SOA & getting on track with new income

[Deleted User]

Moneymash wrote: »

Sorry, I'm confused.

Me too.

I've just converted everything to monthly figures and, quite frankly, I think the OP must be making this stuff up.

£140pm on pay TV???

£108pm on clothes???

£606pm on travel???

£154pm on presents???

Who is the OP, Victoria Beckham?

[Deleted User]

Moneymash wrote: »

Sorry, I'm confused.

Me too.

I've just converted everything to monthly figures and, quite frankly, I think the OP must be making this stuff up.

£140pm on pay TV???

£108pm on clothes???

£606pm on travel???

£154pm on presents???

Who is the OP, Victoria Beckham?

How did the OP qualify for a DMP, with this much disposable income :huh:

Luckylucy

Sorry I've re done it some of the weekly figures are wrong for expenses but the income is right. I only take home £118 per week that's only £500 and something a month.

The clothes was completely wrong as was the car insurance and tax i'd done the tax on 3 cars. I am trying to get him to get rid of the third car all he needs to do is send off for the log book so we can scrap it! I've have been going on about it for months!!

I [STRIKE]think[/STRIKE] KNOW we've over committed to things and I'm not sure how to sort it out. This new income has only been with us since October 2013. It was completely different before hence why there is shed loads of debt. But I don't want it all to just get wasted!

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.................... 3

Monthly Income Details
Monthly income after tax................ 512.85
Partners monthly income after tax....... 0
Benefits................................ 1726.05
Other income............................ 173.33
Total monthly income.................... 2412.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 404.17
Management charge (leasehold property).. 22.36
Council tax............................. 0
Electricity............................. 51
Gas..................................... 29
Oil..................................... 0
Water rates............................. 70
Telephone (land line)................... 0
Mobile phone............................ 62
TV Licence.............................. 13
Satellite/Cable TV...................... 103.25 (Includes, phone line, calls, Full Sky, Internet. + OH's Mother Sky, Phone line & Internet)
Internet Services....................... 0
Groceries etc. ......................... 346.66 This is far to much I need to cut this way down! Help!
Clothing................................ 50 This is about right don't know where I got £25 a week from!
Petrol/diesel........................... 216.66 We do a lot of mileage
Road tax................................ 17.08
Car Insurance........................... 111.66
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 86.66 £6 in toll fee's 3/4/5 times a week
Childcare/nursery....................... 303.33
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22
Life assurance ......................... 3.99
Other insurance......................... 21.97 His TV & Phone wont cancel, doesn't think contents insurance covers it
Presents (birthday, christmas etc)...... 100
Haircuts................................ 20.58 Love my hairdresser but think we need to move elsewhere
Entertainment........................... 43.33 Taking kids to cinema a lot recently with OH's sister
Holiday................................. 100 Should look at Sun Hols!! was just basing on the trip we paid outright for earlier in the year
Emergency fund.......................... 100 Think this is important to build wanted to put as much as possible in but wasnt sure of a budget
Total monthly expenses.................. 2348.7


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Union...................1200......95.33.....3
OH DMP.........................7000......40........0
Few Debts to service ..........1500......0.........0

sp1987

rising_from_the_ashes wrote: »

Agree with the others, it really needs to be done in monthly figures to get an accurate costing

Re Sky - I'm sorry but that is absolutely ludicrous - you cannot afford it!

If your OH is at home all day then he either needs to find work or find stuff to do around the house to occupy himself ie batch cooking

Him just sitting watching normal channels would save them over 120 per month. Or on the basic sky package at least 90 a month. I honestly cannot believe the cost of that tv package. Its more than the ops weekly salary per month?!

[Deleted User]

rising_from_the_ashes wrote: »

some of the figures are def incorrect (ie TV license is not over £20 / month)

It is if you have just started on a payment plan.

[Deleted User]

Luckylucy wrote: »

I [STRIKE]think[/STRIKE] KNOW we've over committed to things and I'm not sure how to sort it out.

That's easy.

Get rid of Sky TV, halve the amount you are putting aside for presents and holidays, and knock £100 off groceries.

That's £303 extra straight away, which puts you comfortably back in the black.

rising_from_the_ashes

Thanks - few comments below which I hope help

My comments are often made to make people challenge the way they think so they're not meant to be harsh

Comments are

Luckylucy wrote: »

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.................... 3 Noted comments re 3rd car - get it done now! Why do you need 2 cars though if OH is home?

