Re-jigged SOA

Kilala

I posted an original SOA on Friday, but was advised to repost today as more people with The Knowledge would be around.

We have also done an actual budget (at last) so I can be more specific now...
Have a gander at mine and my hubby's financial situation and tell it like it is! (All amounts are monthly)

Incomes:
Me: £996.43
Him: £921.14 (Varies- he has 5 claims only/casual jobs- this is minimum)
Total: £1917.57


Outgoings:
* Mortgage: £376
* Council Tax £72
* Contents Insurance: £21.38
* Ground Rent: £4.17
* Maintenace Charges: £50.55
* Electricity: £46 (would be £32 but we're paying off an old bill.)
* Water/waste: We don't know- lived here since 08/06, never received a bill
* Diesel: £40.00
* RAC: £12.08
* MOT/Servicing: £24.00
* Car Insurance: £31.25
* Car Tax: £9.17
* My Egg Loan (was CC): £117 (Balance of £5883.76, 7.66%pa, finishes July 2012. Was way over limit, hence transer to loan)
* His Egg Loan: £103 (Balance of £5131.00 7.66%pa, finishes May 2012)
* My Next Account: £32 (Min repayment. See below)
* His LA Card: £34 (min repayment. See below)
* My Cahoot Loan: £163.53 (Balance £7194.71 ends October 2011 9.3% apr)
* His Barclaycard: £38 (min reprayment. See below)
* His HSBC Visa: £58 (min repayment. See below)
* Interest on overdrafts: £11 (see below)
* Food/laundry etc: £160
* Drinks for home: £10
* Cats: £20 (Food and litter only)
* BT Phone and broadband: £45 (12 months left on contract)
* My mobile: £20 (new 12 month contract)
* His Mobile: £25 (going to pay as you go in 6 weeks or so- max £15 per month)
* Drinking out: £150
* Cigs: £40 (and reducing...)
* Clothes: £20
* Newspapers: £7.50
* Lottery: £20 (same numbers for years, he won't stop...)
* Cinema: £21.65 (£5 per week)
* Contact Lenses plus Solutions: £35 (both wear lenses, mine are specialised)
* His folks: £30
* Christmas Savings: £12.50
* Holiday Savings: £29.17 (saving up for tent etc)
* Birthdays: £4.17
* Dentists/Haircuts: £13.33

Total: £1906.45

Difference: £11.12

Have only been earning this amount for 2 months so had backdated bills to pay.

My Next Account Balance: £256.54 Apr: 26.49%
His LA (GE Capital Bank) Balance: £871.50 Apr: (Waiting to find out)
His Barclaycard Balance: £1763.43 Apr: 28.9%
His HSBC Visa Balance: £1998.61 Apr: (Waiting to find out)
My HSBC Overdraft: £1890 (Would be free if I could get it back to £1500)
Joint HSBC Overdraft: £400 (only authorised to £200...)
His HSBC Overdraft: £700

I have put in a claim through MCOL for just over £2000 for fees from HSBC.

We have sold the TV, have removed storage heaters and turned hot water off (only use the shower anyway.) so Electricity will come down eventually

We owe his folks £25k :eek: (They got him out of debt after a few years properly off the rails) and the £30 is an important gesture to make to them.

Our bathroom is a proper mess, needs replacing and we have no bedroom door, it fell off as the wood is all rotten. We really need to work on this flat, as well as paying off debts.

Lastly, haven'tbeen on holiday for years- not even a moneymoon- and need to start getting away more as weekends away help me to stay working. Might sound silly but I am bi-polar and keeping down a monotonous office job is really hard when I just want to run away and travel the world again with no money and no idea what tomorrow brings.
to help us have breaks, we're downsizing our car- worth about £6200 to a banger for £500-600 and putting the money towards a few camping esentials (max £750) and putting the rest towards our debts.

