New SOA now our DMP is about to start

Jenjen

So DH didn't get the job he was hoping for so it looks like we are stuck with our current income and car situation for a little while longer (new job would have included company car or car allowance so would have changed our situation quite a lot) Here is a link to our original SOA in case you want to see what has changed so far. https://forums.moneysavingexpert.com/discussion/3638287


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.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1922.73
Benefits................................ 190
Other income............................ 60(Money from my uncle to pay for sky TV so he can watch it via the internet in America)
Total monthly income.................... 2172.73

Monthly Expense Details
Mortgage................................ 615
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 65(High I know but we can't seem to lower it)
Gas..................................... 45
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 35
Mobile phone............................ 48Mine and DHs, have been cut as low as they can as in contract
TV Licence.............................. 12.43
Satellite/Cable TV...................... 60 (This can't be cut out but technically we don't pay for it my uncle who live in America does. He is also the one who watches it. See other income)
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 28
Car Insurance........................... 129Again I know this is high but we both renewed recently and can't get it any lower
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 74
Childcare/nursery....................... 52This will end in July as DD starts school in September
Other child related expenses............ 70School and nursery meals so will rise a little in September
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 23Includes contents
Contents insurance...................... 0
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 15(Include £5 a month to keep gym membership on hold as until I can find £43.95 for 3 months to finish my contract I can't cancel grrr)
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 1949.43


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 125000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 108000...(615)......5.4
Total secured & HP debts...... 108000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
DMP............................28873.....147...... .0 This will hopefully all be 0% but some lenders are being difficult/slow about it.
CC in Mum's name...............7000......72........0 0% ends in June when hopefully it can be switched to another deal.
Loan from parents..............960.......0.........0Not paying anything at monent and they are not asking for it. But it will have to be paid at some point before they retire.
Total unsecured debts..........36833.....219.......-


Monthly Budget Summary
Total monthly income.................... 2,172.73
Expenses (including HP & secured debts). 1,949.43
Available for debt repayments........... 223.3
Monthly UNsecured debt repayments....... 219
Amount left after debt repayments....... 4.3

Personal Balance Sheet Summary
Total assets (things you own)........... 125,000
Total HP & Secured debt................. -108,000
Total Unsecured debt.................... -36,833
Net Assets.............................. -19,833

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

rising_from_the_ashes

Sorry your hubby didn't get the job.... few comments from me but TBH things are going to be tight for a while.....

Jenjen 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.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1922.73
Benefits................................ 190
Other income............................ 60(Money from my uncle to pay for sky TV so he can watch it via the internet in America) Is he actually paying for this now? I seem to remember some "issues" with this ...
Total monthly income.................... 2172.73

Monthly Expense Details
Mortgage................................ 615
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 65(High I know but we can't seem to lower it)If you've tried comparison sites & can't lower it must be your usage (sorry)
Gas..................................... 45 Also on the high side....
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 35 This is high - you should be able to get landline/broadband for around £25 - less if you can find a good intro deal
Mobile phone............................ 48Mine and DHs, have been cut as low as they can as in contract
TV Licence.............................. 12.43
Satellite/Cable TV...................... 60 (This can't be cut out but technically we don't pay for it my uncle who live in America does. He is also the one who watches it. See other income)
Internet Services....................... 0
Groceries etc. ......................... 300 Quite high - come & join the Grocery Challenge on the Old Style board. Really great group of people, loads of tips & fantastic recipes (families of 4 are able to manage on £220 incl household stuff & nappies! - no idea how as I'm still learning)
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 28 See below
Car Insurance........................... 129Again I know this is high but we both renewed recently and can't get it any lowerSee below
Car maintenance (including MOT)......... 30See below
Car parking............................. 0
Other travel............................ 74
Childcare/nursery....................... 52This will end in July as DD starts school in September
Other child related expenses............ 70School and nursery meals so will rise a little in September
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 23Includes contents Check around at renewal time .... as a comparison I pay a total of £15 for both
Contents insurance...................... 0
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15 any way to reduce as quite a lot each month - student nights, extra couple of weeks between cuts, friends/family who could cut (esp kids) etc
Entertainment........................... 15(Include £5 a month to keep gym membership on hold as until I can find £43.95 for 3 months to finish my contract I can't cancel grrr)
Holiday................................. 0
Emergency fund.......................... 15 Need to try to up this a bit (sorry) to cover new appliances etc as you won't be able to borrow whilst on the DMP
Total monthly expenses.................. 1949.43


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 125000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 108000...(615)......5.4
Total secured & HP debts...... 108000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
DMP............................28873.....147...... .0 This will hopefully all be 0% but some lenders are being difficult/slow about it.
CC in Mum's name...............7000......72........0 0% ends in June when hopefully it can be switched to another deal.
Loan from parents..............960.......0.........0Not paying anything at monent and they are not asking for it. But it will have to be paid at some point before they retire.
Total unsecured debts..........36833.....219.......-


Monthly Budget Summary
Total monthly income.................... 2,172.73
Expenses (including HP & secured debts). 1,949.43
Available for debt repayments........... 223.3
Monthly UNsecured debt repayments....... 219
Amount left after debt repayments....... 4.3

Personal Balance Sheet Summary
Total assets (things you own)........... 125,000
Total HP & Secured debt................. -108,000
Total Unsecured debt.................... -36,833
Net Assets.............................. -19,833

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

Re the cars - can you not get rid of one of them. If you're not working then a) you really can't afford to have 2 cars & b) you shouldn't really need both of them. This would reduce tax, insurance, maintenance etc & release some of the value of them.

