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SOA help please
Whatsisface
Posts: 3 Newbie
currently have 18 months left at uni, I hope to buy a house in the next 3/4 years so wants to get rid of the student debt ad save for a home.
thanks guys
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 1257
Other income............................ 122
Total monthly income.................... 3029
estimates based on what I have received so far since going back to university.
trying not to apply for maintenance load and just have support with fees.
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 17
Electricity............................. 40.7
Gas..................................... 40.7
Oil..................................... 0
Water rates............................. 40.7
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 28
Groceries etc. ......................... 650
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 114
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 23.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 100
kids tutor (6 kids)..................... 145
mortgage deposit savings................ 300
uni books/equipment/printing............ 50
gym/classes............................. 34
kids swimming (5 kids).................. 110.4
Total monthly expenses.................. 2978.1
Assets
Cash.................................... £500 (emergency fund in isa)
Lisa.......................................£420
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
student loan...................23600.....0.........0
Total unsecured debts..........23600.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,029
Expenses (including HP & secured debts). 2,978.1
Available for debt repayments........... 50.9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 50.9
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,600
Net Assets.............................. -22,600
thanks guys
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 1257
Other income............................ 122
Total monthly income.................... 3029
estimates based on what I have received so far since going back to university.
trying not to apply for maintenance load and just have support with fees.
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 17
Electricity............................. 40.7
Gas..................................... 40.7
Oil..................................... 0
Water rates............................. 40.7
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 28
Groceries etc. ......................... 650
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 114
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 23.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 100
kids tutor (6 kids)..................... 145
mortgage deposit savings................ 300
uni books/equipment/printing............ 50
gym/classes............................. 34
kids swimming (5 kids).................. 110.4
Total monthly expenses.................. 2978.1
Assets
Cash.................................... £500 (emergency fund in isa)
Lisa.......................................£420
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
student loan...................23600.....0.........0
Total unsecured debts..........23600.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,029
Expenses (including HP & secured debts). 2,978.1
Available for debt repayments........... 50.9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 50.9
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,600
Net Assets.............................. -22,600
0
Comments
-
Does your income include maintenance from your children's other parent/parents?
Can you ask that they pay for the tutoring and the swimming lessons?Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0 -
Okay - I think there are plenty of way in which you can save.Whatsisface wrote: »currently have 18 months left at uni, I hope to buy a house in the next 3/4 years so wants to get rid of the student debt ad save for a home.
thanks guys
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 1257
Other income............................ 122
Total monthly income.................... 3029
estimates based on what I have received so far since going back to university.
trying not to apply for maintenance load and just have support with fees.
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 17
Electricity............................. 40.7 this is high for two
Gas..................................... 40.7 this is also high for two. Elec and gas should be around £60 combined
Oil..................................... 0
Water rates............................. 40.7 this is also a bit too high. Should be around 20-30 if on meter
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 28
Groceries etc. ......................... 650 this is way too high. even if you reduce to £100 per month, that would be absolutely enough for two.
Clothing................................ 100 really? that's a lot every month. You are spending £1200 on clothes per year!
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 114
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 23.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 100
kids tutor (6 kids)..................... 145
mortgage deposit savings................ 300 what's this?
uni books/equipment/printing............ 50 £50 per month - what do you need to buy?
gym/classes............................. 34
kids swimming (5 kids).................. 110.4
Total monthly expenses.................. 2978.1
Assets
Cash.................................... £500 (emergency fund in isa)
Lisa.......................................£420
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
student loan...................23600.....0.........0
Total unsecured debts..........23600.....0.........- what's the repayment on this? Can't be much really can it?
Monthly Budget Summary
Total monthly income.................... 3,029
Expenses (including HP & secured debts). 2,978.1
Available for debt repayments........... 50.9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 50.9
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,600
Net Assets.............................. -22,6000 -
Hi there and welcome to MSE,
I hope I have not misunderstood your post. From what you have listed your budget balances, whilst you are saving around £400 towards a house deposit and an emergency fund and your only debt is your student loan. If this is a standard loan, from the student loan company, then you don't need to worry about this affecting you. It will be deducted from your wage when you earn over the threshold and it isn't recorded on your credit file.
You can choose to make overpayments if you wish, but most people won't do this until they are over the earning threshold as they can't afford it. I appreciate that once you are over the threshold the money they take, will be deducted from your affordability from a mortgage perspective, but hopefully at that stage, you won't need to save as much per month. You can always consider speaking to a mortgage broker before making a mortgage application, but just be mindful of fees. Good luck,
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
andydownes123 wrote: »Okay - I think there are plenty of way in which you can save.
You have referenced to OP having 2 adults in the house...but I think it is one adult & 8 children.Dwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.0 -
Whatsisface wrote: »currently have 18 months left at uni, I hope to buy a house in the next 3/4 years so wants to get rid of the student debt ad save for a home.
thanks guys
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 1257
Other income............................ 122
Total monthly income.................... 3029
estimates based on what I have received so far since going back to university.
trying not to apply for maintenance load and just have support with fees.
