Help Required

rdchick

Josparoonie wrote: »

Well, here goes....

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.................... 1
Monthly Income Details
Monthly income after tax................ 1360
Partners monthly income after tax....... 1300
Benefits................................ 200
Other income............................ 80
Total monthly income.................... 2940
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 55
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35
Mobile phone............................ 100 (this is very high, how many phones does this cover?)
TV Licence.............................. 12
Satellite/Cable TV...................... 61 very high - Sky? switch to freeview
Internet Services....................... 0
Groceries etc. ......................... 100 are you sure this is right as it's quite low
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 0
Car Insurance........................... 47 have you shopped around to make sure you have the best deal
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 650 any way of lowering this?
Other child related expenses............ 20 what do these include?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 17 is this the lowest you can get?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1267

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Quick Quid.....................906.5.....200.......0
Swift Financial................584.91....584.......0
WDA............................450.......120.......0
Provident Financial............1500......200.......0
1month loan....................590.......150.......0
PD UK..........................420.65....110.......0
Lending Stream.................253.5.....123.......0
Mr Lender......................325.......75........0
Total unsecured debts..........5030.56...1562......-

Monthly Budget Summary
Total monthly income.................... 2,940
Expenses (including HP & secured debts). 1,267
Available for debt repayments........... 1,673
Monthly UNsecured debt repayments....... 1,562
Amount left after debt repayments....... 111 I would assume you don't have this left over every month?
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,030.56
Net Assets.............................. -5,030.56
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I havent included rent or council tax in this as my husband pays for this and I pay for the childcare so it evens it out. Water rates are included in the council tax payments - I live in Scotland.

I have added some pointers for you xxx

Josparoonie

rdchick wrote: »

I have added some pointers for you xxx

Thanks rdchick.

Mobile Bill £100 is for 3 mobiles - I am going to ring Vodafone and see if they can lower the bills any - ie reduce the bills.

I am negotiatin with other half about Sky - Virgin is half the price but doesn't go through our area yet

Nursery - Unfortunately no way to lower unless I work part time, although she is 3 in August so should go down as government will pay some hours for us

Car Insurance - Not due for renewal until February - will prob get slightly cheaper then as will have had one full year no claims in my name instead of named driver.

Groceries - Probably not right no, doesnt include just popping over to shops at dinnertime costs.....it really depends on how much money I have as to how much I spend! usually, not alot!

Other childcare costs - Gymnastics Club 3 nights a week for my son

Life Insurance - Unfortunately as my mum died of cancer, my critical illness cover is "loaded" so as this was done through previous employer it would be harder to get lower.

No I don't have that left. This has included my husbands income as well. Will need to re do this without his income on.

Jo x

cats2012

I think you need to be a bit clearer, like you say exclude the husband's income if it's not appropriate. It looks like you've included his income but not the rent he pays for? So you'd actually be a lot shorted in reality?

ellesbellesxxx

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.................... 1
Monthly Income Details
Monthly income after tax................ 1360
Partners monthly income after tax....... 1300
Benefits................................ 200
Other income............................ 80
Total monthly income.................... 2940
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 55 Look into switching!
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35 Switch... you can get deals for 10 a month with free weekend/eve calls
Mobile phone............................ 100 Are you in contract? If so, see if you can drop a tariff... if not, you can get sim only deals - this is way too high
TV Licence.............................. 12
Satellite/Cable TV...................... 61 Could try freeview?
Internet Services....................... 0
Groceries etc. ......................... 100 WOW!!!
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 0
Car Insurance........................... 47 can you switch? I pay 26 for a brand new car!
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 650 does your employer do any voucher schemes?
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 17 Again, worth looking into switching
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1267

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 Should put something here
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Quick Quid.....................906.5.....200.......0
Swift Financial................584.91....584.......0
WDA............................450.......120.......0
Provident Financial............1500......200.......0
1month loan....................590.......150.......0
PD UK..........................420.65....110.......0
Lending Stream.................253.5.....123.......0
Mr Lender......................325.......75........0
Total unsecured debts..........5030.56...1562......-

Monthly Budget Summary
Total monthly income.................... 2,940
Expenses (including HP & secured debts). 1,267
Available for debt repayments........... 1,673
Monthly UNsecured debt repayments....... 1,562
Amount left after debt repayments....... 111
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,030.56
Net Assets.............................. -5,030.56
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Well done you this must have taken ages!

I have put a few suggestions for things that look a bit high... check out comparison sites, then delete cookies, go via Quidco and you can get cashback for switching!

You will need to investigate the APRs of your debts - obv payday loans are the biggest priority, but after you will need to snowball - paying off biggest APR first one at a time.

The positive news is that you have got room for saving some more money, and already according to these figures you have 100 left over each month to throw at debt. So what you will need to figure out is where the 100+ has been going to need the loans...

Good luck!

ellesbellesxxx

Poop just realised have repeated some of rdchick's observations -s orry chick!

ellesbellesxxx

Hadn't noticed that about rent - good point