SOA Living adjustment

mummyofboys

Hi

I am a student nurse, I have recently lost my part time job earning £200 per month. I have posted in this format as I don't calculate everything monthly. The following incomings/ outgoings are monthly.
However on top of this I receive £760 every 4 months from a student loan.
January 2012 was used for - car MOT, Car tax/ repairs
May 2012 was used to pay off some debts/ new school uniform
September 2012 is for christmas presents.

I have two boys and a husband. One car is fully funded by us ( my car) Husband has a company car that he only has to pay petrol in to and from work.

I want to try and cut back as I always seemed to struggle before losing my job as something was always cropping up. I was starting to struggle juggling full-time uni (nursing degree), two kids , placement and household chores, so I think another job won't be possible.

My husband is an ICT engineer so he could possibly advertise and do some self employed work?

Any suggestions welcome


Incomings

£1100 Husbands wage
£1062 NHS Bursary
£134.50 Child Benefit
£432.00 Child Tax Credits
£4.00 housing benefit ( yes really!)
= £2732.50

Outgoings Monthly

£550 Rent 2 bed house - cheap in area
£600 nursery- should be £758 but make a deal where when I am on holidays from uni I take him out 7 weeks of the year.
£300 Food shopping
£122 gas/elec in arrears
£62 water in arrears
£76 council tax includes student disregard
£40 football club for husband and son
£36 school dinner money
£135 car insurance only been driving two years, need car for getting to placement. I am 25 so it is high[/COLOR£150 petrol for two cars mine and husbands husbands insurance/tax repairs covered by company he works
for
£19 Contents insurance
£18 internet
£120 sky and phone varies this month it was £99
£60 Mobile in contract until feb
£28 HMRC Debt over payment of tax credits, owe approx £3000 no intrest added
£20 Halifax card with debt collection agency accepting reduced payment and interest has been stopped. £800 owed
£20 lloyds Loan . £100 left including interest mine
£30 lloyds credit card husband. £2000 owed, accepting reduced payment interest lowered to 1.4%
£26 ISME catalogue, £700 owed with NDR mine
£56 ISME Catalogue £500 owed with NDR Husband
£40 Overdraft interest. £3000 owed, payment ust paying interest
£25 account charge, joint account has £750 on account by paying it stops interest and provides mobile phone insurance, AA and travel insurance
£12.12 tv license

2545.12

=£187.38 left

rising_from_the_ashes

Arrrrgh just typed a huge reply & lost it!

rising_from_the_ashes

OK will try again!

Sorry about the loss of your job

Sorry but I'm struggling without seeing the full picture - all the income needs to be added in & all the expenses taken off to get a proper picture of how things stand each month - try to do it as you will get better comments (add the additional income up over the year & divide by 12 to get a monthly figure - same for the annual expenses not included)

There's also a few things missing .....

Have you checked whether you're entitled to any more benefits with the drop in income?


£550 Rent 2 bed house - cheap in area
£600 nursery- should be £758 but make a deal where when I am on holidays from uni I take him out 7 weeks of the year.
£300 Food shopping
£122 gas/elec in arrears how long until paid off - what does it drop to?
£62 water in arrears how long until paid off - what does it drop to?
£76 council tax includes student disregard
£40 football club for husband and son
£36 school dinner money
£135 car insurance only been driving two years, need car for getting to placement. I am 25 so it is high[/COLOR
£150 petrol for two cars mine and husbands husbands insurance/tax repairs covered by company he works for
£19 Contents insurance
£18 internet
£120 sky and phone varies this month it was £99 Sorry but this is HUGE - if this is a Sky package, cancel & go to Freesat & even with your landline you should be able to save around £100 here!
£60 Mobile in contract until feb Can you drop a tariff?
£12.12 tv license


Missing
Haircuts
Entertainment
Emergency fund
Life insurance
Presents / Christmas (noted comments)
Car maintenance (as above)
etc etc

mummyofboys

Hope this is better, however as I am already through the year and havn't split the loan up through the year or paid for christmas ect monthly I do need to spend the loan in September on xmas

