My SOA!

[tt]Statement of Affairs and Personal Balance Sheet
Household Information

Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details

Monthly income after tax................ 1535.38
Partners monthly income after tax....... 0
Benefits................................ 1490
Other income............................ 0
Total monthly income.................... 3025.38

Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 230
Rent.................................... 695
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 90.74
Telephone (land line)................... 17.5
Mobile phone............................ 36
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 90
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 948
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2774.36


Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9500
Other assets............................ 0
Total Assets............................ 9500


Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 9500.....(230)......9.9
Total secured & HP debts...... 9500......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CCJ............................3800......50........0
Capital One....................400.......40........34
Lowell Debt....................1100......50........0
Total unsecured debts..........5300......140.......-


Monthly Budget Summary

Total monthly income.................... 3,025.38
Expenses (including HP & secured debts). 2,774.36
Available for debt repayments........... 251.02
Monthly UNsecured debt repayments....... 140
Amount left after debt repayments....... 111.02

Personal Balance Sheet Summary
Total assets (things you own)........... 9,500
Total HP & Secured debt................. -9,500
Total Unsecured debt.................... -5,300
Net Assets.............................. -5,300

[/tt]
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Replies

  • As per my previous post I am trying to sort my debts and start saving for a deposit for a house. I currently work full time away from my kids for most of the week in the hopes I will be promoted in 12 months time with a decent pay rise.


    I have 1 child in Reception, 1 in part time school nursery and part time private nursery and 1 in full time private nursery. Childcare is my biggest expense but I know in September I will have another child starting reception so will only have 1 amount of nursery fees.


    I have cancelled my sky, downgraded my mobile phone contract and my car is very economical as I spend a lot of time in it travelling to site and back.


    I owe water rates from a few years ago so that's why my water is so high :(


    Any advice would be good!
  • HappyMJHappyMJ Forumite
    21.1K Posts
    Forumite
    You've not really said anything.

    What's your aim?

    Is the HP debt secured against the car so therefore a leased car?

    Me...personally...I'd get rid of the car. Stop working full time and look after the children. You aren't any better off by working and you have some quite serious debts. i.e the CCJ. Not paying out for child care and car loan, car insurance, car MOT, car servicing and petrol is going to save you more than you are earning from your job. Your benefits would also increase to cover your rent, council tax and give you enough to look after your children. I'd stick with part time work fitting around school hours and the few free child care hours that the council provides.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • HappyMJ wrote: »
    You've not really said anything.

    What's your aim?

    Is the HP debt secured against the car so therefore a leased car?

    Me...personally...I'd get rid of the car. Stop working full time and look after the children. You aren't any better off by working and you have some quite serious debts. i.e the CCJ. Not paying out for child care and car loan, car insurance, car MOT, car servicing and petrol is going to save you more than you are earning from your job. Your benefits would also increase to cover your rent, council tax and give you enough to look after your children. I'd stick with part time work fitting around school hours and the few free child care hours that the council provides.





    Sorry I posted my aim in a separate post!


    I have had a year of just getting by as I know eventually the job will improve. I had been on benefits for 3 years and its not the life I want and not the example I wanted to set. I want to work for my money and eventually not claim any benefits. (nothing against people who do that's just me!)


    I have been a trainee quantity surveyor and now been made up to assistant with hopes of being a surveyor in 12 months or less.


    Yes my car is leased, I need a car for work and I receive a car allowance which pays this which I have included in my income.
  • tibawotibawo Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    Perhaps you could cut back a little on groceries, I even swapped where I go for certain bits. Just doing things like swapping brands for supermarket own and value ones might only save pennies but they all add up.

    I try to stick to ten pounds per head in the household for food per week and then an additional twenty for cleaning, toiletries etc per month. the kids are trained that if things like love are on special offer then they are more likely to get it e.g. Pepperami, Pringles but otherwise they don't ask!
    After years of debt and living on the breadline feeling nothing but negative about myself, I am finally feeling that 2019 might be the year I actually get positive about it!
  • tibawo wrote: »
    Perhaps you could cut back a little on groceries, I even swapped where I go for certain bits. Just doing things like swapping brands for supermarket own and value ones might only save pennies but they all add up.

    I try to stick to ten pounds per head in the household for food per week and then an additional twenty for cleaning, toiletries etc per month. the kids are trained that if things like love are on special offer then they are more likely to get it e.g. Pepperami, Pringles but otherwise they don't ask!



