Keep Going Backwards - please help

Gurj247

Just a couple of things in addition to what FireWyrm stated.

daysie wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 3 - Why 3 cars? can't you get rid of one if nto two? will have knock on effect to petrol, road tax, maintenance etc

Monthly Income Details
Monthly income after tax................ 1415.31
Partners monthly income after tax....... 1463
Benefits................................ 0
Other income............................ 150
Total monthly income.................... 3028.31

Monthly Expense Details
Mortgage................................ 557
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 190 - Assume you don't have gas in your property given how high this figure is, so you need to check suppliers, uswitch etc to reduce it down.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 71
Telephone (land line)................... 0
Mobile phone............................ 73
TV Licence.............................. 12.12
Satellite/Cable TV...................... 46.83 - Assume you have Sky or such, in which case can you not cut down or cancel it all together and make do with Freeview etc. Also by cancelling down you may get a better offer from sky, so retaining your current service but for less
Internet Services....................... 0
Groceries etc. ......................... 253
Clothing................................ 68
Petrol/diesel........................... 198
Road tax................................ 39.41
Car Insurance........................... 47.28
Car maintenance (including MOT)......... 70
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 41.4
Pet insurance/vet bills................. 60
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 88
Haircuts................................ 25
Entertainment........................... 35
Holiday................................. 66
Emergency fund.......................... 0
toiletries inc feminine ................ 52
tobacco................................. 34
household maintenance/furnishings....... 62
takeaways............................... 25
milkman................................. 39
misc business charges inc nat ins....... 32
bank charges............................ 68
drinks for home (wine and beer)......... 48
pet food................................ 60
Total monthly expenses.................. 2490.04


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 251500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 173356...(557)......3.43
Total secured & HP debts...... 173356....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loans total of three...........16000.....438.......13.9
barclaycard 1 .................4514......53........10.9
hsbc card......................1186......30........29.9
tesco credit card 2............3179......35........0
barclaycard 2 .................4028......85........0
virgin credit card.............1499......39........25.93
nationwide.....................2451......35........15.9
burton store card..............115.......5.........29.9
tesco credit card 1............2557......50........19.43
business barclaycard...........1145......24........14
Total unsecured debts..........36674.....794.......-


Monthly Budget Summary
Total monthly income.................... 3,028.31
Expenses (including HP & secured debts). 2,490.04
Available for debt repayments........... 538.27
Monthly UNsecured debt repayments....... 794
Amount short for making debt repayments. -255.73

Personal Balance Sheet Summary
Total assets (things you own)........... 251,500
Total HP & Secured debt................. -173,356
Total Unsecured debt.................... -36,674
Net Assets.............................. 41,470

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

Also you mention you have a daughter, if she is over 16/18 can she not assist with some weekend working etc, to help pay for her own things.

daysie_2

Hi, thanks for your additional suggestions -
Actually we are not paying for 3 cars - it just asked for how many cars in household - one of them is my daughters which she pays for - perhaps i shouldnt have included it?
Electric - as above yes we do have gas, just not sure how much now is going for each, its a combined payment - wil lhave to make enquires.
Yes we have virgin media - i am stuck in a contract until may or june, but we will be switching to freesat after that - however, this amout also covers telephone and broadband, so how can i cheaply change both those while keeping the same phone number (used for business)?

Gurj247

some additional comments added in below.

daysie wrote: »

Hi, thanks for your additional suggestions -
Actually we are not paying for 3 cars - it just asked for how many cars in household - one of them is my daughters which she pays for - perhaps i shouldnt have included it?
Electric - as above yes we do have gas, just not sure how much now is going for each, its a combined payment - will have to make enquires. - As mentioned you may have overpaid. take current readings and then compare them against the Estimates that are on your bill, alternatively call your supplier to give them the actual readings that you take. Assuming you have overpayed (the majority of people do) then this could give you a little breathing space and allow you to pay off some of the debt on your credit/store cards.
Yes we have virgin media - i am stuck in a contract until may or june, but we will be switching to freesat after that - however, this amout also covers telephone and broadband, so how can i cheaply change both those while keeping the same phone number (used for business)? - Although you may be in contract i believe that you can call them and state that you are currently having difficulty and would like to reduce your package etc at the least. its worth asking.

Also as said could you ask your daughter to help out more financially?

as said already, If you have space then taking a lodger is another possible option,

daysie_2

thanks,
at the moment my daughter pays me £150 a month rent which is included in the income. she buys a lot of her own food, and is not always in so i feel it would be unfair to ask for more? what are other people charging their offspring? is £150 fair or am i cutting it too much?
I have thought about renting a room out, at present the spare room is being used as my husbands office, so would need to find him somewhere else to do paperwork. The only trouble is every time i think about doing it i talk myself out of it as i cant bear the thought of having someone i don't really know permanently in my house? (is this odd? have other people thought like this?)
My friend does it all the time with students but i just don't feel i could? how can i get past this obviously stupid feelings?

pmlindyloo

daysie wrote: »

thanks,
at the moment my daughter pays me £150 a month rent which is included in the income. she buys a lot of her own food, and is not always in so i feel it would be unfair to ask for more? what are other people charging their offspring? is £150 fair or am i cutting it too much?
I have thought about renting a room out, at present the spare room is being used as my husbands office, so would need to find him somewhere else to do paperwork. The only trouble is every time i think about doing it i talk myself out of it as i cant bear the thought of having someone i don't really know permanently in my house? (is this odd? have other people thought like this?)
My friend does it all the time with students but i just don't feel i could? how can i get past this obviously stupid feelings?

There always threads about this thorny problem.

How much does she earn each month?

From my reading the general consensus of opinion is that we do our children no favours by not getting them ready for the real world when they have to find money for rent, utilities, food etc etc. but it's hard isn't it? Post back what she earns and then let's give you our take on it.

Another quick thought. Have you got a water meter?

heartbreak_star

Vet them carefully? Ask for references?

Chances are with the students, if they want a quiet room instead of halls they won't be the hellraising type anyway...

HBS x

whiteguineapig

we have just ordered cat food from petsupermarket for cheaper than the vets price
he has special royal canin food so it may be worth you looking into doing that , i saved quite a bit

daysie_2

pmlindyloo wrote: »

There always threads about this thorny problem.

How much does she earn each month?

From my reading the general consensus of opinion is that we do our children no favours by not getting them ready for the real world when they have to find money for rent, utilities, food etc etc. but it's hard isn't it? Post back what she earns and then let's give you our take on it.

Another quick thought. Have you got a water meter?

Hi, I am not actually sure what she earns each month, i will have to ask her and let you know
No i don't have a water meter - should we have?

daysie_2

Just so you have all the onfo - by the way my daughter is 23, working full time, and pays for all her own things. she has her own freesat which she hardly watches and her own wireless broadband which she pays for. She helps with the cooking, the cleaning, and buys a lot of her own food. Regarding appliances - She uses the shower, the washing machine and the tumble dryer and uses a hairdryer. She is currently saving up for a house deposit with her boyfriend.
The trouble is i am only too aware of how much my parents helped me when i was younger and hate the idea of asking her for more when she is not at fault here, and she shouldnt have to pay for my mistakes. I will see about putting it up a bit to start with and see how we go - maybe £20 or £30 more a month.

daysie_2

OOH! stupid thing to be excited about - have just noticed I am not a Newbie any more.
(does this mean you will stop treating me gently and start to be Really Really honest with me now. . . . . . ?) :-)