can you help me save some cash????

[Deleted User]

gazzad11 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

Monthly Income Details
Monthly income after tax................ 2128
Partners monthly income after tax....... 2700
Benefits................................ 81
Other income............................ 450
Total monthly income.................... 5359

Monthly Expense Details
Mortgage................................ 558
Council tax............................. 108Is this over 10 or 12 months?
Electricity............................. 50Check comparison sites to see if switching could be cheaper - also turn thermostat down on radiators and boiler by a few degrees. Switch things off instead of leaving them on standby, energy saving bulbs etc..
Gas..................................... 50 as above
Water rates............................. 33.36if this is not a meter, consider if one would be cheaper
Telephone (land line)................... 0???
Mobile phone............................ 58.35Even for 3 mobiles, depending on usage, could be cheaper - check GiffGaff
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0??
Internet Services....................... 45You should be able to get home phone and internet for approx £22-£25 per month, try talktalk - ditch pay for TV, switch to freeview, or feesat
Groceries etc. ......................... 400drop brands, meal plan, batch cook, cook from scratch, don't food shop hungry, write a list of what's needed and stick to it
Clothing................................ 210This is a lot every month, and I think that you can cut this down a lot without much noticing, you all must have loads of clothes bursting out of your wardrobes
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 53.33
Car maintenance (including MOT)......... 25
Car parking............................. 20
Childcare/nursery....................... 0I though you paid babysitting at £20 per month?
Other child related expenses............ 0none? No clubs? School trips? School dinners? Pocket money?
Medical (prescriptions, dentist etc).... 0never?
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 10.75
Other insurance......................... 29.41
Presents (birthday, christmas etc)...... 25 does this get saved somewhere for when it's needed? EG Xmas
Haircuts................................ 40go an extra week or two in between cuts
Entertainment........................... 100what does this cover? Can it be cheaper? is it necessary?
Holiday................................. 250Does this get saved for when it's needed? Maybe reduce until debt free
Emergency fund.......................... 20Does this get saved for when it's needed?
more furniture.......................... 50Is this a payment for something you already have or do you buy new furnitue every month - if paying for something you already have, needs to be included as a debt - how much is outstanding and what's the APR
newspapers/mags/snacks.................. 50Think that this needs cut back on
beauty treatments (nails)............... 25every month - try a trainee at the local college, do them yourself, go less often?
takeaways............................... 80cook from scratch, and when getting take aways get them when there are offers and deals on
xmas.................................... 100as well as the £25 per month above - that's a huge amount when you are in debt, cut back
cinema.................................. 10
family day out.......................... 100reduce this, start doing things that are free or cheap.
travel insurance........................ 4
baby sitting............................ 20
pocket money ........................... 80
school meals............................ 40this is in addition to the cash you spend on groceries, take aways, eating out - think some of these can be cut back on much easier - packed lunches are cheaper
school trips............................ 10
cleaning products....................... 20
car lease............................... 96.4
lap top................................. 16.25this is a debt surely? How much is outstanding? What's the APR?
union fee............................... 18.46
B.gas service .......................... 20.49Is this a debt? Why's it not included in utilities above? How much is outstanding if this is a debt?
lotto................................... 12cut out
isa/gurenteed savings................... 150reduce until debt free unless you are earning a higher interest than you are paying on your debts (unlikley)
savings................................. 125again, unless earning a higher interest than you are paying on your debts, cut out until debt free (you already have emergency savings listed above)
Premium bonds........................... 50as you'll earn no interest here, cut out until debt free
furniture............................... 71.91Again, can I assume that this is a debt? If so what's the outstanding balance and the APR?
Tesco loan.............................. 269This is definately a debt - what's the outstanding balance and the APR?
Total monthly expenses.................. 3747.08


Assets
Cash.................................... -1046how is this minum - who is owed this money? family? bank? Are you paying interest on it. Having a negative is not an asset, it's a debt and should be listed as such
House value (Gross)..................... 135000
Shares and bonds........................ 8000Worthcashing in any of these to overpay on debts
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 151954


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82000....(558)......3.69
Total secured & HP debts...... 82000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APRYou need to confirm the ones that are down as charging 0% if indeed they are and if they will be for the duration of the debt. Also, what is the minimum monthly payment needed to service each of the debts. Have you stopped spending on the cards
argos..........................538.98....0.........0
next...........................144.......0.........24.99
debenhams......................61........0.........29.99
littlewoods....................50........0.........24.9
tesco..........................713.......0.........0
very...........................41........0.........0
newlook........................184.......0.........28.9
Total unsecured debts..........1731.98...0.........-


Monthly Budget Summary
Total monthly income.................... 5,359
Expenses (including HP & secured debts). 3,747.08
Available for debt repayments........... 1,611.92
Monthly UNsecured debt repayments....... 0Need to identify this so that you will know genuinely what your surplus is each month (if you have one) and thus what you will be in a position to overpay towards the debts that are costing you the most in interest
Amount left after debt repayments....... 1,611.92

Personal Balance Sheet Summary
Total assets (things you own)........... 151,954
Total HP & Secured debt................. -82,000
Total Unsecured debt.................... -1,731.98
Net Assets.............................. 68,222.02 ultimately this is positive

I think i have everything included. What is the £1611.92. does it mean after i pay off my debt i will have this per month in extra cash?.No because you have not included what the minimum payments to each of your debts are each month
Why have i got no money left at the end of the month.?

