Sort out finances after wife lost her job.

durzoblint

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 5200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 5200

Monthly Expense Details
Mortgage................................ 871
Secured/HP loan repayments.............. 695.0999999999999
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 214
Electricity............................. 50
Gas..................................... 46
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 13
Satellite/Cable TV...................... 40.5
Internet Services....................... 35.99
Groceries etc. ......................... 250
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 27.62
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 60
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Netflix ................................ 9
Eating out ............................. 200
Timeshare............................... 200
Coaching ............................... 110
NS&I Bond .............................. 200
GYM..................................... 35
Total monthly expenses.................. 3627.21


Assets
Cash.................................... 0
House value (Gross)..................... 350000
Shares and bonds........................ 17000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 367000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 209000...(871)......1.74
Hire Purchase (HP) debt ...... 24000....(525)......0<
HP 2 ..........................8000.....(170.1)....0
Total secured & HP debts...... 241000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay loan ..................9751......213.......4.3
Barclay loan Spouse ...........8000......187.......5
Barclaycard ...................3000......200.......19
Overdraft......................500.......500.......0
Store Card.....................1437......95........0
Spouse (iphone)................600.......67........0
Paypal Credit..................1500......150.......0
Barclaycard Spouse ............8600......170.......19
Total unsecured debts..........33388.....1582......-


Monthly Budget Summary
Total monthly income.................... 5,200
Expenses (including HP & secured debts). 3,627.21
Available for debt repayments........... 1,572.79
Monthly UNsecured debt repayments....... 1,582
Amount short for making debt repayments. -9.21

Personal Balance Sheet Summary
Total assets (things you own)........... 367,000
Total HP & Secured debt................. -241,000
Total Unsecured debt.................... -33,388
Net Assets.............................. 92,612

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

durzoblint

started off this post: https://forums.moneysavingexpert.com/discussion/6093765/my-wife-lost-her-job-and-her-monthly-bills-are-killing-me

My wife lost her job 9 months ago and i have been paying an extra £800 in bills. i'm trying to manage this down. i have probably not been able to post all my expenses but i also should mention get an annual bonus which i plan on using to pay down the cc debts.

I have not entered my wife's current credit card bill as i'm not aware of what it is, though i suspect its over £5000. She has been putting all expenses she doesnt want me to be aware of on it.

SuperMoose

Slightly puzzled here - you have £2 216 left over each month. Is that accurate or am I missing something?

durzoblint

SuperMoose wrote: »

Slightly puzzled here - you have £2 216 left over each month. Is that accurate or am I missing something?

i'll have to go over it again. I think i missed a few expenses. will repost the SOA shortly

Penguin_

As above, where is your money going? You need to keep a spending diary & look where you're spending the surplus of £2216!!

-taff

DOn't forget to include all her expenses too and any loans etc she has that you are currently paying.
Really, to make this correct, you should be going through all your bank statements and hers to see where the money is going. And then repost your SOA. Remember an SOA is supposed to be an accurate reflection of where the money is going, not a wish list of where it should be going.
You can rejig a budget at any time so best to start with an accurate one.

SuperPikachu

£150 seems low for Groceries - have you undervalued that one?

Also is there a section for "eating out/take aways/pub" sort of thing?

Pollycat

Should you have something in for dentist?
No regular prescriptions for either of you?

Is your grocery bill really only £150 per month? Most high earners tend to spend much more than that.

Nothing for entertainment? Do you not go out for a drink or for a meal?

Don't you buy gifts for each other? Other people?

No holidays at all?

Why is your TV licence £30 per month?

As per my comment on your other thread, you need to investigate your wife's eligibility to 'new style job seekers'. You have the link.

Penguin_

Ok, can see thats been updated now, though still you have £1100+ left at the end of the month.


My eyes are drawn to the following:


Coaching £110 a month, what is this for?
Mobile £60 - can this be trimmed down at all? Can you move to SIM only at all?

kazwookie

Is your wife able to look for another job?


You need to include everything she is spending as well.

durzoblint

Pollycat wrote: »

Should you have something in for dentist?
No regular prescriptions for either of you?

Is your grocery bill really only £150 per month? Most high earners tend to spend much more than that.

Nothing for entertainment? Do you not go out for a drink or for a meal?

Don't you buy gifts for each other? Other people?

No holidays at all?

Why is your TV licence £30 per month?

As per my comment on your other thread, you need to investigate your wife's eligibility to 'new style job seekers'. You have the link.

I get Dental as a benefit from work so i dont pay it.

The grocery bill for the last month was just £150 as we don't do a monthly shop but just pop in to top up on stuff we need. I will review it upwards though. I have definitely missed out the eating out bit which should be at least £200 a month. We don't drink.

There are holidays but they usually go out direct from my bonus once it gets paid.