Why can't i make end meet?

cookie70790

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................ 1212.41
Partners monthly income after tax....... 0
Benefits................................ 365
Other income............................ 558.98
Total monthly income.................... 2136.39
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100.87
Rent.................................... 473.17
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 15.2
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12.18
Satellite/Cable TV...................... 70
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 11
Car Insurance........................... 22.61
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 15
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Lottery................................. 20
OD Fee.................................. 10
James Bike Insurance.................... 108
James Bike Payments..................... 110.27
James Mobile............................ 40
Mobile Thomas........................... 15
Pocket Money Thomas..................... 45
White Goods............................. 18.99
Total monthly expenses.................. 1769.29

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1502.....(65.31)....0<
Sofa...........................1600.2...(35.56)....0
Total secured & HP debts...... 3102.2....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Cards..........................2000......3.........0
Total unsecured debts..........2000......3.........-

Monthly Budget Summary
Total monthly income.................... 2,136.39
Expenses (including HP & secured debts). 1,769.29
Available for debt repayments........... 367.1
Monthly UNsecured debt repayments....... 3
Amount left after debt repayments....... 364.1
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -3,102.2
Total Unsecured debt.................... -2,000
Net Assets.............................. -4,102.2
Created using the SOA calculator Reproduced on Moneysavingexpert with permission, using IE browser.

camuk81

Ok cookie. According to the sheet you have over £350 left over. Have you tried keeping a spending diary to see where the rest is going? Are the loans all on 0%

Angry_Bear

cookie70790 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................ 1212.41
Partners monthly income after tax....... 0
Benefits................................ 365
Other income............................ 558.98
Total monthly income.................... 2136.39
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100.87
Rent.................................... 473.17
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 15.2
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12.18
Satellite/Cable TV...................... 70 - Can you really afford this? Could you downgrade your package?
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 11
Car Insurance........................... 22.61
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 - This is high. How many is it for?
Haircuts................................ 15
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Lottery................................. 20 - Throwing it away here
OD Fee.................................. 10
James Bike Insurance.................... 108 - This is HUGE! Can you cut is down/shop aroudn/get cashback?
James Bike Payments..................... 110.27
James Mobile............................ 40 - This is very high - try PAYG?
Mobile Thomas........................... 15
Pocket Money Thomas..................... 45 - How old - this seems quite high.
White Goods............................. 18.99
Total monthly expenses.................. 1769.29

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1502.....(65.31)....0<
Sofa...........................1600.2...(35.56)....0
Total secured & HP debts...... 3102.2....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Cards..........................2000......3.........0
Total unsecured debts..........2000......3.........- - Really ... £3 a month?

Monthly Budget Summary
Total monthly income.................... 2,136.39
Expenses (including HP & secured debts). 1,769.29
Available for debt repayments........... 367.1
Monthly UNsecured debt repayments....... 3
Amount left after debt repayments....... 364.1
- Any do you have this?
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -3,102.2
Total Unsecured debt.................... -2,000
Net Assets.............................. -4,102.2
Created using the SOA calculator Reproduced on Moneysavingexpert with permission, using IE browser.

On paper you ARE making ends meet ... so do you really have 364 surplus every month? I'm guessing that like the reast of us you find it just disappears. Maybe a spending diary would help work out where it's going .

MoneyMagic01273

cookie70790 wrote: »

Monthly Expense Details
Satellite/Cable TV...................... 70
Clothing................................ 30
Presents (birthday, christmas etc)...... 70
Haircuts................................ 15
Entertainment........................... 40
Lottery................................. 20
OD Fee.................................. 10
James Mobile............................ 40
Mobile Thomas........................... 15
Pocket Money Thomas..................... 45

I think these are some of the most obvious areas you should look at (IMO)

Thomas seems to be quite expensive.... how old is he exactly?
What does Thomas do to earn £45 a month in cash from you?

£40 for James mobile is high.

Can you stop doing the lottery or at least get this down from £20!?

You cable TV charge is very high - can this come down? If you are unable to make ends meet you need to prioritise stuff like this and ask if it really is necessary...

£70 a month for presents is £840 a year. You can and should look for ways to reduce this...

EssexHebridean

Some comments below...

cookie70790 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................ 1212.41
Partners monthly income after tax....... 0 Any chance of increasing this a bit?
Benefits................................ 365
Other income............................ 558.98
Total monthly income.................... 2136.39
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100.87
Rent.................................... 473.17
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 15.2
Telephone (land line)................... 0
Mobile phone............................ 25 Can this be reduced, even a tiny bit, by switching to PAYG?
TV Licence.............................. 12.18
Satellite/Cable TV...................... 70 I assume this covers line rental & internet as well? Drop sports or movies - that will save a chunk, then ring your provider and ask what they can do to reduce your line rental/BB cost....Sky have put us on 6 months half price line rental, for example.
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 30 If you're really struggling cut this out for the time being. Kids clothes can be found cheaply on eBay or via charity shops if they'red growing and so *have* to have something,.
Petrol/diesel........................... 70
Road tax................................ 11
Car Insurance........................... 22.61
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 This is £840 per year.....had you realised? This could definitely be cut back.
Haircuts................................ 15 Every month?
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Lottery................................. 20 I don;t even need to say it, do I now?!
OD Fee.................................. 10
James Bike Insurance.................... 108 :eek:
James Bike Payments..................... 110.27
James Mobile............................ 40 same as above - cut back to PAYG or switch tariffs to save
Mobile Thomas........................... 15
Pocket Money Thomas..................... 45 how old? Is this the going rate?
White Goods............................. 18.99
Total monthly expenses.................. 1769.29

Assets
Cash.................................... 0 The stuff like car maintenance and presents that you say you budget for monthly....where is the money you have saved for these? Should it not be shown here?
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1502.....(65.31)....0<
Sofa...........................1600.2...(35.56)....0
Total secured & HP debts...... 3102.2....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Cards..........................2000......3.........0
Total unsecured debts..........2000......3.........-

Monthly Budget Summary
Total monthly income.................... 2,136.39
Expenses (including HP & secured debts). 1,769.29
Available for debt repayments........... 367.1
Monthly UNsecured debt repayments....... 3
Amount left after debt repayments....... 364.1
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -3,102.2
Total Unsecured debt.................... -2,000
Net Assets.............................. -4,102.2
Created using the SOA calculator Reproduced on Moneysavingexpert with permission, using IE browser.

The amount it says you have left each month - I take it you DON'T have that left over? If not then the first thing is to start a spending diary to see where it goes. Also go through bank statements to see if there is anything you're missing off that SOA.

The hire purchase stuff - are those figures in brackets because they are on a "buy now, pay later" deal? If so, are you putting that money aside each month to be ready when the interest free period ends to get them paid off? Otherwise you're REALLy going to be hit with some horrendous interest I suspect.