I cant get my head around my money please help!

Thomas85

Hi, I have some debt and a loan and although I earn a good wage there seems to be nothing left at the end of the month.

I have tried to do a SOA but don't think I did it well. I have also tried to explain what some things are!

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1 (I have a company car, this is my partners car)

Monthly Income Details
Monthly income after tax................ 2120 (paid weekly so based on a four week month)
Partners monthly income after tax....... 0
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 2254

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 305.9
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 156 (this is over 12 months)
Electricity............................. 63.5
Gas..................................... 63.5 (£127 a month duel, fixed until 2014)
Oil..................................... 0
Water rates............................. 50 (this is an estimate as we havnt had our bill yet)
Telephone (land line)................... 5
Mobile phone............................ 43 (contract until oct)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 (includes formula & nappies)
Clothing................................ 0
Petrol/diesel........................... 180 (we have to pay petrol for two cars)
Road tax................................ 18.33 (based on one car at £220 per year)
Car Insurance........................... 61.5 (£737 for year but this will be higher if we pay monthly)
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50 (Swimming lessons, rainbows, £20 savings & after school clubs)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.23
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2166.08


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 11013....(305.9)....6.9 The loan is over the nest 34 months.
Total secured & HP debts...... 11013.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................950.......0.........0
Overdraft......................550.......0.........0
Overdraft......................600.......0.........0
Total unsecured debts..........2100......0.........-


Monthly Budget Summary
Total monthly income.................... 2,254
Expenses (including HP & secured debts). 2,166.08
Available for debt repayments........... 87.92
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 87.92

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -11,013
Total Unsecured debt.................... -2,100
Net Assets.............................. -12,513


Couple of things to add, we live in a rural area & couldn't get to school etc without a car. Everywhere is a long drive away other than where I work (the reason we live where we do) but I need my car for work. My car is a company car which I just have to add fuel.

I know there's a lot of empty boxes and I don't know how to fill them! I don't know how we can afford birthdays or christmas or any family members. I don't know how we can afford to keep my partners car but then how would our eldest get to school! Any helpful suggestions would be great. We don't drink, smoke or go out!

RAS

Thomas85 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1 (I have a company car, this is my partners car)

Monthly Income Details
Monthly income after tax................ 2120 (paid weekly so based on a four week month) - if the other items are per calendar month you need to multiply by 4.3 =2279
Partners monthly income after tax....... 0
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 2254

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 305.9 - what is this? Car? if so when can you get rid and buy a run around?
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 156 (this is over 12 months)
Electricity............................. 63.5
Gas..................................... 63.5 (£127 a month duel, fixed until 2014) - these two are high so you need to look at reducing usage.
Oil..................................... 0
Water rates............................. 50 (this is an estimate as we havnt had our bill yet)
Telephone (land line)................... 5
Mobile phone............................ 43 (contract until oct) - Go PAYG
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 (includes formula & nappies) even so this is very high - go over to the Money Saving old style forum and reduce to £300
Clothing................................ 0
Petrol/diesel........................... 180 (we have to pay petrol for two cars) - if you are using petrol for work, do you not claim it back? How far is the school run?
Road tax................................ 18.33 (based on one car at £220 per year)
Car Insurance........................... 61.5 (£737 for year but this will be higher if we pay monthly) this is also high - for what reason/ Age, points?
Car maintenance (including MOT)......... 0 - you need this
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50 (Swimming lessons, rainbows, £20 savings & after school clubs) - at least some of this has to go
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.23
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 You need at least £10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2166.08


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 11013....(305.9)....6.9
Total secured & HP debts...... 11013.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................950.......0.........0 - which has the highest charges?
Overdraft......................550.......0.........0
Overdraft......................600.......0.........0
Total unsecured debts..........2100......0.........-


Monthly Budget Summary
Total monthly income.................... 2,254
Expenses (including HP & secured debts). 2,166.08
Available for debt repayments........... 87.92
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 87.92

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -11,013
Total Unsecured debt.................... -2,100
Net Assets.............................. -12,513

You need to budget harder (to spend less).

In the short term given Easter is coming, can you go round and find everything that is no longer used and either e-bay, amazon or car-boot?

That secured laon is crippling, what is it for?

HappyMJ

Telephone landline £5...The's a bit low..Line rental is at least £10 a month if you pay a year in advance.

You gas and electric is very high. Do you take actual meter readings every month? Can you reduce usage by making the house a few degrees cooler? The best (easiest for sleeping at any time) temperature for babies is 18 degrees. NHS recommend 16-20. Turn the heating off overnight and during the day (if no one is home). If someone is home turn the heating off in unused rooms such as bedrooms during the day. Is the property insulated?

£50 a month for water is also very high. Who is your supplier and what are the meter readings?

Thomas85

It was for paying off debt. I paid off another loan & credit cards.

I can have a look round for things to sell, though it would be mainly childrens things as my partner & I don't really have much, possesions wise.

HappyMJ

Thomas85 wrote: »

It was for paying off debt. I paid off another loan & credit cards.

I can have a look round for things to sell, though it would be mainly childrens things as my partner & I don't really have much, possesions wise.

6.9 percent is a pretty good rate. How many months until it's paid off? Is the amount you listed the original loan amount...Only asking as 36 times your monthly payment is the loan amount. You could ring the bank and extend the term to 48 months if it is causing you financial difficulty...but really the point of this board is to be debt free...but you also do need to balance the budget.

Thomas85

HappyMJ wrote: »

Telephone landline £5...The's a bit low..Line rental is at least £10 a month if you pay a year in advance.

