Sparkles clears and saves

postingalwaysposting

Sparkles87 wrote: »

It is a bit :eek: beanie but I'm starting to feel it's more likely ending that continuing given current goings on, which is really sad. But I've been there 3.5 years by the time the contract ends, so they may offer something else but they'll have to make me redundant so at least that should cover us for a couple of months. Then I'm planning on post-grad next September so we'll see, trying not to worry about it as I'm not there to effect the outcome and little lady has to come first, not work.

I think you have just summed up what you have to do Sparks. I hope they do offer you something else but if they didn't then as you say the redundancy money would come in handy. Can you claim any benifits between you being made redundant and doing the post-grad? Is the post-grad full time or will you be doing it alongside caring for the little one and/or working?

I hope eveything comes good Sparks, how's you debts at present still low/no interest?

Sparkles87

postingalwaysposting wrote: »

I think you have just summed up what you have to do Sparks. I hope they do offer you something else but if they didn't then as you say the redundancy money would come in handy. Can you claim any benifits between you being made redundant and doing the post-grad? Is the post-grad full time or will you be doing it alongside caring for the little one and/or working?

I hope eveything comes good Sparks, how's you debts at present still low/no interest?

I probably wouldn't get any JSA due to OH's earnings but our tax credits would probably go up a little until I was earning again. It's full-time but I'd be able to get childcare paid for little one so would just do the course and be mummy

All no interest now except £103.11 on one card and £318.09 on another so hoping to get rid of that as soon as possible. Will depend on wages this month as we're £300 short for basic bills by current calculations...!:eek::(

Sparkles87

Came to the conclusion tonight that we are financially screwed and things are going to have to change and I'm going to have to try and generate money through my maternity leave.
I'm even considering letting OH have my car and going down to one for my leave, which would be a nightmare and isolate me but it might be the only way.

postingalwaysposting

Sparks, would you be prepared to do and share a classic SOA? Maybe one pre and one post little one? Someone maybe able to help/assist.

Droping to a one car household maybe a compromise however can you cope with being 'isolated'? Is there public transport etc if you need it?

Wish I could offer more help

beanielou

Sadly, nothing to add to what Pap has said.

Sparkles87

postingalwaysposting wrote: »

Sparks, would you be prepared to do and share a classic SOA? Maybe one pre and one post little one? Someone maybe able to help/assist.

Droping to a one car household maybe a compromise however can you cope with being 'isolated'? Is there public transport etc if you need it?

Wish I could offer more help

Yeah I have one, I'll stick it through the calculator and post up. It's a real mess unfortunately and a lot of it I know where the traditional savings are but we're stuck in contracts etc.

There's very little public transport and it's very expensive so day to day we'd end up spending more than I would on petrol and other car cots. It would just give us that chunk to live off initially.

Sparkles87

This is for June - October...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 1000
Benefits................................ 260
Other income............................ 0
Total monthly income.................... 2110

Monthly Expense Details
Mortgage................................ 430
Secured/HP loan repayments.............. 86.16
Rent.................................... 0
Management charge (leasehold property).. 150
Council tax............................. 97
Electricity............................. 50
Gas..................................... 20
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 15
Mobile phone............................ 70
TV Licence.............................. 12.12
Satellite/Cable TV...................... 37.5
Internet Services....................... 7.5
Groceries etc. ......................... 280
Clothing................................ 30
Petrol/diesel........................... 195
Road tax................................ 15
Car Insurance........................... 75
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 22
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 5.99
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1749.27


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 121000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(430)......4.95
Hire Purchase (HP) debt ...... 1500.....(86.16)....0
Total secured & HP debts...... 86500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................16500.....384.7.....0
Card 1.........................1800......50........0
Card 2.........................2700......50........0
Very...........................229.......40........0
Card 3.........................300.......50........16.9
Total unsecured debts..........21529.....574.7.....-


Monthly Budget Summary
Total monthly income.................... 2,110
Expenses (including HP & secured debts). 1,749.27
Available for debt repayments........... 360.73
Monthly UNsecured debt repayments....... 574.7
Amount short for making debt repayments. -213.97

Personal Balance Sheet Summary
Total assets (things you own)........... 121,000
Total HP & Secured debt................. -86,500
Total Unsecured debt.................... -21,529
Net Assets.............................. 12,971

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

* Have estimated tax credits from the calculators on-line.
* Mortgage payment in pence varies from 19p to 22p so rounded down but should be going down next month when we re-fix...but would go down more if we left flexible - maybe an option?
* Not sure of the APR on the Loan, that was the original amount - it's horrendous
* The cards are 0% during those few months, Very has no interest until January but I wanted to make sure I'm paying £40 a month so we don't end up having to find it all in January, but we may have to do that
* Buildings insurance is part of the management charge, which should be reducing shortly as it's a lot more than we were told we'd be paying

Sad to say... we don't own any part of our home looking at those figures at the moment and that's really depressing

beanielou

You might not own any part of your home at the moment but remember you have only been on the property ladder for a short time.
What did you use the big loan for?

postingalwaysposting

Hi Sparks :wave:

The only thing that really jumps out at me is the groceries. Obviously if you end up bottle feeding your little one then I can understand but that works out as £70 a week, or £35 each a week. If you are staying home the majority of the time I am guessing you will be home cooking etc? Could you attempt to lower that? I know that nappies/baby stuff isn't included but its still a lot.

The only other small think is fuel. Is that for one or both cars? Will you be using as much once you are on maternity leave?

It is tight :eek: Its the debt repayments that are crippling you. I echo Beanie what was the loan used for? Its a huge monthly outgoing, could you get the period of the loan extended to try and lower the monthly repayments?

Could you do mystery shopping etc while you are on leave in order to boost your income? Although if you get rid of a car as you mentioned this prob will not be possible.

Sorry if this is of no use!

Sparkles87

beanielou wrote: »

You might not own any part of your home at the moment but remember you have only been on the property ladder for a short time.
What did you use the big loan for?

I guess, it's sad to think its nothing though, it should be a small percentage

Two cars, bit for the wedding, paying my parents back for the money they lent us for our house deposit and bits the house needed like flooring, furniture. Was a very bad move