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SOA -help with ways to cut back please
Em586
Posts: 93 Forumite
it's so hard to post this as our situation is changing all the time, but this is the most realistic picture of our household at the moment. We've just gone from SMP to increased tax credits, so our monthly income is slightly better right now, but not by a lot.
I'm looking for work (post-maternity leave and a temp contract), and we're hopefully moving house, rent will drop by £5 a month. We've been struggling for far too long in the cycle of minimum payments and overdraft charges, but can see the way forward now and are in the process of starting a DMP. I know that once all of our income is actually going to what we need and paying off the debt (instead of just making more of it) then we can really focus on getting rid of it, even if it does take a while.
I'm hoping to find work very soon, which will change our income. We'll have childcare fees (£204 a month) from March after my childcare vouchers run out. We can't take the older 2 out of nursery or I'd not get them back in and I need the days open for supply teaching/any work I do find.
Waiting on a DLA decision for my middle child, and he also is going to need new shoes, probably odd sizes so will cost more than usual, hence the higher clothes/shoes estimate- we don't actually spend that much now, but it could easily be that or more next month, then nothing for a month or two.....
Can anyone suggest further ways to cut back? We need the car, I walk everywhere I can, the food estimate is the top of what we'd spend, I meal plan and usually keep it closer to the £250 range. Mobiles is for 2 adults, both PAYG, we don't have cable tv and don't go out anymore due to having kids!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1585
Benefits................................ 600.87
Other income............................ 0
Total monthly income.................... 2185.87
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 35
Gas..................................... 36
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 13
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 4
Other travel............................ 12
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1377.12
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................6860......280.......0
cc2............................5000......220.......0
od1............................1350......60........0
od2............................3500......175.......0
Total unsecured debts..........16710.....735.......-
Monthly Budget Summary
Total monthly income.................... 2,185.87
Expenses (including HP & secured debts). 1,377.12
Available for debt repayments........... 808.75
Monthly UNsecured debt repayments....... 735
Amount left after debt repayments....... 73.75
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,710
Net Assets.............................. -15,210
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
thanks in advance! x
I'm looking for work (post-maternity leave and a temp contract), and we're hopefully moving house, rent will drop by £5 a month. We've been struggling for far too long in the cycle of minimum payments and overdraft charges, but can see the way forward now and are in the process of starting a DMP. I know that once all of our income is actually going to what we need and paying off the debt (instead of just making more of it) then we can really focus on getting rid of it, even if it does take a while.
I'm hoping to find work very soon, which will change our income. We'll have childcare fees (£204 a month) from March after my childcare vouchers run out. We can't take the older 2 out of nursery or I'd not get them back in and I need the days open for supply teaching/any work I do find.
Waiting on a DLA decision for my middle child, and he also is going to need new shoes, probably odd sizes so will cost more than usual, hence the higher clothes/shoes estimate- we don't actually spend that much now, but it could easily be that or more next month, then nothing for a month or two.....
Can anyone suggest further ways to cut back? We need the car, I walk everywhere I can, the food estimate is the top of what we'd spend, I meal plan and usually keep it closer to the £250 range. Mobiles is for 2 adults, both PAYG, we don't have cable tv and don't go out anymore due to having kids!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1585
Benefits................................ 600.87
Other income............................ 0
Total monthly income.................... 2185.87
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 35
Gas..................................... 36
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 13
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 4
Other travel............................ 12
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1377.12
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................6860......280.......0
cc2............................5000......220.......0
od1............................1350......60........0
od2............................3500......175.......0
Total unsecured debts..........16710.....735.......-
Monthly Budget Summary
Total monthly income.................... 2,185.87
Expenses (including HP & secured debts). 1,377.12
Available for debt repayments........... 808.75
Monthly UNsecured debt repayments....... 735
Amount left after debt repayments....... 73.75
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,710
Net Assets.............................. -15,210
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
thanks in advance! x
0
Comments
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it's so hard to post this as our situation is changing all the time, but this is the most realistic picture of our household at the moment. We've just gone from SMP to increased tax credits, so our monthly income is slightly better right now, but not by a lot.
