SOA Please Help

onlygoingforward

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1425.58
Partners monthly income after tax....... 1705.25
Total monthly income.................... 3130.83

Monthly Expense Details
Mortgage................................ 623.5
Council tax............................. 137
Electricity & Gas..................... 79.82
Water rates............................. 31
Telephone (land line + Internet)................... 19.27
Mobile phone............................ 57.08 - 3 Phones up in Feb 2015
TV Licence.............................. 12.12
Groceries etc. ......................... 300
Clothing................................ 10
Petrol/diesel........................... 80
Medical (prescriptions, dentist etc).... 33
Buildings + Contents insurance......... 12.83
Life assurance ......................... 17.93
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 10
Emergency fund..........................10
Total monthly expenses.................. 1458.55


Assets
Cash.................................... 500
House value (Gross)..................... 180000
Total Assets............................ 180000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(623.5)....3.5
Total secured & HP debts...... 112000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................10800.....215.......6.9 for life
Fluid..........................7000......70........0 to June 15
Nationwide.....................9994.59...300.......4.9
GEC............................2379.28...84.57.....Double Glazing loan
Very...........................542.2.....0.........0 on BNPL
Fluid..........................7843.96...79........0 July 2015
Barclays.......................10072.....227.......6.9 for life
Halifax........................3717......50........0 June 2015
Mint...........................2000......50........17.89
Halifax........................233.91....10........16
Santander......................2471.12...25........0 to Nov 2014
Tesco..........................1812.38...36........15.75
Lloyds.........................3062.39...60........0to Dec 2015
Total unsecured debts..........61928.83..1206.57...-


Monthly Budget Summary
Total monthly income.................... 3,130.83
Expenses (including HP & secured debts). 1,458.55
Available for debt repayments........... 1,672.28
Monthly UNsecured debt repayments....... 1,206.57
Amount left after debt repayments....... 465.71

Personal Balance Sheet Summary
Total assets (things you own)........... 180,000
Total HP & Secured debt................. -112,000
Total Unsecured debt.................... -61,928.83
Net Assets.............................. 6,071.17


Thanks for looking, I have been on here previously but no idea of name and password so had to set up new account

Anyhow i have had my eye off the ball for about 18 months and things have kinda remained the same, and as there is a bit of slack in the budget i need to get back at it.

There is me, oh and youngest ds at home - he is now on an apprenticeship and pays his own travel etc and will be paying his own mobile next year when he turns 18. I wont be going PAYG as i found last time i spent more that way, we dont use the house phone and i speak daily to my daughter and as we are both on EE we have magic number for each other so cheaper.

Most cards are on 0% or balance transfers for life, i am lucky enough to get offers on current cards so can keep shuffling the cards around. I have a 0% for 6 months offer which i will probably utilise for several cards (big limit credit card) and then hopefully by the end of the 6 months they will be transferred back at another 0% deal.

I know i need to cut the grocery bill abit and have started to complete my YNAB having bought it months ago and not getting round to it . Hopefully this will help me track where the money is going. Also alot of problems arise as i get paid monthly and oh gets paid weekly so budgeting is difficult.

I go out once a month for a meal with my family and spend about £20. My car is a lease car from work and i have had a lease car for 9 years so dont own a car, however we can have a loan via work (local council) to pay for a car so debating this option at the minute as lease is up next year, i use a car for work and drive to visit clients for a job.

I have a holiday coming up next year - it has been paid for by my family so oh and i only need spending money

Sorry for the long first post but looking for some pointers to get me back on the wagon..

McKneff

Darling son is using electricity, food, phone, water etc. so should be contributing to the household costs now.
Not when he is 18.


Life is a learning curve, learning to pay for your self is part of that curve....


Nana McKneff lol
2 kids
4 grandkids..


Teach them by showing them......

onlygoingforward

I know I have had this conversation with him, however more than half his £400 a month wage is going on travel at the minute and he is learning to drive once he has passed his travel costs will be less and he will get a pay rise in February at 18 so he's paying from then. Soft I know but he is only left with a small amount just now after paying these things.

19lottie82

onlygoingforward wrote: »

I know I have had this conversation with him, however more than half his £400 a month wage is going on travel at the minute and he is learning to drive once he has passed his travel costs will be less

Are you sure about that? Have you seen how much it costs for car insurance for a teenager that's just passed their test? Someone was on here recently moaning that the cheapest they could find for their 18 year old who had just passed was £320 a month. And that's before the cost of the car, road tax, maintenance and fuel (which if his public transport is over £200 a month, won't be cheap). I'm pretty sure he will be cheaper with public transport.....

