Lets See How This Goes

improving47

We have had an amazing couple of weeks. :j

Both myself and my partner got a really nice bonus which has meant we have been able to clear a massive chunk of debt and have a lump sum in the bank ready for when i start maternity leave in 2 weeks.

We have reduced our monthly payment to the MBNA to £50 so that will clear it by December 2019 when the 0% runs out and we have reduced our monthly payment to the M&S card to £30 which will clear it by August 2020 when the 0% runs out

My wage will be dropping so i have done an amended soa which is below. I have not included the monthly cost of nappy's which is the only thing i can think will be added, i will be breast feeding so not spending on formula and our family has been kind enough to buy us all the essentials and first layette for the baby, may need to buy clothes, but not sure how much to allocate with that.

Any comments on the below please, I need to be as thrifty as possible to ensure we survive my deduction in pay until i go back to work. Please dont be afraid to tear this apart.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0.5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1131.2
Partners monthly income after tax....... 500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1631.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 7.99
Internet Services....................... 16
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 65
Road tax................................ 0
Car Insurance........................... 71
Car maintenance (including MOT)......... 11
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 3
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Dry Cleaning ........................... 4
Charity ................................ 100
M Personal Spends....................... 45.5
Wax..................................... 10
Car Lease - Waste of Money!............. 220
Gadget Insurance........................ 12.5
Magazines............................... 4
Total monthly expenses.................. 1562.99


Assets
Cash.................................... 5714.91
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 5714.91

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Council........................715.6.....10........0
Phone..........................63.36.....32.54.....0
University.....................591.8.....53.8......0
M&S............................479.03....30........0
MBNA...........................311.78....50........0
Total unsecured debts..........2161.57...176.34....-


Monthly Budget Summary
Total monthly income.................... 1,631.2
Expenses (including HP & secured debts). 1,562.99
Available for debt repayments........... 68.21
Monthly UNsecured debt repayments....... 176.34
Amount short for making debt repayments. -108.13

Personal Balance Sheet Summary
Total assets (things you own)........... 5,714.91
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,161.57
Net Assets.............................. 3,553.34

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

enthusiasticsaver

Well that soa is obviously not sustainable as you have a deficit. The charity payment needs to go while you are on maternity leave unless you are willing to dip into your savings.

Don't assume you can breast feed as it does not always work out. Are all those debts at 0%? Groceries could be reduced as could presents, gadget insurance and magazines. Don't spend a fortune on baby clothes as they grow out of them so quickly. Facebook market place is a good place to get baby clothes as often second hand even they look brand new. The supermarkets do reasonable costs babygros/vests etc.


On the positive side you have reduced the debt considerably and have savings so that is good.

Honeysucklelou2

The grocery pot could be reduced. It might be worth doing some batch cooking now to put in the freezer so that you have a bank of easy meals for when the baby arrives.

How long will you get for maternity leave?

improving47

Hello enthusiasticsaver

Appreciate you stopping by.

Charity - Yes i completely agree, the only problem is that my partner committed himself to it, i will have to discuss this with him

Debts - Yes they are all at 0%. I dont want to overpay the council or university as i worked so hard to get payment plans set up and im ok paying those off until they are done. The phone only has 2 months left so will be cleared shortly.

Groceries - Yes completely agree, I really struggle with this, I sometimes go over the £300, during my pregnancy i felt so nauseous shopping in our local lidl or aldi as they have a really powerful smell. My problem is that i will create a meal plan for supper but then forget to have other food in the house, so i try to save but too strictly and then it all goes to s**t's. This is going to be my main focus - I think im going to have a look at the old style forum to get ideas and make a list of breakfast, lunch, supper and snacks and actually do a proper shop, instead of daily what should we have today.

Gadget Insurance - This cover's both our phones, both laptops, tablets etc, i really feel like this is a essential. My excess is £50 compared with buying a new phone I think it is worth it?

Magazine - I am going to cancel this tonight, just need to make sure partner does not re-subscribe.

Baby Clothes - Yes agree, I will wait to have the baby and see what we have been gifted and then search market place and own brand clothes.

Selling - I have been nesting and cluttering the house, so have a bunch of items on marketplace so hoping to get those sold asap, thinking of adding them to gum tree as well.

improving47

Honeysucklelou2 wrote: »

The grocery pot could be reduced. It might be worth doing some batch cooking now to put in the freezer so that you have a bank of easy meals for when the baby arrives.

How long will you get for maternity leave?

Hi Honeysucklelou2

Yes, this is a good idea, right now i am crazy busy with work and studying, but i start maternity leave in 2 weeks, my plan is to batch cook, ill also move into my mums straight after the baby so wont need to worry about food for a while until i move back home.

I have told work 9 months, however if we are struggling financially and i feel up to it, ill go back earlier. I'm going to take it as it comes.

[Deleted User]

improving47 wrote: »

Charity - Yes i completely agree, the only problem is that my partner committed himself to it, i will have to discuss this with him

during my pregnancy i felt so nauseous shopping in our local lidl or aldi as they have a really powerful smell.

I think I'd be suggesting to your OH if he has committed to that amount then he needs to find a way to bring in an extra £100 to cover his committment, or cancel it.

Can he not also help out with the shopping? E.g. if you can't stomach it in those shops, send him off with a list?

improving47

SSDD23 wrote: »

I think I'd be suggesting to your OH if he has committed to that amount then he needs to find a way to bring in an extra £100 to cover his committment, or cancel it.

Can he not also help out with the shopping? E.g. if you can't stomach it in those shops, send him off with a list?

Ohhhhhhhh! Good idea, I'll have a chat with him about that.

He could and would love to, but I don't trust him not to get the wrong things or loads extra. I guess I could try that this week and see what happens.

[Deleted User]

improving47 wrote: »

Ohhhhhhhh! Good idea, I'll have a chat with him about that.

He could and would love to, but I don't trust him not to get the wrong things or loads extra. I guess I could try that this week and see what happens.

I know what you mean, my OH is hit and miss with shopping, too. I have been known to write the prices down next to some things so he has a better idea of what/how much he should be getting :rotfl:

princesspennies

Hi, Why don't you try getting your shopping delivered? Mysupermarket is good for comparing prices, and stops you buying random end of isle S**t lol :rotfl::rotfl: