Sorry me again !!! SoA

plonker

Revised SoA - with notes
Just wanted to know if what I'm trying to do is worth it or if you think there is a better way to sort things - Sorry its a bit long !!

Income per Month
Net Basic Salary: £800
WFT/CTC £800
Child Benefit: £204.00
Total Income Per month: £1,804.00

No of children 4, ages 14, 11, 9 and 3

EXPENDITURE PER MONTH:
Rent £240.00
Council Tax £70
Children’s Endowment Policies £20
Water Rates £35
Electricity £80 (Includes Arrears)
Gas £50 (Includes Arrears)
TV Licence £10
Car HP £165
Telephone £60 (Reduced this down to 3 for £30 with NTL)
Mobiles £20 (£10 per month for myself and husband o2 PAYG)
Vehicle tax, mot and insurance £110
Vehicle maintenance £40
Petrol for back and for work £50
Pets £40 (Food and Insurance and general vet bills that aren’t covered with insurance)
Housekeeping £300
Next £100 (Paying in full to mum) Owe 1k
Additions £90 (Paying in full to mum) Owe1.4k
Capital One £10 (Only owe £185 so trying to pay off ASAP)
JD Williams £15 (only owe £300 so trying to pay off ASAP)
LPF £10 (Arrangement plan)
School Dinners x3 £72
Clothes/Hairdressers £100
Brownies/guides/karate £50

TOTAL EXPENDITURE £1,737

INCOME - EXPENDITURE £67

Which I’m using to pay extra off the smaller debts listed above including my Mothers ASAP so I can work on the ones below and offer them more maybe in a years time.
I am also trying desperately to cut down on the above making more money for the smaller debts.

CREDITORS
National Debt Recovery – Offered a token payment of £1. Money owed £1,204.00
LloydsTSB – Offered a token payment of £5. Money owed £8,000
Argos Credit Card – Offered a token payment of £1 Money owed £1,000

I could up the payment offer to £10 but wanted (stupidly maybe) to try and pay off the smaller debts first and then concentrate on the bigger ones – if they agree to stop interest and accept token payments for a year I think this would be the best plan, giving me chance to clear the others first.
Hope this makes sense !!

saffronflowers

Hi there and welcom

EXPENDITURE PER MONTH:
Rent £240.00
Council Tax £70
Children’s Endowment Policies £20
Water Rates £35
Electricity £80 (Includes Arrears)
Gas £50 (Includes Arrears)
TV Licence £10
Car HP £165
Telephone £60 (Reduced this down to 3 for £30 with NTL)
Mobiles £20 (£10 per month for myself and husband o2 PAYG)
Vehicle tax, mot and insurance £110
Vehicle maintenance £40
Petrol for back and for work £50
Pets £40 (Food and Insurance and general vet bills that aren’t covered with insurance)
Housekeeping £300Can you think about doing a meal plan then you know the exact expenditure
Next £100 (Paying in full to mum) Owe 1k
Additions £90 (Paying in full to mum) Owe1.4k
Capital One £10 (Only owe £185 so trying to pay off ASAP)
JD Williams £15 (only owe £300 so trying to pay off ASAP)
LPF £10 (Arrangement plan)
School Dinners x3 £72Same old same old packed lunches
Clothes/Hairdressers £100Horrid as it sounds is the hairdresser a necessity, try £80 - £20 per kid
Brownies/guides/karate £50

plonker

All this is just a rough guide, my first month of trying it out.
Any money saved from Housekeeping, Clothes and Hairdressing will go straight on the smaller bills at the end of the month. But wanted to make sure I didn't leave myself short in case it's needed.

angelavdavis

plonker wrote: »

Revised SoA - with notes
Just wanted to know if what I'm trying to do is worth it or if you think there is a better way to sort things - Sorry its a bit long !!

