SOA - Back again (with my tail between my legs!)

Crap_with_money.com

4) Is your pension sorted?

I'm a teacher and hubby's a policeman, so the pensions are taken care of. Although ideally I'd like to be adding a bit to that as retirement's a long way away and who knows what'll be happening with the pensions by then!

6) Relax,as the Joneses will have to keep up with you now

Thanks I just said no to 2 weekend breaks, so the "Jones'll" be going off without us! Wasn't easy to say no, but I guess there'll be plenty chances for trips to Alton Towers when we're not quite so skint!

We have done 1)(£650) , 3) (£9000) and 4). 2) is sorted for me this month and OH in August, then we are starting on 5) ours was slightly back to front but OHs debt is 0% so didn't seem as urgent.[/QUOTE]

Well done! :T Long term I'd love to be in the same position - just need to get rid of this pesky debt 1st, and get into some better spending habits! Hopefully we'll be following your lead in the not too distant future!

xx

Crap_with_money.com

retepetsir wrote: »

It might be a good idea to start a spending diary to see where it all goes

Thanks, I used to do that all the time and it works brilliantly for making me think twice about what I'm spending. Good idea to start again, and I think I'll try the "no-spend" day challenges that I used to do. I'm sad enough that I actually enjoy it if I package it as wee game to myself rather than a chore! Lol!

[Deleted User]

Crap_with_money.com wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 1408.92
Total monthly income.................... 3058.92[/b]

Monthly Expense Details
Mortgage................................ 595.5
Secured/HP loan repayments.............. 23.44
Rent.................................... 30
Management charge (leasehold property).. 39.31
Council tax............................. 150Is this over 10 or 12 months, if 10 then ask your local council if you can spread over 12
Electricity............................. 56
Telephone (land line)................... 57.57Can you shop around for cheaper, if sky and out of contract often threatening to leave will convince them to give you an incentive to stay (reduced payment for x months etc - worth a try when the time comes
Mobile phone............................ 62.2I think that you can reduce this, if/when out of contract look at PAYG SIMS or SIM only contract and get your current phone unlocked
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0 Presume included in phone above
Internet Services....................... 0Again, presume included in phone above
Groceries etc. ......................... 320I think that you can reduce this a bit at least with little or no effort - try lidl/aldi, make a list of what you actually need before you go, don't food shop hungry, try the drop a brand challenge (downshift brands that you currently buy to see if you notice a difference), meal plan, batch cook, cook from scratch etc
Clothing................................ 0Even if this spend is irregular if you put say £10 or £20 pm away somewhere when that occasion comes be it a wedding or other event or whatever then the cash is there to cover the expense without disrupting your regular monthly budget or end up on a cc
Petrol/diesel........................... 200Is this accurate, keep a record for a few months if you think it might be under/over estimaed
Road tax................................ 2.5
Car Insurance........................... 30
Car maintenance (including MOT)......... 0You probably need to put something here for when the service etc are due
Car parking............................. 0never?
Other travel............................ 0never?
Medical (prescriptions, dentist etc).... 13If this is a regular prescription, consider if a pre-paid certificate would work out cheaper
Buildings insurance..................... 0Is this included in service charge?
Contents insurance...................... 0might want to consider this if it's not accounted for elsewhere
Life assurance ......................... 0none?
Other insurance......................... 0none? travel? phone?
Presents (birthday, christmas etc)...... 60
Haircuts................................ 20
Entertainment........................... 157.98
Holiday................................. 0If you put a bit here then when the time comes you'll not have to rely on cc's or your usual monthly budget
Emergency fund.......................... 0best to start putting something (even a little) here to prevent the need for CC's if an emergency arose (broken car, kitchen appliance, burst pipe etc)
Eating Out.............................. 45.25Use vouchers and deals and offers where available
Total monthly expenses.................. 1874.87


Assets
Cash.................................... 0You should probably save a bit for an emergency, even if it is only a little every month until debt free, then you can increase
House value (Gross)..................... 102000
Car(s).................................. 4500
Total Assets............................ 106500[/b]


