My SOA - we are at risk of drowning.

Glitterbaby

I am posting my SOA for try and get some helpful advice and to see if anyone can find any wiggle room. I am trying to pay my debts off as quick as I can, to give myself the extra cash a month.

My benefits include my sons DLA, and his therapy I pay for is included, which is why the children's expenses are so high. This isnt negotiable so cant cut it/remove that because it is hugely beneficial to him.

We dont pay for haircuts as my SIL owns a salon and I pick her daughter (my niece) up from school twice a week as a trade off.

Food bill includes children's school lunches.

I have been doing a couple of overtime shifts a month to make the budget balance, but its not guaranteed and its difficult to arrange extra childcare for my son.

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 880
Partners monthly income after tax....... 0
Benefits................................ 831
Other income............................ 0
Total monthly income.................... 1711

Monthly Expense Details
Mortgage................................ 474
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 45
Gas..................................... 32
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 15
Mobile phone............................ 33
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 90
Road tax................................ 13
Car Insurance........................... 74
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 11
Childcare/nursery....................... 96
Other child related expenses............ 145
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 21
Buildings insurance..................... 12
Contents insurance...................... 10
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 8
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1644


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 173000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99000....(474)......2.79
Total secured & HP debts...... 99000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest CC.....................2770......85........24.9
Ratesetter.....................2919......76........11.9
Total unsecured debts..........5689......161.......-


Monthly Budget Summary
Total monthly income.................... 1,711
Expenses (including HP & secured debts). 1,644
Available for debt repayments........... 67
Monthly UNsecured debt repayments....... 161
Amount short for making debt repayments. -94

Personal Balance Sheet Summary
Total assets (things you own)........... 173,000
Total HP & Secured debt................. -99,000
Total Unsecured debt.................... -5,689
Net Assets.............................. 68,311

ReadingTim

You could probably save a few quid here and there, such as on the mobile phone, food bills, various insurances, but you're probably better off trying to increase what comes in, rather than reduce what goes out - can you find a better paying job?

Glitterbaby

Its a tricky one. I work in a dementia care home and have always worked in care, so its not known for its high pay. Plus where I work they are really flexible and allow me to have fixed shifts so I can arrange childcare for my son. He is severely disabled so its tricky to find a company so understanding. We were doing okay until he had an extended hospital stay last year and then my car decided to die, hence the loan. I need a car of a certain size as it has to fit his wheelchair in the back.

curlytop12

If I were you I'd try and look at reducing the internet/landline/mobile costs- I've got talktalk 22.50 month for broadband, I don't use the landline, my mobile is 10 a month, and i only have freeview tv and netflix 5.99 a month which is enough
reduce £50 clothing per month- reduce amount, down brand, buy 2nd hand?
cut presents costs.
have you looked to see if you could get a 0% credit card to transfer to?
can you not get help with the car as its size is dictated by a disability?
good luck, it's never easy!

curlytop12

oh, and all your insurances could be got through topcashback.co.uk,
your buildings/contents seems high for house value, and the pet insurance?

kazwookie

Nat west CC needs to go as interest is too high, try for a 0% card.

Glitterbaby

curlytop12 wrote: »

oh, and all your insurances could be got through topcashback.co.uk,
your buildings/contents seems high for house value, and the pet insurance?

Thank you. Our insurances are up in March so will try and find a cheaper quote and try and save some here. I use TCB so will get a deal with a good Cashback amount.

The pet costs are £7 insurance and £12.50 I pay a month for a membership scheme at the vets which includes her boosters and flea/worming treatment.

Glitterbaby

kazwookie wrote: »

Nat west CC needs to go as interest is too high, try for a 0% card.

I dont think I will get one, I dont think I earn enough, but I will try.

MovingForwards

You say our insurances, there is one adult living in the property, two kids but no mention of maintenance for them.

You could cut back on your food shopping, present budget and clothes budget, it buying when necessary and that would cover the debts, but you would need to pay a few quid on top to start making headway.

Are you a newish driver as your car insurance is expensive.

Your mobile phone bill can also come down.

Your home insurance you should be able to save a quid or two on renewal.

Pet bills, is she a dog or cat*? As 6months of frontline can be purchased from supermarkets, chemists and dedicated pet shops, working tablets are a couple of quid, be worth you pricing up boosters as a stand alone item (I've never had the need to work any of my cats in over 20 years of being owned by them).

When did you last do a benefits check?

EssexHebridean

Well done for asking for input on this - at a quick glance this is about firstly trying to make the books balance, and then probably to see if some extra income can be achieved to throw at the debts.

