How Do I go about fixing this?!?!

honey10

Donury236 wrote: »

This is what it will be as of April next year as we will no longer get childcare paid for:
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.................... 1

Monthly Income Details
Monthly income after tax................ 1408
Partners monthly income after tax....... 1789.19
Benefits................................ 136
Other income............................ 0
Total monthly income.................... 3333.19

Monthly Expense Details
Mortgage................................ 563
Secured/HP loan repayments.............. 239.70000000000005
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 180 this is really high, especially since you are out all day. ours is £70 a month and there's something on in our house (100+ year old cottage) all the time. Have you had any and all insulation put in?
Gas..................................... 0
Oil..................................... 100 same here, seems kinda high, especially when combined with the electricity
Water rates............................. 0
Telephone (land line)................... 18
Mobile phone............................ 77.25 any way of reducing this?
TV Licence.............................. 13
Satellite/Cable TV...................... 50 even at £31 this is quite high
Internet Services....................... 18
Groceries etc. ......................... 300 this is very high, have you tried trading down? or writing a menu type thing?
Clothing................................ 25
Petrol/diesel........................... 250
Road tax................................ 10
Car Insurance........................... 45.9
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 1200 this is so so high, i've written a note at the bottom
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0 there has to be something here, just in case
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 0same here, gotta be something here, just in case.
Life assurance ......................... 43
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0none of these three have anything in, that cant be correct. do you never have a haircut, go to the cinema, or go on a day trip?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 you have to have something here too
Total monthly expenses.................. 3456.85


Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 131000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94000....(563)......4.99
Secured Debt.................. 4889.....(104.7)....8.5
Hire Purchase (HP) debt ...... 6500.....(135)......12.5
Total secured & HP debts...... 105389....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Very...........................4056......200.......39.7
Vertbaudet.....................0.........0.........39.7 - would be cleared
Studio.........................0.........0.........29 - would be cleared
TSB CC.........................900.......48........18
tsb od.........................250.......6.........18
First cc.......................1800......55........18
First OD.......................500.......100.......18
Natwest CC.....................1100......25........18
Natwest OD ....................2000......30........18
h&m............................0.........0.........0 - would be cleared
Total unsecured debts..........10606.....464.......-


Monthly Budget Summary
Total monthly income.................... 3,333.19
Expenses (including HP & secured debts). 3,456.85
Available for debt repayments........... -123.66
Monthly UNsecured debt repayments....... 464
Amount short for making debt repayments. -587.66

Personal Balance Sheet Summary
Total assets (things you own)........... 131,000
Total HP & Secured debt................. -105,389
Total Unsecured debt.................... -10,606
Net Assets.............................. 15,005

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

Have you considered leaving your job? The cost of childcare basically makes it pointless working. Also, you could be entitled to an increase in working tax credits because of the large drop in income. It might be worth thinking about, from a financial point of view and obviously an emotional one too,(spending more time with the children etc)

Have you considered bulk cooking? Making stews, soups, lasagnes, pies etc? Bolognese sauses are also good for freezing.

SeduLOUs

I would consider quitting your job or at least dropping to part time if you can get some 'free' childcare from parents a couple of days a week once the childcare money stops.

Your childcare costs are almost the value of your net pay, and the small 'cost' of not working would be worth it's weight in gold for spending that time with your children.

You could use the extra time to do other moneysaving bits on the side like cooking more meals from scratch, or doing the online surveys or something like Avon to make a few quid.

Donury236

SeduLOUs wrote: »

I would consider quitting your job or at least dropping to part time if you can get some 'free' childcare from parents a couple of days a week once the childcare money stops.

Your childcare costs are almost the value of your net pay, and the small 'cost' of not working but be worth it's weight in gold for spending that time with your children.

You could use the extra time to do other moneysaving bits on the side like cooking more meals from scratch, or doing the online surveys or something like Avon to make a few quid.

I have actually put forward to OH that his mum watches them. It does mean she has to live with us during the week as she lives 56 miles away and doesn't drive so I would have to drive her home Friday night and pick her up Sunday evening.

I am currently temping and there is nothing planned after this is up that is anywhere near this pay - about £5 an hour less. Childminder wont take the kids PT, she wants full time places only as even if she has ds for the morning, unless I can pick up before 12 its classed as full day and she cant take another kid for afternoon

Lungboy

Do you need a £6k car? It seems to me you could free up £5k quite easily, and possibly more in insurance costs etc, simply by selling the car and buying another for £1k. That could pay off the Very debt in one go.

[Deleted User]

I'd seriously consider Lungboy's suggestion, because the Very debt is a killer.

At the current £200 per month, it's going cost you well over half of the current balance in interest (£2,388 to be exact), by the time you pay it off.

It's also going to take nearly 3 years.

National_Debtline

Donury236 wrote: »

Child benefit we would still receive. No tax credits though obviously as those are for childcare.

Hi there,

Child Tax Credits isn't just for childcare, I ran a very basic check based on just your partner working. The system highlighted that you would get just over £100 per month. I cannot guarantee the accuracy as I'm not certain as to your precise circumstances. It could be worth plugging your figures into the benefits checker on the Turn 2 Us website.

- David.

Donury236

Lungboy wrote: »

Do you need a £6k car? It seems to me you could free up £5k quite easily, and possibly more in insurance costs etc, simply by selling the car and buying another for £1k. That could pay off the Very debt in one go.

Well, probably not. I had a car, a kinda cheap 7yr old one, someone drove into it and wrote it off...........we though......I know lets just get a cheap car as cant get to work without a car (well we can but it costs near £500 a month for both of us). Went and bought one for 1k......spent £450 on new springs and tyres and brakes. Gearbox exploded and we got £300 for it....Had no money to buy another cheap car. So we ended up taking that £300 and using it as a deposit on a second hand car with a warranty. Its not HP, its on a personal loan, but tied to the car so we cant just sell the car unfortunately and use the money else where.

Insurance isn't any cheaper - unless its a 1.1. as that person who ran into me did so at a roundabout so it was deemed 50/50 , only stuck £70 on a year tho. I've got breakdown cover with insurance as well..........you can see my luck with vehicles. its before the break down I think £360 a year for insurance. I have only been driving 4 years and now have 2 yrs NCB

I know its petty but as I transport my kids in the car I want something safe.