Final SOA - Any advice would be great - thanks :)

lisa.89

Dear all,

Myself and my husband went through outgoings this weekend. We have finally found a rental that we move into at the end of this month - then BR in July.

I have added more for husbands petrol as he says that it is tight at mo - he is always running on red and uses his lunch money to top up when needed. I have allowed £40 per week for him to do just over 100 miles per week and me £10 a week for me to do around 10-15 miles per week - I use car for taking my son to mother in lwas house (she provides paid child care).

I have also increased gas/elec slightly as we are a bit behind and need to increase DD a bit soon.

Debts are: £16 k unsecured/ £10 secured on house (giving up), £50k neg eq on property 1 & £25k neg eq on property 2 = £101k


Would be so grateful for your advice/ comments - thanks in advance.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 688
Partners monthly income after tax....... 1820 (he earns £27,459 pa but works 1 in 5 sats - trying to work out an average pm )
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2589
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12.75
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 22
Groceries etc. ......................... 440
Clothing................................ 60
Petrol/diesel........................... 217
Road tax................................ 30
Car Insurance........................... 125
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 86.5 (husband is on lots of meds for back problem - has scans etc to back up. he also pays £50 pm for accupuncture)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 30
Total monthly expenses.................. 2583.25

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,589
Expenses (including HP & secured debts). 2,583.25
Available for debt repayments........... 5.75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 5.75
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 2,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

HappyMJ

You need to do play about with the numbers. £27,459 per year is £1,767 after tax per month so use that figure. Ignore the overtime. http://listentotaxman.com/index.php

Your electricity estimate is a bit too high so you could knock a little off that. I'd make it £50 unless you actually have bills that can prove you do use more. Even at £50 a month that is 6,000kWh per year when most people use somewhere between 3,000kWh and 4,000kWh. You might be a bit behind but BR will reset the account balance to zero. All arrears are written off and a new account starts the day you go BR. If you are not sure of the figures then use http://www.ukpower.co.uk/ and use your last annual estimate of your usage in kWh and then choose the default of your local electric provider and british gas and payment method of cash. Then just use whatever it tells you that your electric and gas costs you currently...not the cheapest rate.

I'd put the landline rental at £20 (including calls) and the TV licence at £13. I would knock a bit off the mobiles maybe make it £40 a month. Your current contracts will be cancelled and you will go onto PAYG and you can get some quite reasonable tariffs on PAYG for £20 a month each.

Now the car...You cannot put £10 for fuel for 10 miles a week. It would have to be a tank and therefore cheaper to get a taxi. £10 gets most people at least 50 miles @ 18 pence per mile. Generally you would use 18 pence per mile just for fuel.

kepar

Is your MIL a registered childminder?

lisa.89

kepar wrote: »

Is your MIL a registered childminder?

Hi,

No she is not but she has been providing child care for over a year now since I went back to work. Do you think this will be a problem as my IVA company were fine with it. It is cheaper than nursery so surely thats a good thing....?

Thanks

lisa.89

HappyMJ wrote: »

You need to do play about with the numbers. £27,459 per year is £1,767 after tax per month so use that figure. Ignore the overtime. http://listentotaxman.com/index.php

Your electricity estimate is a bit too high so you could knock a little off that. I'd make it £50 unless you actually have bills that can prove you do use more. Even at £50 a month that is 6,000kWh per year when most people use somewhere between 3,000kWh and 4,000kWh. You might be a bit behind but BR will reset the account balance to zero. All arrears are written off and a new account starts the day you go BR. If you are not sure of the figures then use http://www.ukpower.co.uk/ and use your last annual estimate of your usage in kWh and then choose the default of your local electric provider and british gas and payment method of cash. Then just use whatever it tells you that your electric and gas costs you currently...not the cheapest rate.

I'd put the landline rental at £20 (including calls) and the TV licence at £13. I would knock a bit off the mobiles maybe make it £40 a month. Your current contracts will be cancelled and you will go onto PAYG and you can get some quite reasonable tariffs on PAYG for £20 a month each.

