My SOA - gone back to my bad ways

glitter_fairy

At one point we were in over 40k for debt and got out. We are earning more now but we have got so bad, we are leaking money left right and centre and need to sort ourselves out.

I am working all hours building up my clientèle and its starting to pay off. I want my own salon and i need to sort my finances out


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.................... 2 we need both for work

Monthly Income Details
Monthly income after tax................ 400 im self employed and it can be a lot more sometimes
Partners monthly income after tax....... 1800
Benefits................................ 32
Other income............................ 0
Total monthly income.................... 2232

Monthly Expense Details
Mortgage................................ 240
Secured/HP loan repayments.............. 160
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 120 paying off debt
Gas..................................... 60
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 70 this is for 2 and we are tided in I will be changing when i can
TV Licence.............................. 12
Satellite/Cable TV...................... 40 this is tv phone and net
Internet Services....................... 0
Groceries etc. ......................... 500 i need to change this, i used to make everything from scratch but we are both working so many hours we dont have time
Clothing................................ 40 my children wont stop growing lol
Petrol/diesel........................... 200 this is to get to and from work
Road tax................................ 20
Car Insurance........................... 90 for 2 cars
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 200 this is lunches and activities
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 17
Contents insurance...................... 12
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0 im a hairdresser
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2096


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 149000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(240)......2.9
Hire Purchase (HP) debt ...... 7000.....(160)......0
Total secured & HP debts...... 57000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,232
Expenses (including HP & secured debts). 2,096
Available for debt repayments........... 136
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 136

Personal Balance Sheet Summary
Total assets (things you own)........... 149,000
Total HP & Secured debt................. -57,000
Total Unsecured debt.................... -0
Net Assets.............................. 92,000

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

tallyhoh

No child benefit or working tax?

glitter_fairy

tallyhoh wrote: »

No child benefit or working tax?

yes i get cb not working tax

McKneff

The biggie is the lunches and activities.

Packed lunches and search for as many free activities as possible.

You would save more than half.

Groceries £500:eek: Find the time and shop around.

glitter_fairy

McKneff wrote: »

The biggie is the lunches and activities.

Packed lunches and search for as many free activities as possible.

You would save more than half.

Groceries £500:eek: Find the time and shop around.

yeah we are going to go back to packed lunches.

The activities cant be changed as they are very commited to them and have exams, grading etc coming up.

I think i need to find some time somewhere to cook more, any advice on that?

bargainbetty

I don't always have time to cook a proper meal from scratch during the week, so I build in a batch cooking day at least once a month and prepare home-made ready meals.

One pack of mince, well bulked out with veggies, lentils and other bits, can easily make seven or eight portions of chilli or lasagne or shepherds pie etc. I will cook all three on one day, and make up ready meals to go into the freezer. My record is seven chilli, six shepherds pie, eight lamb curries, and six chicken curries made, boxed and stashed in a day, without help. If you and the family get together, you could probably do more.

The relative cost of making your own ready meals is vastly cheaper than buying them. You also know what goes into the food, and can ensure that it is healthy and full of good stuff. If you get a little conveyor belt going, you can make several different meals so there isn't the same risk of boredom.

Depending on the age of your kids, can you involve them in the cooking, or have them make cakes/biscuits etc, to save money on buying those too? I make batches of rock cakes or ginger biscuits instead of buying shop-bought, and they last well if you keep them in a tin.

OrkneyStar

glitter_fairy wrote: »

yeah we are going to go back to packed lunches.

The activities cant be changed as they are very commited to them and have exams, grading etc coming up.

I think i need to find some time somewhere to cook more, any advice on that?

Batch cook at the weekend (or one night if weekend is busy).
Some ideas.....(I am at home but struggle with pain so I try to do this too, when I have energy):
-Make a basic mince/tomato/herb mix- then freeze in portions. Can be used as is (or with mushrooms/garlic added) for spag bol/mince pasta or lasagne. Add kidney beans (and maybe peppers) and you have chilli.
-Slice/chop chicken as you buy it and freeze in portions then it is ready just to add to a stir fry, pasta etc. Ditto with peppers, onions etc.
-Make a big batch of white sauce and freeze in portions (use as is for lasagne) and you can add some cheese/mustard to make cheese sauce for mac cheese, or cauli cheese or anything else you like with cheese sauce!
-Make pizza dough and freeze in portions. Also freeze some moza cheese in portions and whatever topping you like (eg smoked sausage and serve with a can of sweetcorn as topping, use tomato puree/water/herb mix as topping). Defrosts well, still rises and cooks fine.
-Sweet potato chips are quick to make, peel, toss in oil, and roast in hot oven for about 15-12 min, turning half-way. Those are lovely with stews, sausages, chilli etc.
-Cook things like sausages in the oven instead of grill/pan, saves you standing over them and gives that extra 10-15 min to do something else/prepare other dinner bits!
-Make big pots of soup, serve with crusty bread, carrot and lentil is a fave here and the part-bake rolls are yummy with it (or if you have time make your own and freeze).
-Get a slow cooker to make stew etc, cook during the day while you at work.
OK, there might be more but hope that is some useful ideas to help you get started.