Comments above,

HTH

gazzad11

Originally Posted by gazzad11
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

Monthly Income Details
Monthly income after tax................ 2128
Partners monthly income after tax....... 2700
Benefits................................ 81
Other income............................ 450
Total monthly income.................... 5359

Monthly Expense Details
Mortgage................................ 558
Council tax............................. 108Is this over 10 or 12 months?12 months
Electricity............................. 50Check comparison sites to see if switching could be cheaper - also turn thermostat down on radiators and boiler by a few degrees. Switch things off instead of leaving them on standby, energy saving bulbs etc..switched to npower £95
Gas..................................... 50 as above
Water rates............................. 33.36if this is not a meter, consider if one would be cheaper i dont know anything about water meters or where to start
Telephone (land line)................... 0??? included in virgin bundle
Mobile phone............................ 58.35Even for 3 mobiles, depending on usage, could be cheaper - check GiffGaff i'll have a look
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0?? don't pay for sat/cable tv
Internet Services....................... 45You should be able to get home phone and internet for approx £22-£25 per month, try talktalk - ditch pay for TV, switch to freeview, or feesat phoned virgin now £30
Groceries etc. ......................... 400drop brands, meal plan, batch cook, cook from scratch, don't food shop hungry, write a list of what's needed and stick to it. yeh will do also looking through cupboard to make meals
Clothing................................ 210This is a lot every month, and I think that you can cut this down a lot without much noticing, you all must have loads of clothes bursting out of your wardrobes. Yeh it is maybe not as much as this. yeh wardrobes are bursting
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 53.33
Car maintenance (including MOT)......... 25
Car parking............................. 20
Childcare/nursery....................... 0I though you paid babysitting at £20 per month?look further down
Other child related expenses............ 0none? No clubs? School trips? School dinners? Pocket money? see further down
Medical (prescriptions, dentist etc).... 0never? dont know how to forecast this but not this year except paracetamol cough med etc
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 10.75
Other insurance......................... 29.41 this is critical illness for both of us
Presents (birthday, christmas etc)...... 25 does this get saved somewhere for when it's needed? EG Xmas. no we should piggy bank this
Haircuts................................ 40go an extra week or two in between cuts i do that now
Entertainment........................... 100what does this cover? Can it be cheaper? is it necessary? drink,taxi,kebab
Holiday................................. 250Does this get saved for when it's needed? Maybe reduce until debt free its booked yeh this is saved
Emergency fund.......................... 20Does this get saved for when it's needed? no not really
more furniture.......................... 50Is this a payment for something you already have or do you buy new furnitue every month - if paying for something you already have, needs to be included as a debt - how much is outstanding and what's the APR 0% finishes nov 2013
newspapers/mags/snacks.................. 50Think that this needs cut back on yeh i agree
beauty treatments (nails)............... 25every month - try a trainee at the local college, do them yourself, go less often? not really wifes only luxury.
takeaways............................... 80cook from scratch, and when getting take aways get them when there are offers and deals on. ok
xmas.................................... 100as well as the £25 per month above - that's a huge amount when you are in debt, cut back
cinema.................................. 10
family day out.......................... 100reduce this, start doing things that are free or cheap.ok
travel insurance........................ 4
baby sitting............................ 20
pocket money ........................... 80
school meals............................ 40this is in addition to the cash you spend on groceries, take aways, eating out - think some of these can be cut back on much easier - packed lunches are cheaper yeh this is fixed kids want hot meals
school trips............................ 10
cleaning products....................... 20
car lease............................... 96.4
lap top................................. 16.25this is a debt surely? How much is outstanding? What's the APR? this is 0% over 2 years just started
union fee............................... 18.46
B.gas service .......................... 20.49Is this a debt? Why's it not included in utilities above? How much is outstanding if this is a debt? this is homecare includes boiler service/plumbing/drains/electric faults & repairs good value i think
lotto................................... 12cut out or come on i dont go daft and enjoy a flutter.
isa/gurenteed savings................... 150reduce until debt free unless you are earning a higher interest than you are paying on your debts (unlikley) locked in till 2023 long term savings
savings................................. 125again, unless earning a higher interest than you are paying on your debts, cut out until debt free (you already have emergency savings listed above) this is what pays for paying debt its skimmed all the time
Premium bonds........................... 50as you'll earn no interest here, cut out until debt free yeh suppose so just you never know it could pay off no great saving interest to be had anywhere
furniture............................... 71.91Again, can I assume that this is a debt? If so what's the outstanding balance and the APR? 0% finishes in feb 2013
Tesco loan.............................. 269This is definately a debt - what's the outstanding balance and the APR? its 6% till nov 2014 i would like to get rid of it sooner
Total monthly expenses.................. 3747.08