Income per Month
Net Basic Salary: £800
WFT/CTC £800
Child Benefit: £204.00
Total Income Per month: £1,804.00

No of children 4, ages 14, 11, 9 and 3

EXPENDITURE PER MONTH:
Rent £240.00
Council Tax £70
Children’s Endowment Policies £20
Water Rates £35
Electricity £80 (Includes Arrears)
Gas £50 (Includes Arrears)
TV Licence £10
Car HP £165
Telephone £60 (Reduced this down to 3 for £30 with NTL)
Mobiles £20 (£10 per month for myself and husband o2 PAYG)
Vehicle tax, mot and insurance £110
Vehicle maintenance £40
Petrol for back and for work £50
Pets £40 (Food and Insurance and general vet bills that aren’t covered with insurance)
Housekeeping £300 What does this cover? Have you checked out the Old Style forum as I am sure you could save some on this
Next £100 (Paying in full to mum) Owe 1k
Additions £90 (Paying in full to mum) Owe1.4k
Capital One £10 (Only owe £185 so trying to pay off ASAP)
JD Williams £15 (only owe £300 so trying to pay off ASAP)
LPF £10 (Arrangement plan) Sorry I don't understand what this is
School Dinners x3 £72 Can you not make packed lunches and save the majority of this? Suggested saving £50
Clothes/Hairdressers £100 Is this really essential? Local colleges provide students, under hairdressing expert advice, who provide hair cuts, etc at hugely discounted prices - is it worth looking to see if you can lower costs here? Suggested saving £40
Brownies/guides/karate £50 Can the older child not try to get some part time work to pay toward their clubs? Now the nights are lighter, perhaps delivering an evening paper? Suggested saving £5

TOTAL EXPENDITURE £1,737

INCOME - EXPENDITURE £67

Which I’m using to pay extra off the smaller debts listed above including my Mothers ASAP so I can work on the ones below and offer them more maybe in a years time.

I am also trying desperately to cut down on the above making more money for the smaller debts.

CREDITORS
National Debt Recovery – Offered a token payment of £1. Money owed £1,204.00
LloydsTSB – Offered a token payment of £5. Money owed £8,000
Argos Credit Card – Offered a token payment of £1 Money owed £1,000

I could up the payment offer to £10 but wanted (stupidly maybe) to try and pay off the smaller debts first and then concentrate on the bigger ones – if they agree to stop interest and accept token payments for a year I think this would be the best plan, giving me chance to clear the others first.
Hope this makes sense !!

I think paying off the smaller debts will certainly help you as it will lift your spirits!

Overall, it looks OK, although the highlighted areas are really areas I would concentrate on. In particular using meal planning to reduce costs for shopping and wastage and making lunches will also hugely decrease your outgoings here.

Your eldest could actually take ownership of making the other packed lunches as their contribution to the household. Sandwiches can be made the night before and refridgerated. The savings I suggested, together with your payment would practically wipe out the Capital One debt in two months!

angelavdavis

plonker wrote: »

All this is just a rough guide, my first month of trying it out.
Any money saved from Housekeeping, Clothes and Hairdressing will go straight on the smaller bills at the end of the month. But wanted to make sure I didn't leave myself short in case it's needed.

Fair enough, might be worth starting a spending diary so you can actually keep track of what your expenditure is and reassess at the end of the first month so you can then rejig your payments.

Good luck!

plonker

Older ones getting a job well not the 11 year old as I wouldnt be happy for her to be walking the streets. 14 year old yes, he is trying.
This is only a rough guide re housekeeping will see how it goes this month with budgeting and hopefully reduce it.
LPF is a credit card - agreed payments of £10 interest frozen
I do see what you say about hairdressing but its not easy to get a time when 6 of us can get out together so I have someone who comes to the house, probably not every month but didnt want to leave myself short if needed, if its not spent will go on bills.
Will look into packed lunches for the kids, but to be honest I am trying not to change much for them and if I can carry on paying for School dinners I will do, if things get too much will have to reconsider.

My main concern was if my plan of paying smaller debts first seemed ok, the spending part of my SoA is all a rough guide, will be in a better position next month to reduce/increase costs when I see what I pay out this month
Thanks for all your help and advice !

beanielou

HIya.Welcome to MSE
Think you could try packred lunches for younger children at least.
Wont be cool for the oldest one though!
Pets seem very high at £40.
Good idea to try to pay off small debts first though creditos getting a token payment will not be too pleased when they see your SOA.