We are in such a mess as hubby was at uni, trying to improve himself and his career path. He has paused his studies as we just couldn't afford to go on with only my income. Good old state wouldn't give us a penny- they suggested he leave uni and get a 'proper job' if he was struggling. That's a great way of encouraging potential teachers in to the profession!! :rolleyes:

We really appreciate your timeand effort just reading the above, let alone putting in a reply!!
Thanks to you all :T

Biffa

First of all, apologies if any of this sounds a bit harsh - it isn't meant to, but I'm trying to do SAT's revision with the kids and slowly losing the will to live!

Cinema and lottery are costing you money that, quite frankly, you don't have at the moment. As is drinking out and newspapers. If you cut these out, you can save pretty much £200 a month. You can read the news on the internet to save buying a paper.

You SOA includes laundry with the food. Do you not have a washing machine? If not, have a look for a local freecycle group near you to see if you can pick one up for free to save the cost of going to the laundrette.

When you get rid of the car, don't buy the first cheap car you see! I got mine off ebay - 2.0 mondeo, w reg, ghia. Great spec and managed to haggle him down from £1000 as there was a small oil leak on the rocker cover gasket that needed sorting. So far, have had the car 6 months and covered 10k in it with no problems. Glad you've decided to get a tent though and not a camper - ours cost a fortune to run and look after!

You don't say how old you both are. have you checked https://www.entitledto.co.uk to see if you can get any Working Tax Credits?

That's all I can think of for now, but the others will br along with their own ideas fairly soon. Well done for posting, and good luck.

roswell

No offence but where has all the money gone ? You say his parents rescued you with £25 K, it looks like you ahve amassed another £18 K but you say you havemnt been on holidays etc for years,

any idea where this money has gone ? you nbeed to find where its going before you can really decide on a plan of action.

At a quick glance with out the debts you should have been able to manage on your wage alone .. it woudl have been tough but it would have worked.

Lydia.42

Hi
Sorry for the short reply, in the middle of cooking and various other stuff.
Re: buying camping equipment for short cheap breaks away. Check out Tescos. They have great deals on cheap tents/cooking equipment/sleeping bags etc at the moment. And you would probably be able to get everything you need for a weekend away for under £100 easily.
You may even be able to get discout if you bought on-line and used one of the discount delivery vouchers from this site.

Also re: cinema/entertainment. Tesco's are offering 1000 clubcard points if you sign up to their DVD rental service at the moment. We are about to switch to this as it is is cheaper than who we are currently with. You can get any film you want delivered to your doorstep, and then just post the DVD back when you have watched it. Or you could be a tart (no offence) and just use the free trial services that are about at the moment.

I would also look at calling up your existing credit card providers to see if they will lower the interest on your accounts, as these all seem to be the high standard rates.

Check out swapping your gas and lecci providers via the cash back website.

Others will be along soon with more advice

Good luck

Kilala

Thanks Biffa, We do have a washing machine, I meant food and soaps, washing powder and all the other gumph.
As for going out etc, we are 24 and 28 and we cannot just exist in our own company. I need to get out and meet people or I will go mad. I have tried cutting this back before, but ended up getting strongly advised to go out again my my Dr. I am bi-polar, so what may seem frivolous to you is so essential to me- I can't explain it. My intense nature means OH has to get out too, he plays pool for a pub and needs this time to socialise away from me. We're going to write down all of the money we spend when we are out, so it will be reduced, hopefully.
As for the newspapers, point taken!!
I can't argue the point of OH Lottery when I am spending double of Cigs. the time will come though...

pink_fairy_7

Kilala wrote: »

I posted an original SOA on Friday, but was advised to repost today as more people with The Knowledge would be around.