I'm looking for work (post-maternity leave and a temp contract), and we're hopefully moving house, rent will drop by £5 a month. We've been struggling for far too long in the cycle of minimum payments and overdraft charges, but can see the way forward now and are in the process of starting a DMP. I know that once all of our income is actually going to what we need and paying off the debt (instead of just making more of it) then we can really focus on getting rid of it, even if it does take a while.
I'm hoping to find work very soon, which will change our income. We'll have childcare fees (£204 a month) from March after my childcare vouchers run out. We can't take the older 2 out of nursery or I'd not get them back in and I need the days open for supply teaching/any work I do find.
Waiting on a DLA decision for my middle child, and he also is going to need new shoes, probably odd sizes so will cost more than usual, hence the higher clothes/shoes estimate- we don't actually spend that much now, but it could easily be that or more next month, then nothing for a month or two.....
Can anyone suggest further ways to cut back? We need the car, I walk everywhere I can, the food estimate is the top of what we'd spend, I meal plan and usually keep it closer to the £250 range. Mobiles is for 2 adults, both PAYG, we don't have cable tv and don't go out anymore due to having kids!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1585
Benefits................................ 600.87
Other income............................ 0
Total monthly income.................... 2185.87
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555
Management charge (leasehold property).. 0
Council tax............................. 117 have you asked about paying this over 12 months instead of 10
Electricity............................. 35
Gas..................................... 36
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 13
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 0 need something in here
Car Insurance........................... 45 this seems a bit high have you tried comparison sites and cashback sites
Car maintenance (including MOT)......... 0 you need something in here
Car parking............................. 4
Other travel............................ 12 is this neccessary
Childcare/nursery....................... 0
Other child related expenses............ 20 what is this for
Medical (prescriptions, dentist etc).... 0 you need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 really need this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0 there must be some money spent even if it is only a few pounds per month
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1377.12
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................6860......280.......0 is this really on 0%
cc2............................5000......220.......0 is this really on 0%
od1............................1350......60........0 od2............................3500......175.......0 Total unsecured debts..........16710.....735.......-
Monthly Budget Summary
Total monthly income.................... 2,185.87
Expenses (including HP & secured debts). 1,377.12
Available for debt repayments........... 808.75
Monthly UNsecured debt repayments....... 735
Amount left after debt repayments....... 73.75 do you actually have this left over
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,710
Net Assets.............................. -15,210
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
thanks in advance! x
Hi
I have highlighted a few things that stand out on your SOA
With regards to your car you really need to include in your budget all the costs such as MOT and Roat Tax
Also are the credit cards on 0% APR as the monthly payment seems high on them
1 Sealed Pot Challenge # 1480
2 Stopped Smoking 28/08/2011
3 Joined Payment A Day Challenge 3/12/2011
4 One debt vs 100 days part 15 £579.62/ £579.62New challenge £155.73/£500
5 Pay off as much as you can in 2013 challenge!£6609.20 / £75000 -
hi, thanks for your reply - have added the car info, as they are annual/half yearly payments, so I just divided by 12.
Will ask about the council tax when we move to our new house, thanks.
Car insurance up for renewal in Feb, plan to compare and switch then. My husband has always sorted this and I always ask him to change but he never does. My turn now!
the £12 travel is for the times when I need to take the train or bus. I don't drive and sometimes need to take the children to hospital/orthotist appointments in the next town over. Some months I don't spend more than £2.20 for a return bus ticket, but other months it could be train (£4.80 return) once or twice and a few bus trips.
the £20 for other child related things is £1 a week for playgroup that I take all 3 of them to, and £4.50/wk term time for ballet. We try and swim once a month (£4 for all of us) so that makes it up to £20. I don't buy sweets/magazines, etc. -they're 4, 2 and 9 months, I don't plan to start anytime soon either!
didn't put anything for medical/dental as the children are free, I'm still on a maternity exemption, and my husband doesn't get ill! If he needed a prescription then we'd pay for it that month.
