Please help! I'm not sure where to start...

kitrat

First thing I would do would be cancel the gym membership, also could you cut back on the landline bill and use your mobiles instead (staying within the minutes your contract provides of course)? It seems excessive to pay so much for both.

saraht86

Oh I did call southern electric this morning as well because I saw credits on our account last night and we are being refunded £380 and our monthly direct debits have reduced from £100 for the two to £58. I forgot to change that figure in there...

Mikazaru

saraht86 wrote: »

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.................... 1

Monthly Income Details
Monthly income after tax................ 980
Partners monthly income after tax....... 1800
Benefits................................ 271
Other income............................ 0
Total monthly income.................... 3051

Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 175
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 80 This is far too high, does it include internet?
Mobile phone............................ 140 Can you not even drop a tariff a month?
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 900
Other child related expenses............ 70
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 60
Other insurance......................... 20 What's this for?
Presents (birthday, christmas etc)...... 40
Haircuts................................ 33
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Gym Membership.......................... 30
Bank Account Fee........................ 5
Total monthly expenses.................. 2944


Assets
Cash.................................... 0
House value (Gross)..................... 147000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 151500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(525)......0
Hire Purchase (HP) debt ...... 1200.....(35).......0<
Car............................4500.....(140)......0
Total secured & HP debts...... 105700....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Mastercard.....................1500......40........0
Virgin Creditcard..............4200......40........0
Overdraft......................850.......0.........0
Bank Loan......................3150......210.......0
Total unsecured debts..........9700......290.......-


Monthly Budget Summary
Total monthly income.................... 3,051
Expenses (including HP & secured debts). 2,944
Available for debt repayments........... 107
Monthly UNsecured debt repayments....... 290
Amount short for making debt repayments. -183

Personal Balance Sheet Summary
Total assets (things you own)........... 151,500
Total HP & Secured debt................. -105,700
Total Unsecured debt.................... -9,700
Net Assets.............................. 36,100

Some comments above?
Are all the cards at 0%? When do the deals end?
Do you use the gym enough to cover the monthly fee?

FireWyrm

Ok, so, you pay £900 a month for childcare yet you have stated only £980 after tax as income....I'm sorry, but this doesn't make sense financially. You're working to pay a childminder. Theres no point in that. Give up work, you'll be no worse off frankly. Your wage doesn't seem to be contributing anything at all and is being consumed in fees.

saraht86

We pay £80 to virgin which includes the phone, cable tv and internet. If we cut off the home phone (which we looked at) its £10 a month but we also lose our £20 reduction for having all three services?! Its just balmy...

Yes can cancel gym membership.

saraht86

I use the gym twice a week. I dont know if thats enough?

I could definitely look at reducing the tarriffs thank you.

The £20 additional insurance is with british gas for our boiler cover

Yes I know what you're saying re childcare & work but as I'm no better or worse off for working (besides that I also have bupa for my family & i'm contributing to a pension) but next September when my son does go to school I will be established in my job and wont need to come back in at the bottom? I thought I was doing the right thing? :-/

Tixy

I thought Virgin did a combined deal for all 3 at around £40? (or does it depend on where you live)? are you in contract with them? if not then what about considering a cheap landline & broadband deal from around £20 and using freeview tv? Or a sky package for around £40 for all 3?

Have a look here http://www.moneysavingexpert.com/shopping/cheaper-sky-cheap-cable

Mikazaru

Can you get rid off the TV and just have the phone and internet, with BT both were about £24 so the difference would cover part of your deficit. If you have three contracts and an iPad can you sell one or more of the phones and keep the contract with a cheap payg phone, and throw that money at the cards.
It definitely makes sense to keep working financially as childcare costs will go down and you have the pension/bupa/potential payrises etc...

caz128

saraht86 wrote: »

Yes I know what you're saying re childcare & work but as I'm no better or worse off for working (besides that I also have bupa for my family & i'm contributing to a pension) but next September when my son does go to school I will be established in my job and wont need to come back in at the bottom? I thought I was doing the right thing? :-/

makes sense if it's a job you love. It's a great work ethic too :T

saraht86

Tbh I think its the internet that throws our bill up so high, I know we have a massive limit ... will look into reducing that thank you

The other child fees are football, swimming & dancing lessons. Charged respectively at £80, £50 & £72 a term. Daugher also does girls brigade at £2 a week

We receive £75 per week tax credits but due to an overpayment we then have a standing order of £40 back to them. I've only factored in the £35 into other benefits plus £120 per month child benefit.

I dont know the APR on any of them lol its terrible really.
We have just taken the car out because our little KA blew up. Its over 4yrs and is £140 a month. First repayment this month!
The loan of £210 finishes next July.
The virgin credit card is 0% and contains all bar £300 of this holiday.
Holiday also requires replacing one passport and renewing two. It is all inclusive so little spending money required, we do need airport parking & petrol. It seems so stupid in hindsight to be going away especially as struggling and double especially because its on a flippen credit card.