Young mummy to 2...wanting to feel my age!

AimeesMum_2

Hi all,

I have recently split with my partner. I have two kids aged 1 and 3, work full time and feel so old before my time lol. Wanted to do an SOA to make things clearer to myself how much money I have left at the end of the month to try and get some nice things for my wee family and some clothes as I literally put my ex-partner 100% before myself and used to never by myself anything while he had a fantastic wardrobe.

Is there anything that looks too high? Or anywhere I can trim?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 0
Benefits................................ 1344
Other income............................ 0
Total monthly income.................... 2804
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 123
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 60
Internet Services....................... 17.5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 1400
Other child related expenses............ 0
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)...... 100
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2565.5

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Debt to local Council..........1560......50........0
Debt to HB.....................2000......70........0
Total unsecured debts..........3560......120.......-

Monthly Budget Summary
Total monthly income.................... 2,804
Expenses (including HP & secured debts). 2,565.5
Available for debt repayments........... 238.5
Monthly UNsecured debt repayments....... 120
Amount left after debt repayments....... 118.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,560
Net Assets.............................. -3,560
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

DorsetGirl_2

AimeesMum wrote: »

Hi all,

I have recently split with my partner. I have two kids aged 1 and 3, work full time and feel so old before my time lol. Wanted to do an SOA to make things clearer to myself how much money I have left at the end of the month to try and get some nice things for my wee family and some clothes as I literally put my ex-partner 100% before myself and used to never by myself anything while he had a fantastic wardrobe.

Is there anything that looks too high? Or anywhere I can trim?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 0
Benefits................................ 1344
Other income............................ 0
Total monthly income.................... 2804
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 123 Is this with single person reduction? or does it include arrears?
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 60 This is high - can you cut your packages?
Internet Services....................... 17.5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 1400
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Nothing here?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 This is quite high!
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2565.5

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Debt to local Council..........1560......50........0
Debt to HB.....................2000......70........0
Total unsecured debts..........3560......120.......-

Monthly Budget Summary
Total monthly income.................... 2,804
Expenses (including HP & secured debts). 2,565.5
Available for debt repayments........... 238.5
Monthly UNsecured debt repayments....... 120
Amount left after debt repayments....... 118.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,560
Net Assets.............................. -3,560
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

You have £118 left at the end of the month according to your figures. Do you? If not I would suggest a spending diary.

Tixy

Hi

AimeesMum wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 0
Benefits................................ 1344 have you checked you are getting all you can?
Other income............................ 0 any chance of getting any maintenance from children's Dad?
Total monthly income.................... 2804
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 123 are you getting the 25% single occupier discount? and are you entitled to any CT benefit?
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0 is this in with ctax?
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 0 you need this?
Satellite/Cable TV...................... 60 this could be ditched? or maybe dropped to a lower package?
Internet Services....................... 17.5
Groceries etc. ......................... 120
Clothing................................ 0 I see you've done this to see what you have left for things like clothes but I would budget something here
Petrol/diesel........................... 0
Other travel............................ 80
Childcare/nursery....................... 1400 are you getting any benefits/help you can towards this?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 consider getting this - can be as little as a few quid a week.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 this seems fairly high for your circumstances - try to reduce it (ideally halve it).
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2565.5
Unsecured Debts
Description....................Debt......Monthly...APR
Debt to local Council..........1560......50........0
Debt to HB.....................2000......70........0
Total unsecured debts..........3560......120.......-

Monthly Budget Summary
Total monthly income.................... 2,804
Expenses (including HP & secured debts). 2,565.5
Available for debt repayments........... 238.5
Monthly UNsecured debt repayments....... 120
Amount left after debt repayments....... 118.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,560
Net Assets.............................. -3,560
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Looks like you do have some spare for the things like clothes, entertainment etc, but maybe a few places to see if you can reduce to free up a bit more.

JulieGeorgiana

AimeesMum wrote: »

Hi all,

I have recently split with my partner. I have two kids aged 1 and 3, work full time and feel so old before my time lol. Wanted to do an SOA to make things clearer to myself how much money I have left at the end of the month to try and get some nice things for my wee family and some clothes as I literally put my ex-partner 100% before myself and used to never by myself anything while he had a fantastic wardrobe.