Jenjen

Thanks for the response. I'll try and address some of your points.

My income isn't really 0, I do work, but I'm self employed and non of it is guaranteed so we decided to leave it at 0 for budgeting purposes as this is worst case. Any money I earn will go into our savings account for the time being with a view to paying off debts at a later date maybe as F+Fs but thats completely undecided at the moment.

My uncle pays no problem, don't think it is me you are thinking of. However I would love to be able to ask him for more money as this is also the reason our internet can't be cut to a lower package. He needs a good upload speed which only comes with the 50mb broadband from virgin. I just don't know how to ask him for more as he is not the easiest person to communicate with.

We have tried really hard to cut our electric usage but nothing ever seems to change. Its not helped by DHs profession (He is an IT consultant). He constantly has computers and servers running as test environments as he tries to keep up with an ever changing industry. I will continue to try and reduce it though because it is a bug bear of mine that its so high.

The food budget I am working really hard on and have been reading on the OS board. For now £300 is a challenge in itself for me but I will continue to look for ways to do this cheaper. I've been trying out a few of the slow cooker recipes from there so its definitely a work in progress and I'm planning to lower it more once my cupboard is better stocked with basics. If I can get it lower I will throw any extra at the emergency fund and the debt. Re the emergency fund I am also planning to throw any extras from ebay sales, surveys, topcashback etc at this for a few months to build it up to a decent level before I start upping the payments to the debts. We will also have £200cashback in a couple of months from our bank account switch to Santander as our mortgage is also with them.

I will look into lowering buildings/contents etc at renewal and also look into the haircut thing although actually my hairdresser is very cheap compared to others around here. £30 for highlights, cut and blow at home for me and she also trims my daughters for free. I have that done every 3 months and I'm pushing my luck on length of time with that. The extra £15 keeps DH and DS trimmed at the barbers and if there is any leftover I will add it to the emergency fund.

Finally I'll address the big one which I know is my car. I'm hanging onto it for dear life at the moment as I really do need it for my job. DH is out of the house from 6.30am until at least 7.30pm (often much later) Monday to Friday and sometimes Saturday and Sunday too. DHs job requires him to be able to use his car so sharing his isn't really an option but it is something we do discuss regularly. Really we were pinning all our hopes on him getting this new job and assosciated company car/car allowance to enable us to get rid of one of our cars but we are now back to the drawing board on that one.

Thanks again for taking the time to reply. You've given me some food for thought. Been completely knocked for six because we were under the impression the job was pretty much a done deal. He was told he was the only candidate left and the final interview was just a formality to get the MDs approval. Only after he had had the interview did he find out there was another candidate afterall!!

rising_from_the_ashes

(((hugs))) again ... I know what it's like to be struggling for every penny and a solution / something that'll make a huge difference appears on the horizen and you think, "another couple of months & it'll be different / ok" etc .... and then it doesn't happen.:(

Re the Sky / broadband costs - apologies if I've got you muddled with someone else:o .... (someone else must be doing the same thing:) as I def remember someone having it for a relative in the US and having Sky for them except they weren't paying!)

The IT equipment will be a big contributor to the elec bill ........ I wonder if when he's off work for a day he could leave everything off - take the readings at a set time in the morning and again the next morning and then do the same on a day when he is using them - would be interesting to know exactly how much it's costing.

Good luck:)

Jenjen

rising_from_the_ashes wrote: »

(((hugs))) again ... I know what it's like to be struggling for every penny and a solution / something that'll make a huge difference appears on the horizen and you think, "another couple of months & it'll be different / ok" etc .... and then it doesn't happen.:(

Re the Sky / broadband costs - apologies if I've got you muddled with someone else:o .... (someone else must be doing the same thing:) as I def remember someone having it for a relative in the US and having Sky for them except they weren't paying!)

The IT equipment will be a big contributor to the elec bill ........ I wonder if when he's off work for a day he could leave everything off - take the readings at a set time in the morning and again the next morning and then do the same on a day when he is using them - would be interesting to know exactly how much it's costing.

Good luck:)

I'd be interested to know who it is that does that if you happen to remember to find out how much they pay etc. It drives me mad and I wish we could just cancel it all but family relations and all that.

Thanks for the hugs. I'm sure something else will turn up for DH jobwise, its just a bit of a blow for us today. We were expecting to be celebrating tonight.

I will get him to do that with the computers, electric etc. He is quite a geek so he'll probably enjoy the experiment. I guess I'm guilty of using the heating too much too but working from home means that ends up higher than it would if I was out the house.

Thanks for the help.