Teatime's Diary.

Teatime

Hi Everyone,

I have been lurking for a while and am ready to start posting and getting myself sorted. Have joined the grocery challenge.

Have just managed to pay off overdraft with OH's bonus this month and don't want to go back into it but, as you can see from SOA, we are living beyond our means.

We have actually been trimming the expenses for a few months now so this SOA is better than it has been but we obviously still need to make some changes.

I'm grateful for any advice.

We do actually have enough to cover expenses for this month as I have done extra shifts which cover the shortfall but, unfortunately, getting extra shifts is proving more and more difficult so I can't rely on being able to do that.

My next goal is to phone mobile providers and try to bring this down a bit.

Here's the SOA.

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................ 2028
Partners monthly income after tax....... 2576
Benefits................................ 134.8
Other income............................ 0
Total monthly income.................... 4738.8

Monthly Expense Details
Mortgage................................ 1381
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 213
Electricity............................. 72
Gas..................................... 85
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 58.5
Mobile phone............................ 65
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 250
Road tax................................ 31.25
Car Insurance........................... 36.27
Car maintenance (including MOT)......... 42
Car parking............................. 5
Other travel............................ 58.8
Childcare/nursery....................... 554.4
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 70
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 95
Other insurance......................... 22.61
Presents (birthday, christmas etc)...... 80
Haircuts................................ 40
Entertainment........................... 30
Holiday................................. 150
Emergency fund.......................... 50
Dog food................................ 30
Swimming Lessons........................ 25
Overdraft expenses...................... 40
Family wedding.......................... 50
NI...................................... 13
CTFs.................................... 20
Professional expenses................... 289
Memberships/Charity..................... 16
Hobbies................................. 33
Household miscellaneous................. 20
Total monthly expenses.................. 4237.95


Assets
Cash.................................... 0
House value (Gross)..................... 270000
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 285000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 233750...(1381).....4.99
Total secured & HP debts...... 233750....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................11388.....317.......7.06
Loan 2.........................13000.....305.......6
Total unsecured debts..........24388.....622.......-


Monthly Budget Summary
Total monthly income.................... 4,738.8
Expenses (including HP & secured debts). 4,237.95
Available for debt repayments........... 500.85
Monthly UNsecured debt repayments....... 622
Amount short for making debt repayments. -121.15

Personal Balance Sheet Summary
Total assets (things you own)........... 285,000
Total HP & Secured debt................. -233,750
Total Unsecured debt.................... -24,388
Net Assets.............................. 26,862

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

jwil

Welcome to the boards Teatime

Your phone bill is very high as well as the mobile - does that include anything else? Can it be reduced at all?

Electric and gas could possibly be reduced - ensure things are switched off when not being used etc.

If you've cleared the overdraft, does that free up the £40 pm now?

I would look at the following sections - can any of these be reduced/cut at all, even temporarily until your debt is reduced?:
Presents (birthday, christmas etc)...... 80
Haircuts................................ 40
Entertainment........................... 30
Holiday................................. 150
Emergency fund.......................... 50
Dog food................................ 30
Swimming Lessons........................ 25
Overdraft expenses...................... 40
Family wedding.......................... 50
NI...................................... 13
CTFs.................................... 20
Professional expenses................... 289
Memberships/Charity..................... 16
Hobbies................................. 33
Household miscellaneous................. 20

Good luck with the debtbusting

Teatime

Hi jwil,

Thanks so much for taking the time to reply.

Phone bill is for the Internet also - I have tended to stick with BT - I should shop around.

I am phoning about getting the mobiles reduced today.

OH is phoning to see if we can get gas/electric reduced today as we got payments back last month for being in credit. Also going to try really hard to cut down on heating and tumble drier.

Bit of a blow today that our hot water is not working. Looks like we will need to geta plumber in and that may set us back into overdraft.

Will need to pay overdraft fees this month but even if dip back in this month fees should be much reduced next month then hopefully gone altogether.

And, yes, everything on that list needs to be reduced. Am going to get there step by step.

I really appreciate your help - it does make it seem more real.

T

Teatime

Okay,

So mobile phones still have time to run on their contracts but I can phone back at end of May to negotiate a cheaper contract for my phone. Will have to wait til October to change OH's one. Have written the dates on my budget planner so I don't forget to to do this.

Finally go through to the National Insurance helpline and they are going to send me a form to fill in for exemption for paying self employed national insurance. That will free up £13 per month once that kicks in.

No spend day today.

Working 10-12 hours tomorrow but will try to sort out some of the other expenses on Thursday.

Am burying my head in the sand about the need to get a plumber in but will think about that on Thursday.

Eliza_L

Welcome to diary land. I have subscribed.

Teatime

Thanks Eliza.

jwil

Sorry to hear about the plumber being required, there's always something isn't there.

I reckon you should be able to get a better deal with BT even with the internet included if you don't want to change.

Well done on what you've achieved so far :T

Teatime

Thanks. I'll try to give BT a phone on Thursday.
And I'll tackle one other expense then too.
Slow but sure.

[Deleted User]

Hey - welcome to the world of debt busting!!!

Who is your mobile contract with?

Dxxx

Teatime

Thanks Dolly - really glad to be here and getting sorted.

Vodafone. We both have iPhones.

[Deleted User]

Och I work for a mobile company but its not them - I was gonna offer you a wee discount!

Och well.

Dxxx