Comments in red as usual:

Glitterbaby wrote: »

I am posting my SOA for try and get some helpful advice and to see if anyone can find any wiggle room. I am trying to pay my debts off as quick as I can, to give myself the extra cash a month.

My benefits include my sons DLA, and his therapy I pay for is included, which is why the children's expenses are so high. This isn't negotiable so cant cut it/remove that because it is hugely beneficial to him. Noted - I assume you have already explored any possibilities of getting financial help with this - just a thought but have you checked with any support groups for whatever condition it is that he has as they would know of anything that might be available?

We dont pay for haircuts as my SIL owns a salon and I pick her daughter (my niece) up from school twice a week as a trade off.

Food bill includes children's school lunches.

I have been doing a couple of overtime shifts a month to make the budget balance, but its not guaranteed and its difficult to arrange extra childcare for my son.

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 880 Have a look at the possibility of earning a bit more from online surveys - it won't be much but anything extra will help.
Partners monthly income after tax....... 0
Benefits................................ 831 Double check to be absolutely certain you are getting everything you are entitled to here.
Other income............................ 0
Total monthly income.................... 1711

Monthly Expense Details
Mortgage................................ 474
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65 Is this split over 12 months rather than 10?
Electricity............................. 45 Check the tariff on this - allowing that you have gas I assume that is your heating, so this electric seems quite high.
Gas..................................... 32
Oil..................................... 0
Water rates............................. 32 Metered? If not you might make a saving by switching
Telephone (land line)................... 15
Mobile phone............................ 33 Look to ditch this for SIM only when the contract expires assuming that this is just a single phone.
TV Licence.............................. 12 Watch yourself on rounding figures on the SOA - this for example would really be £12.87 I think, so that's nearly a pound a month there you are already out.
Satellite/Cable TV...................... 0
Internet Services....................... 15 definitely shop around for a combined landline/broadband deal - and be prepared to switch regularly when contracts finish to get the benefits of the best deals - although in practise you may well find that a current supplier will price match to retain you.
Groceries etc. ......................... 300 Should you not be getting free school lunches? There may still be a saving to be made here though - check whether you habitually buy any branded items that can be switched for store brands, or even dropped down to value brands.
Clothing................................ 50 Cut to essentials only for the moment - for kids uniforms check out the supermarkets, and second hand shops are worth a shot for regular clothes too.
Petrol/diesel........................... 90 Read the guide on the main site about driving economically, shop around to check where the cheapest fuel is that is not too far off a route you'd be taking anyway,and combine journeys where possible.
Road tax................................ 13
Car Insurance........................... 74 make a note for 20 days ahead of your renewal and hit the comparison sites - again there is a guide to the process to follow on the main MSE site.
Car maintenance (including MOT)......... 30 It's vital that you make sure you definitely put this aside each month so it is there when needed.
Car parking............................. 0
Other travel............................ 11
Childcare/nursery....................... 96
Other child related expenses............ 145 On the therapy have you enquired whether there is a saving to me made by booking a block of sessions for a period of time rather than booking one at a time, assuming this is not something you already do?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 21
Buildings insurance..................... 12
Contents insurance...................... 10
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Brutal I know but I think for now you need to look to cut this a bit. Maybe next year say you'll be buying only for the children? Shop around through the year for their birthday & christmas too - the beauty of budgeting is that the money will be there for odds and ends when needed.
Haircuts................................ 0
Entertainment........................... 8
Holiday................................. 0
Emergency fund.......................... 0 As soon as you possibly can start saving something here. Maybe if you can make small savings on any of the bills you could put 50% of the savings to this area, with the remainder going to debt.
Total monthly expenses.................. 1644


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 173000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99000....(474)......2.79
Total secured & HP debts...... 99000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest CC.....................2770......85........24.9
Ratesetter.....................2919......76........11.9
Total unsecured debts..........5689......161.......-


Monthly Budget Summary
Total monthly income.................... 1,711
Expenses (including HP & secured debts). 1,644
Available for debt repayments........... 67
Monthly UNsecured debt repayments....... 161
Amount short for making debt repayments. -94

Personal Balance Sheet Summary
Total assets (things you own)........... 173,000
Total HP & Secured debt................. -99,000
Total Unsecured debt.................... -5,689
Net Assets.............................. 68,311

I think it's correct what others have said already that increasing your income is a bit key here, but yes, I can completely see why you're not looking to change jobs. Have a look at the boost your income board for ideas - you'll also find links to come of the survey sites there too. Allowing that you've not got an overdraft had you considered switching bank accounts to one of those that pays the cash incentive? That would be a one off - but an easy quick win.

MissMollyJ

Are you able to get a motability car? That would include maintenance costs and insurance I believe.

You’re doing really well!