SOA - your words of wisdom please

cosmomo

So here is my SOA.

I need to clear the debts and find another school bus fare in September - but only about 270 per year. I've not included the £95 trip that child has to go in in May. There's obviously loads of other incidental stuff that I spend that hasn't gone on there which is why we are in debt. Like exam fees, school trips and whatever.

I realise I can cut my food bill and will head over to old style board in a bit.

Additional info:
I'm tied into BT contract until September. I've just changed utility supplier so waiting for new payment to be confirmed.
Council tax includes arrears.
Other travel is child's bus fare to school. It's a private bus, there is no help available and no alternative unless I drive myself (35 mile round trip). And yes it really is 1450 a year.
Child expenses are music lessons, ballet lessons and Guides/Scouts fees. And yes I know these should all go.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1127.52
Benefits................................ 721.44
Other income............................ 188
Total monthly income.................... 2036.96

Monthly Expense Details
Mortgage................................ 339
Secured/HP loan repayments.............. 33.329999999999984
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35.05
Telephone (land line)................... 20
Mobile phone............................ 15
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 15.42
Car Insurance........................... 30
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 116.66
Childcare/nursery....................... 0
Other child related expenses............ 218
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13.95
Contents insurance...................... 13.95
Life assurance ......................... 21.8
Other insurance......................... 5.96
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1960.24


Assets
Cash.................................... 0
House value (Gross)..................... 275000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 276500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 74668....(339)......1.79
Secured Debt.................. 10000....(33.33)....0
Total secured & HP debts...... 84668.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................2834.54...28.63.....0
Overdraft......................1650......0.........12
Total unsecured debts..........4484.54...28.63.....-


Monthly Budget Summary
Total monthly income.................... 2,036.96
Expenses (including HP & secured debts). 1,960.24
Available for debt repayments........... 76.72
Monthly UNsecured debt repayments....... 28.63
Amount left after debt repayments....... 48.09

Personal Balance Sheet Summary
Total assets (things you own)........... 276,500
Total HP & Secured debt................. -84,668
Total Unsecured debt.................... -4,484.54
Net Assets.............................. 187,347.46

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

Thanks in advance. I'm off to [STRIKE]drown myself in the bath[/STRIKE] wash my hair and will come back to see what pearls of wisdom you can offer

AlexLK

cosmomo wrote: »

So here is my SOA.

I need to clear the debts and find another school bus fare in September - but only about 270 per year. I've not included the £95 trip that child has to go in in May. There's obviously loads of other incidental stuff that I spend that hasn't gone on there which is why we are in debt. Like exam fees, school trips and whatever.

I realise I can cut my food bill and will head over to old style board in a bit.

Additional info:
I'm tied into BT contract until September. I've just changed utility supplier so waiting for new payment to be confirmed.
Council tax includes arrears.
Other travel is child's bus fare to school. It's a private bus, there is no help available and no alternative unless I drive myself (35 mile round trip). And yes it really is 1450 a year.
Child expenses are music lessons, ballet lessons and Guides/Scouts fees. And yes I know these should all go.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0Any reason for £0?
Partners monthly income after tax....... 1127.52
Benefits................................ 721.44
Other income............................ 188
Total monthly income.................... 2036.96

Monthly Expense Details
Mortgage................................ 339
Secured/HP loan repayments.............. 33.329999999999984What is this?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35.05Could this be cheaper with a meter?
Telephone (land line)................... 20
Mobile phone............................ 15
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 20Could be worth combining with your land line, ring your provider.
Groceries etc. ......................... 500I'm sure somebody will be along to tell you how you can cut this down.
Clothing................................ 50Is this all you honestly spend for a family of 5?

