Finding Strength and Balance

helsbell

Hi guys

I've been lurking on these boards for years and I think it's finally time I made myself accountable. I've been wanting to get rid of the debt for years but I didn't really do anything about it until last year. (I guess I just hoped it would disappear in a puff of smoke one day;)). Even now I haven't been very focussed about it so I'm hoping that posting here and taking part in some of the challenges will help with that.

There's me and 2 kiddiwinks to think of while I'm doing this, so I won't be going for a 'batten down the hatches' approach. I do want to show my 2 girls that we can be happy and have lots of fun without running up huge amounts of debt, though. A balanced approach, you might say

And the 'strength' part of my thread title? Well, 'strength and balance' sort of became my motto last year when my OH and I split up. I am certainly a lot stronger than I was then, and I'm finding that being in control helps a lot with balance (although I may still be working on balancing out my rampaging control freak :rotfl:).

Anyway, that's things here. All advice is welcome: if I growl at you initially it probably means you're right:rotfl:so try not to take it personally. I'll try to remember to thank you when it all works out just like you said it would

doingitanyway

Well done on starting your diary. You will do great and I agree it is all about balance, something I struggle with. I'll be keeping an eye on you

helsbell

Well, here's the obligatory SOA. Believe me, this is a long way from where I started last year



Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 903.55
Partners monthly income after tax....... 0
Benefits................................ 937
Other income............................ 300
Total monthly income.................... 2140.55

Monthly Expense Details
Mortgage................................ 550.6 on 70% of the property
Secured/HP loan repayments.............. 0
Rent.................................... 73.4 on the other 30%
Management charge (leasehold property).. 0
Council tax............................. 83
Electricity............................. 43.5 I could reduce these but tbh they pay better interest
Gas..................................... 43.5 any bank a/c I have :rotfl:
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 28.99 includes broadband
Mobile phone............................ 35.49 includes my daughter's phone and mine
TV Licence.............................. 12.37
Satellite/Cable TV...................... 6.6
Internet Services....................... 0
Groceries etc. ......................... 300 including 2 lots of school lunches
Clothing................................ 0 will need to change this, all mine are falling apart!
Petrol/diesel........................... 50
Road tax................................ 16.18
Car Insurance........................... 25.82
Car maintenance (including MOT)......... 70 :eek:
Car parking............................. 0
Other travel............................ 36 bus pass for school
Childcare/nursery....................... 70 new from September, was much higher
Other child related expenses............ 100 I think I might have put DD's phone in here too
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 5.5
Contents insurance...................... 5.5
Life assurance ......................... 11.62
Other insurance......................... 15.6
Presents (birthday, christmas etc)...... 125
Haircuts................................ 20
Entertainment........................... 90 This is mostly eating out :eek: with occasional cinema trips
Holiday................................. 25
Emergency fund.......................... 0 :eek:
Total monthly expenses.................. 1871.67

Assets[/b]
Cash.................................... 2000
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 162500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 92000....(550.6)....2.9
Total secured & HP debts...... 92000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5092.34...136.......21.6
Bank of Scotland...............1086.59...10.87.....0
Total unsecured debts..........6178.93...146.87....


Monthly Budget Summary
Total monthly income.................... 2,140.55
Expenses (including HP & secured debts). 1,871.67
Available for debt repayments........... 268.88
Monthly UNsecured debt repayments....... 146.87
Amount left after debt repayments....... 122.01

Personal Balance Sheet Summary
Total assets (things you own)........... 162,500
Total HP & Secured debt................. -92,000
Total Unsecured debt.................... -6,178.93
Net Assets.............................. 64,321.07

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/font]

helsbell

doingitanyway wrote: »

Well done on starting your diary. You will do great and I agree it is all about balance, something I struggle with. I'll be keeping an eye on you

Hey DIA, welcome!

Wow, you were quick off the mark tonight. :cool: I love reading your diary, honoured to have you looking out for me.

HB

System

Welcome on board , there will be other people who will comment on your SOA. All I would say is your present budget monthly is rather large , do you have a big family ?

Other than that good luck .

helsbell

OK, so there are a couple of things I already know that are wrong with the picture above

1. That Barclaycard APR: the BoS is a new 0% card that I filled with my previous, incredibly complicated MBNA card. I think I should transfer the B'card onto the (now empty) MBNA on a 0% offer but it won't fit. Should I just phone them up and ask for a credit limit increase?
2. I'm paying rent on a house that I'm buying. I hate this, and it's even more complicated since my ex and I split because even if I manage to save up enough to buy some or all of the rest of the house, how much (if any) of that bit becomes his? This is on the back burner, but every now and again those pesky back burners flare up into the forefront of my mind and cause me grief
3. The SOA shows no mention of legal or financial advisory fees, which I will need to save up to start the dreaded D word. I'm in no rush really, and I know that he will ignore it as long as I say nothing so I'm very much in control. Unfortunately I feel held back by being tied to him in this way, and it makes decisions more complicated.

helsbell

Cumbria_lass wrote: »

Welcome on board , there will be other people who will comment on your SOA. All I would say is your present budget monthly is rather large , do you have a big family ?

Other than that good luck .

Thanks Cumbria Lass, and welcome. Ooh, all my favourite diary peeps are coming to see me on a Saturday night, how exciting!:)

The present budget, well spotted:rotfl:. I don't have a big family, no, I have a huge case of overcompensating :rotfl: Basically, for the last 15 or more years there has been absolutely no financial planning whatsoever, largely because I thought there was no money (turns out I was wrong ) So when I became single last year one of the first things I did was sort out a budget. There were certain things that I erm, how should I put it, erm, plucked a number out of thin air? Made up on the spot? Looked at what was left and divided it by 4? :rotfl:And that's how I got that number. I found out on DD's birthday that it was a bit high, but I thought I'd let it run for the year so that the 3 of us have been treated equally we have a good Christmas and then review in January.

Just thinking mind you, the figure I put on the SOA includes my 'Christmas' budget category: that category includes everything Christmas - presents, food, drink, maybe some travel, nights out. It also includes birthday celebrations, rather than just presents as such. I think I've run out of ways to attempt to justify it

enthusiasticsaver

You could ask MBNA for a credit limit increase but as your income is not huge be prepared for them to refuse. You can transfer as much as possible to it though if it is at 0%

As Cumbria lass pointed out the presents budget is huge. Even if you include all your other Christmas spends £1500 a year on presents when you are in debt could be cut down until the debt is gone.

helsbell

Hmm, I think I must have entered the present budget wrong, there's no way I spend £1500 a year on that. Will have a look and update you later.

In other news my girl just got back from a 10 day trip in Europe this morning. She and her sister didn't stop gabbing the whole way home in the car. I think it's safe to say they missed each other. They're with their dad now so I have a chance to catch up on all the washing she's brought home ��

Coffee first though.

System

That's great that your daughter enjoyed herself . I have always encouraged my children to travel .
Glad you have seen the light with Christmas , birthdays etc. Although you have no emergency fund payment in your SOA you do have £2000 in savings or is this for your solicitor fees . Does Legal Aid not exist any more ?
I think when you set your mind to budget etc , it takes a few months to get the budget right for your circumstances. I agree with you I am paying my credit cards off but not making it that I don't have a reasonable life as well.

Have subscribed.

UncannyScot

Hello and welcome on board
Everyone is here to help each other, so if you need anything just shout (post it up ) and someone will be along to help.
You'll do this and we will help