Time to get motivated!

jwil

Why not set a worst case scenario budget for fuel and food and then at the end of each week/month, then whatever is left can go towards a debt as an overpayment?

Good luck

time_to_get_motivated

Thank you thats a good idea will try and fill out a SOA like that then it can only get better! Need to get tough am organizing bills this morning due to non payment of money im owed from self employment again parents unfortunately seem to see me as an interest free payday loan and I came bottom of the list of priorities! The money does come eventually but never when its supposed to! Going to do SOA now :-)

time_to_get_motivated

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1560
Partners monthly income after tax....... 1157
Benefits................................ 146
Other income............................ 270
Total monthly income.................... 3133

Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 40
Gas..................................... 52
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 15
Mobile phone............................ 80
TV Licence.............................. 13
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 600
Clothing................................ 40
Petrol/diesel........................... 300
Road tax................................ 40
Car Insurance........................... 110
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
boiler cover............................ 13
tax etc................................. 270
Total monthly expenses.................. 2376


Assets
Cash.................................... 392.81
House value (Gross)..................... 185000
Shares and bonds........................ 5687.5
Car(s).................................. 5000
Other assets............................ 2002.76
Total Assets............................ 198083.07


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 137313...(300)......2.6
Total secured & HP debts...... 137313....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
1 .............................688.53....0.........0
2..............................186.1.....0.........0
3..............................145.......0.........0
11.............................7999......25.5......0
10.............................1000......0.........0
9..............................2900......420.......0
8..............................600.......100.......0
7..............................1482.96...185.4.....0
6..............................14000.....0.........0
5..............................480.12....0.........0
4..............................585.2.....0.........0
Total unsecured debts..........30066.91..730.9.....-


Monthly Budget Summary
Total monthly income.................... 3,133
Expenses (including HP & secured debts). 2,376
Available for debt repayments........... 757
Monthly UNsecured debt repayments....... 730.9
Amount left after debt repayments....... 26.1

Personal Balance Sheet Summary
Total assets (things you own)........... 198,083.07
Total HP & Secured debt................. -137,313
Total Unsecured debt.................... -30,066.91
Net Assets.............................. 30,703.16

time_to_get_motivated

Ok there it is in worst case format! Income is sometimes more but never less. Fuel groceries and entertainment is a guess split out as this is where we go wrong pay bills, debts and then buy groceries then spend whats left on clothes/ entertainment. Any suggestions welcomed! I know we can clear this quicker if we focus!

time_to_get_motivated

Ok think looking at SOA the first thing that i am going to do is add up spending that can be variable so ...
groceries 600
clothes 40
fuel 300
entertainment 200
=1140 / 52 weekly £263
so I think a first target would be to withdraw a set £200 a week as a starting point and stay within that meaning a debt overpayment of £273 per month

time_to_get_motivated

If I withdraw £200 on a Friday starting this week and then top up fuel to full to ensure thats covered then go through fridge and freezer and do a meal plan for the week (I have loads of bits and bobs that aren't enough for a full meal but could be topped up) and get the extras needed then get and birthday cards/ presents etc for week ahead and aim to keep hold of as much leftover as possible?

Choc-addict

A weekly cash budget sounds like a good idea. It helps to motivate you and I always find myself trying to think of reasons not to part with the hard earned cash that 9/10 I end up with money left at the end of the week and therefore withdraw less the following i.e. if have £20 left over only draw out £180 the following week - another way of saving the pennies

time_to_get_motivated

Great idea thanks, I posted my soa on the main board and am feeling quite positive! Things to do today...
dig out bread maker
write a list of all food we already have

Fae

Good luck with this, sounds like you are making a good start, I find setting budgets works well, then I like to have a little competition with myself to see if I can come in under budget helps motivate me to look for bargins.

Fae

time_to_get_motivated

Thanks Fae feeling quite positive today :-) Need to find a big bit of paper and make a to do list of things to remember everyday like putting electricals on timer to wash during economy 7!