Hoping to crack it this time

mrsbyrne

Hello...hope this is the right place to post this. I am currently just about holding my head above water. My husband left me 4 years ago and due to his own poor financial state gives me no maintenance for our two school age children. I work part time 22 hours per week and with childcare outside of school hours being a problem, this is about all i can manage practically for another year.
I have been overspending at a steady rate for years, to prop up my income (fooooolish!) and i need to resolve this before i start missing payments and getting in deeper than i can resolve without a DMP or similar.
I have been trying to work out how to divide the income i receive from benefits (weekly), wages (monthly) and £40 my lovely Dad gives me (weekly)...I can't seem to get a handle on it as the total amount I receive per month doesn't come in an easily dividable lump.
Can you please help me plan how to manage my income/expenditure and chip away at the amount I owe? I like the idea of assigning money to different things but can't see how that would work without withdrawing all my cash and putting it in envelopes...Thank you in advance for your wisdom.


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 0
Benefits................................ 616
Other income............................ 173
Total monthly income.................... 1739

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 357
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 64
Gas..................................... 0
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 0
Mobile phone............................ 41
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 36
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 1.6
Car Insurance........................... 60
Car maintenance (including MOT)......... 16
Car parking............................. 78
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 26
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 5
Other insurance......................... 20
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1274.6


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide Credit Car..........666.......25........13
Newday.........................2773......130.......29.9
Nationwide Loan................4575......147.......13.9
Total unsecured debts..........8014......302.......-


Monthly Budget Summary
Total monthly income.................... 1,739
Expenses (including HP & secured debts). 1,274.6
Available for debt repayments........... 464.4
Monthly UNsecured debt repayments....... 302
Amount left after debt repayments....... 162.4

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,014
Net Assets.............................. -6,014

Karonher

Good luck and what a lovely dad you have. The main thing it appears could be cut would be the food budget. How old are the children?

With regards to the parking would it be possible to park a little further away to avoid or reduce charges? How many mobile phones are there?

I have to admit I think I would struggle to let the father get away without paying anything. Whatever else he has to deal with they are his children. What would happen if your dad could suddenly not help out or your hours were cut? I know my view on this does not count, but surely anything he could pay would help.

doingitanyway

Well done for posting and well done for keeping your head above water.
You are in the right place for guidance and support.
I don't have any advice but wanted to wish you well with your diary.

beanielou

Happy shiny new diary