Teatime's Diary.

Naomim

Teatime wrote: »

Alleycat and freshair - looks like the childcare vouchers are go. It seems they are going to save us about £50 a month which is a big help. :-)


Naomim - thank you so much for all those suggestions - I do really appreciate it.

I'll answer some of them here -


Groceries - we usually spend about £300 per month but I joined the grocery challenge and thought I would try to do £200. I think this is unrealistic at this stage so I am going to try to keep to £250 for this first month. - Try shopping online. I find my weekly shop much cheaper when I'm not at the shop being tempted. A deal is only a deal if you are actually going to use the stuff! lol

The medical costs are for dental insurance. We are on waiting list for an NHS dentist. - Blimey! Where are you for there to be no NHS dentist? Can you complain to your MP about that?

Pet insurance/vet bills - unfortunately this can't be reduced. Dog food we get as cheap as we can too. We have a giant breed. He is going to cost us a lot. - We want a dog too but got to wait a while

The insurances are all high. They are next on the list for OH to review and try to get costs down a bit here. Thanks for mentioning these - they do look to be a rather large proportion of our incomes. - Good idea, hope you can get something sorted out.

Haircuts - yes, we need to get rid of this. My hair is long so I can go without. The others are probably going to go and try a barber so we'll reduce this dramatically this month and then decide if we can reduce it to zero altogether. - My DS loves the barbers.. he gets a lollipop!

Entertainment - You know, I think we might get rid of this for just now but keep our hobbies at the moment. I know the hobbies are expensive and may have to go if we aren't managing to make ends meet otherwise but I am loathe to give them up. Will review them next month if things aren't looking great. - A good way to look at it, you can't give up life completely

Holiday - we have a timeshare week twice a year in this country so this pays the fees for that and also extra for spending. We can cut the spending bit down for just now and have an economical holiday but I hope to keep the timeshares if we can. - Sounds like a good plan, we all need to re-charge our batteries at some point

Swimming lessons - I would like to keep for this term as older son has developed a phobia of the water which we are just not managing on his own. I think he and I clash a bit and both get uptight with each other. The swimming teacher is doing wonders with him. Again, I will review after this term if I need to. - Probably a good idea. How old is DS?

Loads of great suggestions, thanks. I know I am being a bit pathetic and saying I want to keep a lot of these expenses. I won't be stupid, though, and will review them bit by bit - I think maybe it is just going to take a bit of getting used to having to make these sacrifices and I will do it when I get to the point that I realise I can't do anything else. I am getting there - just a bit of adjusting to do.

Hi Teatime,

A £50 savings with the childcare vouchers is brilliant. :j unfotunately my MIL did the childcare course then changed her mind so never registered.

You are not being pathetic in wanting to keep things. If you can make small sacrifices in some places, ie food shopping, childcare vouchers then why not have some small luxuries? We have debt but we still have SKY tv and there is no way DH would give up his football season ticket.
We have however learnt to "budget" better which in the long term can only be a good thing.


Naomi x

Teatime

Thanks Naomi.

I suspect that getting the insurances down a bit still won't make the budget balance and I will need to get rid of other expenses but will cross that bridge when I get to it.

My sons are 5 and 3. I hope our local barber does lollipops!!

Yes, I should write to my MP and my MSP about the dentists. I actually think it is dreadful that people with very low incomes find it difficult to get access to NHS dentistry - a huge problem here!

T.

Teatime

Okay, new SOA with some of the changes made so far. This means it just balances. OH is going to take one of the bits of insurance off, I'm going to stop paying national insurance (once the exemption application gets here), OH has written to the gas to see if we can get those payments down a bit, we'll hopefully get the overdraft expenses gone by end of June, and once child care vouchers kick in that should save us about £40 per month too - so with all of that, we should get a little extra to throw at the emergency fund (and we still have to receive the invoice from the plumber).
So, need to keep working at it but having it look like it balances makes me feel so much better.

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................ 2576
Partners monthly income after tax....... 2028
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............................. 40
Gas..................................... 92
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 27
Mobile phone............................ 65
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 250
Road tax................................ 31.25
Car Insurance........................... 66.28
Car maintenance (including MOT)......... 40
Car parking............................. 5
Other travel............................ 58.8
Childcare/nursery....................... 554.4
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 70
Buildings insurance..................... 14
Contents insurance...................... 14
Life assurance ......................... 77
Other insurance......................... 18
Presents (birthday, christmas etc)...... 80
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 50
Overdraft expenses...................... 35
RAC..................................... 6
Swimming Lessons........................ 25
Family wedding.......................... 50
National insurance...................... 13
Professional expenses................... 289
Hobbies................................. 33
Household miscellaneous................. 20
Dog food................................ 45
Total monthly expenses.................. 4114.85


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). 4,114.85
Available for debt repayments........... 623.95
Monthly UNsecured debt repayments....... 622
Amount left after debt repayments....... 1.95

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.


Thank you so much to you all for your suggestions and encouragement.

Naomim

Yay - you have £1.95 left. Better than it being a minus figure

I meant to ask, what is the family wedding £50 per month expense?

BTW - you are brave posting your SOA - I know what changes we need to make and don't want people shouting I need to get rid of everything! lol


Nx

Teatime

Ha ha Naomi - I suppose it is quite brave - but it makes it real.

As you can see we have stopped quite a few payments.

The family wedding - close member of family getting married later this year and we will need to pay for a present, money for drinks, accommodation, kilt hire for boys, a frock, etc so it will only be £50 per month for the next few months to get those costs covered. Essential but will also be a lovely couple of days.

Tx

wiggles01

Hey!

You SOA is very detailed... I think I will take a leaf out of your book for my new one... I haven't been a details person and thats why I ended up in this mess!

Naomim

Thanks Teatime, I kind of guessed and good for you to be budgeting for it. I dread being invited to these sort of family events now becuase of the expense of it all.

I bet the boys will look fab in their kilts!

Naomi x

Teatime

Wiggles - yes, I keep finding other places I am leaking money and need to keep adding categories to the SOA!

Naomi - the boys do look good in their kilts. Growing too fast to justify buying ones but we will save nearer the time to buy them kilt outfits for their 18th birthdays. That will be another category for the SOA.

Got gas bill reduced by £6 per month. Every little helps. Now to work on bringing the consumption of has down. But I LOVE being cosy.

Naomim

Hi Teatime,

How has your weekend been? Ours good becuase the sun has been out and we've been out the house! :j

After a visit from the gardening fairy in the week who cut my front garden, it spurred me into the back [STRIKE]jungle[/STRIKE] this afternoon and have cut the grass this afternoon.

Naomi x

Teatime

Hi Naomi,

We have had a lovely, really packed weekend and the icing on the cake is that I became an Auntie this morning. We are away into town this afternoon for the boys to choose a pressie for their cousin.

Well done, doing the grass - always looks so great when it has just been done.