I've put £5 for entertainment as we really don't go out! If we go for a meal it's on vouchers, and I can't remember the last time we went to a pub or the cinema. We don't rent DVDs, or buy CDs, etc.
We really have tried to live as simply as possible. We never have money left over, as it's all eaten by overdrafts. When we first got married we both had an account and used a joint account for bills that we payed money into. This was the mistake, and we're fixing it. Now all will go into the joint account, or overdrafts will become part of the DMP, and we'll use cash for everything so we don't lose any of the money we're getting. I can see where we went wrong now, but it's taken a long time of struggling to make ends meet to get there. I just wondered if there was anything else we can cut? Am doing a daily spend diary now, so will see where any 'extras' go, but it's usually on more milk and bread, or postage for stuff I've sold on ebay/facebook.0 -
sorry, the credit cards aren't 0%, I just couldn't remember what they were- they're my husband's so I'll let you know when he gets in- I *think* they're 17% give or take a few. Hence the high payments. We can't switch to 0%, we tried that already.0
-
re day to day spending,it looks like you are doing well. All I can suggest is to throw every spare penny at the debts and cut up the cards. Do not add to the debt. Best Wishes.it's so hard to post this as our situation is changing all the time, but this is the most realistic picture of our household at the moment. We've just gone from SMP to increased tax credits, so our monthly income is slightly better right now, but not by a lot.
I'm looking for work (post-maternity leave and a temp contract), and we're hopefully moving house, rent will drop by £5 a month. We've been struggling for far too long in the cycle of minimum payments and overdraft charges, but can see the way forward now and are in the process of starting a DMP. I know that once all of our income is actually going to what we need and paying off the debt (instead of just making more of it) then we can really focus on getting rid of it, even if it does take a while.
I'm hoping to find work very soon, which will change our income. We'll have childcare fees (£204 a month) from March after my childcare vouchers run out. We can't take the older 2 out of nursery or I'd not get them back in and I need the days open for supply teaching/any work I do find.
Waiting on a DLA decision for my middle child, and he also is going to need new shoes, probably odd sizes so will cost more than usual, hence the higher clothes/shoes estimate- we don't actually spend that much now, but it could easily be that or more next month, then nothing for a month or two.....
Can anyone suggest further ways to cut back? We need the car, I walk everywhere I can, the food estimate is the top of what we'd spend, I meal plan and usually keep it closer to the £250 range. Mobiles is for 2 adults, both PAYG, we don't have cable tv and don't go out anymore due to having kids!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1585
Benefits................................ 600.87
Other income............................ 0
Total monthly income.................... 2185.87
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 35
Gas..................................... 36
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 13
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 4
Other travel............................ 12
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1377.12
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................6860......280.......0
cc2............................5000......220.......0
od1............................1350......60........0
od2............................3500......175.......0
Total unsecured debts..........16710.....735.......-
Monthly Budget Summary
Total monthly income.................... 2,185.87
Expenses (including HP & secured debts). 1,377.12
Available for debt repayments........... 808.75
Monthly UNsecured debt repayments....... 735
Amount left after debt repayments....... 73.75
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,710
Net Assets.............................. -15,210
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
thanks in advance! x0 -
Can you close the credit card accounts so the interest is frozen? Also stops you from spending further on them.0
-
Can you close the credit card accounts so the interest is frozen? Also stops you from spending further on them.
we haven't spent on them in months and they're both cut up- just trying to clear the debt! So if we call and ask for it to be closed then that will help?
Sorry- this is all new ground! Is it better just to wait and have CCCS do the same? Am sending through our DMP details tonight.
Oldtractor- thank you. I think we'd be fine if it wasn't for losing so much to interest and overdrafts. We thought we were managing, though struggling. Should have sorted it all out sooner
When I put everything into the CCCS system we could be debt free in just over 3yrs given what our 'surplus' would be. And things will only get better once I'm working and we have more money to throw at the debt. But finding a job that covers the childcare is proving difficult right now. I'm a teacher and there's nothing going here at the moment
Thanks everyone for your help, it's much appreciated! x0
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