Fat, forty and financially f**ked

hign10pines

WantToBeSE wrote: »

Good luck, it looks like you are making a good start.

Just a couple of Q's and comments about your SOA:

£110 a month on Council Tax? Does this include arrears?

Holiday Fund- Sorry but while you are in such dire straits financially, this should be going straight to debt instead.

If your husband isn't generating an income from the business, he needs to either find employment, or withdraw the children from childcare and he has to have them instead.

I'm sorry to say that i don't see huge improvements being made until your husband accepts that he has to bring an income in, in the form of paid employment. That's not to say the business is over, but he needs to do a paid job as well.

£110 on council tax doesn't seem high. Ours is £119 for a 2 bed flat over 10 months

brizzledfw

How's it going?

Hope alls good

Theamazingshrinkingwoman

Hello....

So I'm back. Lots of changes for good and bad.

We wound up the business as DH finally admitted that it wasn't going to work. It was a huge wrench emotionally and he borrowed more from my DF without telling me. It nearly finished us but we're still limping on

DH's health continues to decline. 7 years since first hospital appointment and still no real diagnosis (MS type symptoms). He has finally admitted (in the last two weeks) that he is unlikely to work again. No !!!!, Sherlock. He did about 6 months of temping but it nearly killed him and he has earned no money since March 2018. PIP claim and universal credit claim currently going through.

We inherited some money last February and paid off our mortgage, all credit cards, Family 1 and overdrafts. Zero debt except Family 2. :j

For about a month.

And then DH didn't work for a year and we used both credit cards, Family 1 and overdraft to cover his salary. And have a business debt with HMRC which I can hardly bear to open the letters for.

Which brings me neatly up to now. Work is going well for me, I've been doing some CPD stuff which means that when inevitable redundancies happen over the next few years, I'll be safe. My job is satisfying and convenient but the pay is pretty awful! I'm making longer term plans and the boss has made a couple of interesting suggestions :j

This is what we've achieved so far since my lightbulb flickered again a few weeks ago:

Switched gas and electricity suppliers saving £30pcm and reclaiming the £300ish that we were in credit by
Downloaded YNAB free trial and entered everything I currently can.
Cut up both credit cards (not that there was anything left on them)
Applied for universal credit and PIP
Meal planned and set a reasonable budget (DH just about managing cooking most days which gives him some structure and makes him feel useful)
DH is earning cash for walking a friends for for 20 minutes 3 days a week. This pays for all g7s spends - he's given up smoking and is vaping which is so much cheaper.
Signed up for Receipt Hog (I've earned £1 already - my goal is to pay for 50% Christmas with the Amazon vouchers I earn)

To do ASAP

Check interest rates and total amounts on credit cards
Cancel any subscriptions and memberships that are rolling over in the background
Open all HMRC stuff (just typing that made me feel sick and dizzy)
Find stuff to sell (this could be another good thing for DH to do during the day because he can rest as much as he needs in between - might get him doing surveys too. Goal here is to raise the other 50% of Christmas)

Theamazingshrinkingwoman

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1102
Partners monthly income after tax....... 0
Benefits................................ 192.4
Other income............................ 0
Total monthly income.................... 1294.4

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133.42
Electricity............................. 46.04
Gas..................................... 46.04
Oil..................................... 0
Water rates............................. 42.84
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12.83
Satellite/Cable TV...................... 0
Internet Services....................... 37.74
Groceries etc. ......................... 350
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 19.31
Car Insurance........................... 68.48
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 49.56
Other insurance......................... 14.85
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1081.51


Assets
Cash.................................... 0
House value (Gross)..................... 270000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 279000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Capital One CC.................6400......48.9......0
HSBC CC........................1500......155.9.....0
Family 1.......................3400......0.........0
HMRC...........................8000......0.........0
Total unsecured debts..........19300.....204.8.....-


Monthly Budget Summary
Total monthly income.................... 1,294.4
Expenses (including HP & secured debts). 1,081.51
Available for debt repayments........... 212.89
Monthly UNsecured debt repayments....... 204.8
Amount left after debt repayments....... 8.09

Personal Balance Sheet Summary
Total assets (things you own)........... 279,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,300
Net Assets.............................. 259,700

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Theamazingshrinkingwoman

Just realised we have life assurance but no buildings and contents. Adding that to the things to do list.

D_M_E

Welcome back!

Just a quick comment or two

1. Since your DH cannot hold down a job because of illness, do you really need 2 cars?

2. Phone £40 and internet £37.74 - can you combine these and take advantage of current SIM only deals for about £20 and get unlimited everything and drop the separate internet charge?

3. (I know, 3 is more than 2) Council tax - over 12 months or 10 months?

Theamazingshrinkingwoman

Hi, thank you for taking time to comment.

Council tax is over 10 months. Phone is mobiles for me, DH, DD and DS1 (the kids get £1 pw text and talk packs, DH and I are on contracts)

As for second car, DH does school run and we're both all over the place taking kids to stuff at the weekends.

please-let-me-be-lucky

Cheering you on Xx

Theamazingshrinkingwoman

Thank you, Lucky.

Plans for today:

Take DS1 to rugby, DS2 to party, collect DS1, collect DS2. Go to Aldi. Meanwhile DH taking DD to rugby and staying with her because she has a match. Then I need to take DS1 to rehearsal, then attend concert and bring him home. Trying to work out how to do the fewest trips to save fuel.

Spends today will be present for DS2's friend and Aldi. Will remind DH to take flask with him to rugby to save on tea money.

Need to make Aldi list and start organising paperwork.

please-let-me-be-lucky

Love how Mother’s Day is never about the Mum when the kids are young!

Enjoy your day Xx