heartbreak_star

Slow cookers are an awesome idea and very easy to use

HBS x

kettlenic

was going to suggest a slow cooker too - very easy to use as well

Also once you write a menu plan you will cook at night - the hardest part and most time consuming bit for me is trying to decide what to make!! if I know in advance i can pop into the kitchen and just get cracking!!

order groceries online if that helps with time etc

glitter_fairy

I have a slow cooker, just need to get it out of retirement.

I am going to spend the evening meal planning, thanks for the advice

[Deleted User]

glitter_fairy wrote: »

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.................... 2 we need both for work

Monthly Income Details
Monthly income after tax................ 400 im self employed and it can be a lot more sometimes
Partners monthly income after tax....... 1800
Benefits................................ 32Child benefit?
Total monthly income.................... 2232[/b]

Monthly Expense Details
Mortgage................................ 240
Secured/HP loan repayments.............. 160
Council tax............................. 125Is this over 10 or 12 months of the year, if the usual 10, ask your council if you can spread over 12 to help budget
Electricity............................. 120 paying off debtHow many more payments like this before you revert to your usual payment (how much arrears is owed in total) Once up-to-date use comparison sites to check that you are on the cheapest tariff for your area
Gas..................................... 60as above
Water rates............................. 40
Mobile phone............................ 70 this is for 2 and we are tided in I will be changing when i canThis is quite high, even for two, especially given the deals that are out there at the moment. How long more before you are out of contract? I saved a fortune by moving to GiffGaff SIM only PAYG deal, so I can recommend taking a look there
TV Licence.............................. 12
Satellite/Cable TV...................... 40 this is tv phone and netYou could get home phone and internet for approx £20-25 if you cut out the telly - would freeview or freesat be a suitable? Do you actually watch the channels you pay for?
Internet Services....................... 0
Groceries etc. ......................... 500 i need to change this, i used to make everything from scratch but we are both working so many hours we dont have timeI think that you can save a lot here - meal plan, batch cook, cook from scratch, shop from a list of what you need and stick to it, don't shop hungry, switch to own brand products, try lidl/aldi
Clothing................................ 40 my children wont stop growing lolIf they are not in clothes long, can you e-bay what they grow out of?
Petrol/diesel........................... 200 this is to get to and from work
Road tax................................ 20
Car Insurance........................... 90 for 2 carsThis seems high, at renewal check comparison sites
Car maintenance (including MOT)......... 10This seems too low, especially for two cars
Childcare/nursery....................... 100
Other child related expenses............ 200 this is lunches and activities As already mentioned, packed lunches
Medical (prescriptions, dentist etc).... 0never?
Pet insurance/vet bills................. 10
Buildings insurance..................... 17
Contents insurance...................... 12
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30Does this get saved somewhere for when it's needed?
Haircuts................................ 0 im a hairdresserLucky you!, I wish there was a hairdresser in my family!
Entertainment........................... 30Is this realistic?
Holiday................................. 0
Emergency fund.......................... 0 Perhaps need something here? Even a small amount, like £10 pm until debt free
Total monthly expenses.................. 2096


Assets
Cash.................................... 0Do you save cash here for the things that are not monthly, like MOT, Xmas etc?
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 149000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(240)......2.9
Hire Purchase (HP) debt ...... 7000.....(160)......0Is this interest free? Are you allowed to over-pay penalty free?
Total secured & HP debts...... 57000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,232
Expenses (including HP & secured debts). 2,096
Available for debt repayments........... 136
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 136This is good, do you actually have this in your account at the end of the month, if not keep a spending diary to see where it goes. If you do have it, then pay it towards your debt (if penalty free to do this)

Personal Balance Sheet Summary
Total assets (things you own)........... 149,000
Total HP & Secured debt................. -57,000
Total Unsecured debt.................... -0
Net Assets.............................. 92,000

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

Hi,

Some comments above, but as other posters have said it seems to be grocery and food that's your big monthly expenses - both in the supermarket, and lunch money.

HTH

D9