Just dont know where to start!

lessonlearned

woody14867 wrote: »

Hope this helps...


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2380

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1075
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 50
Gas..................................... 65
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 15
Mobile phone............................ 65
TV Licence.............................. 12
Satellite/Cable TV...................... 42. This has to go
Internet Services....................... 0
Groceries etc. ......................... 565. This needs to come down
Clothing................................ 0. ????
Petrol/diesel........................... 50. See below
Road tax................................ 100
Car Insurance........................... 100
Car maintenance (including MOT)......... 0. ??
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 ??
Haircuts................................ 0. ??
Entertainment........................... 0. ??
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2412


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total debt ....................15000.....20........25
Total unsecured debts..........15000.....20........


Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including HP & secured debts). 2,412
Available for debt repayments........... -32
Monthly UNsecured debt repayments....... 20
Amount short for making debt repayments. -52

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,000
Net Assets.............................. -15,000

Just to clarify, my debts are £15k of which I am paying £20/month on £7k. The balance is being negotiated and I am aiming for £20/month

Added to this my wife has debts of £5,000

To make a start......


If your wife doesn't work can you manage with one car. how much interest is she paying on catalogue debt.

food budget could come down to £400 - tight but doable - save £165 Get rid of Sky save £42

However, You seem to have missed a couple of things.

You need to budget for car maintenance, haircuts, entertainment, birthdays and Christmas.

woody14867

I have sat down and worked this out to the last penny now, I have also put some notes at the bottom to make things a little more understandable. I have also added amounts I am paying which did not have catagories.


Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 180
Other income............................ 200
Total monthly income.................... 2580

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1075
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 50
Gas..................................... 65
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0 Included in satalite tv package
Mobile phone............................ 100
TV Licence.............................. 12
Satellite/Cable TV...................... 57
Internet Services....................... 0
Groceries etc. ......................... 565
Clothing................................ 0 Cant afford new clothes1
Petrol/diesel........................... 50
Road tax................................ 0 Company car
Car Insurance........................... 0 Company car
Car maintenance (including MOT)......... 0 Company car
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 17
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Usually buy from current months wages
Haircuts................................ 0 Usually done from current months money
Entertainment........................... 0 Usually done from current months money
Holiday................................. 0 Usually done from current months money
Emergency fund.......................... 0
Total monthly expenses.................. 2203


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Debt I am paying ..............11153.....22........0
Debt not arranged..............7997......0.........0
Total unsecured debts..........19150.....22........-


Monthly Budget Summary
Total monthly income.................... 2,580
Expenses (including HP & secured debts). 2,203
Available for debt repayments........... 377
Monthly UNsecured debt repayments....... 22
Amount left after debt repayments....... 355

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,150
Net Assets.............................. -19,150

The 3 adults in the family consist of me, my wife and son who is just 18 and contributes the £200 shown in other income.
My wife had a knee replacement in July this year and will not be back to work until January.
I also help my sister with a couple of items, listed below.

Additional monthly outgoings -

HP Ink £3.00
My sons football subs £27.00
My sisters phone £35.00 (she has no other way of staying in contact)
My sisters car tax £21.00
Capital One Card £ 7.00 (Minimum payment (owe £250 total)
My wife's catalogues £175.00 ( I have been paying these since she stopped work/ not included in total debts)
Cash plus credit card £750.00 ( Not included in total debts - I pay the grocery money on to this monthly and use it to pay for shopping)

As you can see its a mess! Would really appreciate some advice.

Pepperoni

I really don't think you're in the position to be able to help your sister anymore.

She could get herself a free phone (i.e. a cheap and basic one) with a £7.50 SIM card (if not lower) from the likes of Tesco Mobile.

ETA - Saving you £400 a year... so definitely not to be sniffed at.

fatbelly

Water rates............................. 0
Telephone (land line)................... 0
Internet Services....................... 0
Clothing................................ 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0

Are you sure?

Fosterdog

woody14867 wrote: »

I have sat down and worked this out to the last penny now, I have also put some notes at the bottom to make things a little more understandable. I have also added amounts I am paying which did not have catagories.


Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 180
Other income............................ 200
Total monthly income.................... 2580

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1075
Management charge (leasehold property).. 0
Council tax............................. 180 try splitting over 12 months instead of 10
Electricity............................. 50
Gas..................................... 65 this is quite high
Oil..................................... 0
Water rates............................. 0 no water rates?
Telephone (land line)................... 0 no phone line or Internet? Or bundled with TV package?
Mobile phone............................ 100 this has to go, cut down any current contracts to the bare minimum then go sim only when out of contract
TV Licence.............................. 12
Satellite/Cable TV...................... 57can you afford this luxury? Plenty of free or cheaper streaming services available now
Internet Services....................... 0
Groceries etc. ......................... 565 head over to the old style board for ideas to cut this in half
Clothing................................ 0 you must buy new clothes even if just for growing children
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0 no tax, insurance or maintenance costs but you use fuel? How?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 17
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 no presents for you children on birthdays or Christmas?
Haircuts................................ 0 never?
Entertainment........................... 0 what about family days out etc.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2203


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Debt I am paying ..............11153.....22........0
Debt not arranged..............7997......0.........0
Total unsecured debts..........19150.....22........-


Monthly Budget Summary
Total monthly income.................... 2,580
Expenses (including HP & secured debts). 2,203
Available for debt repayments........... 377
Monthly UNsecured debt repayments....... 22
Amount left after debt repayments....... 355

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,150
Net Assets.............................. -19,150

The 3 adults in the family consist of me, my wife and son who is just 18 and contributes the £200 shown in other income.
My wife had a knee replacement in July this year and will not be back to work until January.
I also help my sister with a couple of items, listed below.

Additional monthly outgoings -

HP Ink £3.00 its £3 can't she afford it herself
My sons football subs £27.00
My sisters phone £35.00 (she has no other way of staying in contact) that is way too high, cut to cheaper deal
My sisters car tax £21.00 £21 a month is quite high for car tax
Capital One Card £ 7.00 (Minimum payment (owe £250 total)
My wife's catalogues £175.00 ( I have been paying these since she stopped work/ not included in total debts)
Cash plus credit card £750.00 ( Not included in total debts - I pay the grocery money on to this monthly and use it to pay for shopping)

As you can see its a mess! Would really appreciate some advice.

I've made a few points above but so far things don't quite add up, you are paying for things you shouldn't be and not including things you are probably paying.

Getting the capital one card and catalogue paid off would be a big step, can your wife do some work from home while recovering? Even if it's just doing online paid surveys, proofreading etc. The pay isn't great but better than nothing and she wouldn't have to be mobile to do it. Can you have a big clear out and sell anything not needed on eBay, gumtree etc. anything to raise something extra

What will your wife earn when she does go back to work? January is only three and a bit months away so as long as you can stay afloat that long all the extra income will help clear it all quicker.

poppasmurf_bewdley

Looking at your SOA, to me it seems that your biggest problem is that your rent equates to almost 50% of your entire income. With Council Tax it reaches 50%.

I've always believed that you should budget a weeks wages for a month's rent, but do appreciate that this isn't always possible in this day and age. But I don't think anyone should go over spending more than one third of their income on rent.

Yours is far too high. I don't know which area of the country you live in but is it possible to move to a cheaper house/area?

woody14867

Hi

I have updated my SOA.

Thank you for your help so far

woody14867

fatbelly wrote: »

Are you sure?

I have updated my SOA.

Thanks

Muttipops

Are there any economies you can/intend to make?

anna_1977

Hi,
Are you 100% sure you're getting all the tax credits you are entitled to? £180 per month seems v low for your earnings.