my situation

moneysavermum_2

deleted thread

camuk81

Nje,

Let's start with filling this in and see where you are and what you owe. Pop the intrest rates in and see what and where you are

http://www.makesenseofcards.com/soacalc.html

talana

Amount left after debt repayments....... 158

On paper you have a small monthly surplus. First job is to figure out where that's going.
If that money was being saved, you'd be in a position to pay off the barclayloan in 3-4 months, ie May. And that would really set you on the right road.

Nothing at all on entertainment. Is that realistic? Could that account for some of that £158?

talana

nje24 wrote: »

the money is going on online purchases...clothing for kids....household items but I should be over the expenses for the year now and if I can stick and have abit of discipline I should be able to get to a better position. So stressed about this now and I dont sleep well either. I have just had to take £50 out today £15 for my daughters school dinners £10 for my son and £25 for a school trip, my youngest has sandwiches but the others enjoy school dinners. So as you see theres £50 gone. That sums up my life..in one hand out the other. But I have to change as its affecting my life...stress and as said sleepless nights and nightmares.

If you have these sort of expenses, you need to budget regularly and plan for them just like anything else. You should be able to effectively save a small amount then.
For example, clothing for kids, budget more here
Clothing................................ 20

Sundry child-related expenses, here
Other child related expenses............ 0

Hope it works out for you.

talana

Car(s).................................. 7500

Also, have you considered selling the car and buying a cheaper runaround? You could buy a perfectly decent one for say £2000.

Would free enough to instantly pay off the HP debt.

[Deleted User]

nje24 wrote: »

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 772
Partners monthly income after tax....... 0
Benefits................................ 900
Other income............................ 500
Total monthly income.................... 2172

Monthly Expense Details
Mortgage................................ 498
Secured/HP loan repayments.............. 421
Council tax............................. 0 get full council tax benefit at the moment Is this included in the benefits listed above as income - if so you have counted it twice
Electricity............................. 45 Use comparison sites to see if you can get cheaper - and if cheaper elsewhere use cashback sites to see if there are incentives
Gas..................................... 43 as above
Water rates............................. 36
Telephone (land line)................... 20 you ought to be able to get home phone and internet for approx £20-£25
Mobile phone............................ 5
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 18 as above
Groceries etc. ......................... 300 I think that you can reduce this - meal plan, batch cook, drop brands, shop in lidl/alsi
Clothing................................ 20 maybe halve this
Petrol/diesel........................... 100 any way to reduce? car share? walk/bus/cycle?
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 20do you save this somewhere for when it's needed?
Childcare/nursery....................... 50Any way to reduce?
Pet insurance/vet bills................. 8
Buildings insurance..................... 7
Contents insurance...................... 8
Life assurance ......................... 22
Presents (birthday, christmas etc)...... 10 do you save this somewhere for birthdays, Xmas etc
Haircuts................................ 10
Entertainment........................... 0never?
Holiday................................. 0
Emergency fund.......................... 0maybe start putting £5 or £10 here until you have a small buffer built up - this will stop or limit your use of CC's in an unexpected expense/breakdown/emergency occured
Total monthly expenses.................. 1699


Assets
Cash.................................... 0
House value (Gross)..................... 185000
Car(s).................................. 7500
Total Assets............................ 192500[/b]


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 92000....(498)......2.5
Hire Purchase (HP) debt ...... 4200.....(421)......11.3
Total secured & HP debts...... 96200.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2600......25........18.9
barclaycard....................2200......45........0
barclayloan....................1200......189.......18.7
sofa dfs.......................2500......56........0
Total unsecured debts..........8500......315.......-


Monthly Budget Summary
Total monthly income.................... 2,172
Expenses (including HP & secured debts). 1,699
Available for debt repayments........... 473
Monthly UNsecured debt repayments....... 315
Amount left after debt repayments....... 158 if you actually have this at the end of every month, then pay it towards the debt that's costing you the most in interest. If you don't have it, then keep a spending diary noting down all your spends in a month to identify where it's going

Personal Balance Sheet Summary
Total assets (things you own)........... 192,500
Total HP & Secured debt................. -96,200
Total Unsecured debt.................... -8,500
Net Assets.............................. 87,800 out of this i have to pay ex 26,000 in 13 years and a legal bill of 16,000 which he kindly left me. But am hoping that when i have the debts cleared can start overpaying mortgage and repay legal aid bill as well. fingers crossed


my barclayloan is paid in september
my car loan ends january 2012 that frees up 600 pound a month

[/tt]

Hi,

I have made some comments above - hope at least some are of use.

D9