Time to sort things

smattie

Have posted previously but i have just managed to organise my SOA, surprised at how much money i should have left but dont so my spending diary is certainly going to help me. I have also stopped smokking so am saving myself £200 a month. Have decided to tackle the halifax card first and get this clear since there is interest on this and also an amount i should be able to pay off relatively quickly to keep me motivated.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................ 1500
Partners monthly income after tax....... 750
Benefits................................ 135
Other income............................ 0
Total monthly income.................... 2385

Monthly Expense Details
Mortgage................................ 306
Secured/HP loan repayments.............. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60(this package includes internet and broadband)
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 200(not sure of this figure may be more or less)
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 88
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 33(includes contents)
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 30
Presents (birthday, christmas etc)...... 70
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1802


Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 0
Total Assets............................ 72000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 55000....(306)......0
Secured Debt.................. 10000....(250)......0
Total secured & HP debts...... 65000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
halifax........................1097.69...30........15.9
tesco..........................2263.88...25........0
barclay card...................1710.65...38.48.....0
virgin.........................5000......100.......0
Total unsecured debts..........10072.22..193.48....-


Monthly Budget Summary
Total monthly income.................... 2,385
Expenses (including HP & secured debts). 1,802
Available for debt repayments........... 583
Monthly UNsecured debt repayments....... 193.48
Amount left after debt repayments....... 389.52

Personal Balance Sheet Summary
Total assets (things you own)........... 72,000
Total HP & Secured debt................. -65,000
Total Unsecured debt.................... -10,072.22
Net Assets.............................. -3,072.22

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
All and any advice or tips would be welcome:)

Tixy

Hi,

All sounds good, spending diary is definitely the way to go. Well done on quitting smoking as well - thats brilliant.

Your statement of affairs is looking good in most areas

smattie wrote: »

Benefits................................ 135 are you getting all you are entitled to? have you checked to see if you might qualify for any tax credits?
Groceries etc. ......................... 350 this looks to be the area you could possibly reduce. Certainly there are people who spend quite a bit less on this for that size family - maybe you could try to cut to £300 and see how you do?
Buildings insurance..................... 33(includes contents) given the house value you should be able to get B&C quite a bit cheaper by shopping around at renewal
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 30 what does this cover? have you shopped around to see a good deal.
Presents (birthday, christmas etc)...... 70 try reducing this a bit (especially given level of debts currently)

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 55000....(306)......0 what APR? are you on a fixed deal?
Secured Debt.................. 10000....(250)......0 whats the APR? car or secured on the house?
Total secured & HP debts...... 65000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
halifax........................1097.69...30........15.9
tesco..........................2263.88...25........0
barclay card...................1710.65...38.48.....0
virgin.........................5000......100.......0
Total unsecured debts..........10072.22..193.48....-
Are they all 0% aside from halifax? how long for? have you looked at the snowball calculator with your figures, 0% periods etc?
Any overdrafts that you also need to include in the list and factor into monthly outgoings?

Monthly Budget Summary
Total monthly income.................... 2,385
Expenses (including HP & secured debts). 1,802
Available for debt repayments........... 583
Monthly UNsecured debt repayments....... 193.48
Amount left after debt repayments....... 389.52

MFWannabe

smattie wrote: »

Have posted previously but i have just managed to organise my SOA, surprised at how much money i should have left but dont so my spending diary is certainly going to help me. I have also stopped smokking so am saving myself £200 a month. Have decided to tackle the halifax card first and get this clear since there is interest on this and also an amount i should be able to pay off relatively quickly to keep me motivated.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................ 1500
Partners monthly income after tax....... 750
Benefits................................ 135
Other income............................ 0
Total monthly income.................... 2385

Monthly Expense Details
Mortgage................................ 306
Secured/HP loan repayments.............. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60(this package includes internet and broadband)
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 200(not sure of this figure may be more or less)
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 88 - What is this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 33(includes contents) - Check comparison sites to see if you can get cheaper
Contents insurance...................... 0
Life assurance ......................... 40 - Again check comparison sites to see if you can get cheaper
Other insurance......................... 30 - What is this for?
Presents (birthday, christmas etc)...... 70 - Cut down to £50
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1802


Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 0
Total Assets............................ 72000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 55000....(306)......0
Secured Debt.................. 10000....(250)......0
Total secured & HP debts...... 65000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
halifax........................1097.69...30........15.9
tesco..........................2263.88...25........0
barclay card...................1710.65...38.48.....0
virgin.........................5000......100.......0
Total unsecured debts..........10072.22..193.48....-


Monthly Budget Summary
Total monthly income.................... 2,385
Expenses (including HP & secured debts). 1,802
Available for debt repayments........... 583
Monthly UNsecured debt repayments....... 193.48
Amount left after debt repayments....... 389.52

Personal Balance Sheet Summary
Total assets (things you own)........... 72,000
Total HP & Secured debt................. -65,000
Total Unsecured debt.................... -10,072.22
Net Assets.............................. -3,072.22

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
All and any advice or tips would be welcome:)

Hi
I've made some comments above where you could possibly make some cutbacks. If you don't have £389 left over each month then you need to keep a spending diary to see where this is being spent. Are the other cards 0%? If they are do you have any spare credit available to move the Halifax debt to?

smattie

Thanks for the replies , i really appreciate it. Only card which isnt 0% at the moment is virgin but am in the process of transferring this to a 0%card.
I have put in so much for presents as there are quite a few special birthdays in our family this year(mum 60, MIL80etc).
The £88 is for kids drumming lessons and other clubs and i will not stop these as kids are really good and help out by always having packed lunches, sweets and fizzy juice and desserts only over the weekend. My oldest DS is 8 and he understands that we are being careful with our money and always makes sure that the lights are turned off, and shuts the doors to keep heat in.