Balance Sheet

adviseus12

Hi
as advised by one of our replies we have attached our "statement of affairs" detail below

If you anyone could advise on how to reduce or monthly debt and to happily progress our family forward, and to save what was once a happy family / marriage !!


[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 1394
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 3828
Monthly Expense Details
Mortgage................................ 978.4
Secured/HP loan repayments.............. 336.80000000000006
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 148
Electricity............................. 58
Gas..................................... 68
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 62
Mobile phone............................ 45
TV Licence.............................. 12.21
Satellite/Cable TV...................... 58
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 210
Road tax................................ 20
Car Insurance........................... 49
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 92
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 24
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 33.4
Presents (birthday, christmas etc)...... 0
Haircuts................................ 80
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2954.81

Assets
Cash.................................... 3000
House value (Gross)..................... 270000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 275000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 232000...(978.4)....4.7
Hire Purchase (HP) debt ...... 21589....(336.8)....0
Total secured & HP debts...... 253589....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................8484......200.......18.9
barclaycard....................1950......50........18.9
santander credit card..........5893......200.......17.9
tesco personal loan............25000.....404.......9.1
blackhorse.....................7510......273.6.....11.9
tesco credit card..............2943......50........16.9
Total unsecured debts..........51780.....1177.6....-

Monthly Budget Summary
Total monthly income.................... 3,828
Expenses (including HP & secured debts). 2,954.81
Available for debt repayments........... 873.19
Monthly UNsecured debt repayments....... 1,177.6
Amount short for making debt repayments. -304.41
Personal Balance Sheet Summary
Total assets (things you own)........... 275,000
Total HP & Secured debt................. -253,589
Total Unsecured debt.................... -51,780
Net Assets.............................. -30,369
[/tt]

theoretica

Amount short for making debt repayments. -304.41 You really need to get this number to zero, or positive, as soon as possible. The good news is it looks possible without too great changes to your way of life, just slicing away at food and other bills.

adviseus12 wrote: »

Electricity............................. 58
Gas..................................... 68 You may be able to squeeze these a little by turning things off/ turning heating down.

Telephone (land line)................... 62
Mobile phone............................ 45
Satellite/Cable TV...................... 58 £165 on communications?! - I am sure you can make good cuts here. How soon are your contracts up? How about freeview TV?

Groceries etc. ......................... 600 - This is the big area for savings - you should be able to halve this and still feed four of you healthily and well.

Petrol/diesel........................... 210 http://www.moneysavingexpert.com/travel/cheaper-fuel

Car Insurance........................... 49
Buildings insurance..................... 24
Contents insurance...................... 24
Other insurance......................... 33.4 What is this and is it necessary? Have you shopped around for all insurances? You don't have life assurance down, and that is one which you might want to consider as you have kids.

Haircuts................................ 80 ?! go less often somewhere cheaper.

Assets
Cash.................................... 3000 Why? Pay this off the barklaycards and you would have a lower monthly shortfall by about £70, not be paying £570 a year interest, and if you had a major emergency be able to spend again on the cards to cover it.
[/tt]

Betty_Crumble

Hiya, i've just made a few points below, good luck.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 1394
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 3828
Monthly Expense Details
Mortgage................................ 978.4
Secured/HP loan repayments.............. 336.80000000000006
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 148
Electricity............................. 58 this and gas are high, do you turn everything off when not in use?
Gas..................................... 68
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 62 £120 with cable is high
Mobile phone............................ 45
TV Licence.............................. 12.21
Satellite/Cable TV...................... 58
Internet Services....................... 0
Groceries etc. ......................... 600 I reckon you could get this down
Clothing................................ 0
Petrol/diesel........................... 210
Road tax................................ 20
Car Insurance........................... 49
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 92
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 24
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 33.4
Presents (birthday, christmas etc)...... 0
Haircuts................................ 80 possibly half this (go twice as long)
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2954.81

