Soa

Misstwinkle

Any advice greatly received to save money?

Household Information[/b]\
Number of adults in household........... 2\
Number of children in household......... 3\
Number of cars owned.................... 1\
\
Monthly Income Details\
Monthly income after tax................ 410\
Partners monthly income after tax....... 2530\
Benefits................................ 0\
Other income............................ 203\
Total monthly income.................... 3143\
\
Monthly Expense Details\
Mortgage................................ 550\
Secured/HP loan repayments.............. 350\
Rent.................................... 0\
Management charge (leasehold property).. 0\
Council tax............................. 136\
Electricity............................. 150\
Gas..................................... 40\
Oil..................................... 0\
Water rates............................. 40\
Telephone (land line)................... 10\
Mobile phone............................ 10\
TV Licence.............................. 13\
Satellite/Cable TV...................... 47\
Internet Services....................... 10\
Groceries etc. ......................... 450\
Clothing................................ 50\
Petrol/diesel........................... 250\
Road tax................................ 15\
Car Insurance........................... 25\
Car maintenance (including MOT)......... 25\
Car parking............................. 0\
Other travel............................ 0\
Childcare/nursery....................... 0\
Other child related expenses............ 95\
Medical (prescriptions, dentist etc).... 15\
Pet insurance/vet bills................. 0\
Buildings insurance..................... 15\
Contents insurance...................... 10\
Life assurance ......................... 0\
Other insurance......................... 0\
Presents (birthday, christmas etc)...... 30\
Haircuts................................ 0\
Entertainment........................... 100\
Holiday................................. 0\
Emergency fund.......................... 0\
Total monthly expenses.................. 2436\
\
\
Assets\
Cash.................................... 0\
House value (Gross)..................... 175000\
Shares and bonds........................ 0\
Car(s).................................. 6000\
Other assets............................ 0\
Total Assets............................ 181000\
\
\
Secured & HP Debts\
Description....................Debt......Monthly...APR\
Mortgage...................... 117000...(550)......0\
Secured Debt.................. 24000....(350)......0\
Total secured & HP debts...... 141000....-.........- \
\
Unsecured Debts\
Description....................Debt......Monthly...APR\
Ccj............................2200......400.......0\
Hsbc c card....................800.......30........0\
Egg c card.....................1700......30........0\
Barclaycard....................3400......85........0\
Total unsecured debts..........8100......545.......- \
\
\
Monthly Budget Summary\
Total monthly income.................... 3,143\
Expenses (including HP & secured debts). 2,436\
Available for debt repayments........... 707\
Monthly UNsecured debt repayments....... 545\
Amount left after debt repayments....... 162\
\
Personal Balance Sheet Summary\
Total assets (things you own)........... 181,000\
Total HP & Secured debt................. -141,000\
Total Unsecured debt.................... -8,100\
Net Assets.............................. 31,900\

Tixy

Hi and welcome to the forum.

Are your unsecured debts all on 0%?
Is the secured loan a further loan on the property? and what APR is this at?

The things that jump out to me first off are -

Electricity............................. 150 this seems exceptionally high - are you paying off some arrears in this amount? have you checked you are on the cheapest tariff with the cheapest supplier?
Telephone (land line)................... 10
Satellite/Cable TV...................... 47
Internet Services....................... 10 might be worth shopping around for a combined deal for these 3 for less than £67 a month.

Groceries etc. ......................... 450 might be worth trying the MSE drop a brand challenge and seeing if you can make some savings here.

Petrol/diesel........................... 250 is this all essential mileage? do you drive fuel efficently/fill up at the cheapest places etc? is any business mileage that partner gets refunded by his employer?

Other child related expenses............ 95
Entertainment........................... 100 could either of these be reduced at all until your debts are cleared?

This is the downshift challenge http://www.moneysavingexpert.com/shopping/cheap-supermarket-shopping#downshift
And this is advice on reducing elec bills - http://www.moneysavingexpert.com/utilities/you-switch-gas-electricity

[Deleted User]

Misstwinkle wrote: »

Any advice greatly received to save money?

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 410
Partners monthly income after tax....... 2530
Benefits................................ 0
Other income............................ 203
Total monthly income.................... 3143

Monthly Expense Details
Mortgage................................ 550
Secured/HP loan repayments.............. 350
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 136 - Is this over 10 or 12 months?
Electricity............................. 150 - This seems very high. Is the heating and/or cooking mostly/all electric?
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 47 - Could you reduce or get rid any time soon?
Internet Services....................... 10
Groceries etc. ......................... 450
Clothing................................ 50
Petrol/diesel........................... 250
Road tax................................ 15
Car Insurance........................... 25
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 95 - What does this involve?
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0 - You should have something in here.
Total monthly expenses.................. 2436


Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 181000


Secured & HP Debts\
Description....................Debt......Monthly...APR
Mortgage...................... 117000...(550)......0
Secured Debt.................. 24000....(350)......0
Total secured & HP debts...... 141000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Ccj............................2200......400.......0
Hsbc c card....................800.......30........0
Egg c card.....................1700......30........0
Barclaycard....................3400......85........0
Total unsecured debts..........8100......545.......-

\
Monthly Budget Summary
Total monthly income.................... 3,143
Expenses (including HP & secured debts). 2,436
Available for debt repayments........... 707
Monthly UNsecured debt repayments....... 545
Amount left after debt repayments....... 162

Personal Balance Sheet Summary
Total assets (things you own)........... 181,000
Total HP & Secured debt................. -141,000
Total Unsecured debt.................... -8,100
Net Assets.............................. 31,900

My comments in red.

As all your unsecured debts are already at 0%, there's no room for moving them.

That leaves increasing your income, and/or reducing your household expenditure.

You're not actually in dire straights, in that you are meeting your commitments, but I assume you want to bring your DFD closer than the current 15 months?

Well, aside from dumping the pay TV (which would bring you DFD forward by just one month), there's not a great deal I can see, where you can trim.

If Council Tax is currently over 10 months, then switching to 12 months would save you about £23pm.

Electricity is the big one.

Have you checked to see if you can swap to get a better deal?