Petrol/diesel........................... 200Could be cheaper to drive the children to school rather than this expensive bus.
Road tax................................ 15.42
Car Insurance........................... 30
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 116.66
Childcare/nursery....................... 0
Other child related expenses............ 218
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13.95
Contents insurance...................... 13.95
Life assurance ......................... 21.8You should be able to get this a bit cheaper.
Other insurance......................... 5.96
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10For five of you?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1960.24


Assets
Cash.................................... 0
House value (Gross)..................... 275000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 276500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 74668....(339)......1.79
Secured Debt.................. 10000....(33.33)....0
Total secured & HP debts...... 84668.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................2834.54...28.63.....0
Overdraft......................1650......0.........12
Total unsecured debts..........4484.54...28.63.....-


Monthly Budget Summary
Total monthly income.................... 2,036.96
Expenses (including HP & secured debts). 1,960.24
Available for debt repayments........... 76.72
Monthly UNsecured debt repayments....... 28.63
Amount left after debt repayments....... 48.09

Personal Balance Sheet Summary
Total assets (things you own)........... 276,500
Total HP & Secured debt................. -84,668
Total Unsecured debt.................... -4,484.54
Net Assets.............................. 187,347.46

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

Thanks in advance. I'm off to [STRIKE]drown myself in the bath[/STRIKE] wash my hair and will come back to see what pearls of wisdom you can offer

My comments are marked in red "ink".

19lottie82

If your youngest is starting school in September, then they should be entitled to some free nursery care? Could you look for a p/t job around these hours? And increase them once they start school?

Groceries could be cut down.......

Is £10 a month for haircuts and £0 for entertainment realistic?

cosmomo

Reason for not working - school hours. Have not found a job that is highly enough paid to cover cost of childcare/second car/loss of CTC etc. Partner cannot be relied on for school pickups and not willing/able to give up work (mental health) or get better paid job. Have another few years until youngest out of primary school and more self sufficient when I anticipate things will change. Is that a pathetic attitude?

Secured loan is a Green Deal loan which we took out to insulate the house and replace a falling down bay window. It was part of a pilot scheme and was at 0% interest. It is tied to the house, not us.

Water - might be cheaper with a meter - have always assumed it would be more expensive. Will look into it.

Phone/broadband are combined - I just split them in half for the SOA Contract up for renewal in Sept.

Clothes have a good system of hand-me-downs going on. Main expenses are school uniform and shoes.

Bus/Petrol it would work out at around 1800 to drive to and from school in current car (bus is 1450). And add to wear and tear. £200 petrol includes picking up from expensive bus's bus stop (lift share to the bus) and taking other kids to school.

Life assurance had it for years! Will see if I can get cheaper elsewhere.

Haircuts - given up getting mine cut. It costs 21 every two months or so for the kids. One child alternates with dad.

cosmomo

Is £10 a month for haircuts and £0 for entertainment realistic?

No. I feel like crap because my hair looks like crap. Partner got £30 cinema voucher for his birthday which we used to treat the kids to The Muppets Movie! Every couple of months we cave in and go to a film or similar...basically our kids know that they can't do the stuff their friends do.

lazer

£4,484 of debt is not insourmoutable, and most of it is at 0% - how long does this deal last?

Is your mortgage at the lowest possible rate - fixed or variable?

Life assurance - review it, but make sure you keep something, it is important.
Make sure you get the best deal you can on everything and throw every penny saved at the debts.

It you could cut the groceries in half, you would save £250 - so keep £50 for entertainment (you will go mad without it!) and throw the rest at the debt

cosmomo

lazer wrote: »

£4,484 of debt is not insourmoutable, and most of it is at 0% - how long does this deal last? Until September - then I guess I'm on the hunt for another 0%

Is your mortgage at the lowest possible rate - fixed or variable?
It's in two parts £30k at 0.75% interest only and the rest at 1.79% repayment. Both rates are lifetime trackers. 12 years to run

Life assurance - review it, but make sure you keep something, it is important. Will do
Make sure you get the best deal you can on everything and throw every penny saved at the debts.

It you could cut the groceries in half, you would save £250 - so keep £50 for entertainment (you will go mad without it!) and throw the rest at the debt

Better get off to the menu planners then! Yes. We are going mad. Cried at choir last night because they have introduced £3 per week charge and it's the only thing I do. Pathetic.

cosmomo

Might be a daft question...

