My sof ...

mrsjonesjuly2010

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1205
Partners monthly income after tax....... 1476
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2681
Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 55
Gas..................................... 80
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 80
TV Licence.............................. 13
Satellite/Cable TV...................... 33
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 150
Road tax................................ 21
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 11
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 21
Entertainment........................... 40
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1785

Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 108000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86000....(525)......0
Total secured & HP debts...... 86000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA CARD......................500.......15........0
MBNA CARD......................5900......180.......0
HALIFAX CARD...................620.......19........0
DEBENHAMS CARD.................350.......10........0
LLOYDS TSB CARD................3000......70........0
HALIFAX OVERDRAFT..............600.......50........0
BARCLAY CARD...................2500......50........0
BARCLAY CARD...................600.......19........0
SANTANDER CARD.................500.......15........0
HALIFAX CARD...................5400......162.......0
Total unsecured debts..........19970.....590.......-

Monthly Budget Summary
Total monthly income.................... 2,681
Expenses (including HP & secured debts). 1,785
Available for debt repayments........... 896
Monthly UNsecured debt repayments....... 590
Amount left after debt repayments....... 306
Personal Balance Sheet Summary
Total assets (things you own)........... 108,000
Total HP & Secured debt................. -86,000
Total Unsecured debt.................... -19,970
Net Assets.............................. 2,030

camuk81

Just a quick few things,

Do you know the APR of the credit cards or are they all on 0%?

Is the mobile phone for one person or two?

Can you reduce the petrol, I presume a number of the trips are to do with collecting children, can the other party come to you more?

Gas seems very high have you shopped around?

mrsjonesjuly2010

Thanks for reply.

I Havent got the apr,s of the credit cards, they are not 0%.
Some are 19.9% I think.

The gas is high due to being a bit behind on it.

Petrol could be recuded , however I have just noticed that I havent included hubbys Car insurance at £30 per month.

The Mobile is mine & hubbys £35 & £45 per month.

Thanks

MummyDrusilla

Do you actually have that much left at the end of the month? If not, try a spending diary to see where it's going and if you can cut out things there or if you need to update your SoA to reflect what you find.

You should be able to find the APR of your cards on your statements or, failing that, give the companies a ring and they'll be able to tell you.

Do you have children? You haven't put them in at the top. What are the other childcare expenses?

mrsjonesjuly2010

Hi no I have just realised that I havent included £500 that I pay to my Dad for a loan he took out for me 18 months ago. So we have no money left really.

The children are my husbands he has two.

Thanks

McKneff

Can you get a water meter, it would probably take a third off your bill.

Internet, satellite, land line could all be taken in a package, for a lot less than youre paying seperately, some good new customer deals going on at the moment.

Cut your credit cards up.

camuk81

Will the mortgage let you take a payment holiday. We are with Halifax and over the life of the mortgage they allow 6 months in total to be taken. The down side is it will add long term to the mortgage but if you had a breather for a few months it might help clear some of the debt.

Debt_Free_Chick

mrsjonesjuly2010 wrote: »

Hi no I have just realised that I havent included £500 that I pay to my Dad for a loan he took out for me 18 months ago. So we have no money left really.

The children are my husbands he has two.

Thanks

So, including hubby's car insurance, we need to find you savings of about £230-250 per month.

Looking at your statement, do you actually spend those amounts on those items? Do you really spend £21 each and every month on haircuts? And save/spend £30 per month on holidays? If not, then you also need to look at where your money is actually going as I suspect some of the figures you've put down may be where it ought to be going - but in reality, it's being frittered away

To be honest, you are only going to manage the current repayments if you're prepared to cut out some of the unessentials like sat TV, presents, holiday, entertainment etc.

What's the £200 "other child related expenses" for?

camuk81

I'm guessing Child Support to the ex

lazer

mrsjonesjuly2010 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1205
Partners monthly income after tax....... 1476
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2681
Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 55
Gas..................................... 80 - very high
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 80 - I assume this is contract, try and reduce to minimum cost to end of current term, (phone the provider and see waht they can do). Then at end of contract get £10 a month contracs or less
TV Licence.............................. 13
Satellite/Cable TV...................... 33 - I get sky, internet and phones for under £40 a month, you are paying £63 - see what you can reduce, or go freeview only
Internet Services....................... 20
Groceries etc. ......................... 200 - for 2 people this could be cut, by at least £50 - plan meals in advance, drop a brand etc
Clothing................................ 30 - Is this necessary, do you have a lot of clothes you don't wear - this is £360 a year on clothes, Is it for work - suits etc or going out?
Petrol/diesel........................... 150
Road tax................................ 21
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 11
Buildings insurance..................... 15
Contents insurance...................... 15 - try to combine and look for cash back at renewal etc
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 - reduce to £15, make a list of all the presents you buy in a year and divide the new £180 budget accordingly
Haircuts................................ 21 - Can you reduce to every 2 months?
Entertainment........................... 40
Holiday................................. 30 - Consider not taking a holiday for a year, or a few days camping, groupon deal etc - try for under £100, and put the rest towards the debts
Emergency fund.......................... 0 - need something here to stop you getting into debt if you need something - even £10 a month
Total monthly expenses.................. 1785

Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 108000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86000....(525)......0
Total secured & HP debts...... 86000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA CARD......................500.......15........0
MBNA CARD......................5900......180.......0
HALIFAX CARD...................620.......19........0
DEBENHAMS CARD.................350.......10........0
LLOYDS TSB CARD................3000......70........0
HALIFAX OVERDRAFT..............600.......50........0
BARCLAY CARD...................2500......50........0
BARCLAY CARD...................600.......19........0
SANTANDER CARD.................500.......15........0
HALIFAX CARD...................5400......162.......0
Total unsecured debts..........19970.....590.......-

Monthly Budget Summary
Total monthly income.................... 2,681
Expenses (including HP & secured debts). 1,785
Available for debt repayments........... 896
Monthly UNsecured debt repayments....... 590
Amount left after debt repayments....... 306
Personal Balance Sheet Summary
Total assets (things you own)........... 108,000
Total HP & Secured debt................. -86,000
Total Unsecured debt.................... -19,970
Net Assets.............................. 2,030

See above comments

redpete

Halve the mobile costs with cheaper contracts.
Forget about a holiday until you can afford it.
Cut down on haircuts, presents and entertainment.
Cut the satellite TV package.
Include all household costs (e.g. include your partner's children) and income (any child benefit coming in?).
Include the debt and rtepayments to your father.
Find out the APR on the cards & overdraft so that if/when you get extra cash you know which debts ti use it for.