Determination wins

notmy1sttime

Not quite finished with the below, but I need to save it in case it gets lost. Will edit the post this evening to add the missing data.
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of pets in household ...............4 (cats)
Number of cars owned.................... 1 (by me, OH had his own and accounted for separately)

Monthly Income Details
Monthly income after tax................ £976
Partners monthly income after tax....... personal to him, he pays a lot of the bills and supports me in manu ways, we are proud of having our own finances and none of this debt is his or involves him in any way
Benefits................................ DLA for son £224 every 4 weeks, £82 Child Benefit every 4 weeks
Other income............................ NA
Total monthly income.................... £1307

Monthly Expense Details
Mortgage................................ OH pays
Secured/HP loan repayments.............. NA
Rent.................................... NA
Management charge (leasehold property).. 0
Council tax............................. OH pays
Electricity............................. 120
Gas..................................... on dual fuel so accounted above
Oil..................................... NA
Water rates............................. OH pays
Telephone (land line)................... £5 (for child, work pay mine)
Mobile phone............................ NA
TV Licence.............................. £12.12
Satellite/Cable TV...................... £14 (netflix and Amazon prime)
Internet Services....................... OH pays
Groceries etc. ......................... £120 - my contribution
Clothing................................ £30 (I don't need much and buy in charity shops, DS top up bits of uniform etc)
Petrol/diesel........................... £70
Road tax................................ £21.43
Car Insurance........................... £30
Car maintenance (including MOT)......... don't save but should do!
Car parking............................. 0
Other travel............................ NA
Childcare/nursery....................... NA
Other child related expenses............ £60 - guitar lesson for son
Medical (prescriptions, dentist etc).... £10 prescriptions annual charge
Pet insurance/vet bills................. £60
Buildings insurance..................... £14.72
Contents insurance...................... included in buildings
Life assurance ......................... £9.75 for 2 people - old policy, I can't get insured now due to a health prob so was advised to keep this
Other insurance......................... 0
Presents (birthday, christmas etc)...... don't actively budget for this but know I should
Haircuts................................ NA - hair down to arch of my back, DS has long hair too
Entertainment........................... Not sure - I don't drink or anything and try to do free days out, or days included on the monthly memberships I have to national trust etc
Holiday................................. OH pays for an annual holiday and I occasionally do a Sun £9.50 with a friend, last time her parents paid, we just take food etc so it doesn't cost us much
Emergency fund.......................... £10 - it goes in a savings account and if I don't use it then it is for my son when he is older. Not much in it as I started it only a few months ago
National Trust Membership - .... £10
RSPB Membership . . . . .£5
Total monthly expenses.................. £602


Assets
Cash.................................... 0
House value (Gross)..................... £100,000
Shares and bonds........................ None
Car(s).................................. £300
Other assets............................ £260,000 (business related)
Total Assets............................ £360,300

No Secured nor Hire Purchase Debts

Unsecured Debts
£600 business debt
£1100 legal for CCJ I have
£500 business bill unpaid and chasing me for it
£5,534 Barclaycard - defaulted ages ago and in debt collection agency
£979 - Halifax overdraft, defaulted and debt collection agency involved
£1366 - Loan that defaulted and is with debt collection
Tax credits....................4500.......50.........0
Think I have a debt with another credit card that is in debt collection! Must check my credit file.

Total unsecured debts.......... £14,579


Monthly Budget Summary
Total monthly income.................... £1307
Expenses (including HP & secured debts).
Available for debt repayments...........
Monthly UNsecured debt repayments.......
Amount left after debt repayments.......

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

notmy1sttime

I don't really know where my money goes!
I find it hard because I don't have one pay day a month, it comes in in many smaller amounts, so might get £200 one week, nothing week after, Child benefit week after etc. Sometimes a payment will come in and it will just balance out another payment that is due out, so £200 might come in but £250 go out.
I am thinking I might need to stop the RSPB and National Trust memberships, saving £15 a month.
I give myself a mini challenge every month, a small area of spending that I can change. This month it is to not pay for parking, in January it was to not buy any carrier bags when shopping. I am now in the habit of taking bags with me/keeping some in the car, plus parking places that are free, the other day I saved £2 at hospital appointment by parking over the road.

savingholmes

Perhaps start recording daily spends on here or on a spreadsheet or in a little book. That way you will find where your other £700 goes and you may be able to keep things like National Trust...

If you do have £700 free a month - or perhaps made that more realistic at £500 a month - you could pay off your debts within 30 months...

notmy1sttime

Thanks savingholmes, I do carry a notebook all the time for work reasons, so maybe I could keep a page for noting my spending. I am sure I don't have extra money at all, I must also remember I am not making minimum payments on a lot of these. I would like to keep the 2 memberships as they are a great way of spreading the cost of days out etc, I think I am using the RSPB today taking DS and his friend out as it is half term.

notmy1sttime

I have applied for my PIP, I previously got middle rate care DLA for years and years, since they stopped it in Oct 2016 I haven't got round to applying for PIP, despite getting a form several times. I am definitely going to fill it in this time, it is having revisit everything that has happened to me that makes it hard to do.
Today I spent £28 in Lidl for food for the week, should just need milk and bread.

Mumoffourkids

notmy1sttime wrote: »

I don't really know where my money goes!
I find it hard because I don't have one pay day a month, it comes in in many smaller amounts, so might get £200 one week, nothing week after, Child benefit week after etc. Sometimes a payment will come in and it will just balance out another payment that is due out, so £200 might come in but £250 go out.
I am thinking I might need to stop the RSPB and National Trust memberships, saving £15 a month.
I give myself a mini challenge every month, a small area of spending that I can change. This month it is to not pay for parking, in January it was to not buy any carrier bags when shopping. I am now in the habit of taking bags with me/keeping some in the car, plus parking places that are free, the other day I saved £2 at hospital appointment by parking over the road.

I don't have one pay day a month either. I get tax credits and child benefit weekly, one lot of maintenance weekly, one lot of maintenance monthly, housing benefit fortnightly and my wages monthly.

I have worked out that my weekly payments go towards my weekly expenses so food, petrol, pocket money, general spending. I also have my DD's spread out throughout the month, so my weekly money also pays for these. Anything left over goes towards my rent.

Then the housing benefit goes towards the rent. MY wages and the monthly maintenance are then used for nursery fees and my debt repayments.

This system works for me as I have spent time working out when my money comes in and when I have to pay out for things.

notmy1sttime

Thanks, I guess I need to look at when money is coming in and try match this with when payments are due out. I know this sounds really basic, but at the moment, money often comes in and it just clears part of my overdraft (bit that is over the limit) so doesn't really get used as I can't access it again.
I am spending a lot of today looking for things to sell on Facebook groups. I learnt £30 a couple of weeks ago selling things.

notmy1sttime

£9.14 in old books packaged up to sell to one of those sites. Not a lot but it all adds upend isn't bad as it was only 6 books, including one that was sat in the loft worth £2.50

notmy1sttime

Printed my tax return to send to student loans to prove that I don't qualify for repayment yet.