Should I try going on to a cash economy? So take out £75 per week for shopping and when it's gone it's gone. Would miss out on loyalty points, but they're a bit of a con anyway.

patchwork_cat

On oldstyle there is a grocery challenge,(pinned at the top) you could join it and knock say £50 per month off your groceries with a view to get it to say £250 per month, I would say that others on the challenge do about that with a family of 5. Go on old style and ask these questions and people will help you.


I see you were a flyer so are familiar with OS.

FireWyrm

cosmomo wrote: »

Might be a daft question...

Should I try going on to a cash economy? So take out £75 per week for shopping and when it's gone it's gone. Would miss out on loyalty points, but they're a bit of a con anyway.

No it isnt a daft question and often yields the epiphany you are looking for long term. The loyalty points are a con, I've never bothered frankly. I find I never spend enough in the right weeks to even qualify, so I get a single voucher for a week, but I wont be shopping there again for another month - waste of time.

Do you have a proper budget plan going forwards? I mean a real financial tracking system that you use all the time? I suspect that there are a number of spends that are simply slipping through the cracks and beneath your notice accounting for the chronic overspending and debt. Try YNAB (you need a budget) which you can buy for about £30 (I know it's a lot) or you can use my version here : https://www.dropbox.com/sh/58m07i0jklqny0e/n3c1E0QUVw

You really need to get a grip on what you are spending and where, especially as you are tight for money.

I'm curious, why dont you get any help with the school bus? Surely if the LEA sent you to the school, they must provide the travel to it?

As for groceries, mine is £250 a month for 5 (including a baby with a milk intolerance), so eminently doable and not necessarily by compromising quality either. I shop at Aldi, I only buy fresh whole meat and fish and if it comes in a packet, I avoid it. Yes, you'll have to cook, but you probably arnt as time-poor as you think. I plan all meals at the beginning of the month on a whiteboard for the coming month. I shop bi-weekly and I dont buy anything I dont actually need. There are plenty of survival mechanisms you can use over at the Old Style board and meal planning is pretty much the best solution to run-away grocery budgets. You'll be surprised how much you save by simply doing a bit of advanced planning.

AlexLK

cosmomo wrote: »

Reason for not working - school hours. Have not found a job that is highly enough paid to cover cost of childcare/second car/loss of CTC etc. Partner cannot be relied on for school pickups and not willing/able to give up work (mental health) or get better paid job. Have another few years until youngest out of primary school and more self sufficient when I anticipate things will change. Is that a pathetic attitude?

Pathetic is perhaps the wrong word but you may be able to create your own opportunities. What are you good at? You imply that you could perhaps earn more than your husband so perhaps you two need to get together and work something out. In your situation I do not see how not working is reasonable.

There ARE other ways than "getting a job". I run a small business, teach violin and piano as well as looking after my 3 year old son whilst my wife has a "normal" job. It may be that either you or your husband would also be suited to a "portfolio career".

cosmomo wrote: »

Secured loan is a Green Deal loan which we took out to insulate the house and replace a falling down bay window. It was part of a pilot scheme and was at 0% interest. It is tied to the house, not us.

Water - might be cheaper with a meter - have always assumed it would be more expensive. Will look into it.

Phone/broadband are combined - I just split them in half for the SOA Contract up for renewal in Sept.

Clothes have a good system of hand-me-downs going on. Main expenses are school uniform and shoes.

Bus/Petrol it would work out at around 1800 to drive to and from school in current car (bus is 1450). And add to wear and tear. £200 petrol includes picking up from expensive bus's bus stop (lift share to the bus) and taking other kids to school.

Life assurance had it for years! Will see if I can get cheaper elsewhere.

Haircuts - given up getting mine cut. It costs 21 every two months or so for the kids. One child alternates with dad.

It sounds like you have a lot of things sorted but I'm not sure giving up having your hair cut and wearing hand me downs is exactly sustainable.