We have also done an actual budget (at last) so I can be more specific now...
Have a gander at mine and my hubby's financial situation and tell it like it is! (All amounts are monthly)

Incomes:
Me: £996.43
Him: £921.14 (Varies- he has 5 claims only/casual jobs- this is minimum)
Total: £1917.57


Outgoings:
* Mortgage: £376
* Council Tax £72
* Contents Insurance: £21.38
* Ground Rent: £4.17
* Maintenace Charges: £50.55
* Electricity: £46 (would be £32 but we're paying off an old bill.)
* Water/waste: We don't know- lived here since 08/06, never received a bill
* Diesel: £40.00
* RAC: £12.08
* MOT/Servicing: £24.00
* Car Insurance: £31.25
* Car Tax: £9.17
* My Egg Loan (was CC): £117 (Balance of £5883.76, 7.66%pa, finishes July 2012. Was way over limit, hence transer to loan)
* His Egg Loan: £103 (Balance of £5131.00 7.66%pa, finishes May 2012)
* My Next Account: £32 (Min repayment. See below)
* His LA Card: £34 (min repayment. See below)
* My Cahoot Loan: £163.53 (Balance £7194.71 ends October 2011 9.3% apr)
* His Barclaycard: £38 (min reprayment. See below)
* His HSBC Visa: £58 (min repayment. See below)
* Interest on overdrafts: £11 (see below)
* Food/laundry etc: £160 is this for 2? can be reduced look at the OS board Saving min £60
* Drinks for home: £10 don't need
* Cats: £20 (Food and litter only)
* BT Phone and broadband: £45 (12 months left on contract)
* My mobile: £20 (new 12 month contract)
* His Mobile: £25 (going to pay as you go in 6 weeks or so- max £15 per month)
* Drinking out: £150 sorry you can't afford it reduce to once a month £20 saving £130
* Cigs: £40 (and reducing...)
* Clothes: £20
* Newspapers: £7.50 cancel
* Lottery: £20 (same numbers for years, he won't stop...)cancel
* Cinema: £21.65 (£5 per week) cancel
* Contact Lenses plus Solutions: £35 (both wear lenses, mine are specialised)
* His folks: £30
* Christmas Savings: £12.50
* Holiday Savings: £29.17 (saving up for tent etc)sorry you can't afford a holiday at the moment
* Birthdays: £4.17
* Dentists/Haircuts: £13.33

Total: £1906.45

Difference: £11.12

Have only been earning this amount for 2 months so had backdated bills to pay.

My Next Account Balance: £256.54 Apr: 26.49%
His LA (GE Capital Bank) Balance: £871.50 Apr: (Waiting to find out)
His Barclaycard Balance: £1763.43 Apr: 28.9%
His HSBC Visa Balance: £1998.61 Apr: (Waiting to find out)
My HSBC Overdraft: £1890 (Would be free if I could get it back to £1500)
Joint HSBC Overdraft: £400 (only authorised to £200...)
His HSBC Overdraft: £700

I have put in a claim through MCOL for just over £2000 for fees from HSBC.

We have sold the TV, have removed storage heaters and turned hot water off (only use the shower anyway.) so Electricity will come down eventually

We owe his folks £25k :eek: (They got him out of debt after a few years properly off the rails) and the £30 is an important gesture to make to them.

Our bathroom is a proper mess, needs replacing and we have no bedroom door, it fell off as the wood is all rotten. We really need to work on this flat, as well as paying off debts.

Lastly, haven'tbeen on holiday for years- not even a moneymoon- and need to start getting away more as weekends away help me to stay working. Might sound silly but I am bi-polar and keeping down a monotonous office job is really hard when I just want to run away and travel the world again with no money and no idea what tomorrow brings.
to help us have breaks, we're downsizing our car- worth about £6200 to a banger for £500-600 and putting the money towards a few camping esentials (max £750) and putting the rest towards our debts.

We are in such a mess as hubby was at uni, trying to improve himself and his career path. He has paused his studies as we just couldn't afford to go on with only my income. Good old state wouldn't give us a penny- they suggested he leave uni and get a 'proper job' if he was struggling. That's a great way of encouraging potential teachers in to the profession!! :rolleyes:

We really appreciate your timeand effort just reading the above, let alone putting in a reply!!
Thanks to you all :T

hi sorry if this seems harsh but just these changes will save you £260+ per month. This would clear the next account in one month. The APR's on your cards are really high so you need to tackle them one by one or get your overdrafts back in line with limits. I would recommend getting a 0% card but I'm not sure if you would get one. This would also give you more available credit which is probably not a good idea.
You need to stop spending now or your situation will get worse.
Sorry to seem mean but I am trying to help and I am in no position to preach but I have been where you are and don't want to be there again.
pf x

Biffa

Whilst I'm not saying that at 24 and 28 you should be living like hermits and never venturing out of the house unless it's to go to work, there are things you can do that don't involve spending money that you don't have. Although bear in mind that this comes from a near 33 year old married mother of two who wouldn't know a social life if it jumped up and bit me on the bum!