Assets
Cash.................................... -1046how is this minum - who is owed this money? family? bank? Are you paying interest on it. Having a negative is not an asset, it's a debt and should be listed as such this is bank balance so paying £5 overdrawn plus interest so about £14 total fees
House value (Gross)..................... 135000
Shares and bonds........................ 8000Worthcashing in any of these to overpay on debts would rather not this is my rainy day fund/emergency/made redundant etc.
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 151954


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 82000....(558)......3.69
Total secured & HP debts...... 82000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APRYou need to confirm the ones that are down as charging 0% if indeed they are and if they will be for the duration of the debt. Also, what is the minimum monthly payment needed to service each of the debts. Have you stopped spending on the cards
argos..........................538.98....0........ .0 0% will pay £100 a month
next...........................144.......0........ .24.99
debenhams......................61........0........ .29.99 now paid off
littlewoods....................50........0........ .24.9
tesco..........................713.......0........ .0 this is paid in full every month so no interest
very...........................41........0........ .0 now paid
newlook........................184.......0........ .28.9
Total unsecured debts..........1731.98...0.........-


Monthly Budget Summary
Total monthly income.................... 5,359
Expenses (including HP & secured debts). 3,747.08
Available for debt repayments........... 1,611.92
Monthly UNsecured debt repayments....... 0Need to identify this so that you will know genuinely what your surplus is each month (if you have one) and thus what you will be in a position to overpay towards the debts that are costing you the most in interest
Amount left after debt repayments....... 1,611.92

Personal Balance Sheet Summary
Total assets (things you own)........... 151,954
Total HP & Secured debt................. -82,000
Total Unsecured debt.................... -1,731.98
Net Assets.............................. 68,222.02 ultimately this is positive

I think i have everything included. What is the £1611.92. does it mean after i pay off my debt i will have this per month in extra cash?.No because you have not included what the minimum payments to each of your debts are each month
Why have i got no money left at the end of the month.?

rising_from_the_ashes

Have a look at U-switch for boiler cover http://www.uswitch.com/boiler-cover/

I was paying the same as you but unfortunately couldn't renew with the current provider due to the age of boiler (14 years) - however, I've just managed to find someone else to cover it - same level of cover and only £12.90 / month.

Worth a try

gazzad11

rising from the ashes does that include plubling/drains/electric faults and repairs? as well as the boiler service
its homecare 400 i have take a look
http://www.britishgas.co.uk/products-and-services/boilers-and-central-heating/cover/homecare/homecare-400.html?WT.mc_id=PPC40035055&WT.srch=1

[Deleted User]

You're spending £3,000 pa on a summer holiday?

You're spending £2,400 pa on days out?

You're spending £2,600 pa on drinking out?

That's £8,000 pa on social activities. :eek:

rising_from_the_ashes

gazzad11 wrote: »

rising from the ashes does that include plubling/drains/electric faults and repairs? as well as the boiler service
its homecare 400 i have take a look
http://www.britishgas.co.uk/products-and-services/boilers-and-central-heating/cover/homecare/homecare-400.html?WT.mc_id=PPC40035055&WT.srch=1

You'll need to search to find what you do actually need covered / the best deal for you .......

gazzad11

You're spending £3,000 pa on a summer holiday?

You're spending £2,400 pa on days out?

You're spending £2,600 pa on drinking out?

That's £8,000 pa on social activities

2 weeks hol self catering for 3/4 people £1600 plus 100 a day spends = £3000

100/per month days out =£1200

100/per month drinking out = £1200

i think thats right

[Deleted User]

gazzad11 wrote: »

100/per month days out =£1200

Except you say you have:-

"Family Days Out . . 100.00"

AND

"Big Days Out . . . . 100.00"

That adds up to £2,400 pa.

100/per month drinking out = £1200

You say:-

"Drinking Out . . . . 216.67"

That's £2,600-04 pa.

gazzad11

it all adds up!!!
i'm keeping a spending diary so time will tell. i have had to estimate my spending so it may me more. But i dont know,12% of my income covers holidays nights out , family days out and big days out
thats not to bad is it ?

Heffi1

gazzad11 wrote: »

You're spending £3,000 pa on a summer holiday?

You're spending £2,400 pa on days out?

You're spending £2,600 pa on drinking out?

That's £8,000 pa on social activities

2 weeks hol self catering for 3/4 people £1600 plus 100 a day spends = £3000

100/per month days out =£1200

100/per month drinking out = £1200

i think thats right

By justifying the amounts it looks like you do not want to make any changes to your lifestyle at all, if this is the case then you have clearly not had your lightbulb moment, maybe when you do, then you will take on board what people are telling you.

You are living way beyond your means at the moment. Even with a large salary, what contingency have you got in place if the unfortunate were to happen and one or both of you lost your jobs...