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................ 1062
Partners monthly income after tax....... 1100
Benefits................................ 570.5
Other income............................ 190
Total monthly income.................... 2922.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 61
Gas..................................... 61
Oil..................................... 0
Water rates............................. 62
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12.12
Satellite/Cable TV...................... 120
Internet Services....................... 18
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 19.6
Car Insurance........................... 135
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 19
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
school dinner........................... 36
football club son/husband............... 40
Total monthly expenses.................. 2479.72


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2000......40........0
ISME...........................700.......26........0
ISME...........................500.......56........0
HMRC TAX CREDITS...............3000......28........0
halifax credit card............800.......20........0
lloyds credit card.............2000......30........0
lloydstsb loan.................100.......20........0
Account charge.................0.........25........0
Total unsecured debts..........9100......245.......-


Monthly Budget Summary
Total monthly income.................... 2,922.5
Expenses (including HP & secured debts). 2,479.72
Available for debt repayments........... 442.78
Monthly UNsecured debt repayments....... 245
Amount left after debt repayments....... 197.78

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,100
Net Assets.............................. -8,200

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

somethingcorporate

£120 per month for satellite TV :eek:

mummyofboys

yea its £120 per month for tv and the phone.. to be fair we don't go out and when we got it it did save us money as we were going out eating, cinema and renting movies ect also my husband would go to the pub to watch matches and would be spending £10 quid on drinks

I am aware that I am in a worse position so need to readdress the budget, which is why I am here!

HappyMJ

I'd rather he spent £10 on drinks than £120 on Sky...

mummyofboys

HappyMJ wrote: »

I'd rather he spent £10 on drinks than £120 on Sky...

I wouldn't lol It was £10 each time he went maybe twice per week so £80 per month. Add that to the eating out, cinema trips and renting movies it was way over £120.

Plus , I was in on my own twice a week all night and he already goes to football twice a week so I think I should partake in the disposable spending!

rising_from_the_ashes

mummyofboys wrote: »

yea its £120 per month for tv and the phone.. to be fair we don't go out and when we got it it did save us money as we were going out eating, cinema and renting movies ect also my husband would go to the pub to watch matches and would be spending £10 quid on drinks

I am aware that I am in a worse position so need to readdress the budget, which is why I am here!

Thanks for doing the full SOA - it is so much easier to look at & things are easier to spot IYKWIM

Things that jump out for me are:

Sky/phone already commented - I'm afraid this needs to go (sorry I had to lose it while paying my debts and can say I hated not having it) but at £120, it's just not affordable atm.

You get a decent range of channels with FreeSat but if you just can't manage with that get the basic package at £21 / month - landline, you should be able to get for around £16.50 (incl anytime calls) so that's a massive saving each month

Phones as noted above

Groceries try the Grocery Challenge on the Old Style thread - there are families of 4 who manage (and well, I'm still learning on this front!:o) for £220/month incl toiletries, household cleaning stuff, nappies etc.

Car insurance when is renewal due? Hopefully this will drop a fair bit once you've another years' NCD (?)

Christmas / loan etc noted your comments - is the full £760 spent on Christmas? If so, that can be reduced by a fair amount which will help things a lot!

Entertainment Sorry but this is really high when added to the Sky costs .... try to cut in 1/2

HTH & best of luck

mummyofboys

I just estimated the entertainment to be honest as I don't currently budget it in..maybe where I am going wrong.

Christmas £760 is for presents £300 for my kids, 100 for their birthdays ( 50 each), xmas food/decorations/trip to santa. 16 other people immediate family ( i have huge family )

I think my actual sky bill is around 60 the rest is on phone package/mobile costs/ 0845 numbers which i always seem to have to ring for companies. I will shop around I am out of contract with them which is good.

Not due a renewal untill October, It only went down by £6 per month last time. I can't believe how expensive a car is

newbutold

I cannot under stand your sky costs, unless a big part of it is your phone bill?

I have sky tv, don't have multi room or HD but have all channels including movies & sky sports and it (only) costs £52 a month.

How is the £120 made up, can this at least be reduced?