Got money to spare but why so skint?

peanutnutter

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 979
Partners monthly income after tax....... 0
Benefits................................ 686
Other income............................ 20
Total monthly income.................... 1685

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 345.35
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 60
Gas..................................... 79
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 26
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 34
Internet Services....................... 15
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 56
Childcare/nursery....................... 0
Other child related expenses............ 36
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)...... 30
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1243.35


Assets
Cash.................................... 100
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 100

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Bank 1 Overdraft...............850.......10.5......0
Bank 2 overdraft...............130.......10........0
Credit card 1..................680.......8.........0
Credit union loan..............400.......39........26.82
Old overdraft..................1022.57...30........0
Catalogue......................378.......0.........39.7
Credit card 2..................278.......8.........39
Total unsecured debts..........3738.57...105.5.....-


Monthly Budget Summary
Total monthly income.................... 1,685
Expenses (including HP & secured debts). 1,243.35
Available for debt repayments........... 441.65
Monthly UNsecured debt repayments....... 105.5
Amount left after debt repayments....... 336.15

Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,738.57
Net Assets.............................. -3,638.57

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Hi

Been looking at people's SOA and this being NYD I've done one of my own. I've never actually calculated to see how much debt I'm in so £3738 came as quite a surprise. I've got no assets except £100 in the credit union. I guess my debt isn't as bad as some folks, but every month seems like a struggle, robbing Peter to pay Paul etc. I'd like to reduce my debt as I'm going to be 40 at the end of the year and also because if I lost my job we'd be knackered or if we lost our benefits ditto.

Just an explanation on my debt
Big overdraft costs me ten pounds a month. I'm always in it. I pay my benefits into this account.
Little overdraft - costs £5 per month. I'm aiming to pay this off this month as it costs nearly as much a year as it is.
CC1 is 0%. I had know idea until I just checked but I don't know how long this is for. Max is 750.
CC2 is a whopper %age and I only pay the minimum.
Catalogue is interest free until June this year, then I'll get charged £125 interest. I guess this is one of my priorities.
Old OD belongs to OH and has went to a debt collector, we pay £30 a month, although they would like us to pay more.

Thanks for reading.

immoral_angeluk

If you don't know where the £300 odd is going everyone in the family needs to start keeping a spending diary..

wannabee_in_credit

There are cutbacks that you could make looking at your SOA, but as you seem to be in credit by quite a way every month then probably the first thing you need to do is to keep a spending diary. Write down absolutely everything. £10 cashpoint here and there, £1 for something for the kids, quick visit to corner shop. I've only done this the past 2 weeks but you really would be amazed how quickly these things add up. I certainly was.
Good luck

JulieGeorgiana

peanutnutter wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 979
Partners monthly income after tax....... 0
Benefits................................ 686
Other income............................ 20
Total monthly income.................... 1685

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 345.35
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 60 This is Really high. See notes Below!
Gas..................................... 79 This is also really high... are you on the best deal? Are you monitoring your usage?
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 26
Mobile phone............................ 70 This is really high, have you got the cheapest deals for your usage?
TV Licence.............................. 12
Satellite/Cable TV...................... 34
Internet Services....................... 15
Groceries etc. ......................... 280 Go to the OS board and see ways to cut this.
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 56
Childcare/nursery....................... 0
Other child related expenses............ 36
Medical (prescriptions, dentist etc).... 0 You need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 possibly something here!
Contents insurance...................... 0 And here!
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0 Do you really not take holidays?
Emergency fund.......................... 0 Definatly need something here!
Total monthly expenses.................. 1243.35


Assets
Cash.................................... 100
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 100

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Bank 1 Overdraft...............850.......10.5......0
Bank 2 overdraft...............130.......10........0
Credit card 1..................680.......8.........0
Credit union loan..............400.......39........26.82
Old overdraft..................1022.57...30........0
Catalogue......................378.......0.........39.7
Credit card 2..................278.......8.........39
Total unsecured debts..........3738.57...105.5.....-


Monthly Budget Summary
Total monthly income.................... 1,685
Expenses (including HP & secured debts). 1,243.35
Available for debt repayments........... 441.65
Monthly UNsecured debt repayments....... 105.5
Amount left after debt repayments....... 336.15

Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,738.57
Net Assets.............................. -3,638.57

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Hi

Been looking at people's SOA and this being NYD I've done one of my own. I've never actually calculated to see how much debt I'm in so £3738 came as quite a surprise. I've got no assets except £100 in the credit union. I guess my debt isn't as bad as some folks, but every month seems like a struggle, robbing Peter to pay Paul etc. I'd like to reduce my debt as I'm going to be 40 at the end of the year and also because if I lost my job we'd be knackered or if we lost our benefits ditto.

