The time is right

Heffi1

Right here goes, I will make notes so that it makes some sort of sense.
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4 (me mum and the two adult children)
Number of children in household.........
Number of cars owned.................... 3(Mine is a lease car the other two are owned by the kids)

Monthly Income Details
Monthly income after tax................ 1180
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 300 (This is due to reduce as daughter is spending more time at her partners so should contirbute there, reduction of £50)
Total monthly income.................... 1480

Monthly Expense Details
Mortgage................................ 50 (This is my overpayment, mum pays the interest only part)
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 (mum pays)
Electricity............................. 68
Gas..................................... 68 (This is combined so I halved the numbers I am looking for a new fixed rate deal and speaking to Eon later to see what they can offer, at the moment with Scottish Power)
Oil..................................... 0
Water rates............................. 39.89
Telephone (land line)................... 35.97
Mobile phone............................ 30 (contract up in December and ordered new giff gaff PAYG sim for when it finishes)
TV Licence.............................. 0 (mum pays)
Satellite/Cable TV...................... 10
Internet Services....................... 0 (included with telephone bill - TalkTalk free for life BB)
Groceries etc. ......................... 200 (A new budget so not quite sure how this will work out)
Clothing................................ 0 (nothing in budget, but I am desperate for new clothes, I can't justify it though)
Petrol/diesel........................... 160 (Work expense and not much I can do to reduce, rarely use otherwise) (public transport is an issue living out in the sticks)
Road tax................................ 0 (Lease car so included in monthly payment, taken off at source so wages reflect this)
Car Insurance........................... 0 (same here)
Car maintenance (including MOT)......... 0 (under 3 years old and so far not needed anything but service, covered in lease charge)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.4 (pre-payment certificate)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 (mum pays)
Contents insurance...................... 0 (mum pays)
Life assurance ......................... 15
Other insurance......................... 25
Presents (birthday, christmas etc)...... 0 (not budgeted for)
Haircuts................................ 10 (I try to go once every 6 weeks, but have stretched to 8 and I look a mess, I need to be tidy for work, I colour it myself now)
Entertainment........................... 0 (Don't go out)
Holiday................................. 0 (Not had one since 2006 so not really a priority, would be nice one day and a treat once my debt is gone)
Emergency fund.......................... 0 (I know I should put something in here)
Total monthly expenses.................. 722.26


Assets
Cash.................................... 0
House value (Gross)..................... 150000 (estimate)
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 150000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(50).......3.99
Total secured & HP debts...... 105000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclays Bank Loan.............8815.58...73.49.....0
Egg............................2481.4....28.96.....0
Barclaycard....................1012.51...12.02.....0
Santander Cards................286.62....8.47......0
Hfc Bank Limited...............505.8.....7.92......0
American Express...............895.4.....13.66.....0
Capital One....................948.64....14.48.....0



This bit seems to have been missed and I am not sure where the surplus goes so I have started a spending diary

Total monthly income: £1,480

Expenses (incl. HP & secured debts): £747.26

Available for debt repayments: £732.74

Unsecured debt repayments: £159 ( this is the amount I pay to CCCS and is increasing next month to £218

Surplus (shortfall if negative) £573.74 - I am spending more on food than I realise I think, so this next month is a find and reduce month, let me see exactly what I am wasting it on :eek::eek:

downsizer3

Not much you can cut back on other than to see where that surplus goes.
I'd invest a couple of hundred in getting that will written up and sharpish - sounds like you'll have a fight on your hands re the house otherwise ( and even with a will too). Also worth recording all that you're paying towards the mortgage just now - just in case.
If the kids are grown up and likely to move - would you downsize later? Moving is expensive but when your mum passes away ( one day!) you could get a smaller place with less mortgage or help towards clearing the debt?

lvm

For your gas/elec...that seems really high to me (although I only live in a 2 bed flat).

Don't be phoning people for quotes - they only promote their own products.

Go to moneysupermarket and see what's your cheapest option. If you can, try and work out your annual consumption over the year as this will get you the best deal. And depending on what the cheapest is, have a look at cash back sites (I use topcashback) and see if there's any incentive. Npower always seem to have great deals although think their products are only the best for small consumption.

As for the petrol...does anyone in your work travel from the same area or do you pass a town on the way there. You could try offering lifts/car share from time to time.