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 17
Electricity............................. 40.7 - semms low for 8 kids!
Gas..................................... 40.7 as above seems low
Oil..................................... 0
Water rates............................. 40.7
Telephone (land line)................... 0no landline but you have broadband, are they combined?
Mobile phone............................ 10
TV Licence.............................. 0 no TV with the kids?
Satellite/Cable TV...................... 0
Internet Services....................... 28
Groceries etc. ......................... 650
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 114
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 23.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100that's impressive with the no of children for birthdays & christmas 0 well done
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 100
kids tutor (6 kids)..................... 145
mortgage deposit savings................ 300
uni books/equipment/printing............ 50
gym/classes............................. 34
kids swimming (5 kids).................. 110.4
Total monthly expenses.................. 2978.1
Assets
Cash.................................... £500 (emergency fund in isa)
Lisa.......................................£420
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
student loan...................23600.....0.........0
Total unsecured debts..........23600.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,029
Expenses (including HP & secured debts). 2,978.1
Available for debt repayments........... 50.9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 50.9
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,600
Net Assets.............................. -22,600
Hi, I've put my comments in red.
I really woundn't worry too much about the student debt - unless you're going to be earning a 6 figure salary you won't be paying a huge amount back.
Sounds like you're doing amazingly with 8 kids and going to Uni - must be hard work!!0 -
You can use the student loan calculator to work out what your repayments will be based on the salary you expect to earn in the future. It's all deducted from salary at source so you will never notice it is missing. I took a fees loan when I changed careers a few years ago; I choose to work part-time as children are young and haven't paid a penny of it back as yet.
What is the children's tutor for? Can't you use the uni gym for free rather than paying for it? Am sure you could shave a little from groceries although with 8 kids appreciate it might not be much. Clothing is high athough, again, if you have 5 at school uniform costs and shoes can soon start adding up.0 -
Hi Anna, thanks.Hi, I've put my comments in red.
I really woundn't worry too much about the student debt - unless you're going to be earning a 6 figure salary you won't be paying a huge amount back.
Sounds like you're doing amazingly with 8 kids and going to Uni - must be hard work!!
No TV, we really don't need one either as we are so busy, internet is 'internet only' through virgin, manage to keep bills low, I have no idea how but somehow we just don't use a lot of utilities. Water is capped through the waterside scheme.:)
The kids have accepted that £10 birthday prezzies are the max this year and usually I have a cull and sell stuff to come up with a budget for Christmas presents which usually consist of a family gift and a simple thing personal to each child.
I am so determined that I have cut right back and its only temporary. Once we have got a house deposit together and got through uni we can breath a bit and not have to be so purposeful with our spending.
thanks for your advice though :A0 -
Hi there,You can use the student loan calculator to work out what your repayments will be based on the salary you expect to earn in the future. It's all deducted from salary at source so you will never notice it is missing. I took a fees loan when I changed careers a few years ago; I choose to work part-time as children are young and haven't paid a penny of it back as yet.
What is the children's tutor for? Can't you use the uni gym for free rather than paying for it? Am sure you could shave a little from groceries although with 8 kids appreciate it might not be much. Clothing is high athough, again, if you have 5 at school uniform costs and shoes can soon start adding up.
Thanks for your reply.
I know groceries are a little high, but we have no waste and it all gets eaten, most of it fresh fruit and veg and dairy/meat alternatives as we are mostly veggie and don't have any dairy due to allergies.
I totally get what you are saying about the clothing too. TBF most of our clothing comes from the charity shops/ebay, however my 2 eldest have an array of school uniform for secondary and my eldest won't stop growing, plus my small boys got through the knees of trousers for a hobby and through the soles/toes of shoes like crazy too. Our school is really fussy about the shirt type and logos etc so its not always the cheapest option either.
I also missed out the fact that I will probably need some new jeans soon as I've lost a lot of weight and may lose more and need to replace my jeans. The baggy twists I can live with lol0 -
OP - you are doing exceptionally well with your SOA, earning, studying and raising 8 children.....hats off to you.
Don't be concerned with the student debt, it won't impact your mortgage when you are ready. Take any support you are able to get at uni - it will be deducted at source when you earn over the threshold. Not everyone who goes to uni gets a job earning what they hoped they would in their chosen field so apply for the maintenance loan and utilise it.
You have a surplus of £50.90 so give it a job. It may be for personal spends, a treat, added to savings anything, just make sure it has a job to do.
When you can account for everything and have a budget that goes from income to zero, you've nailed it. IMHO - you're not far off
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If you can't be the best -
Just be better than you were yesterday.0 -
Perhaps the important question is whats the uni course for and whats the earning potential.
How old are the children , will some be working and contributing soon.
Wheres the child support / father in all of this.
I think you are a supa star by yourself and 8 children, amazing to be doing any sort of course!!
The student loan is not a negative - presuming you get a better paid job because of it!0
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