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Princess_nola1
Princess_nola1 Posts: 154 Forumite
Combo Breaker First Anniversary
edited 10 January 2013 at 9:57PM in Debt-free wannabe
Ok, here goes! I've taken most of these spends from November into December, so the high Groceries expenditure includes clothes for DS, Christmas presents, alcohol and more food than usual! Please feel free to comment!

Thanks

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................ 653.35
Partners monthly income after tax....... 2411.6
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 3146.15

Monthly Expense Details
Mortgage................................ 598
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 124
Gas..................................... 0
Oil..................................... 0
Water rates............................. 47.3
Telephone (land line)................... 37.5
Mobile phone............................ 73
TV Licence.............................. 12.12
Satellite/Cable TV...................... 10
Internet Services....................... 0
Groceries etc. ......................... 700
Clothing................................ 60
Petrol/diesel........................... 220
Road tax................................ 12.5
Car Insurance........................... 50
Car maintenance (including MOT)......... 37.04
Car parking............................. 9.6
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24.9
Pet insurance/vet bills................. 0
Buildings insurance..................... 23.95
Contents insurance...................... 0
Life assurance ......................... 33.47
Other insurance......................... 25.16
Presents (birthday, christmas etc)...... 80
Haircuts................................ 8
Entertainment........................... 50
Holiday................................. 165
Emergency fund.......................... 0
Lottery................................. 24
Boiler Cover............................ 20.56
Union................................... 16.54
Monthly bank account fee................ 10
Total monthly expenses.................. 2575.64


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 113000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89400....(598)......6.99%
Total secured & HP debts...... 89400.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Engagement Ring................479.64....39.97.....0%
Car............................13000.....218.......5.9%
Tesco CC.......................2852.73...500.......0%
Capital One CC.................2247.13...67.41.....8%
Total unsecured debts..........18579.5...825.38....-


Monthly Budget Summary
Total monthly income.................... 3,146.15
Expenses (including HP & secured debts). 2,575.64
Available for debt repayments........... 570.51
Monthly UNsecured debt repayments....... 825.38
Amount short for making debt repayments. -254.87

Personal Balance Sheet Summary
Total assets (things you own)........... 113,000
Total HP & Secured debt................. -89,400
Total Unsecured debt.................... -18,579.5
Net Assets.............................. 5,020.5
When it's dark, look for stars. When it's raining look for rainbows.
DFW - Tesco CC: [STRIKE]£3149.71[/STRIKE]£0! Capital One CC:[STRIKE] £2242.01[/STRIKE]£0! :T Overdraft: [STRIKE]£283[/STRIKE] £0! :T
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Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Post Debt-free and Proud! First Anniversary
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 2

    Monthly Income Details
    Monthly income after tax................ 653.35
    Partners monthly income after tax....... 2411.6
    Benefits................................ 81.2
    Other income............................ 0
    Total monthly income.................... 3146.15

    Monthly Expense Details
    Mortgage................................ 598
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 103
    Electricity............................. 124 - Even for an all electric home, almost £1,500 pa seems high. Check comparison sites
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 47.3
    Telephone (land line)................... 37.5 - This is high. Check comparison sites
    Mobile phone............................ 73 - Very high. Go PAYG (about £10 pm) ASAP
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 10
    Internet Services....................... 0
    Groceries etc. ......................... 700 - This is extremely high for just 3 people. You could easily reduce by £300
    Clothing................................ 60 - Every month? Halve it
    Petrol/diesel........................... 220
    Road tax................................ 12.5
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 37.04
    Car parking............................. 9.6
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 24.9
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 23.95
    Contents insurance...................... 0 - You need this
    Life assurance ......................... 33.47
    Other insurance......................... 25.16
    Presents (birthday, christmas etc)...... 80 - Halve this
    Haircuts................................ 8
    Entertainment........................... 50
    Holiday................................. 165 - That's almost £2,000. You could reduce to £100, and still have a decent holiday on £1,200
    Emergency fund.......................... 0 - You need something in here
    Lottery................................. 24
    Boiler Cover............................ 20.56
    Union................................... 16.54
    Monthly bank account fee................ 10
    Total monthly expenses.................. 2575.64