Heffi1

downsizer3 wrote: »

Not much you can cut back on other than to see where that surplus goes.
I'd invest a couple of hundred in getting that will written up and sharpish - sounds like you'll have a fight on your hands re the house otherwise ( and even with a will too). Also worth recording all that you're paying towards the mortgage just now - just in case.
If the kids are grown up and likely to move - would you downsize later? Moving is expensive but when your mum passes away ( one day!) you could get a smaller place with less mortgage or help towards clearing the debt?

Thank you, that is what I am thinking long term, once mum goes I have already said I will sell up and find something smaller for me, the kids will probably have left by that time too, so it is a long term solution.

Heffi1

lvm wrote: »

For your gas/elec...that seems really high to me (although I only live in a 2 bed flat).

Don't be phoning people for quotes - they only promote their own products.

Go to moneysupermarket and see what's your cheapest option. If you can, try and work out your annual consumption over the year as this will get you the best deal. And depending on what the cheapest is, have a look at cash back sites (I use topcashback) and see if there's any incentive. Npower always seem to have great deals although think their products are only the best for small consumption.

As for the petrol...does anyone in your work travel from the same area or do you pass a town on the way there. You could try offering lifts/car share from time to time.

Well Eon said they would call me back, but didn't so I am going to use this weekend to fully investigate the options for G&E

Petrol is always going to be a struggle, I travel 13 miles each way, I don't work near to anyone who comes this way, if I take public trasnport it would take me 2 hours each way, the car is about 30 minutes, also as Northumberland is so rural the transport links are not great until you get into Newcastle and then it is better. I did think of how much a bus/train pass would be and it is not much cheaper than petrol which is a huge shame.

Heffi1

I sat with my daughter last night and we went over my budget with a fine tooth comb, it is not as bad as I thought, I still have a bit more to sort out, but I think I had been double counting one area, which is silly, god knows what I was doing. I also think having a new set of eyes looking at the figures helped as she is the one who spotted what I was doing Anyway, I am going to update all of my numbers etc. and move money to my own account instead of being in the bill account and see how this month goes, if I end up with more cash at the end then that will be a bonus.

[Deleted User]

It sounds like all is in hand and that you're doing all that you can.

Only think I can suggest it to keep a spending diary to see where any "extra" cash goes. carry a little note book around/or use your mobile phone - anything that you buy (from the really small things that cost pennies, to all the monthly bills etc and everything in between). Once you know where it all goes you will be able to decide if the spends are necessary, can be reduced, or can be cut out all together!

But until you know what gets spent on what and where, you'll not be able to make these decisions.

Hope that's of some use,

D9

beachie

Heffi1 wrote: »

Petrol is always going to be a struggle, I travel 13 miles each way,

Mine is 12 miles each way so 24 miles a day and costs me about £3.50 a day in petrol so about £17.50 a week or about £75 a month.

Do you use petrol for something else to?

Heffi1

Domino9 wrote: »

It sounds like all is in hand and that you're doing all that you can.

Only think I can suggest it to keep a spending diary to see where any "extra" cash goes. carry a little note book around/or use your mobile phone - anything that you buy (from the really small things that cost pennies, to all the monthly bills etc and everything in between). Once you know where it all goes you will be able to decide if the spends are necessary, can be reduced, or can be cut out all together!

But until you know what gets spent on what and where, you'll not be able to make these decisions.

Hope that's of some use,

D9

Thanks Domino9 I have started a spending diary this week, it is surprising where it gets spent, so I am being very good and listing everything, I should have more of an idea then where I have been going wrong.

Bedtime here, we have another appointment with the bank tomorrow, this time to hopefully sort out insurance for my mum and to see if they can work out why my online banking has started to play up. I tried to set up a payment with a new reference and it wouldn't let me, but would let me transfer or pay someone who is already set up, what a pain that is. I hope it is just a glitch their end, I will find out more tomorrow I hope.

Back to this again tomorrow

Heffi1

beachie wrote: »

Mine is 12 miles each way so 24 miles a day and costs me about £3.50 a day in petrol so about £17.50 a week or about £75 a month.

Do you use petrol for something else to?

Hi thanks for your comment, I wish it were just for work, but I do have the unenviable job of the weekly shop and the nearest A$da is about 9 miles away, I use that because my son works there and we get staff discount, so it makes the shopping marginally cheaper.

I think I am going to work out just how far I travel each month though as I am obviously driving more than I think, or not spending as much as I think. Hmm I will keep all receipts and work it out, thank you for your numbers so I can compare.