Budget advice

BitterAndTwisted

hanes wrote: »

Since we only need to do it for 12 months perhaps a cash advance on the credit card into current account to offset the shortfall? the charges are £2.50 on cash i believe..

I don't want to sound harsh and judgemental but this kind of thinking is the quickest route to real misery I can imagine. There might "only" be a £2.50 charge per transaction but the interest-rate is likely to be so very much higher than the one on the overdraft. It is not possible to borrow your way out of debt or out of your shortfall

Without an SOA the only way you can bridge the gap you've got and will have for the next 12 months is to reduce your outgoings or increase your income. Without an SOA you're gong to have to figure out that one on your own.

Skint_Catt

You have a car but no car insurance, no buildings/contents insurance, you don't py the TV licence, you have no internet (but you're online?), you never get your haircut, NEVER pay for parking or car maintenance? Is your car really worth £0? £286 is a LOT for groceries - how many is this for - you two plus one/two little one's? What about expenditure for the children other than childcare - outings, clothes etc?
You have £169 left after everything yet you say you've got a shortfall?
C xx

cleggie

£169.83 is the amount it says that you have left after repayments.
Do you actually have that money every month?
Maybe a spending diary would be a good idea.

hanes

Im still editing Forgot car insurance duh

BitterAndTwisted

hanes wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1217.66
Partners monthly income after tax....... 983.58
Benefits................................ 357
Other income............................ 0
Total monthly income.................... 2558.24
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 42 This is high if you're both our working every day
Gas..................................... 45Ditto
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 52This is very high if you both have mobiles
Mobile phone............................ 58
TV Licence.............................. 0No telly?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 286 This is quite high. There is a lot of scope for reducing this if you are motivated
Clothing................................ 0 Nothing?
Petrol/diesel........................... 86
Road tax................................ 9.16
Car Insurance........................... 0 Why nothing here?
Car maintenance (including MOT)......... 0 Ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 689
Other child related expenses............ 217 What is this?
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)...... 0
Haircuts................................ 0
Entertainment........................... 0 You never go out anywhere at all?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2110.16

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 100.9....(0)........0
Total secured & HP debts...... 100.9.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital one....................474.......23.75.....0
Car finance....................9144......254.5.....0
Total unsecured debts..........9618......278.25....-

Monthly Budget Summary
Total monthly income.................... 2,558.24
Expenses (including HP & secured debts). 2,110.16
Available for debt repayments........... 448.08
Monthly UNsecured debt repayments....... 278.25
Amount left after debt repayments....... 169.83
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -100.9
Total Unsecured debt.................... -9,618
Net Assets.............................. -9,718.9
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

It looks like one of you is working full-time just to cover the child expenses. Once you've factored in travel and lunches it might be less expensive for that person to be a stay-at-home parent. And could qualify for some contribution towards rent from LHA plus C Tax benefit.

hanes

Ok so im hoping this is the final draft

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1217
Partners monthly income after tax....... 983
Benefits................................ 356
Other income............................ 0
Total monthly income.................... 2556
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 42
Gas..................................... 45
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 0
Mobile phone............................ 58
TV Licence.............................. 0
Satellite/Cable TV...................... 52
Internet Services....................... 0
Groceries etc. ......................... 286
Clothing................................ 0
Petrol/diesel........................... 82
Road tax................................ 9.16
Car Insurance........................... 74
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 689
Other child related expenses............ 217
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)...... 0
Haircuts................................ 32
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2212.16

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 100.9....(0)........0
Total secured & HP debts...... 100.9.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................474.......23.74.....0
Car finance....................9144......254.5.....0
Bank Loan......................0.........144.9.....0
Total unsecured debts..........9618......423.14....-

Monthly Budget Summary
Total monthly income.................... 2,556
Expenses (including HP & secured debts). 2,212.16
Available for debt repayments........... 343.84
Monthly UNsecured debt repayments....... 423.14
Amount short for making debt repayments. -79.3
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -100.9
Total Unsecured debt.................... -9,618
Net Assets.............................. -9,718.9
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

hanes

Groceries inc my dirty smoking habit of £29 p/w i know its obvious to quit but have tried several times and its another story
and 217 child related expense is maintence that i pay

quintwins

hanes wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1217.66
Partners monthly income after tax....... 983.58
Benefits................................ 357
Other income............................ 0
Total monthly income.................... 2558.24
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 42
Gas..................................... 45
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 52 this and your mobile is very high we pay less than this for a landline and b.t infinety which is a luxury
Mobile phone............................ 58 as above
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 286 very high for 2 adults and a child on a shoe string, take a look at the old style and food shopping boards
Clothing................................ 0
Petrol/diesel........................... 86
Road tax................................ 9.16
Car Insurance........................... 0 as below
Car maintenance (including MOT)......... 0 you seem to have missed out a few car expensives you really need something here toavoid unexpect repairs pushing you into debt
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 689 can you get any help for this from tax credits or maybe alternate working so one of you are at home- is this not very high for one child
Other child related expenses............ 217 what is this?
Medical (prescriptions, dentist etc).... 0 need something here, unless you get exemption certificate
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 need something here
Life assurance ......................... 0 most parents have something here even basic cover
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 need something here even a few £
Haircuts................................ 0 as above
Entertainment........................... 0 as above
Holiday................................. 0
Emergency fund.......................... 0 really need something here- just incase
Total monthly expenses.................. 2110.16

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 do you not have a car
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 100.9....(0)........0
Total secured & HP debts...... 100.9.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital one....................474.......23.75.....0
Car finance....................9144......254.5.....0
Hsbc Loan......................0.........144.9.....0
Total unsecured debts..........9618......423.15....-

Monthly Budget Summary
Total monthly income.................... 2,558.24
Expenses (including HP & secured debts). 2,110.16
Available for debt repayments........... 448.08
Monthly UNsecured debt repayments....... 423.15
Amount left after debt repayments....... 24.93
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -100.9
Total Unsecured debt.................... -9,618
Net Assets.............................. -9,718.9
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Third time Editing

few comments in red, also are all your debts def 0%

BlushingRose

You don't pay tv license?

hanes

BlushingRose wrote: »

You don't pay tv license?

Paid annually

i have given up on the SOA seems harder to use than the budget planner i have here.

http://www.moneyadviceservice.org.uk/yourmoney/interactive/budget_planner.aspx