took the plunge

anita55

Hi all, have just done a soa and was surprised i have ANY money left at the end of the month, where does it all go. I did start a spending diary and just put in things like Tesco or Asda, should I have listed what i spent, a bit confused about that one. I read this site constantly and am amazed how people have coped with their lives and debts, we (i mean I) have never been very good with money and now at the ripe old age of 57 am a bit stuck, through various things happening or happend in our live in the last few years (I'll tell all another time). Anyway I know you will help as much as you can and will appreciate it and hopefully learn by it, they say your never too old, lets see.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 550
Partners monthly income after tax....... 225
Benefits................................ 660
Other income............................ 366
Total monthly income.................... 1801
Monthly Expense Details
Mortgage................................ 1110
Secured/HP loan repayments.............. 100
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 68
Electricity............................. 151
Gas..................................... 0
Oil..................................... 0
Water rates............................. 71
Telephone (land line)................... 39
Mobile phone............................ 40
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 325
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 12.3
Car Insurance........................... 16.6
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 101
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2191.4

Assets
Cash.................................... 0
House value (Gross)..................... 300,000
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 300,450

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86000....(1110).....0
Secured Debt.................. 40000....(100)......0
Total secured & HP debts...... 126000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
link...........................656....5.........0
mbna...........................5372......1.........0
birketts solicitors............1467......2.77......0
asda...........................2400......1.........0
resco..........................2317......1.........0
Total unsecured debts..........12212....10.77.....-

Monthly Budget Summary
Total monthly income.................... 1801
Expenses (including HP & secured debts). 2,191.4
Available for debt repayments...........-390.4
Monthly UNsecured debt repayments....... 10.77
Amount left after debt repayments.......--379.63
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -126,000
Total Unsecured debt.................... -12,212
Net Assets.............................. -137,462
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

anita55

actually noticed that other income was wrong tried to change it but didn't go to plan, my other income is 366. sorry if this consuses anyone, I'm good at that so my total income is 1801. So I havn't any money left infact i'm down:(

StressedSteph

Hi,

I have just posted my SOA this afternoon to, so I know how you feel.

I am not a very good person to offer advice as I am in the same boat as you but wanted to say hi and let you know you are not alone.

What I was curious about on your SOA is how you are only paying such little amounts on your unsecured debts. Is this because you are on a DMP?

I thought your elelctricity looked high, but then we also pay for oil and if everything you have is electric, I guess maybe thats a correct amount. Might be worth trying a comparison website though to see if you can get the price down.

Good luck on your journey.

StressedSteph

Savingforsomeday

Hello
It looks like you've got a couple of figures wrong, which is making your Soa look a bit wonky!

I assume your house value isn't only £300?! That's what's putting you into negative for your assets value.

Is your life insurance £101 every month?! If so, that's huge! We pay around that per year.

Your mortgage also seems high - is this for two properties and is this where the 'other income' comes from?

Well done for posting!

anita55

Thanks SS I think I have got a few bits wrong in the soa, but have tried editing it but with no luck will think about putting another one on or someone might no what to do. Yes I am on a dmp will probably never pay them off but ever hopeful. Electric amount is for gas as well we are with eon for both so put them together. Have you started a diary that was what i was trying to get on to, I must slow down and then I'll get it right (hopefully) I will take a look at your soa too. Have to go and hang the sheets out now as its blowing up a gale here.

Savingforsomeday

The figures look better now - good editing!

Your mortgage payments are what's crippling you though - you are paying about 65% of the total household income just on that! Are you paying off arrears? If not, could you see about going Interest Only for a while until you get the debts down?

Ps - lucky you getting the washing out - its pouring here! :@

Toomuchdebt

Your gas and electricity are huge-I pay 126 a month direct debit for both and I have 6 children so use the heating and hot water all the time, and lots of gadgets plugged in-I haven't had a bill for the new house yet but I ended up 250 in credit on the old one paying those amounts.

You could probably reduce your groceries too-I spend 400 a month on me and 6 kids and various pets

Your total unsecured debt looks wrong too

rising_from_the_ashes

Well done for getting it all down .... re the spending diary - you need to write down everything - even if it's 30p for a newspaper. It's the small spends of £5 and £10 here and there that really add up and can add huge amounts ....