Just an explanation on my debt
Big overdraft costs me ten pounds a month. I'm always in it. I pay my benefits into this account.
Little overdraft - costs £5 per month. I'm aiming to pay this off this month as it costs nearly as much a year as it is.
CC1 is 0%. I had know idea until I just checked but I don't know how long this is for. Max is 750.
CC2 is a whopper %age and I only pay the minimum.
Catalogue is interest free until June this year, then I'll get charged £125 interest. I guess this is one of my priorities.
Old OD belongs to OH and has went to a debt collector, we pay £30 a month, although they would like us to pay more.

Thanks for reading.

If it shows you have £300 a month left and you're are still using credit, then you are best off if the whole family does a spending diary to see where you are spending £300+

Lunches, Coffees, Snacks, magazine, extra trips to the supermarket, extra entertainment...! Just taking £10 out of the cash machine here and there will add up each month.

peanutnutter

The spending diary is a good idea that I shall suggest to my OH.

We are definately going wrong somewhere as the actual and theoretical just don't match up. I'm always skint.

peanutnutter

Thank you JulieGeorgiana

Home contents insurance is included with the rent. I don't need buildings as we live in social housing.
We have a Tax credit Medical Exception certificate that covers the dental/presriptions etc
We're on a meter key for the electric. Pay more, but at least I no longer get massive bills all at once.
Gas - it's just doubled, we're with Npower. I'm scared to move in case I get a big final bill that I can't afford.
Holidays - well we took one last year that I paid for with a bonus I got from work, but I don't have a holiday fund as such.
Mobiles are high, but they're on contract

bottleofred

A spending Diary is an excellent idea and you can get small notebooks from the co-op for less than £1 to use. You must however record every single penny you spend in the diary and then you'll know where the cash is going.

Good luck

Red

JulieGeorgiana

peanutnutter wrote: »

Gas - it's just doubled, we're with Npower. I'm scared to move in case I get a big final bill that I can't afford.

You need to think about monitoring your usage. Take weekly readings and see what you are ACTUALLY using. I started doing this because I have a new boiler and stick below a certain usage each week. And tweek the heating times/temp until I get the best heat for the cheapest price!

Most people find it very complex, but if you just start by monitoring it, and reading your bills... the rest will come.

It is important to keep on top of this, and make sure you are not wasting your money. You do not need to live indoors with shorts and T-Shirt... put a Jumper and a hat on and turn down the dial.

EDIT: Also it doubled because Npower are great at lowering how much you pay just before winter and then being shocked when in the summer you owe them money! They just lowered my DD from £100 to £20 at the start of winter... if my useage stayed at summer level it would have been fine... but I needed to turn the heating on. You need to keep an eye on them. Take a look at your past usage and work out how much you use in 1 year and divide by 12 and you tell them what your DD should be! Mine is £50 a month right now.

As for the Electrictity... unplug things, turn things off... and get a monitor and find out how much things are actually costing you to use! We have saved a fortune doing this

This year my gas/electric have averaged at £70 a month... half your costs! So there is a saving.

As for food, the OS Board really can help you save money. I feed 2 adults, 1 child, 2 cats and 2 rabbits on £200 a month. And I am not planning on changing the budget when Roo comes along either (NB. Nappies are not included in this)

crazycatlady1984

Heya,

Think spending diary is definitely a good idea. I started one a few years ago when things were really tight (like, down to the last penny tight) and even though I am in a better financial situation now than I was then, I still keep it going, it is really useful and you will be surprised at what you would normally forget to count and can see where your cash is going. Just grab any little notebook and start keeping track!

I would also agree that your gas an elec look quite high, maybe check you are on the best deal and check how long you are having heating etc on for each day? Also, pay and go mobiles could cut this down to about £10 (per person) per month.

Once you have done all this, if possible, I would suggest trying to pay a bit more than the minimum payments on your debts, as it is so hard and takes forever to get rid of them this way.

Good luck!

katsu

How much longer are the mobiles in contract? Ring and see if you can drop down a tariff, even if you can't cancel.