SOA - Help needed with managing/clearing overdraft

Danielts_2

Hello there, I'm new to this forum and relatively new to managing my finances. I'm in a bit of a pickle with my overdraft, essentially living off it each month. It's currently at £950 and will be cleared when I get paid but immediately eaten into to it's full extent, with bills and general living expenses. I know I am over spending in some areas that aren't highlighted in the SOA, but can't seem to determine them. I've been in this situation since Christmas as I grossly over spent then.

Please help, any and all advice warmly welcome!

Cheers, Dan

My SOA Below:

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.................... 1

Monthly Income Details
Monthly income after tax................ 1245
Partners monthly income after tax....... 0
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 1245

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 27
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 220
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1330


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 1,345
Expenses (including HP & secured debts). 1,330
Available for debt repayments........... +15
Monthly UNsecured debt repayments....... 0


Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -950
Net Assets.............................. 550

getmore4less

Where are the benifits for the child?

what does the other adult do?

tallyhoh

You have nothing for car expenses, does someone else pay them?

Danielts_2

Only child benefits at the moment, and they go into my partner's account. My daughter was only born 6 weeks ago, so the other adult is on maternity leave but un-eligible for Maternity pay. She is currently applying for maternity allowance and I am applying for working tax credits, but this is taking it's time.

And in reply to the car expenses, I only pay petrol monthly and usually walk, everything else has been on an annual basis.

cats2012

Do you and your partner share expenses? Or do you literally pay for certain things each? Without seeing a combined household SOA it's a bit tricky - for all we know you could be right down to 0 whilst your partner is saving up child benefit - I'm sure this isn't true but it just needs clarifying

tallyhoh

You still need to factor in your car expenses even if you pay them annually. Actually as you dont appear to use you car very much is it worth the expense?

Danielts_2

Right'o I've edited the OP (that extra £15 will be swallowed up by something I'm forgetting to list) to include my partners child benefit and roughly what she spends. To clarify, my partner is currently a university student and is on maternity leave without pay - so she earns squat!

Although I really don't use my car too much, my partner does and pays roughly half of the petrol cost. To include my annual expenses on the car:

Car Insurance: £910
Car Tax: £135
Car MOT: £75
Car Maintenance: Non yet!

Hope this clarifies/helps et cetera

tallyhoh

Danielts wrote: »

Right'o I've edited the OP (that extra £15 will be swallowed up by something I'm forgetting to list) to include my partners child benefit and roughly what she spends. To clarify, my partner is currently a university student and is on maternity leave without pay - so she earns squat!

Although I really don't use my car too much, my partner does and pays roughly half of the petrol cost. To include my annual expenses on the car:

Car Insurance: £910
Car Tax: £135
Car MOT: £75
Car Maintenance: Non yet!

Hope this clarifies/helps et cetera

Thats £93 a month plus petrol plus maintenance, so approx £150 per month without any major repairs. Would taxis or public transport work out cheaper? depends where you live of course.

Check out this link to see if you are entitled to further help: http://www.entitledto.co.uk/

JemmaM91

Hi, I'm not sure about your area but here an MOT is only £35 so maybe shop around different garages.

Would it be possible to shave a little bit off of your weekly/monthly shopping. Say 30 a week on food shopping with 20 a week to top up? or possibly do a 100 a month Big shop and 20 a week to top up? that would be a little bit of saving.

If you only have an income of 1245 you may be entitled to council tax support or housing benefit. My partner and I get around 1150 now and we have 40 a month council tax benefit + 400 a month housing benefit. (so around 50% of my rent)

tallyhoh

Do you get your council tax discount if your partner is a student?

Danielts_2

Thanks for the help. Unfortunately public transport is very limited in my neck of the woods.

I would do a huge £100 but my little fridge wouldn't support it! And yes I think we could shave off some from the weekly shop, will put that into action.

Yes I do get the council tax discount for my partners student status.

I have done that means test already and had results, where I'd be entitled to approximately £210 tax credits a month and possibly housing benefit also.

So if both benefits were in place I might bet up to £400 extra a month, I have applied for the tax credits and will do so for the housing benefit, but this will take time. I have a money shortage now for bills etc. Any ideas?

Appreciate your time/help/advice