You gas and electric is very high. Do you take actual meter readings every month? Can you reduce usage by making the house a few degrees cooler? The best (easiest for sleeping at any time) temperature for babies is 18 degrees. NHS recommend 16-20. Turn the heating off overnight and during the day (if no one is home). If someone is home turn the heating off in unused rooms such as bedrooms during the day. Is the property insulated?

£50 a month for water is also very high. Who is your supplier and what are the meter readings?

We have paid a year in advance and so far our bills have been 26p & 89p from BT.

I havn't been taking meter readings no, I was told that edf take £127 a month on a house based on this size and it averages out over the year? I'm not sure if it can be changed if it's fixed!? The heating is off over night & during the day my partner & baby is home who say they have it on sometimes if it's feeling a bit nippy (which it probably has lately) and it's off in half the rooms at least. No idea if the property is insulated but it's a newish build so would hazard a yes?

Water is Severn Trent, we havn't actually had a bill. But previously paid £31 a month for a 2 bed. I don't know the meter readings and not sure where to find them! (sorry!)

Thomas85

HappyMJ wrote: »

6.9 percent is a pretty good rate. How many months until it's paid off? Is the amount you listed the original loan amount...Only asking as 36 times your monthly payment is the loan amount. You could ring the bank and extend the term to 48 months if it is causing you financial difficulty...but really the point of this board is to be debt free...but you also do need to balance the budget.

Apologies if this is explained rubbishly! There are 34/36 months left to pay and every month is £305.92 - this wont go up or down, so assumedly, its calculated over what we actually borrowed?

soontobemrsg

The other posters have made similar comments to the ones I would have made. You really do need to look at the comments made.

Speak to your mobile phone provider and see if you can switch tariff as your only left in contract until October they should happily do this for you if you explain that the payments are currently too high.

Scrap the kids savings for the time being while you get back on your feet.

Look at your energy usage. This is a lot higher than I would expect - is it from actual readings or estimates?

You really need to have figures in for gifts and car servicing/mot.

Who's your telephone landline provider? (I want to switch - that's much less than I pay)!

Definitely savings to be made on the groceries side of things.

I know you said water was an estimate - I'd assume it would be more like £40.

Can you claim back the petrol on the works vehicle?

HappyMJ

Thomas85 wrote: »

We have paid a year in advance and so far our bills have been 26p & 89p from BT.

I havn't been taking meter readings no, I was told that edf take £127 a month on a house based on this size and it averages out over the year? I'm not sure if it can be changed if it's fixed!? The heating is off over night & during the day my partner & baby is home who say they have it on sometimes if it's feeling a bit nippy (which it probably has lately) and it's off in half the rooms at least. No idea if the property is insulated but it's a newish build so would hazard a yes?

Water is Severn Trent, we havn't actually had a bill. But previously paid £31 a month for a 2 bed. I don't know the meter readings and not sure where to find them! (sorry!)

Start taking meter readings today and get everyone else in the house to reduce the usage. Read the meter weekly.

The unit rate per kWh is fixed. Not the monthly direct debit amount. If you read the meter at least every month on the same date and provide the meter readings to your supplier and ask them to give you a bill....or you can calculate the actual usage yourself. It's far too high for a well insulated property. You can reduce it.

The meter for your water should be out the front under a small square metal lid...or it's under the sink. If you can't find it ring the supplier. Severn Trent isn't that expensive. The usage should be much lower than that. It's based on the number of people in the house and not the size. You could have 2 people living in a 6 bedroom house yet have a lower bill than a family of 4 in a small 2 bedroom end of terrace property.

Oh....and add another £10 onto the land line ...So that you can pay a year in advance next time.

Thomas85

soontobemrsg wrote: »

The other posters have made similar comments to the ones I would have made. You really do need to look at the comments made.

Speak to your mobile phone provider and see if you can switch tariff as your only left in contract until October they should happily do this for you if you explain that the payments are currently too high.

Scrap the kids savings for the time being while you get back on your feet.

Look at your energy usage. This is a lot higher than I would expect - is it from actual readings or estimates?

You really need to have figures in for gifts and car servicing/mot.

Who's your telephone landline provider? (I want to switch - that's much less than I pay)!

Definitely savings to be made on the groceries side of things.

I know you said water was an estimate - I'd assume it would be more like £40.

Can you claim back the petrol on the works vehicle?

Thanks, we're with BT.

The mobile is the partners, so will try to go through with her maybe the last 12 months & see the average mins/messages and find an equvalent online and see if they will match it? Though they have just put the bill up! She is happy to get rid in October.

They are estimates but will take a reading when I get home from work.

You really need to have figures in for gifts and car servicing/mot. - I know but what and where from!?

Water is a complete estimate and would be great if it was only £40 a month.

Unfortunately it can't be claimed back but this is the only expense I have to be able to use the car for work & pleasure.

Thomas85

HappyMJ wrote: »

Start taking meter readings today and get everyone else in the house to reduce the usage. Read the meter weekly.

The unit rate per kWh is fixed. Not the monthly direct debit amount. If you read the meter at least every month on the same date and provide the meter readings to your supplier and ask them to give you a bill....or you can calculate the actual usage yourself. It's far too high for a well insulated property. You can reduce it.

The meter for your water should be out the front under a small square metal lid...or it's under the sink. If you can't find it ring the supplier. Severn Trent isn't that expensive. The usage should be much lower than that. It's based on the number of people in the house and not the size. You could have 2 people living in a 6 bedroom house yet have a lower bill than a family of 4 in a small 2 bedroom end of terrace property.

Oh....and add another £10 onto the land line ...So that you can pay a year in advance next time.

Thanks, never thought of that!

Sorry but will the square metal lid usually be on the ground or on the wall (if its outside!?)