Monthly Income Details
Monthly income after tax................ 512.85
Partners monthly income after tax....... 0
Benefits................................ 1726.05
Other income............................ 173.33 What is this?
Total monthly income.................... 2412.23 Good level of income so it should be possible to manage on this - especially as you don't have to pay things like CT

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 404.17
Management charge (leasehold property).. 22.36
Council tax............................. 0
Electricity............................. 51
Gas..................................... 29
Oil..................................... 0
Water rates............................. 70 This is huge? Check bills / readings for accuracy. If correct, check for leaks etc as it really is far too high
Telephone (land line)................... 0
Mobile phone............................ 62
TV Licence.............................. 13
Satellite/Cable TV...................... 103.25 (Includes, phone line, calls, Full Sky, Internet. + OH's Mother Sky, Phone line & Internet) Sorry but you need to speak to MIL and explain that circs have changed & you can no longer afford this. Downgrade all packages to absolute minimum possible
Internet Services....................... 0
Groceries etc. ......................... 346.66 This is far to much I need to cut this way down! Help! Try the Grocery Challenge on the Old Style Board for suggestions. Great bunch who manage on fantastically small budgets & loads of useful tips & recipes available. If OH is home & not out at work HE needs to learn to batch cook etc to keep costs down
Clothing................................ 50 This is about right don't know where I got £25 a week from!
Petrol/diesel........................... 216.66 We do a lot of mileage Why? Needs to be reduced to absolute minimum ie travel for work, once a week for groceries etc
Road tax................................ 17.08
Car Insurance........................... 111.66 Too high - even for 2 cars
Car maintenance (including MOT)......... 50 2 cars issue as above
Car parking............................. 0
Other travel............................ 86.66 £6 in toll fee's 3/4/5 times a week
Childcare/nursery....................... 303.33 Too high - why do you need this if OH is home?
Other child related expenses............ 0 Really?????
Medical (prescriptions, dentist etc).... 0 Really?????
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22 Too high - shop around - this is more than my buildings & contents together!
Life assurance ......................... 3.99
Other insurance......................... 21.97 His TV & Phone wont cancel, doesn't think contents insurance covers it Double check your contents insurance as it's incl in mine & I pay less than 1/2 yours!
Presents (birthday, christmas etc)...... 100 :eek: Cut to max of £30
Haircuts................................ 20.58 Love my hairdresser but think we need to move elsewhere:) Yup
Entertainment........................... 43.33 Taking kids to cinema a lot recently with OH's sister Sorry needs to stop ... cut in 1/2
Holiday................................. 100 Should look at Sun Hols!! was just basing on the trip we paid outright for earlier in the year :eek: Sorry still too high - you can't afford this right now (and certainly not to go away). Cut to £25
Emergency fund.......................... 100 Think this is important to build wanted to put as much as possible in but wasnt sure of a budget Agree - but would put at £50 just now as you don't have household repairs to cover
Total monthly expenses.................. 2348.7


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500 Sell 1 of them
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Union...................1200......95.33.....3
OH DMP.........................7000......40........0
Few Debts to service ..........1500......0.........0

[Deleted User]

Why on earth are you paying for someone else's Sky, Phone line & Internet :huh:

Those benefits are for you and your household, not your extended family!

Luckylucy

It is daft as there is a car and a bike sitting outside that aren't being used and need to be scrapped/sold and I have been going on like a broken record about it for ages. I've gone and got the form for the v5 for the car so it can be scrapped but he still hasn't done it (although he has been quite poorly recently) But I am trying to hold off doing it for him because I don't want to get into the cycle where he just doesn't do anything for himself. I keep harping on about sorting ourselves out and paying off debts and saving for a mortgage but god love him I just don't think he's ready to grow up!

I'm so stressed with it all. I feel sick constantly, Doc has put me on medication and signed me off work (Am back at work now) Until I started to SOA I didn't really have much idea of how much we have going in and out because so much has changed in the last 3 months

The DMP has been in place for about 3 1/2 year it was £100, then on review it went down to £70 because of illness so drop income, then it went down to £40 because he became a student. Then we have got together and he was a student and I was at home, Then I went to college and things stayed the same, then I started work and uni in October and everything has changed.

I was told that we'd not get any tax credits because of student finance, got a job changed our circumstances with Tax credits. Then rang up about student finance and none of it is counted as income.

[Deleted User]

rising_from_the_ashes wrote: »

but would put at £50 just now as you don't have household repairs to cover

I agree.

In rented accommodation, there's no roof, wall or boilers to pay for.

Price up the cost of replacing the two most expensive essential appliances (and by essential, I don't mean a 50" TV), then save that much, plus a bit extra.