Snowballing

prl

Evening all,

We're about to start snowballing, all cards on 0% until at least 2020.

SOA below to dissect, all are joint expenses:-

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3350

Monthly Expense Details
Mortgage................................ 501
Secured/HP loan repayments.............. 155
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 60
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15.11
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 12.3
Satellite/Cable TV...................... 54
Internet Services....................... 21.21
Groceries etc. ......................... 250
Clothing................................ 40
Petrol/diesel........................... 130
Road tax................................ 24.93
Car Insurance........................... 79
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 32.01
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 35.44
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 40
Account Fee............................. 13
Cat food................................ 38
Tobacco................................. 380
Total monthly expenses.................. 2261


Assets
Cash.................................... 1000
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 67000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(501)......0
Hire Purchase (HP) debt ...... 1000.....(155)......0
Total secured & HP debts...... 156000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8300......187.......0
MBNA...........................4230......94.5......0
Virgin.........................3360......76.5......0
Hitachi Loan...................5100......147.4.....6.9
Total unsecured debts..........20990.....505.4.....-


Monthly Budget Summary
Total monthly income.................... 3,350
Expenses (including HP & secured debts). 2,261
Available for debt repayments........... 1,089
Monthly UNsecured debt repayments....... 505.4
Amount left after debt repayments....... 583.6

Personal Balance Sheet Summary
Total assets (things you own)........... 67,000
Total HP & Secured debt................. -156,000
Total Unsecured debt.................... -20,990
Net Assets.............................. -109,990

prl

I misunderstood the house thing, I meant we have £60k equity not it’s only worth £60k! Duh

middleclassbutpoor

prl wrote: »

Evening all,

We're about to start snowballing, all cards on 0% until at least 2020.

SOA below to dissect, all are joint expenses:-

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3350

Monthly Expense Details
Mortgage................................ 501is this on a special deal or variable rate?
Secured/HP loan repayments.............. 155
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 60
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15.11
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 12.3
Satellite/Cable TV...................... 54 You could probably get your TV package and internet for this price - if Sky and not in a contract, ring up and negotiate the price down.
Internet Services....................... 21.21As above
Groceries etc. ......................... 250Seems high for 2 people - we spend around this much for 4 of us
Clothing................................ 40
Petrol/diesel........................... 130
Road tax................................ 24.93
Car Insurance........................... 79
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 32.01
Buildings insurance..................... 15
Contents insurance...................... 0should have this
Life assurance ......................... 35.44
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 40
Account Fee............................. 13 what does this cover- Are benefits worth this to you?
Cat food................................ 38 - How many cats do you have? Seems expensive
Tobacco................................. 380 Have you considered quitting? Vaping?
Total monthly expenses.................. 2261


Assets
Cash.................................... 1000
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 67000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(501)......0
Hire Purchase (HP) debt ...... 1000.....(155)......0
Total secured & HP debts...... 156000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8300......187.......0
MBNA...........................4230......94.5......0
Virgin.........................3360......76.5......0
Hitachi Loan...................5100......147.4.....6.9
Total unsecured debts..........20990.....505.4.....-


Monthly Budget Summary
Total monthly income.................... 3,350
Expenses (including HP & secured debts). 2,261
Available for debt repayments........... 1,089
Monthly UNsecured debt repayments....... 505.4
Amount left after debt repayments....... 583.6

Personal Balance Sheet Summary
Total assets (things you own)........... 67,000
Total HP & Secured debt................. -156,000
Total Unsecured debt.................... -20,990
Net Assets.............................. -109,990

Comments above on areas where you may be able to improve your disposable income.

natlie

prl wrote: »

Evening all,

We're about to start snowballing, all cards on 0% until at least 2020.

SOA below to dissect, all are joint expenses:-

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3350

Monthly Expense Details
Mortgage................................ 501
Secured/HP loan repayments.............. 155
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 60
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15.11 this is good!
Telephone (land line)................... 10 Can be merged with satellite and broadband
Mobile phone............................ 40 Are you locked into this cost? Giff Gaff do brilliant deals on PAYG
TV Licence.............................. 12.3
Satellite/Cable TV...................... 54 Expensive! can you do Amazon/Not TV or Netflix instead
Internet Services....................... 21.21you could merge with you satellite to reduce cost
Groceries etc. ......................... 250 we pay this for family of 5 - could go down a bit with better planning
Clothing................................ 40 a month - thats quite a lot, can you have a wardrobe review, sell some stuff on eBay, look on eBay for new clothes that are cheaper?
Petrol/diesel........................... 130
Road tax................................ 24.93
Car Insurance........................... 79
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 32.01
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 35.44
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 is this enough?
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 40
Account Fee............................. 13
Cat food................................ 38 :eek: can you shop around for savings on this?
Tobacco................................. 380 QUIT! THIS IS RIDICULOUS - put the money towards your debt
Total monthly expenses.................. 2261


Assets
Cash.................................... 1000
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 67000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(501)......0
Hire Purchase (HP) debt ...... 1000.....(155)......0
Total secured & HP debts...... 156000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8300......187.......0
MBNA...........................4230......94.5......0
Virgin.........................3360......76.5......0
Hitachi Loan...................5100......147.4.....6.9
Total unsecured debts..........20990.....505.4.....-


Monthly Budget Summary
Total monthly income.................... 3,350
Expenses (including HP & secured debts). 2,261
Available for debt repayments........... 1,089
Monthly UNsecured debt repayments....... 505.4
Amount left after debt repayments....... 583.6

Personal Balance Sheet Summary
Total assets (things you own)........... 67,000
Total HP & Secured debt................. -156,000
Total Unsecured debt.................... -20,990
Net Assets.............................. -109,990

I would strongly advise you to give up smoking! and a few other suggestions above

Robin9

Have you actually got £583.60 left at the end of the month ? If so what do you do with it ?

chelseablue

£380 on tobacco? Surely you mean cigarettes?

When my husband used to smoke a 30g pouch of tobacco was £12 and used to last almost a week

BlueJ94

£250 on food? That's really expensive! We pay £80 for the month.

MEM62

Quit smoking and you can increase the amount you are throwing at your debts by 75%. Back of a fag packet calculation (forgive the pun) says that will knock 18 months off the time taken to clear your debts. Surely that, plus the health benefits, must be worth it.

oaktree500

Smoking is a big one there it seems, plenty of alternatives and free aids to totally quit if you wanted to go a step further.

Shopping as well. Sometimes being realistic and just swapping supermarkets can save you a ton. We switched from Tesco aldi and saw a huge difference in saving. A basket in Tesco of named products (and some of their own) is very pricey. For the same ammount, you can get 2-3 weeks worth of shopping from Aldi. I once got 2 weeks worth of bog-standard meals for £12 from Aldi.