anita55 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 550
Partners monthly income after tax....... 225
Benefits................................ 660
Other income............................ 366
Total monthly income.................... 1801
Monthly Expense Details
Mortgage................................ 1110
Secured/HP loan repayments.............. 100
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 48
Electricity............................. 151 On the high side (even with no gas) - check nothing's left on when rooms not in use etc
Gas..................................... 0
Oil..................................... 0
Water rates............................. 71 This seems high - have you checked? meter?
Telephone (land line)................... 39 On the high side even if incl b/band - as a comparison I pay less than £20 for both (inc anytime calls) so have a hunt around for a better deal
Mobile phone............................ 40 How many? When do contracts end? Have you tried downgrading package?
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 325 You could probably shave £75 ish off this - try the Grocery Challenge on the Old Style board
Clothing................................ 10
Petrol/diesel........................... 40 For 2 cars? If that's all you're using - it's not worth the running costs of 1 - let alone 2 cars!
Road tax................................ 12.3 Seems low for 2 cars?
Car Insurance........................... 16.6 For 2 cars?
Car maintenance (including MOT)......... 0 Need figure in here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0 Need figure in here
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0 incl above?
Life assurance ......................... 101 Far too high! Shop around for a better deal
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Cut in 1/2
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0 Never? No increased costs in school hols?
Emergency fund.......................... 0 Need figure in here to avoid more debt
Total monthly expenses.................. 2191.4

Assets
Cash.................................... 0
House value (Gross)..................... 300,000
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86000....(1110).....0
Secured Debt.................. 40000....(100)......0
Total secured & HP debts...... 126000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
link...........................656....5.........0
mbna...........................5372......1.........0
birketts solicitors............1467......2.77......0
asda...........................2400......1.........0
resco..........................2317......1.........0
Total unsecured debts..........667621....10.77.....-
Need APRs to advice
Monthly Budget Summary
Total monthly income.................... 1801
Expenses (including HP & secured debts). 2,191.4
Available for debt repayments........... 239.6
Monthly UNsecured debt repayments....... 10.77
Amount left after debt repayments....... 228.83
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -126,000
Total Unsecured debt.................... -667,621
Net Assets.............................. -792,871
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

Think the figures at the bottom are wrong?

anita55

Wow, thanks for all your comments, will work through the soa, rising from the ashes, I think i have finally edited it so it looks right, elec is for gas as well, decided once not to have direct debit as wanted to concentrate on the mortgage, but got such high bills went back to dd to get discounts, am weary of changing as i have such a lot of trouble when i tried to a few years ago. Water, don't even no where the water meter is, I deal with all of this so I doubt if DH knows, will look into that. Telephone is for broadband, telephone, tv (sky) and my daughter has a extra box in her bedroom which she gives me the money for Sky have just reduced my payment from £55, to £39 from advice that I took from here. Mobile phones, one is mine, actually two are mine, but one I use which is £35. a month I got a free X box for my grandson so was quite pleased at the time when I realised I probably could have bought one cheaper. The other one is only £5.50 a month, a really good deal from T Mob as I was "such a good customer" my husband uses that one. I put two cars down but one is my daughters so only included tax and insurance for me and my DH, and he does all the maintenence (he's out there freezing at the moment poor thing), Medical etc, we are on tax credits so we don't have to pay thank god, as my teeth are not great, had to put off a trip to the hygienst as they wanted £40 and couldn't do it. Contents included with buildings, life insurance the main bulk is 91.00 for my husbans as he has had two heart attacks and ulcers and has had a few things wrong with him, £10 for me (they won't get much when I go) Am seriously cutting down now this christmas finding it very hard but getting there will try and half present money that was a guess. We havn't been on holiday for a few years since my husband lost his business in 2010 we used to go to see my daughter who lived in Sicily at the time just paying for plane tickets so quite a cheap holiday but she came back to live in england so that was the end of that one.
Thanks for your comments savingforsomeday, we are paying of arrears on the mortgage as we had a reduced payment for 2 years when my husband lost his business and i didn't work then, had to claim social (ugh hated going there) but got a job (part time) a year ago and am alway doing overtime to make up the money. The mortgage is especially important as we are guardians of our grandson since he was 3 he is 8 now so he needs stability and we will do anything to keep this house, quite honestly if if was just DH and me I would get a mobile home, my cousin did that and she is the happiest she has been in many years, cor I do go on don't I.
Didn;t want to miss out toomuchdebt, wow 6 children lucky you, I had 4 always wanted 6, didn't find out until I was sterilized that my husband would have like 6 too, oh well, we have 4 grandchildren. thanks for your advice

[Deleted User]

Mortgage payments seem awfully high. Any chance of re-mortgaging?

Likewise electricity. Try comparison site for a better deal.

Telephone (land line) also seems high. As above, try comparison site.

How many mobiles?

Life assurance also seems high. Can you get a better price?

Are all your debts really 0%?

anita55

Hi bedsit bob, will look around for changing all the suggestions you made, am very weary about it as had a bad experience before, but will look into it. Telephone includes sky tv and broadband, elec includes gas, life insurance is because my husband had two heart attacks, will have a look around tho, at one time he was uninsurable, I have a dmp so that's why 0% but would love to pay more off, we have a secured loan on the house and a charge, would like to get them sorted first.