Consolidate for somebody else?

Willing2Learn

MovingForwards wrote: »

If you do a spreadsheet, break your spends down further and identify each aspect, so use the SOA as a starting point and adapt your personal version to your circumstances.

And MSE have actually created a basic budget planner spreadsheet for Khujiro to use (and possibly adapt for their personal situation).
https://www.moneysavingexpert.com/banking/Budget-planning/#bplanner

Alternatively, Microsoft have MS Money. Although old, the software works fine with Windows 10. Take a look at it. It is an excellent piece of 'starter' software. I used to use myself and I thoroughly recommend it.
https://www.microsoft.com/en-GB/download/details.aspx?id=20738

philgee

Not had a chance to fully read this thread, but looking at your SOA - are you claiming child benefit for your daughter? You should be getting £20.70 per week, which works out at £89.70 per month (it's paid 4 weekly, so actually £82.80 every 4 weeks).

Also, it looks like your partner doesn't earn enough to pay income tax so I think you should be able to use their allowance against your earnings to lower your tax.

Khujiro

Yes that's correct it's actually 89.70 a week. I will use these spreadsheets to make a budget. As for my partners tax allowance would that be for married couples only? We're not married. Cheers.

Jami74

SOAs are tricky. I keep tweaking mine. I've copied it into a spreadsheet and have two side by side, one that is now and one 'what if'.

Is your 'missus' on board? If she's only working part time maybe she could sell some stuff and shop cheaply.

You could save a bit on water. Check (and check again) that you have no tiny leaks anywhere (toilets can be culprits and it might not be obvious). Maybe you could reduce it by £10 a month. I had a gym/pool membership one year for me and my kids and we saved loads on water that year. However, if you're not using your gym membership then cancel it.

I don't know much about phone contracts, but if you're not using it much would they reduce the the data/mins plan to save a bit each month?

Would you really get £8000 for your car? Could you sell it and buy one for £2000, put £1000 to one side towards services/MOT and pay £5000 off one of your debts? If you cleared the MBNA card that extra money would get the loan paid off in 3 months and give you an extra £290 to put towards the other cards.

Do you need satellite TV for £50 a month? Netflix is pretty good at £8.99 a month. If you do feel you need to keep it I've read stories about people calling and haggling for a reduced price.

Is there any room to reduce your gas and electricity prices?

I don't think you necessarily need to throw loads in an Emergency Fund (unless you're expecting an emergency soon) although January is a good month to start budgeting monthly for yearly costs. Start now to put a bit aside every month for next Christmas.

The debt-free wannabe board has loads of challenges that are really motivating.

JayRitchie

Can your partner earn more? If not now with a young child then in a year or two? That would massively improve your position.

Khujiro

Thanks for the many responses guys. My car is valuable but the unfortunate position with that is I received it as a gift from my Dad, who has no idea about my debt and the only condition I have is that I don't have to let my dad know so I'd rather struggle on than do that. As it was a gift from him I am not in a position to sell it.


As for my gas and electric I am in the process of switching to another provider so I will post my next SoA after I've changed that, as well as the life insurance and my girlfriend's travel.



TV package is something I regret but I've asked them to remove it and they won't until the contract is done, but as soon as it is I'll just go back to solo internet and I have use of someone elses Netflix so I'm covered there.


My girlfriend can't currently earn more with the hours we need her to work so I'm a bit stuck there. We are both agreed that when my daughter starts school she'll be changing job though.

Jonathan_Kelvin

Khujiro wrote: »

I have actually come to the realisation that if i was as good as money as I thought I was then I wouldn't be posting on this forum in the first place. I used to run a budget that account for every penny but I found it quite hard to work whenever something cropped up. Maybe with some insight from others I'll find a more workable solution.

You seem to have very high bills for phone and for food, are you locked into a contract in your phone, and are you meal planning, batch cooking, and buying inexpensive brands?

Edited to add, you could probably half your grocery costs, and probably should not be paying for SkyTV while you are struggling.

Willing2Learn

Khujiro wrote: »

I have actually come to the realisation that if i was as good as money as I thought I was then I wouldn't be posting on this forum in the first place. I used to run a budget that account for every penny but I found it quite hard to work whenever something cropped up. Maybe with some insight from others I'll find a more workable solution.

Remember, your SOA as it stands in unrealistic. If you have another go at it, using the guidance that we have provided, then you will get something that is far more realistic and workable. Like we have said, it can take several goes at it, before it becomes something that works in the 'real world'

Khujiro

Jonathan Kelvin please read my responses to others because I have already answered some of those. I'm locked into a contract on TV which I know is a mistake but we all makes those, my phone bill can be divided by two as it's mine and my girlfriend's and my grocery costs will fall by switching supermarkets but half is unrealistic as I mostly buy whole foods and cook from scratch as it stands and chicken thighs are around the same price everywhere, as are fruit and veg, rice etc. I won't be switching to beans or toast every night any time soon because I believe my health is too important.


I realise my SOA is unrealistic as it stands and with the advice I've been given I'm going to seek to reduce my outgoings and produce another one but it might take me a week or so. Thanks for all the help.

jtmerralls

If he declares the true reason to the Lender....I suspect No.
He should declare that all details in the Application are true and honest.