Is there anything that looks too high? Or anywhere I can trim?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 0
Benefits................................ 1344
Other income............................ 0
Total monthly income.................... 2804
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 123 This is high, are you getting single person discount?
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 35 Are you getting the best deal for your usages?
TV Licence.............................. 0 £13 needed here
Satellite/Cable TV...................... 60 Do you need this... I recently went Freesat, and realised it's not worth the money
Internet Services....................... 17.5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 1400
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 If you rent you might find you are obligated to have this. I pay £7 a month
Life assurance ......................... 0 With 2 children I would consider getting this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 £1200 a year??? That's a lot of money, i would halve that!
Haircuts................................ 0 You need a little here unless you do it for free.
Entertainment........................... 0 Do you not go out?
Holiday................................. 0 No camping or anything?
Emergency fund.......................... 0 Need something here in case something breaks!
Total monthly expenses.................. 2565.5

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Debt to local Council..........1560......50........0
Debt to HB.....................2000......70........0
Total unsecured debts..........3560......120.......-

Monthly Budget Summary
Total monthly income.................... 2,804
Expenses (including HP & secured debts). 2,565.5
Available for debt repayments........... 238.5
Monthly UNsecured debt repayments....... 120
Amount left after debt repayments....... 118.5 Do you have this left each month if not you may want to think about a spending diary
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,560
Net Assets.............................. -3,560
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

i made some comments. You have money leftover each month, so it's all about lifestyle choices as to what you keep and what you cut back on.

Your groceries look just great though.

Good Luck x

MFWannabe

AimeesMum wrote: »

Hi all,

I have recently split with my partner. I have two kids aged 1 and 3, work full time and feel so old before my time lol. Wanted to do an SOA to make things clearer to myself how much money I have left at the end of the month to try and get some nice things for my wee family and some clothes as I literally put my ex-partner 100% before myself and used to never by myself anything while he had a fantastic wardrobe.

Is there anything that looks too high? Or anywhere I can trim?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 0
Benefits................................ 1344
Other income............................ 0
Total monthly income.................... 2804
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 123 - I'm guessing this includes arrears as one of your debts if to local council?
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 35 - Change to lower tarriff or go payg
TV Licence.............................. 0
Satellite/Cable TV...................... 60 - Change to lower package
Internet Services....................... 17.5 - Could you get this cheaper combined with landline or sat tv?
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 1400
Other child related expenses............ 0
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)...... 100 - This is a HUGE amount to be spending. Cut this to £30 per month
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2565.5

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Debt to local Council..........1560......50........0
Debt to HB.....................2000......70........0
Total unsecured debts..........3560......120.......-

Monthly Budget Summary
Total monthly income.................... 2,804
Expenses (including HP & secured debts). 2,565.5
Available for debt repayments........... 238.5
Monthly UNsecured debt repayments....... 120
Amount left after debt repayments....... 118.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,560
Net Assets.............................. -3,560
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

hi
I've made some comments above where you could make some cutbacks.

findingmyownway

Welcome :beer:

Does your £1344 'benefits' include child support from your ex? I ask this because you are not on bad wage yourself, and so I would be suprised if you were entitled to benefits this high? Apologies if I am wrong, but I think you should double check and ensure you are neither being under or OVER paid, as this can cause more problems in the future.

Of course if your ex is not paying you money for the children, then this is a first line of extra income - contact CSA if you can't sort it personally, he should be paying circa 20% of his net salary for 2 children.

The nursery fees are high, do you use childcare voucher etc to pay this as efficiently as possible?

DorsetGirl_2

findingmyownway wrote: »

Welcome :beer:

Does your £1344 'benefits' include child support from your ex? I ask this because you are not on bad wage yourself, and so I would be suprised if you were entitled to benefits this high?

I should think alot of it is the childcare element of CTC.

AimeesMum_2

This benefit is all child benefit and child tax credits. It is based on £17,000 due to me only earning £15,000 last year because of maternity leave. It goes down a fair bit in April. My ex is on long term incapacity benefit and as I do earn a decent wage I won't be going for child support. I live in Scotland and don't pay for prescriptions. I am though going to phone Sky and cut down my package for the TV as this includes sports which I won't be needing any more. The Christmas/Birthdays might seem a bit high but this also includes things like Christmas dinner and I do have the two kids birthdays and Christmas presents I will try and cut down a little here though.

Thanks every one xxxx

Tixy

Just a comment on this

AimeesMum wrote: »

. The Christmas/Birthdays might seem a bit high but this also includes things like Christmas dinner and I do have the two kids birthdays and Christmas presents I will try and cut down a little here though.

Thanks every one xxxx

It does seem very high at £1200 per year given your income and that you have priority debts such as to the council. With kids as young as 1 and 3 they really don't know the difference between a £30 present and a £150 present. I'd really try to reduce this down a lot now - before they are old enough for pester power. You'll have plenty years of them knowing what they want and asking for expensive presents in years to come.

Of course we all prioritise different luxuries and you might say this isn't something you want to change - but that would be my thoughts.