I thought I was money savvy, apparently not.

nikki2804

The title says it all really, I always thought that I was money savvy until I started a thread on the MFW board. As I listed my outgoings and noticed that, yet again, the bank account was empty before the middle of the month, I realised that it was time to do something.

I used to be really good with money but somehow seem to have fallen off the bandwagon.

Realistically I can afford to pay off my debts however I want to make sure that I don't get back in this mess again. I need to be organised.

My major concern is that my mortgage deal ends in September 2015 and I want to make sure that I am not refused a remortgage based on these new MMR rules.

I've copied my SOA below. My shopping amount it high but I do have a 10 month old who uses formula milk and nappies.

Petrol is high because I go to college 3 days a week (well I will after the 25th of this month) and its 19 miles away.

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................ 690
Partners monthly income after tax....... 1200
Benefits................................ 501
Other income............................ 0
Total monthly income.................... 2391

Monthly Expense Details
Mortgage................................ 301
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 161 this is over 12 months, I will get a 25% reduction when I get a letter from college stating that I have returned.
Electricity............................. 57
Gas..................................... 57
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 17
Mobile phone............................ 55 this includes 2 contracts, mine is only £22 p/m but OH upgraded his without letting me shop around for a good deal.
TV Licence.............................. 13
Satellite/Cable TV...................... 31 in a contract until November
Internet Services....................... 15
Groceries etc. ......................... 303 high but does include nappies and baby milk
Clothing................................ 25
Petrol/diesel........................... 220
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 55 includes £20p/m savings (2 kids) plus school dinners
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 16
Contents insurance...................... 11
Life assurance ......................... 12
Other insurance......................... 21 BG boiler cover, already had my monies worth this year, damn boiler.
Presents (birthday, christmas etc)...... 0 This is covered by the PARK savings vouchers
Haircuts................................ 32
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Christmas Savings....................... 45
Contact Lenses.......................... 32
Total monthly expenses.................. 1575


Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 155000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(301)......1.99
Total secured & HP debts...... 90000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Hitatchi - Oakland.............281.29....0.........0
Hitachi - Kitchen..............4530.96...189.......0
Tesco..........................15000.....293.......7.6
Very...........................817.95....0.........0
Total unsecured debts..........20630.2...482.......-


Monthly Budget Summary
Total monthly income.................... 2,391
Expenses (including HP & secured debts). 1,575
Available for debt repayments........... 816
Monthly UNsecured debt repayments....... 482
Amount left after debt repayments....... 334

Personal Balance Sheet Summary
Total assets (things you own)........... 155,000
Total HP & Secured debt................. -90,000
Total Unsecured debt.................... -20,630.2
Net Assets.............................. 44,369.8

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

nikki2804

So today I managed to pay £295 to Hitatchi for my furniture. The 0% ends at the end of January and the apr is then horrendous. By my calculations I can have this clear by 9th September.

My Very debt is 0% until April. After Hitachi is paid I can clear this reasonably quickly then i'll move on to the big Hitachi one .

The snowball calculator advises that I should pay off Tesco first but I'm not sure it takes into account the interest hike of the 0% deals ending?

On a more positive note:

I have a £25 giftcard from Next. This was for a complaint.
I am awaiting a £5 Morrisons giftcard for being overcharged.
I am also awaiting a £50 compensation payment for a questionable holiday

My little girls 1st birthday is on 20th September but I have Amazon vouchers saved (S&S plus survey sites) so that should be money neutral.