Income and expenditure

caprichos

Hi. I am trying to take first steps to clear some debts and I would like to know if someone cand give me a link to a guide for income and expenditure? as in what is acceptable to spend...?

Many thanks,

EssexHebridean

The link to the SOA (Statement of Affairs") calculator can be found in the "Sticky" post at the top of this board. If you fill that in, being as accurate as possible, and post it into here then people can give you feedback on how your spending levels look. Easiest way to get the right figures in place is probably to go back over your old bank statements etc. You'll ideally need a years worth.

What's "acceptable" to spend depends on too many factors to make there an easy answer to your question - and presumably you want to trim things as much as you can to get your debt cleared ASAP?

sourcrates

Or there is the debt remedy tool on the stepchange website which gives you examples of recommend spending.

National_Debtline

Hi caprichos


Sound advice from Essexhebridean above. Put your budget together, warts and all, and share it here. If anything looks "unreasonable" it will get picked up on by someone soon enough, and help you identify areas where you might be able to cut back safely.


Dennis
@natdebtline

caprichos

Thank you so much for your advice! Will start with that!

caprichos

Sorry I need to ask some more....
Both my husband and I have debts. I am employed and he is disabled and receiving DLA.
We have two young children.
It might sound strange but our finances and debts are separate so I would like to resolved MY debts only (to start with) Is this possible?
Can I do expenses including his mobile costs (which I pay) and his gym /rehab cost (which I pay) without including his DLA?

National_Debtline

caprichos wrote: »

Sorry I need to ask some more....
Both my husband and I have debts. I am employed and he is disabled and receiving DLA.
We have two young children.
It might sound strange but our finances and debts are separate so I would like to resolved MY debts only (to start with) Is this possible?
Can I do expenses including his mobile costs (which I pay) and his gym /rehab cost (which I pay) without including his DLA?

If you just want to deal with your debts first it’s fine to only show your own income and your personal share of all of the outgoings each month. That way the surplus amount will be how much you personally can afford to pay towards your own debts.

James
@natdebtline

MrsTinks

You can do it entirely how you want - so long as we understand why some numbers are missing and others might be higher than normal (ie two mobile phone contracts instead of one).

My own SOA is a very odd looking duck as my husband and I run finances separately too. I pay certain bills (child care) and he pays mortgage and utilities - then again he earns three times what I do plus his bonuses so it works for us. Although I usually get a share of his bonus to do as I please with (over pay debts then... )

For us to be constructive we just need to know WHY things aren't there and what might be open to splitting etc the more info we have then usually the more accurate the advise and the more detailed.

Do it your way

caprichos

Hi, it has been a long time but things have been difficult. I have here a Iand E . hope it is not too heavy.... it is for a family of four. please if you can tell me what you think? They are monthly figures.



£ Amount

£ Per


My income


Salary and wages

Your salary and wages

1,900.00


Benefits and tax credits


Child Tax Credit

183.38

169.27
4-weekly


Child Benefit

148.42

137.00
4-weekly


Disability Living Allowance or Personal Independence Payment

238.77

220.40
4-weekly


My spending

Essential expenditure

Rent

347.14

Buildings and/or contents insurance

14.38


Council Tax

189.00

189.00
monthly (10 months)


Gas

35.00


Electricity

35.00


Water

26.15

156.87
6-monthly


TV licence

12.12


Adult care costs

180.00


Phone

Home phone

45.00

Mobile phone

40.00


Travel


Car fuel

50.00 (motability car)


£ Amount

£ Per


Housekeeping

Food

450.00

Cleaning and toiletries

60.00

Newspapers and magazines

21.67

5.00
weekly


Alcohol

45.00

Laundry and dry cleaning

10.00

Clothing and footwear

80.00

Pet food

20.00




Other expenditure

Health

50.00

Repairs and house maintenance

30.00

Hairdressing and hair cuts

50.00

Cable, satellite and internet

45.00

School meals and meals at work

50.00

Pocket money and school trips

86.67

20.00
weekly

Lottery and pools etc

20.00

Gifts

20.00

Vet bills and insurance

20.00


After School Clubs/swimming lessons

60.00

enthusiasticsaver

Part of the soa is missing. How much debt do you have or are you asking just about i and e ? I think it looks high on groceries,haircuts, alcohol, pocket money and clothing. I would stop the lottery/pools and read newspapers etc online. Council tax looks high considering your utilities low so presumably not a large house. It depends on how much you need to shave off to repay debt.

caprichos

thank you enthusiasticsaver for your comments!
Sorry I missed the other part but I can tell you we are over £38000 in debt.

I guess I wanted to know what you all thought of the Budget as I need to contact all our creditors with offers of payments.

I agree the lottery and newspapers need to go.

Do you really think the clothing and groceries and haircuts are high?
There are 4 of us and the children are constantly growing. my youngest has already gone through two pairs of shoes only this school term.
I cannot see how much more I can cut down on groceries. National helpline has a guidance of between 500 and 600 for a couple a month. My groceries are for two adults and two children?

I cannot find haircuts cheaper but will keep trying...

I did the Minimum Income Standard and we dont have enough as it is and the figures they give for a family of four are higher than mine..

Sorry do not mean to be rude just surprised you found those figures high bu this is what I am here for. For your help and comments


Again thank you for your imput