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(595.5)....0Is this interest only? Consider overpaying when debt free
Hire Purchase (HP) debt ...... 900......(23.44)....0Can you make penalty free overpayments? Only worth considering when all debt that is costing you is repaid
Total secured & HP debts...... 102900....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan...............16000.....328.7.....7
MBNA CC.....................1400......25........0
Natwest........................2337.38...51.41.....0
Natwest OD..................1286.65...0.........18.18
Total unsecured debts....21024.03.....405.11....-


Monthly Budget Summary
Total monthly income.................... 3,058.92
Expenses (including HP & secured debts). 1,874.87
Available for debt repayments........... 1,184.05
Monthly UNsecured debt repayments....... 405.11
Amount left after debt repayments....... 778.94A healthy amount left over - if you don't have this left at the end of the month then keep a spending diary for a few months to see where it goes, note down ALL spends from the really little things to the really big things - it all adds up!

Personal Balance Sheet Summary
Total assets (things you own)........... 106,500
Total HP & Secured debt................. -102,900
Total Unsecured debt.................... -21,024.03
Net Assets.............................. -17,424.03

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Hi, Comments above. I hope that at least some are of use. You really won't know what the best course of action is until you know exactly where your cash goes every month.

D9

[Deleted User]

Domino9 wrote: »

Hi, Comments above. I hope that at least some are of use. You really won't know what the best course of action is until you know exactly where your cash goes every month.

D9

Edited to add: I have put these in order that you should be making overpayments towards them. (From most to least expensive (always pay the minimum towards all debt each month while snowballing the rest)

Unsecured Debts
Description....................Debt......Monthly.. .APR
1) Natwest OD..................1286.65...0.........18.18This is costing you the most in interest every month and so should be the debt you focus your overpayments on until fully repaid.
2) Personal Loan...............16000.....328.7.....7Assuming that you can make penalty free overpayments (and do check) this should be the next debt to snowball, so once OD is fully repaid channel all overpayments towards this until fully repaid
=3) MBNA CC.....................1400......25........0I have put this and the one below as equal third, as they are both on 0%, but really it depends when they are 0% until - at the current rate of repayment will they be fully repaid before the 0% period ends, and if not what will the outstanding balance be then and what will the interest rate charged then? (Divide what the outstanding balance will be at the end of the 0% period by the number of months left on the 0% period and that is how much you should be aiming to over pay these debt by each month (assuming that the interest rate that they will revert to will be higher than the interest rates on your other debt)
=3) Natwest........................2337.38...51.41.... .0

Total unsecured debts....21024.03.....405.11....-

HTH

D9

trulymadlydeeply_indebt!

Rent AND Mortgage? Is that right?

Mobiles do seem high but I've read you're in the process of sorting it. Well done.

Food seems high for 2 people, but this is not my strong point. You could have a look around the Old Style Thread for ideas. I've been told about "A girl called Jack"'s blog recently and tonight made her carrot, cumin and bean burgers. Served with 9p yellow stickered pitta breads, I made 7 burgers out of 1 carrot, 1 onion and a tin of cannellini beans and I reckon the whole lot cost less than £1. The tools are out there to slash your budget if you can find a spare moment to check.

Well done on posting. Onwards and upwards.

TMD

Crap_with_money.com

Phew! What a busy, but absolutely lovely weekend! I went away for the weekend to visit my sister, the sun was shining, everyone was chilled out, and the best bit = I hardly spent a penny!! :T

Thank-you to so many of you for replying. There are so many helpful hints there!

Domino - I don't even know where to begin replying to you. You've been so thorough. I've already changed my mobile since you posted. I've reduced it to £25/month. I also looked into the cashback and am getting £133 back for it :T That's probably the most proactive I've managed to be and I'm delighted because I've also got a new phone. I know I should be separating my needs from my wants a bit better, but my last phone wasn't working properly and I've hated it for the last year or so.

I bought a new dress on Saturday to wear on Saturday night - but felt so guilty at wasting the money I took it back on Sunday morning before I came home - a small victory but hopefully I'm getting there!

TMD - I've listed it as rent just because it's a regular outgoing. We lost my dad a few years ago, and since then my brother, sisters and I "chip in" to pay my mums mortgage every month. Thankfully it's not a very big mortgage!

The food is something I really need to look into. Have you tried to burgers yet? Hope they were nice as they sound so easy to do!

Xx