Room for improvement?

MrsLWW

Currently aiming to be debt free by April next year by doing overtime and snowballing our debts.

Here is my SOA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Animals................................................. 1 18YOM Cat, 1 10YOF golden retriever
Number of cars owned.................... 2 (12 year old 1.9TD, 12 year old 1.5 petrol (cost me £450 - determined not to take finance out for cars, will buy some new(ish) cars when we have saved up and can buy them outright)

Monthly Income Details
Monthly income after tax................ 1700 (£100 goes directly to a credit union for Christmas)
Partners monthly income after tax....... 1700
Benefits................................ 0
Other income............................ 160 (net profit from rental property)
Total monthly income.................... 3560

Monthly Expense Details[/b]
Mortgage................................ 648.4
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 186
Electricity............................. 63 (£126/month for gas and electricity with spark energy - pay a month in advance, currently have £680 in credit, planning on taking £380 out to go towards credit card)
Gas..................................... 63
Oil..................................... 0
Water rates............................. 0 (with ctax)
Telephone (land line)................... 30 (£90 virgin package, contracted till September and will be cancelling everything except broadband)
Mobile phone............................ 23 (SIM only all you can eat, watch lots of TV and films, also planning to ditch landline so happy to leave this as it)
TV Licence.............................. 12.2
Satellite/Cable TV...................... 30 (getting rid in September)
Internet Services....................... 30
Groceries etc. ......................... 200 (trying to ultilise everything in our freezer so hopefully spend a little less this month)
Clothing................................ 20 (genuinely for DH and I, usually him, hate clothes shopping)
Petrol/diesel........................... 200
Road tax................................ 31.93
Car Insurance........................... 46.9 (admiral multi-car)
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 50
Buildings insurance..................... 12.41
Contents insurance...................... 12.41
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 125
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 100
Emergency fund.......................... 50
Total monthly expenses.................. 2182.25[/b]


Assets
Cash.................................... 500
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets (rental equity)............................ 30000
Total Assets............................ 92000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(648.4)....0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................4600......275.......0
My loan........................7517.19...242.2.....5
DH loan........................7500......179.......4
Total unsecured debts..........19617.19..696.2.....-


Monthly Budget Summary
Total monthly income.................... 3,560
Expenses (including HP & secured debts). 2,182.25
Available for debt repayments........... 1,377.75
Monthly UNsecured debt repayments....... 696.2
Amount left after debt repayments....... 681.55

Personal Balance Sheet Summary
Total assets (things you own)........... 92,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,617.19
Net Assets.............................. 72,382.81

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

Planning on adding the additional £600 to the credit card along with overtime, hopefully have it paid by June, then snowball this into the loans.

I think we're doing not too bad but always looking for improvement.

Things we do already:

Shop at farmfoods, Iceland, reduced aisle. Batch cook and freeze, however have a freezer full of meat so going to go through that today and plan meals to use it all up.

Jam jar accounts:

Our own accounts which salaries are paid into>

-£750 each into bills account
-£300 each into fuel/grocery/night out account
-£100 each into individual current account for fritter money

Anything else I can do?

TIA

copperman05

For me whilst trying to pay off my debts fritting away £200 each month is a lot, also £125 a month for Christmas/presents seems excessive.

Why do all that saving at farmfoods/Iceland if your blowing £200 each month on 'fun'.

MrsLWW

I have tried to go without the fritter money, but found that both DH and I dipped into the grocery budget and came up short.

I know the Christmas and birthday money is alot, it's for 9 adults and 5 kids, birthdays and Christmas, and worry that under budgeting leads to over spending. But I think we maybe need to address that. Thanks.

copperman05

Then surely that's an attitude issue, not a funding/budgeting issue.

Dobbibill

You've got £25 - other child related costs but nothing for children's clothing or mentioned anywhere else other than the post that says about Christmas/Birthday.....9 adults/5 kids. Am I missing something?

Your home insurance is quite high - try using TCB or Qu1dco when it's due for renewal and pay for the year. You'll be surprised the savings you can make.

What are the terms of the loan?

How far into them are you?

How long is the CC at 0%?

You have plenty of disposable income - I would get the EF up to £1000 to start with.

MrsLWW

DH pays maintenance for his DD direct from wages as it can vary a bit for overtime etc so work payroll does this for us, DD stays with her mother and we get little to no access depending on her mood (done the courts thing, essentially didn't mean anything in the end).

So as that comes off at source I haven't included child maintenance.

£25 is her pocket money, she gets £50 for birthday and £100 for Christmas.

Very close family, 2 sister's, 3 nieces and nephews and 2 god children who get £30-40 a birthday and £50 for Christmas. Have 2 sisters and brother in laws, mum's and dad's and one elderly aunt who lives alone and has been abandoned by her children who we include as though she were our own and couldn't and wouldn't have it any other way. Generally birthdays are all £30-40 and Christmases £75 for adults. Which as I type this does seem excessive but I guess we've been able to afford it and I've never given it much though, sounds really daft saying that now.

I thought the house insurance was cheap so will definitely look at that again, thanks.

Agree re the EF, will hold back my overtime money this month coming and add to it.

Both loans about half way through, tesco finance at 4.9% for me and 3.9% for him, able to over pay.

DH just getting new 0% card to do a balance transfer with, just thought it best to get rid of the CC first as it has the most adverse effect on the credit rating and we are due to renew mortgage in July.

MrsLWW

I should add cutting anything down for DD would cause WW3!

ceb1995

Cutting presents down seems a good place to start, perhaps only buy for children rather than adults? As £700 a year on presents doesn't seem sustainable with a 20k debt. Entertainment would be another place to cut perhaps, if you feel the need to go out then look at cheaper alternatives wherever you possible can.

alianza

I am sure for most adults you could buy a book, a cd and a box of chocolates and still get change from £10 if you shop around.

MrsLWW

Thanks guys, I think a full and Frank discussion with the family about scaling back at christmas is needed, I think it's just got out of hand and my sister and I did say this year we all need to reign it in.

I think we could probably forgot the odd night out and entertain at home instead. Did this recently to great success.

Thanks everyone.

Dobbibill

MrsLWW wrote: »

Thanks guys, I think a full and Frank discussion with the family about scaling back at christmas is needed, I think it's just got out of hand and my sister and I did say this year we all need to reign it in.

You may find that your family are glad of the suggestion and it's a weight off their mind.