Advice & Second Opinions

PurplePlantPot

Hi,

Reading this board has really helped focus me in terms of trying to get our credit card debt gone. I've been struggling a little to see where the money goes, previously we just had one big joint account where everything came in and out, so it was difficult to see what was going on. I've now set up a couple of different accounts for bills, general spends (groceries etc) and savings so hopefully will have a bit more control!

What I wanted really was a second opinion on the SOA and any advice to get the credit cards cleared a bit quicker. Ideally i'd like them cleared before the next lot of maternity (currently have a 7 month old) in a few years as well as trying to have some savings to cover the drop in income when i'm on maternity leave (i'm the main earner).

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2895
Partners monthly income after tax....... 302
Benefits................................ 82.8
Other income............................ 0
Total monthly income.................... 3279.8

Monthly Expense Details
Mortgage................................ 831
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 161
Electricity............................. 44
Gas..................................... 22
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 24.97
Internet Services....................... 29.99
Groceries etc. ......................... 380
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 13
Car Insurance........................... 42
Car maintenance (including MOT)......... 20
Car parking............................. 104
Other travel............................ 550
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 23
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 2608.96


Assets
Cash.................................... 2000
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 187800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 174500...(831)......4.54
Total secured & HP debts...... 174500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard 1..................5507......224.......0
MBNA...........................1756......25........0
Barclaycard 2..................3170......160.......0
DFS............................1200......32........0
Natwest........................218.......5.........15
Total unsecured debts..........11851.....446.......-


Monthly Budget Summary
Total monthly income.................... 3,279.8
Expenses (including HP & secured debts). 2,608.96
Available for debt repayments........... 670.84
Monthly UNsecured debt repayments....... 446
Amount left after debt repayments....... 224.84

Personal Balance Sheet Summary
Total assets (things you own)........... 187,800
Total HP & Secured debt................. -174,500
Total Unsecured debt.................... -11,851
Net Assets.............................. 1,449

Created using the SOA calculator at .LemonFool.
Reproduced on Moneysavingexpert with permission, using other browser.

Grumpelstiltskin

Quick reply.

Car parking £104 ?

Other travel £550 ?

Can you explain these figures?

-taff

Put your holiday and present fund towards it.

PurplePlantPot

Quick reply.

Car parking £104 ?

Other travel £550 ?

Can you explain these figures?



Very easily. I have a hefty commute. So it's 500 odd for my train season ticket, 40 quid ish for a bus and parking at the station.

It's worth it considering I'd halve my salary if I got a local job (not that that there's anything I can do locally). And the house prices where I work make moving unattractive.

PurplePlantPot

Put your holiday and present fund towards it.

"Holidays" are actually trips out to see my parents in Spain. It's just the flights and airport parking we have to pay for. Not really something i'd be willing to strip from the budget.

Willing2Learn

I suppose the obvious question is, whether you really have a £225 monthly budget surplus? Because if you do have that money available each month, then it should take you a little over 4 years to repay all your unsecured debts on a debt snowball...

So, do you actually have £225 burning a hole in your pocket each month?

MidsHollie

I think I would take a long and hard look at the positives and negatives of the work that you do and the commute that it entails. Of course, there are times when a long and expensive commute are the only options in order to have a job you love and a home that you love (I totally get it, that was/will be me!). But do have a real good look at that - there might be other things that you haven't considered. For example, have you considered staying away from home sometimes, or options to work from home?

Your income is great, but your partners isn't. Could they look at increasing their income. I would also be considering this when looking ahead to your future mat leave.

TheAble

Assuming you commute to London. Is there an alternative to the train eg a tube station a driveable distance and you can park on a residential street for free? And touch in with Oyster before the morning peak rate.

Greenqueen_2

£380 for groceries?

How is this possible? Where do you shop and what do you buy?
I manage on less than half of this figure to feed 3 adults.