Assets
Cash.................................... 3000
House value (Gross)..................... 270000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 275000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 232000...(978.4)....4.7
Hire Purchase (HP) debt ...... 21589....(336.8)....0what is this for? not cars surely as you have only entered a value of 2k for a car/s
Total secured & HP debts...... 253589....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard....................8484......200...... .18.9 i would think about putting some of the 3k cash assets here or/and below, you could get rid of the other barclaycard and still make a great dent in this one.
barclaycard....................1950......50....... .18.9
santander credit card..........5893......200.......17.9
tesco personal loan............25000.....404.......9.1
blackhorse.....................7510......273.6.... .11.9
tesco credit card..............2943......50........16.9
Total unsecured debts..........51780.....1177.6....- new total if did above would be £48, 780. Would be a boost to be under 50k surely

Monthly Budget Summary
Total monthly income.................... 3,828
Expenses (including HP & secured debts). 2,954.81
Available for debt repayments........... 873.19
Monthly UNsecured debt repayments....... 1,177.6
Amount short for making debt repayments. -304.41 doable with some cutbacks, groceries etc.
Personal Balance Sheet Summary
Total assets (things you own)........... 275,000
Total HP & Secured debt................. -253,589
Total Unsecured debt.................... -51,780
Net Assets.............................. -30,369

[Deleted User]

adviseus12 wrote: »

Hi
as advised by one of our replies we have attached our "statement of affairs" detail below

If you anyone could advise on how to reduce or monthly debt and to happily progress our family forward, and to save what was once a happy family / marriage !!


[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 1394
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 3828
Monthly Expense Details
Mortgage................................ 978.4
Secured/HP loan repayments.............. 336.80000000000006
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 148
Electricity............................. 58
Gas..................................... 68
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 62 - This is VERY high. Check U-Switch for a cheaper deal.
Mobile phone............................ 45 - How my phones?
TV Licence.............................. 12.21
Satellite/Cable TV...................... 58 - Reduce this or, better yet, get rid and go Freeview/Freesat.
Internet Services....................... 0
Groceries etc. ......................... 600 - This can easily be reduced by a couple of hundred.
Clothing................................ 0
Petrol/diesel........................... 210
Road tax................................ 20
Car Insurance........................... 49
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 92 - What's this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 24
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 33.4
Presents (birthday, christmas etc)...... 0
Haircuts................................ 80 - £960pa? Seriously? :eek:
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - You need something in here.

Total monthly expenses.................. 2954.81

Assets
Cash.................................... 3000
House value (Gross)..................... 270000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 275000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 232000...(978.4)....4.7
Hire Purchase (HP) debt ...... 21589....(336.8)....0
Total secured & HP debts...... 253589....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................8484......200.......18.9
barclaycard....................1950......50........18.9
santander credit card..........5893......200.......17.9
tesco personal loan............25000.....404.......9.1
blackhorse.....................7510......273.6.....11.9
tesco credit card..............2943......50........16.9
Total unsecured debts..........51780.....1177.6....-

Monthly Budget Summary
Total monthly income.................... 3,828
Expenses (including HP & secured debts). 2,954.81
Available for debt repayments........... 873.19
Monthly UNsecured debt repayments....... 1,177.6
Amount short for making debt repayments. -304.41
Personal Balance Sheet Summary
Total assets (things you own)........... 275,000
Total HP & Secured debt................. -253,589
Total Unsecured debt.................... -51,780
Net Assets.............................. -30,369
[/tt]

No offence, but you are spending money like water, on non-essentials.

You could get rid of the shortfall without too much effort, by knocking £30 (maybe more) off the landline, getting rid of the pay TV, knocking £200 of the groceries, and at least halving the haircuts.

Johnnybegood

Hello and welcome,
Your SOA is very similar to mine in regard of earnings, assets, children etc. However you are obviously teetering on the edge of a cliff at the moment and you need to take a step back or two. You can and need to take action now.

The good news is with your current income this is completely doable but you've got to sit down with your partner right now and make some serious changes to your life style. In your current situation satellite TV, expensive mobile phone contracts, posh hair cuts are all madness. Google 'Dave Ramsey' and watch a few of his you tube videos, yes hes american and a little evangelical but his message is brilliant. You need to BOTH have your light bulb moment TODAY.
Good luck