19lottie82

onlygoingforward wrote: »

I wont be going PAYG as i found last time i spent more that way, we dont use the house phone and i speak daily to my daughter and as we are both on EE we have magic number for each other so cheaper.

How many minutes do you use a month? EE is not the cheapest network. You would more than likely be better off going with a sim only deal. Some examples are

Tesco 750 mins = 500 mb + 5000 text = £10 a month

I think Virgin mobile do unlimited minutes for £15 a month?

Cat2011

Do you have nearly £500 spare every month, or is that vanishing? I'd suggest keeping a spending diary to see where it goes.

Monthly vs weekly pay shouldn't make any difference. I don't know how you do it at the moment, but I would set up three bank accounts - one for the bills (Mortgage/electric/council tax etc.), one to pay the debt and one for all other spending. The monthly paid person can pay their contribution once a month, and the weekly paid person can pay in their contribution every week. That way you have enough to pay the bills, pay the debt (plus extra) and can safely spend whatever is in the spend account.

Rotating the 0% deals is good, looks like you've got your debt pretty cheap. Are you snowballing the debt? So paying the minimum (automatic direct debit so you're don't miss any payments) on all cards. Then paying any spare money onto the most expensive debt. I would assume that is the double glazing loan or the mint debt.

onlygoingforward

19lottie82 wrote: »

Are you sure about that? Have you seen how much it costs for car insurance for a teenager that's just passed their test? Someone was on here recently moaning that the cheapest they could find for their 18 year old who had just passed was £320 a month. And that's before the cost of the car, road tax, maintenance and fuel (which if his public transport is over £200 a month, won't be cheap). I'm pretty sure he will be cheaper with public transport.....

Thanks it's due to us being rural that puts the travel costs very high it also takes him over an hour and a half to travel on public transport and will be a 25 min drive. We have done some looking at insurance and quoted around £1600 on compare the market, our town is very low crime etc so perhaps this is why it works out abit cheaper. But he's got to pass first :D

onlygoingforward

19lottie82 wrote: »

How many minutes do you use a month? EE is not the cheapest network. You would more than likely be better off going with a sim only deal. Some examples are

Tesco 750 mins = 500 mb + 5000 text = £10 a month

I think Virgin mobile do unlimited minutes for £15 a month?

I will check out again these are better deals than before, EE works well here and we are rural for the most part so it's finding the one with good coverage, at work we are all on different networks and all have signal problems. I travel to rural villages so has to be reliable coverage too.

onlygoingforward

Cat2011 wrote: »

Do you have nearly £500 spare every month, or is that vanishing? I'd suggest keeping a spending diary to see where it goes.

Monthly vs weekly pay shouldn't make any difference. I don't know how you do it at the moment, but I would set up three bank accounts - one for the bills (Mortgage/electric/council tax etc.), one to pay the debt and one for all other spending. The monthly paid person can pay their contribution once a month, and the weekly paid person can pay in their contribution every week. That way you have enough to pay the bills, pay the debt (plus extra) and can safely spend whatever is in the spend account.

Rotating the 0% deals is good, looks like you've got your debt pretty cheap. Are you snowballing the debt? So paying the minimum (automatic direct debit so you're don't miss any payments) on all cards. Then paying any spare money onto the most expensive debt. I would assume that is the double glazing loan or the mint debt.

Thanks, I don't have the £500 left, so back to spending diary I go, and setting up YNAB too I have been overpaying my very catalogue and put £20 to £30 in savings so this does account for some of it. I have 2 accounts at the moment but perhaps using 3 may work out better or drawing out cash for the week to pay for food and diesel and the like. I run everything on direct debit speed through the month to cover the fact oh is paid weekly. I do have a snowball but have neglected this since Easter so update is required I get back on track.

racing_blue

Honestly, your SOA seems extremely spartan and the sceptic in me wonders if it is really achievable for your family to live with so little discretionary spending money. Maybe for a month or two like a crash diet, but after that?

Bankruptcy might be a neutral option as your assets and liabilities seem in almost perfect balance, although I guess this would mean a lifestyle change. If you are certain you don't want that then my approach would be to focus heavily on the income side of the equation.

Wish you success and hope all your efforts pay off

Vikipollard

onlygoingforward wrote: »

Thanks it's due to us being rural that puts the travel costs very high it also takes him over an hour and a half to travel on public transport and will be a 25 min drive. We have done some looking at insurance and quoted around £1600 on compare the market, our town is very low crime etc so perhaps this is why it works out abit cheaper. But he's got to pass first :D

Could he not have a moped? Likely to be much cheaper to run than a car, gives him road experience and (should) be cheaper than public transport too.