Partners monthly income after tax....... 1294.39
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2661.69
Monthly Expense Details
Mortgage................................ 571.2
Secured/HP loan repayments..............199.60
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 106
Electricity............................. 40 - Gas and electric are through EDF, all done online and on cheapest tariff possible
Gas..................................... 44 You should still be able to lower this and electric by cutting useage this is high just for 2 people
Oil..................................... 0
Water rates............................. 31 Are you on a meter? This is also high
Telephone (land line)................... 34.68 - this includes internet This is high if you dont use the landline at anthing
Mobile phone............................ 64.98 - this is for 3 contracts, we don't use landline (only for internet, we each need these for work but one is a 'spare' can't be cancelled until september 2012 Should probably cancel the spare as soon as contract is up/ downgrade tarrifs where possible
TV Licence.............................. 12.12
Satellite/Cable TV...................... 35 - can't be cancelled for another 6 months, then will go freeview Good idea
Internet Services....................... 0 - included in landline
Groceries etc. ......................... 300 - this is just an estimate, an area i need to get better at! Could at least half this pop over to the old style board there amazing
Clothing................................ 0 - just buy as and when, never really buy though Should budget
Petrol/diesel........................... 200 - just as estimate, probably a littel more
Road tax................................ 0 - never budget for, just get when needed, but prob £30 a month at a guess? Needs to be in bufget
Car Insurance........................... 128.68 - this is for 3 cars, this is cheapest we can get and is very reaonably priced.
Car maintenance (including MOT)......... 0 - OH mechanic so just costs for parts Should still budget for parts
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 None at all?
Pet insurance/vet bills................. 0
Buildings insurance..................... 8.16
Contents insurance...................... 7.56
Life assurance ......................... 39.46 - i've tried getting quotes but i don't really know what to do with these as got them when got mortgage
Other insurance......................... 46.78 - as aboveWhats this for?
Presents (birthday, christmas etc)...... 0 - never budget for these ( thats why were in this mess!!! :rotfl: Need to budget
Haircuts................................ 0 - get these done by sister
Entertainment........................... 0 And this
Holiday................................. 0
Emergency fund.......................... 0 And this
magazine................................ 9.99 Should think about cancelling
overdraft fee........................... 31
bank account fee........................ 15 Switch to a bank account with no fees?
gap insurance........................... 39.9 - this is only for 5 more payments as it was for a new car
Total monthly expenses.................. 1965.11

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 141000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 106651...(571.2)....4.8
Hire Purchase (HP) debt ...... 8000.....(199.6)....0
Total secured & HP debts...... 114651....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................10000.....185.9.... .11.7
cc.............................3999......90....... .0
o/d............................2200......0.........0
Total unsecured debts..........16199.....275.9.....-

Monthly Budget Summary
Total monthly income.................... 2,661.69
Expenses (including HP & secured debts). 1,965.11
Available for debt repayments........... 696.58
Monthly UNsecured debt repayments....... 275.9
Amount left after debt repayments....... 420.68 Do you really have this left? If not do a spending diary and write everything and I mean everything its amazing how the odd coffee etc adds up
Personal Balance Sheet Summary
Total assets (things you own)........... 141,000
Total HP & Secured debt................. -114,651
Total Unsecured debt.................... -16,199
Net Assets.............................. 10,150

Any help you can give would be greatly appreciated!