Same cycle developing again

debitnotcredit

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2350
Partners monthly income after tax....... 1178
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 3610

Monthly Expense Details
Mortgage................................ 546.4
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 78
Gas..................................... 108
Oil..................................... 0
Water rates............................. 78
Telephone (land line)................... 38
Mobile phone............................ 93
TV Licence.............................. 12.37
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 400
Road tax................................ 11.25
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 23
Buildings insurance..................... 7
Contents insurance...................... 7
Life assurance ......................... 160
Other insurance......................... 18
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 150
Emergency fund.......................... 150
Total monthly expenses.................. 2920.02


Assets
Cash.................................... 2587
House value (Gross)..................... 315000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 34886
Total Assets............................ 360473


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 143894...(546.4)....3.5
Total secured & HP debts...... 143894....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................12100.....275.......8.4
Total unsecured debts..........12100.....275.......-


Monthly Budget Summary
Total monthly income.................... 3,610
Expenses (including HP & secured debts). 2,920.02
Available for debt repayments........... 689.98
Monthly UNsecured debt repayments....... 275
Amount left after debt repayments....... 414.98

Personal Balance Sheet Summary
Total assets (things you own)........... 360,473
Total HP & Secured debt................. -143,894
Total Unsecured debt.................... -12,100
Net Assets.............................. 204,479

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

debitnotcredit

Made me think looking at replies. I have added some missed items. The two endowment premiums the savings plan premiums, and all my protection that I pay included in my business.

I think looking back at the business income, which is net of paying staff accountants etc some months I do not achieve the 2350.00 so then the borrowing starts. But this month I have made about 4000.00 so I have immediatey paid off the OD which was 1500.00, and one staff member was due a small bonus of 300.00 which has been paid.

I am determined not to get myself into debt again. Those of you who do not run business may not quite understand that costs can get out of hand, but reason for me doing this exercise is so that I can build a buffer fund. Three periods create problems for me tax bill time July January, holidays, and the Christmas period.

If then you do not make the average of £2350.00 then borrowing seems to take place.

pollywolly71

Just my tuppence, I have reduced my grocery bill drastically by buying stores own brands and by looking for special offers and cheaper alternatives. My monthly bill is at most £300 and sometimes it's less than this and that is for a family of 5, so it can be done.