facing the music

cam6278

Good evening everyone.

I have been reading all the great posts for the last week and have been making some changes to our lives.

My partner left suddenly 2 weeks ago following nearly 10 years together. I have 2 children (15 and 19 , not his) He was the high earner and paid the majority of the household bills, i used to pay a monthly amount in proportion to my wages then just paid my individual bills.

I am no good with money, a bad habit i picked up from my dad, i liked to be able to just buy what i fancy for me and the kids.

So i have decided to take control, i have added all the debt up and am not happy with myself, approx 21000 in debt and not much to show for it.

I am 37 now (last month) and i want to be debt free and start saving for a house deposit by the time 40 comes around.

I work full time and also work bank hours. My eldest daughter has a part time job and works extra as well (she is also learning about budgets with me as she wants to learn to drive) she is contributing to the bills

I have started cutting back on all non luxury items,have downgraded the internet, sky and food.

my SOA is below. My plan is as follows:

MBNA transfer to 0% until 2015- been approved. I can then concentrate on paying off the loan and the Barclay CC which the 0% runs out in June. Once those have been paid i can then sort the other CC which the 0% runs out in 2015.

The mobile phone is for 2 contracts which still have a year to go. We are on the best energy deal and are locked in until next year

My car is a lease car which the payments come directly out my wages and includes all insurance, mot and tax

I have a student loan as well which im not sure how much is remaining, again comes straight out my wage

I have also started selling/car booting our junk and have so far raised £200 in 1 week- this is going towards our short break in May

I have also opened a 123 account for the bills, will look at the 123 CC for food and petrol spending.

Any and all advice is much appreciated. Does my plan sound ok ?




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

Monthly Income Details
Monthly income after tax................ 1416
Partners monthly income after tax....... 0
Benefits................................ 81
Other income............................ 500
Total monthly income.................... 1997

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 462
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 56
TV Licence.............................. 12
Satellite/Cable TV...................... 27
Internet Services....................... 33
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
NMC..................................... 10
Total monthly expenses.................. 1202


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds CC......................3938......40........0
Barclay CC.....................5502......125.......0
MBNA...........................1207......40........11.9
lloyds loan....................7626......209.......9.7
family.........................2756......105.......0
Total unsecured debts..........21029.....519.......-


Monthly Budget Summary
Total monthly income.................... 1,997
Expenses (including HP & secured debts). 1,202
Available for debt repayments........... 795
Monthly UNsecured debt repayments....... 519
Amount left after debt repayments....... 276

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,029
Net Assets.............................. -21,029

asparagus1968

cam6278 wrote: »

Good evening everyone.

I have been reading all the great posts for the last week and have been making some changes to our lives.

My partner left suddenly 2 weeks ago following nearly 10 years together. I have 2 children (15 and 19 , not his) He was the high earner and paid the majority of the household bills, i used to pay a monthly amount in proportion to my wages then just paid my individual bills.

I am no good with money, a bad habit i picked up from my dad, i liked to be able to just buy what i fancy for me and the kids.

So i have decided to take control, i have added all the debt up and am not happy with myself, approx 21000 in debt and not much to show for it.

I am 37 now (last month) and i want to be debt free and start saving for a house deposit by the time 40 comes around.

I work full time and also work bank hours. My eldest daughter has a part time job and works extra as well (she is also learning about budgets with me as she wants to learn to drive) she is contributing to the bills

I have started cutting back on all non luxury items,have downgraded the internet, sky and food.

my SOA is below. My plan is as follows:

MBNA transfer to 0% until 2015- been approved. I can then concentrate on paying off the loan and the Barclay CC which the 0% runs out in June. Once those have been paid i can then sort the other CC which the 0% runs out in 2015.

The mobile phone is for 2 contracts which still have a year to go. We are on the best energy deal and are locked in until next year

My car is a lease car which the payments come directly out my wages and includes all insurance, mot and tax

I have a student loan as well which im not sure how much is remaining, again comes straight out my wage

I have also started selling/car booting our junk and have so far raised £200 in 1 week- this is going towards our short break in May

I have also opened a 123 account for the bills, will look at the 123 CC for food and petrol spending.

Any and all advice is much appreciated. Does my plan sound ok ?




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

Monthly Income Details
Monthly income after tax................ 1416
Partners monthly income after tax....... 0
Benefits................................ 81check if you can now get tax credits of some sort
Other income............................ 500is this daughters contribution? any CSA for 2nd child?
Total monthly income.................... 1997

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 462
Management charge (leasehold property).. 0
Council tax............................. 112can /do you pay over 10 or 12 months?
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 56 reduce when you can,see id company will reduce tariff?sell expensive handsets? do you pay for mobile for the kids?
TV Licence.............................. 12
Satellite/Cable TV...................... 27go freeview asap
Internet Services....................... 33look at talk talk for a good deal around £25 a month
Groceries etc. ......................... 150that is good:)impressed:T
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50season ticket?
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0any provision for kids if you passed away?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0 try for a tenner a month at least here,or'll you will use credit cards for the unexpected!!
NMC..................................... 10 do you pay union fees as well as nmc?
Total monthly expenses.................. 1202

check you are claiming for footwear, uniform laundering/nmc and union fees and professional subscriptions where possible


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds CC......................3938......40........0
Barclay CC.....................5502......125.......0
MBNA...........................1207......40........11.9
lloyds loan....................7626......209.......9.7
family.........................2756......105.......0
Total unsecured debts..........21029.....519.......-


Monthly Budget Summary
Total monthly income.................... 1,997
Expenses (including HP & secured debts). 1,202
Available for debt repayments........... 795
Monthly UNsecured debt repayments....... 519
Amount left after debt repayments....... 276

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,029
Net Assets.............................. -21,029

hi, at least it's a + at the end of the month!:) Do you have the £276 or do you need to do a spend diary for a bit?

cam6278

Yes my eldest contributes to the £500, which also includes child support and my extra income which can vary depending on how many hours i work. I put the minimum amount but could earn a bit more

I pay the council tax over 12 months i think but will check

The £50 travel is my daughters school bus pass - its a weekly pass at 12.50

The internet include the phone and in a new contract, lowest i could get it at the moment

Will look at a lower traiff for the mobiles, 1 is mine and the other my youngest with a cheap handset

Dont pay uniform fees and have got the tax code for uniform cleaning etc

Earn too much to claim tax credit - their calculater said i would get 46p a week

As for food shopping, we are not big eaters and have estimated, we used to just chuck in whatever we fancied

Re the sky- as we are not going to be doing days out weekends away anymore plus i dont generally go out of an evening im keeping the basic package

As its only been 2 weeks im not sure if all my calculations are correct in what i will have left over, i hoping im not under estimating anything.

I have also started keeping all reciepts to keep track of spending