Newly single mum ... finding my feet

PeppaCoin · 8 May 2018 at 8:20PM

Hello diary.

I'm 32, separated and a mum to two wonderful little boys - a 5yr old and a 1yr old. In Jan 2018 I separated from my husband, whilst on maternity leave after he revealed an infidelity. There's more to it than that and certainly no going back to our old life, so I'm firmly set on looking towards our new future as a trio, whatever that may be. Awful husband is currently refusing to leave the house, and so pays 50% of the bills. I have only just returned to work following maternity leave so will receive my first proper salary at the end of the May. Much needed!

Whilst I don't have a huge amount of debt, I do have some, and at the minute everything still feels a little blurry in terms of how I'll cope financially month to month. I work full time over 4 days, earning £29k. I have two days of childcare (schools clubs and childminder) and family help with the other 2 days.

My SOA:

Monthly Budget Summary Amount(£)
Total monthly income 2,626.6
Monthly expenses (incl. HP & secured loans) 2,092.31
Available for debt repayments 534.29
UNsecured debt repayments 55
Amount left after debt repayments 479.29

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 244,900
Total Secured & HP Debt -143,000
Total Unsecured Debt -4,717
Net Assets 97,183

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

Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 1689 (£243 of childcare vouchers has already been sacrificed here)
Partners monthly income 0
Benefits 137.6 Child benefit
Other income 800 (this is what the husband is giving me at the minute. £500 towards bills and £300 for the children)
Total monthly income 2626.6

Expenses Amount(£)
Mortgage 579
Secured/HP loan payments 0
Rent 0
Management charge (leasehold property) 0
Council tax 159 will decrease when he eventually leaves the house
Electricity 51
Gas 51
Oil 0
Water Rates 33
Telephone (land line) 10
Mobile phone 38 need to wait for my contract to end
TV Licence 12.37
Satellite/Cable TV 40 will switch to netflix only when he leaves and takes virgin with him
Internet services 15
Groceries etc. 300 averaging £288 per month so far
Clothing 50
Petrol/diesel 150
Road tax 12
Car Insurance 17.54
Car maintenance (including MOT) 0
Car Parking 0
Other travel 0
Childcare/nursery 300 only just returned to work so not 100% sure on this yet. Should mostly be paid for by childcare vouchers
Other child related expenses 100
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 4
Buildings Insurance 4.59
Contents Insurance 4
Life Assurance 16.81
Other Insurance 0
Presents (birthday, christmas etc.) 50
Haircuts 15
Entertainment 80
Holiday 0
Emergency Fund 0
Total monthly expenses 2092.31

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 143000 (579) 0
Secured & HP Debt totals 143000 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Virgin CreditCard 1940 25 0
Sainsburys CreditCard 1327 30 0
Loan from parents 1450 0 0
Unsecured Debt totals 4717 55 -

Asset Description Value (£)
Cash 2500
House Value (Gross) 240000
Shares and bonds 0
Car(s) 2000
Other assets (e.g. endowments, jewellery etc) 400
Total Assets 244900

Feel free to pull me apart if you can see anywhere I can make real savings

pidge04 · 8 May 2018 at 9:31PM

Hello and welcome!

I wish you well!

Can you transfer your credit card to a zero interest one? (I wish I could!)

pidge04 · 8 May 2018 at 9:34PM

Is the £2500 cash yours? Could you hold a £1000 back for an emergency fund and pay £1500 from your highest APR credit card?

Just a suggestion ... feel free to reject of course!