As and when I get spare time, I spend it reading and practising my religion - probably because the mere thought of going into town on a Friday or Saturday night fills me with utter fear!

Could you find time to volunteer for local charities? Would this help you to get out and meet people? I have to confess I'm completely ignorant of bi-polar and what it entails - living with a sufferer of ME/CFS is enough.

Last idea - on the smoking front, try rolling your own. Baccy is cheaper in the long run - I smoke around 30 a day and a pack of 50g tobacco will last me around 3 days. If I was smoking 'real' fags I dread to think what I'd be spending! Plus, if you have to roll your own, you'll find you smoke less because you can't be bothered to keep rolling them!

Right - back to SAT's revision.......

roswell

I dont think anyone is suggesting you stay in all the time but you need to controll your spending,

Im going to make an assumtion that your mortgage is about £60 000 going by what you pay monthly..

Your 24 and 28 and in the last few years you have amased £25 000 debt that has already been paid off and a further £26 000, thats is £51 000 that you dont seem to be able to account for, if you keep up like this you will be bankrupt in the next few years if not sooner.

Prudent

Start comping if you need a break. I have won 3 free breaks already this year from the comping forum.

Kilala

Thanks for everyone's replies.
The above SOA is totally honest. There is no point posting one if it is what we wished we spent each month. We'll try to cut down the socialising but at present this is what we spend. OH plays pool for the local pub, and it is the only time I meet people of my own age. I think t is so high as we have the dubious honour of living somewhere where the pubs are extortionate. We're going to take more care what we drink out- gone are the G&Ts!

I have only been earning this much for a couple of months. Prior to this I was working part time and at college. I do not feel the need to explain the circumstances behind our debt. The fact is, this is the situation we are in, this is what we spend.

Posting an SOA up on these boards enables people to offer their guidance and offer us the knowledge they have gained through their own experiences. It makes you feel very exposed! I would ask that you do not judge us. We have come a very long way to be in the situation we are in- believe it or not!

Our new situation is what has kicked us into sorting it all out- regular wages enable a realistic budget to be adhered to.

As for going out, we will endeavor to cut this down, but we thought it best to be brutally honest on the SOA.

I will add this: I have mentioned that I am Bipolar. As a teen I lived a life where money was no object- I spent and had access to £40k a year on average. The changes I have had to go through to stand on my own two feet have been massive and at times, too much for my mis-wired brain to take. It is all very well saying 'don't go out' but when you stay in and change your life to fit round this, and it drops you head first into manic depression, you are signed off work, get no pay and are a wreck, £150 does not seem a lot for the privilage of holding down a job and remaining within manageable levels of highs/lows.

If you are interested: http://www.mentalhealth.com/dis/p20-md02.html

I would love to be able to hit a button and be normal, be able to do things and feel things other people can't, but I am who I am and being realistic with money is the first step, I think.

lynzpower

I have worked with people with depression and bipolar and a number of other illnesses, and I do have a good understanding of it.

However, one thing remains, that if you dont know where the money has gone, you simply wont be able to get out of debt. I know the majority of my debt came from a) overspending on food b) putting holidays on the credit cards c) student loans

Therefore to move forward, I had to make a concerted effort to stop overspending on food, stop putting holidays as a priority. I said I wouldnt have a holiday until Id paid off the last ones UNless it was free ( family had a holi cottage, we got the megabus there, spent the same on food there as we would at home.

I agree with prudent, get comping. You never know what you will win. Im confused as to why you are spending 30 a month on saving for a tent when you can buy one for 15 quid? or ask for one for your birthday? or ask on freecycle and see if someone will give you one for free?