    Thanks, that's always been my downfall! I am going to start meal plans and my youngest is near enough out of nappies so that should save me a fortune :)
  • PeteinSQPeteinSQ Forumite
    44 Posts
    Fourth Anniversary 10 Posts Combo Breaker
    Forumite
    I don't think you should give up work just to get your car bills down. The first few years of having children is really expensive in terms of childcare (as you yourself know only too well). Once they're in school the cost of childcare comes down significantly. You'll still have a cost (after school and school holidays) but it will be less.

    Why is your car insurance so expensive?
  • LolStevo wrote: »
    [tt]Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 1
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 1535.38
    Partners monthly income after tax....... 0
    Benefits................................ 1490
    Other income............................ 0
    Total monthly income.................... 3025.38

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 230
    Rent.................................... 695
    Management charge (leasehold property).. 0
    Council tax............................. 115
    Electricity............................. 65 (£130 is quite a lot for energy. Turn it down, use less and use comparison sites to get the cheapest. I pay £72 per month for a 4 bed victorian house)
    Gas..................................... 65
    Oil..................................... 0
    Water rates............................. 90.74
    Telephone (land line)................... 17.5
    Mobile phone............................ 36 (are you in a contract? If not sim only £10-17 per month)
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 240
    Clothing................................ 0
    Petrol/diesel........................... 150
    Road tax................................ 0
    Car Insurance........................... 90 (this is really high. Drive it down at renewal)
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 948
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0 Nothing?? You need something in here
    Haircuts................................ 0
    Entertainment........................... 20
    Holiday................................. 0
    Emergency fund.......................... 0 Do youi have an EF? If not you need to build one asap of around 1k it will prevent an emergency becoming a debt crisis
    Total monthly expenses.................. 2774.36


    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 9500
    Other assets............................ 0
    Total Assets............................ 9500


    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 9500.....(230)......9.9
    Total secured & HP debts...... 9500......-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    CCJ............................3800......50........0
    Capital One....................400.......40........34
    Lowell Debt....................1100......50........0
    Total unsecured debts..........5300......140.......-


    Monthly Budget Summary

    Total monthly income.................... 3,025.38
    Expenses (including HP & secured debts). 2,774.36
    Available for debt repayments........... 251.02
    Monthly UNsecured debt repayments....... 140
    Amount left after debt repayments....... 111.02

    Personal Balance Sheet Summary
    Total assets (things you own)........... 9,500
    Total HP & Secured debt................. -9,500
    Total Unsecured debt.................... -5,300
    Net Assets.............................. -5,300

    [/tt]

    Hi see my advice above. You are doing really well. I do not agree that you should give up work and live on part time and benefits. You are working hard and with a promotion and reduced childcare you will be well on the way to getting this sorted out. Keep it ticking over untill your situation improves and then throw everything at the debt. You are just in a temporary situation where you cant really do much more than service your debt right now.
    Dont forget to build that EF. Its a lifesaver.
    Three young kids, single parent, working hard to get ahead..... Fantastic work. I salute you!!
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • FBabyFBaby Forumite
    18.4K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
    Forumite
    I currently work full time away from my kids for most of the week in the hopes I will be promoted in 12 months time with a decent pay rise.
    Does this mean you pay rent and bills at two different places?
  • weebitweebit Forumite
    411 Posts
    I think you're in pretty good shape. The only thing I can think of is try and reduce your grocery bill and reduce your gas/electric usage. Are you sure you're on the cheapest tariff?

    Also, I completely disagree with the advice to give up work and go on benefits. With the prospect of a promotion on the horizon, keep at it and you'll be golden.

    Another thought... you mention you work away from your kids which pushes up the childcare costs. Is it feasible to move closer to where you work - would this be cheaper for you?

    Regarding your debt, pay down your capital one card as the highest priority making just the minimums to all your other debts. then pay them off one-by-one with the one with the highest interest rate first.
    Aiming to pay off £50,312.94 in less than 3 years - Starting from December 2015
    Current debt total: £32,756.02 (as of 1st March 2018)
    Date Free Date Aim: Summer 2019 (8 extra months needed :( )
  • Thank you!


    I have no no claims so my insurance is a lot :( I will renew it in January and will have a years no claims so I hope that brings it down a little bit! Its only a 1.3petrol Mazda2 as well :(


    Sorry no I just have one house I rent, I work long hours so I leave at 7am and get home around 6-6.30pm, 2 nights a week I'm at college straight from work so don't see the children at all :(


    I do get help with people taking them to school and picking them up which saves me money on breakfast club and after school club.


    I don't think I am on the best tariff with my energy supplier so have sent them an email to call me to change so I hope that comes down too.


    Last year I was paying full time nursery for 3 children so having 1 1/2 I am noticing the difference already, I look forward to no childcare costs!
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