Help to lower Bills

gerri48

Hi,

Can anybody please give me advice on cutting down my debts and reducing my monthly outgoings. I have posted a SOA below and your help would be appreciated.

Thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1369
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 230
Total monthly income.................... 1599
Monthly Expense Details
Mortgage................................ 417
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 56
Gas..................................... 76
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 13
Mobile phone............................ 10.5
TV Licence.............................. 24
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 17
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1127.7

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 61000....(417)......0
Total secured & HP debts...... 61000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................15000.....287.......0
CC1............................5500......130.......0
CC2............................4000......75........0
CC3............................50........50........0
Total unsecured debts..........24550.....542.......-

Monthly Budget Summary
Total monthly income.................... 1,599
Expenses (including HP & secured debts). 1,127.7
Available for debt repayments........... 471.3
Monthly UNsecured debt repayments....... 542
Amount short for making debt repayments. -70.7
Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total HP & Secured debt................. -61,000
Total Unsecured debt.................... -24,550
Net Assets.............................. 34,450

365days

gerri48 wrote: »

Hi,

Can anybody please give me advice on cutting down my debts and reducing my monthly outgoings. I have posted a SOA below and your help would be appreciated.

Thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3teenage children?
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1369
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 230
Total monthly income.................... 1599
Monthly Expense Details
Mortgage................................ 417
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 56this is high
Gas..................................... 76and this
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 13
Mobile phone............................ 10.5
TV Licence.............................. 24 should be 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 17
Entertainment........................... 0Need something here
Holiday................................. 0and here
Emergency fund.......................... 0and here
Total monthly expenses.................. 1127.7

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 61000....(417)......NaN
Total secured & HP debts...... 61000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................5500......130.......0
credit card....................4000......75........0
creditcard.....................50........0.........0
Total unsecured debts..........9550......205.......-

Monthly Budget Summary
Total monthly income.................... 1,599
Expenses (including HP & secured debts). 1,127.7
Available for debt repayments........... 471.3
Monthly UNsecured debt repayments....... 205
Amount left after debt repayments....... 266.3 If you feel you don't have this then this is what you need to address first. Live a month STRICTLY sticking to above and tweak as and when you need.
Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total HP & Secured debt................. -61,000
Total Unsecured debt.................... -9,550
Net Assets.............................. 49,450

On paper you have plenty!! BUT there are lots of zero's on your SOA and unless your SOA is realistic you are only really fooling yourself.

If i said on payday take out £266.30 and pay it towards a credit card would you be cool with that or panic. That's the amount your SOA is saying you have spare. Do you?

It looks definately doable though......Good Luck.

asparagus1968

365days wrote: »

On paper you have plenty!! BUT there are lots of zero's on your SOA and unless your SOA is realistic you are only really fooling yourself.

If i said on payday take out £266.30 and pay it towards a credit card would you be cool with that or panic. That's the amount your SOA is saying you have spare. Do you?

It looks definately doable though......Good Luck.

mmm, there is a loan on the first post now,which isn't on the SOA you have quoted.......

gerri48

Hi,

Realised I missed the loan which is why it was showing as £266 spare! Re: clothes and emergency fund I dont have one and dont tend to buy clothes.

Also TV Licence I pay my mums aswell.

Thanks

365days

gerri48 wrote: »

Hi,

Realised I missed the loan which is why it was showing as £266 spare! Re: clothes and emergency fund I dont have one and dont tend to buy clothes.

Also TV Licence I pay my mums aswell.

Thanks

But the fact you don't have means that everytime there is an emergency and that could mean kettle blows up, hospital parking, broken window, etc etc you will be using credit to pay for it, or spare cash which means later in the month you will be short.

You must buy some clothes. I'm as scruffy as they come but I still need some things as they wear out. I have a budget of £15 a month for me and ds, which many people would consider tight!!

365days

asparagus1968 wrote: »

mmm, there is a loan on the first post now,which isn't on the SOA you have quoted.......

Well now it's a completely different story!!

Willing2Learn

365days wrote: »

On paper you have plenty!! BUT there are lots of zero's on your SOA and unless your SOA is realistic you are only really fooling yourself.

I agree. I don't think the SOA is accurate. For example, there is no car or fuel costs, but there is also no other travel costs whatsoever. Gerri, this implies that the 3 of you never go anywhere at all, ever, 365 days/year.

Gerri, Welcome to the forum. I think you need to redo this. You must spend some money on an occasional beer, a latte at your local coffee shop, a birthday card for your sister. And you must buy some clothes during an average year...it's impossible not to spend any money on anything...

HappyMJ

365days wrote: »

But the fact you don't have means that everytime there is an emergency and that could mean kettle blows up, hospital parking, broken window, etc etc you will be using credit to pay for it, or spare cash which means later in the month you will be short.

You must buy some clothes. I'm as scruffy as they come but I still need some things as they wear out. I have a budget of £15 a month for me and ds, which many people would consider tight!!

Shoes always gets me...they only last average 6 months. My partner said spend twice as much (£50) and they'll last much longer than what she considered cheap £25 shoes...they didn't. I do a lot of walking to save on fuel especially for short trips but because of that my shoes wear out very quickly. So annoying..I just want shoes that will last a full year for once. I don't think they exist...and I only walk 30 minutes a day.

365days

I'm guessing here but are the 3 adults you and 2 teenagers?
Is the £230 other income their board?

gerri48

Yes i have two sons, I dont drive but my son does, he pays for his upkeep on his car