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blondieliz

Afternoon all,


I am a long time lurker and occasional poster and recently I have slipped up!


My SOA is below. I am a single mom (my darling husband left us for another woman) and I work full time. My expenses have finally reduced a little as my son is now in school, so my nursery costs have finished.


I have a car that is a lease vehicle through my work, so it is taken from my gross salary, which is why I haven't included anything to do with a car - all costs are covered and it can't be renewed/cancelled for another 2 years without ERCs.


I need to get my drive resurfaced as it is crumbling and I have stupidly run up a bit of a credit card by putting £600 of nursery fees on there. I have also paid for my parents to go to Venice on the card - they have been my saviours through the divorce, so I wanted to do something for them - silly I know, but it was for their golden wedding.


I am very frugal with clothes spending for myself, but my son is rocketing up, which is why I have put in the clothes budget that I have.


I am on a health kick (I LOVE my fitness pal) and I am cooking most things for myself from scratch and my son tends to be fed by my mom before I get home from work.


The energy bills are high as I had a NIGHTMARE when I switched to the COOP (avoid!) - however they have credited my account with £150, so I hope that there will be some rebate once the account is balanced out.


I try to save £200 per month for emergencies etc, but will be dipping in to this for Christmas etc. The balance of the account tends to float around the £1500 mark with an additional £500 'float' in the bill payment account.


Please give me any hints and pointers that you can see. I am trying hard to survive on my own and do my level best for my son. My ex is rubbish - he doesn't like giving money for my son as he worries I will spend it on myself, which is hilarious.


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1360
Partners monthly income after tax....... 0
Benefits................................ 225
Other income............................ 170
Total monthly income.................... 1755
Monthly Expense Details
Mortgage................................ 464
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 54
Gas..................................... 54
Oil..................................... 0
Water rates............................. 41.67
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 48.8
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 11.24
Contents insurance...................... 0
Life assurance ......................... 21.36
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 225
Total monthly expenses.................. 1575.19

Assets
Cash.................................... 2500
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 127500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 109000...(464)......2.95
Total secured & HP debts...... 109000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Sofa...........................1900......45........0
Barclaycard....................1400......50........15
Total unsecured debts..........3300......95........-

Monthly Budget Summary
Total monthly income.................... 1,755
Expenses (including HP & secured debts). 1,575.19
Available for debt repayments........... 179.81
Monthly UNsecured debt repayments....... 95
Amount left after debt repayments....... 84.81
Personal Balance Sheet Summary
Total assets (things you own)........... 127,500
Total HP & Secured debt................. -109,000
Total Unsecured debt.................... -3,300
Net Assets.............................. 15,200
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

rockm87

Hi!

sorry for your horrible times, but dont worry you will get through and be much better for it!

Firstly I would suggest your 'emergency fund' be £1,000 and DONT TOUCH IT! Then allocate any money over that to christmas, and stick to it! budget out christmas. £500 is more than enough, no excuses ;-)

Then leave your emergency fund alone, allocate your £200 to either debt.

Do you really have £84 quid left each month? If not then make sure you try and keep track of where all your pennies are going, it could be good to keep a little notepad, or type on your phone everything you purchase...(believe me this is very enlightening...and scary!).

There are loads of receipes online for meal planning and cutting your grocery shop.. you spend about the same as our family (2 adults and 2 cats). So this could be cut.

But make sure you allocate where your pennies are going, so they dont just disapear.

I'd snowball your debts, so you can feel like your making real progress.

blondieliz

Thanks for your reply Rockm, no, I don't have £84 left - I know I spend little bits here and there. Comics for my lad, coffee etc, it all adds up.


I know that I should start putting the additional to my debts and I will, I am so annoyed with myself for getting back in to debt (however I am not so bothered about the Sofa as it is interest free and was needed).


I can be really rubbish at planning ahead; working full time with a 4 year old leaves me feeling like I am chasing my tail most days. I also struggle with the fact that my ex swoops in every other weekend and takes our son for amazing days out and basically throws money at him.


I moved house in February and I am finally feeling like I am getting back where I need to be - it has been a stressful few years.


I am also going to push myself forward at work; I know I am worth more than I am being paid right now and I intend to prove it!


I need to get on and ebay stuff to clear this debt - I sold my treadmill last week for £75 - I have this tucked away to pay towards my credit card. I really want to try and make extra cash - I have tried comping too, but to no avail!

rockm87

Do you read blogs? or subscribe to youtube?

Check out funcheaporfree.com , Jordan Page is an american mum of 4 (nearly 5) she is awesome! she has lots of budgets advice, meal planning, recipes and just lots of cool stuff for parents (and just general useful advice for people like me with debt)..maybe look her up?

I find getting inspiration really useful, and you CAN do these things, a quick meal plan scribbled out before you write you shopping list can do wonders! you can do this, stop thinking your disorganized and have rubbish moments and be positive, 'inset some sort of battle cry'!!


you could always start a diary on here, some lovely people give great advice and encouragement....and the occasional kick up the behind when you need it :-)