    Assets
    Cash.................................... 0
    House value (Gross)..................... 100000
    Shares and bonds........................ 0
    Car(s).................................. 13000
    Other assets............................ 0
    Total Assets............................ 113000


    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 89400....(598)......NaN
    Total secured & HP debts...... 89400.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Engagement Ring................479.64....39.97.....NaN
    Car............................13000.....218.......NaN
    Tesco CC.......................2852.73...500.......NaN
    Capital One CC.................2247.13...67.41.....NaN
    Total unsecured debts..........18579.5...825.38....-


    Monthly Budget Summary
    Total monthly income.................... 3,146.15
    Expenses (including HP & secured debts). 2,575.64
    Available for debt repayments........... 570.51
    Monthly UNsecured debt repayments....... 825.38
    Amount short for making debt repayments. -254.87

    Personal Balance Sheet Summary
    Total assets (things you own)........... 113,000
    Total HP & Secured debt................. -89,400
    Total Unsecured debt.................... -18,579.5
    Net Assets.............................. 5,020.5

    The savings I've indicated, will give you about £500 pm extra which, even with £50 for the Emergency Fund and £20-ish for contents cover, will still leave you a bit left, after everything is paid.

    BTW. What is NaN :huh:
  • Princess_nola1
    Princess_nola1 Posts: 154 Forumite
    Combo Breaker First Anniversary
    Bedsit_Bob wrote: »
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 2

    Monthly Income Details
    Monthly income after tax................ 653.35
    Partners monthly income after tax....... 2411.6
    Benefits................................ 81.2
    Other income............................ 0
    Total monthly income.................... 3146.15

    Monthly Expense Details
    Mortgage................................ 598
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 103
    Electricity............................. 124 - Even for an all electric home, almost £1,500 pa seems high. Check comparison sites - This is a monthly Gas & Electric DD, with Scottish Power fixed until 2015.
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 47.3
    Telephone (land line)................... 37.5 - This is high. Check comparison sites - This includes broadband. Unable to change contract until 1st March
    Mobile phone............................ 73 - Very high. Go PAYG (about £10 pm) ASAP - 2 phones. Contracts don't end for at least 12 months on 1 phone, longer on other.
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 10
    Internet Services....................... 0
    Groceries etc. ......................... 700 - This is extremely high for just 3 people. You could easily reduce by £300 - This is where I'm looking to really rein spending in.
    Clothing................................ 60 - Every month? Halve it - Doable
    Petrol/diesel........................... 220
    Road tax................................ 12.5
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 37.04
    Car parking............................. 9.6
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 24.9
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 23.95
    Contents insurance...................... 0 - You need this - This is included in the Building Insurance amount
    Life assurance ......................... 33.47
    Other insurance......................... 25.16
    Presents (birthday, christmas etc)...... 80 - Halve this - Big families, though I agree we should spend less.
    Haircuts................................ 8
    Entertainment........................... 50
    Holiday................................. 165 - That's almost £2,000. You could reduce to £100, and still have a decent holiday on £1,200
    Emergency fund.......................... 0 - You need something in here
    Lottery................................. 24
    Boiler Cover............................ 20.56
    Union................................... 16.54
    Monthly bank account fee................ 10
    Total monthly expenses.................. 2575.64


    Assets
    Cash.................................... 0
    House value (Gross)..................... 100000
    Shares and bonds........................ 0
    Car(s).................................. 13000
    Other assets............................ 0
    Total Assets............................ 113000


    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 89400....(598)......NaN
    Total secured & HP debts...... 89400.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Engagement Ring................479.64....39.97.....NaN
    Car............................13000.....218.......NaN
    Tesco CC.......................2852.73...500.......NaN
    Capital One CC.................2247.13...67.41.....NaN
    Total unsecured debts..........18579.5...825.38....-


    Monthly Budget Summary
    Total monthly income.................... 3,146.15
    Expenses (including HP & secured debts). 2,575.64
    Available for debt repayments........... 570.51
    Monthly UNsecured debt repayments....... 825.38
    Amount short for making debt repayments. -254.87

    Personal Balance Sheet Summary
    Total assets (things you own)........... 113,000
    Total HP & Secured debt................. -89,400
    Total Unsecured debt.................... -18,579.5
    Net Assets.............................. 5,020.5

    The savings I've indicated, will give you about £500 pm extra which, even with £50 for the Emergency Fund and £20-ish for contents cover, will still leave you a bit left, after everything is paid.