Now the car...You cannot put £10 for fuel for 10 miles a week. It would have to be a tank and therefore cheaper to get a taxi. £10 gets most people at least 50 miles @ 18 pence per mile. Generally you would use 18 pence per mile just for fuel.

Hi, thanks for advice.

I will lower electric and update SOA - I need to find out what arrears are on the account.

So what will happen to my husbands over time as he has to work 1 in 5 sats, his company have said this is a must.

With regards to petrol for my car.. not sure what to put then as I will soon be living very close to work but will have to take my son to child minder when I work and she lives a couple of miles away. Do you think they would take the car and suggest I get the bus? If thats the case, should I sell car now as we could do with extra funds for moving and would keep any left over as cash assett to be taken.. taxi fares around here are quite pricey, to mother in laws it is £7 each way.

With regards to phone contracts - we didn't realise that these will be stopped.. Is this 100% the case??

I have a dongle for my internet which came with a free laptop, which I am paying £22 pm for. I hope they don't stop that contract as I do need the internet for banking and can sometimes work from home if ever needed..

Any further advice would be great - many thanks

JCS1

The accupuncture may be disallowed (might be worth getting a letter from Dr's to back up the cost), would a pre-payment certificate work out cheaper for the rest?

Think emergency fund is £10 per adult rather than £10 per person.

If your MIL was a registered childminder, than you could both see if your employers do a childcare voucher scheme which would save you money.

JCS1

HappyMJ wrote: »

You need to do play about with the numbers. £27,459 per year is £1,767 after tax per month so use that figure. Ignore the overtime. http://listentotaxman.com/index.php

Your electricity estimate is a bit too high so you could knock a little off that. I'd make it £50 unless you actually have bills that can prove you do use more. Even at £50 a month that is 6,000kWh per year when most people use somewhere between 3,000kWh and 4,000kWh. You might be a bit behind but BR will reset the account balance to zero. All arrears are written off and a new account starts the day you go BR. If you are not sure of the figures then use http://www.ukpower.co.uk/ and use your last annual estimate of your usage in kWh and then choose the default of your local electric provider and british gas and payment method of cash. Then just use whatever it tells you that your electric and gas costs you currently...not the cheapest rate.

I'd put the landline rental at £20 (including calls) and the TV licence at £13. I would knock a bit off the mobiles maybe make it £40 a month. Your current contracts will be cancelled and you will go onto PAYG and you can get some quite reasonable tariffs on PAYG for £20 a month each.

Now the car...You cannot put £10 for fuel for 10 miles a week. It would have to be a tank and therefore cheaper to get a taxi. £10 gets most people at least 50 miles @ 18 pence per mile. Generally you would use 18 pence per mile just for fuel.

Not quite true on the mobile phones, will be done to the phone company to decide what to do

Anubis_2

Prescriptions - PPC would be cheaper?

http://www.nhsbsa.nhs.uk/1127.aspx

lisa.89

JCS1 wrote: »

The accupuncture may be disallowed (might be worth getting a letter from Dr's to back up the cost), would a pre-payment certificate work out cheaper for the rest?

Think emergency fund is £10 per adult rather than £10 per person.

If your MIL was a registered childminder, than you could both see if your employers do a childcare voucher scheme which would save you money.

My husband has the pre-payment card - he gets around 4 - 5 presecriptions per month so this saves quite a bit.
Breakdown for medical is : £50 Accupuncture (will ask doc for note) , £11 NHS card , £25 dentist & eye tests.

I will amend the emergency fund.

lisa.89

JCS1 wrote: »

Not quite true on the mobile phones, will be done to the phone company to decide what to do

Will the mobile phone co. be written to?

mysterio_2

lisa.89 wrote: »

Will the mobile phone co. be written to?

depends who the contracts with

some do some dont