    BTW. What is NaN :huh:

    NaN is where the Interest rates were entered into the SOA calculator, but it didn't like them for some reason! I did edit my intial post.
    When it's dark, look for stars. When it's raining look for rainbows.
    DFW - Tesco CC: [STRIKE]£3149.71[/STRIKE]£0! Capital One CC:[STRIKE] £2242.01[/STRIKE]£0! :T Overdraft: [STRIKE]£283[/STRIKE] £0! :T
  • gizmo111
    gizmo111 Posts: 2,661 Forumite
    First Anniversary Combo Breaker First Post Name Dropper
    Is your tesco CC min payment correct @ £500 per month - or is this whatyou do pay?
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • Princess_nola1
    Princess_nola1 Posts: 154 Forumite
    Combo Breaker First Anniversary
    That's the minimum payment
    When it's dark, look for stars. When it's raining look for rainbows.
    DFW - Tesco CC: [STRIKE]£3149.71[/STRIKE]£0! Capital One CC:[STRIKE] £2242.01[/STRIKE]£0! :T Overdraft: [STRIKE]£283[/STRIKE] £0! :T
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Post Debt-free and Proud! First Anniversary
    Telephone (land line)................... 37.5 - This is high. Check comparison sites - This includes broadband. Unable to change contract until 1st March.

    You can still do a bit better. Check Uswitch and change in March.
    Mobile phone............................ 73 - Very high. Go PAYG (about £10 pm) ASAP - 2 phones. Contracts don't end for at least 12 months on 1 phone, longer on other.

    Can you move to a cheaper call plan, FTTB?
    Groceries etc. ......................... 700 - This is extremely high for just 3 people. You could easily reduce by £300 - This is where I'm looking to really rein spending in.

    This groceries one alone would balance the books.
  • Princess_nola1
    Princess_nola1 Posts: 154 Forumite
    Combo Breaker First Anniversary
    What does FTTB mean? I'm unsure tbh, but it wouldn't hurt to look at.

    We've looked at changing to Plusnet for our phone and broadband, which would cost £125 for a year's Line Rental, then £5 a month for broadband. Works out as £15.40, so saving £20+ a month.

    The groceries is where we really need to rein in (like I said, this was taken from before Christmas where we included some presents, clothes, excess alcohol and food than we'd usually buy). Aiming to get it halved to £350pm.

    Still not fab, as want to pay more on the Capital One card as this is the higher rate of interest.
    When it's dark, look for stars. When it's raining look for rainbows.
    DFW - Tesco CC: [STRIKE]£3149.71[/STRIKE]£0! Capital One CC:[STRIKE] £2242.01[/STRIKE]£0! :T Overdraft: [STRIKE]£283[/STRIKE] £0! :T
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Post Debt-free and Proud! First Anniversary
    edited 10 January 2013 at 10:41PM
    FTTB means For The Time Being.

    Are you sure about the £500 pm minimum?

    At that rate, it'll be paid off in just 6 months.
  • Princess_nola1
    Princess_nola1 Posts: 154 Forumite
    Combo Breaker First Anniversary
    A phone call to network supplier wouldn't hurt. Thanks for your comments.
    When it's dark, look for stars. When it's raining look for rainbows.
    DFW - Tesco CC: [STRIKE]£3149.71[/STRIKE]£0! Capital One CC:[STRIKE] £2242.01[/STRIKE]£0! :T Overdraft: [STRIKE]£283[/STRIKE] £0! :T
  • emsywoo123
    emsywoo123 Posts: 5,440 Forumite
    Princess_nola1 wrote: »
    That's the minimum payment

    On a balance of £2800 odd?
  • Princess_nola1
    Princess_nola1 Posts: 154 Forumite
    Combo Breaker First Anniversary
    After speaking to hubby, he says the Tesco CC is set at £500 because that's what he set it at. News to me!!
    When it's dark, look for stars. When it's raining look for rainbows.
    DFW - Tesco CC: [STRIKE]£3149.71[/STRIKE]£0! Capital One CC:[STRIKE] £2242.01[/STRIKE]£0! :T Overdraft: [STRIKE]£283[/STRIKE] £0! :T
This discussion has been closed.
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