For a Simpler Life!

Frodobaggins

Enthusiasticsaver thank you!  I am going to change the extra £100 payment from MBNA to the Sainsburys card, your advice makes so much more sense.
I'm looking at doing an SOA but can not find the link!

enthusiasticsaver

https://www.lemonfool.co.uk/financecalculators/soa.php

There is one above which I think you can format for MSE. 

Frodobaggins

 [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 3

Number of children in household......... 0

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2489

Partners monthly income after tax....... 804

Benefits................................ 0

Other income............................ 200[b]

Total monthly income.................... 3493[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 708

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 151

Electricity............................. 54

Gas..................................... 54

Oil..................................... 0

Water rates............................. 47

Telephone (land line)................... 0

Mobile phone............................ 48

TV Licence.............................. 14

Satellite/Cable TV...................... 139

Internet Services....................... 0

Groceries etc. ......................... 300

Clothing................................ 0

Petrol/diesel........................... 60

Road tax................................ 21

Car Insurance........................... 36

Car maintenance (including MOT)......... 25

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 148

Buildings insurance..................... 7

Contents insurance...................... 0

Life assurance ......................... 37

Other insurance......................... 0

Presents (birthday, christmas etc)...... 25

Haircuts................................ 0

Entertainment........................... 25

Holiday................................. 0

Emergency fund.......................... 110

BT Sport................................ 40

Gym..................................... 21

Garden Maintainance..................... 14

Unison.................................. 23[b]

Total monthly expenses.................. 2107[/b]

[b]

Assets[/b]

Cash.................................... 300

House value (Gross)..................... 165000

Shares and bonds........................ 0

Car(s).................................. 500

Other assets............................ 0[b]

Total Assets............................ 165800[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 84821....(708)......1.76[b]

Total secured & HP debts...... 84821.....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Loan 1.........................6708......249.......3.3

Loan 2.........................6906......231.......11.9

Sainsburys CC..................4513......250.......26.48

HSBC CC........................7398......185.......18.9

B/C CC.........................3954......100.......20.14

MBNA CC........................3260......55........20.93

M&S CC.........................4259......110.......21.9

B/C CC.........................3255......100.......25.78[b]

Total unsecured debts..........40253.....1280......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,493

Expenses (including HP & secured debts). 2,107

Available for debt repayments........... 1,386

Monthly UNsecured debt repayments....... 1,280[b]

Amount left after debt repayments....... 106[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 165,800

Total HP & Secured debt................. -84,821

Total Unsecured debt.................... -40,253[b]

Net Assets.............................. 40,726[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

rugbymadfamily

Hi Frodo,

Lots of excellent advice given on here already. Just looking at your SOA though:
- gas and electricity look high - you said deal ends soon so think could definitely get cheaper
- water looks high (mine is £11 and have 2 adults at home)
- you have satellite TV for £139 and BT Sport for £40...thats £179 on TV every month, thats an awful lot of money when incomes have reduced and you have debt. I would seriously consider cutting this out or at the very least, significantly reducing your package. I am with BT, have full BT sport sky sports, home phone and internet and pay about £65 a month so even if you don't want to cancel, worth a call to say you are leaving and they will likely reduce the price.
- pet insurance / vet is also pretty high (I have pets so I understand this!) but worth seeing if there is any flex here

Best of luck with the journey. I am new to the boards but have found them incredibly helpful!

MidsHollie

Hey Frodo, 
i mentioned the possibility of your partner working as I have worked with many people over the years who see a disability as the end of their careers, which often is absolutely not the case for most. The most impressive I’ve seen is someone running a scientific business from home despite being completely paralysed from the neck down. Obviously disability is multifaceted and unfortunately for your partner has had a career ending impact. 

Well done in doing your SOA. If your partner is able to use a computer and their thinking is fine, they really should spend some time supporting you with this. Finding better deals on your utilities, cutting your costs where you can, looking for balance transfers. And looking at small ways to boost your income. Surveys, online market research etc. 

I agree with enthusiastic saver. You can not afford to spend that much on TV each month. 

You mention a third adult in the house. Is that an adult child? Could they contribute more? It may be a balance of asking them to contribute more vs encouraging them to move out. 

Do you pay council tax over 10 or 12 months? Paying over 12 can help with budgeting. 

Sarahwithlove

Your TV is way too high my guess is you are outside your contract. Ring them up and say its too expensive and you need to leave they will probably half that. Whose it with out of interest? Does bt sport not come with your TV package? Probably cheaper to have it through them then seperate. 

enthusiasticsaver

Well done on doing the soa.  It does show you do  not have  a massive surplus to overpay the debts so I would look to cut back wherever possible as your partner is no longer working. Is the £200 housekeeping from the third adult?

Have you tried to get that cable tv deal lower and do you really need that plus BT sport?  I assume broadband is included in that though? That is the first glaring obvious place to cut back so long as you are not in contract. The pet insurance also looks very high.  The rest of it does not look too bad.  I would imagine gas and electricity is high if your husband is home all day and your water rates are cheaper than ours but we live in the  south west which has high water bills .  If the council tax is over 10 as @MidsHollie says you could ask for it to be calculated over 12 to lower it a bit.  This will be a bit of a slog but I am guessing you did not get to that amount of debt in a short time so it will take a long time to get rid of it.  I am guessing your partners disability and now being unable to work is what has induced you to now deal with it.  Is he able to do any home working or surveys etc to try and bring some income in? 

The other thing I would say is that £25 for car maintenance is fairly low given the value of your car but you are budgeting £110 for emergencies so that goes some way to remedy it.  Good luck with dealing with this.  The first aim should be to live within the budget without adding to the debt.  A word of warning that BC are going to upping minimums for some people in January so you may have to rejig again then.  There is an article on this forum about it.  

Frodobaggins

Rugbymadfamily thanks for tsking the time to read my SOP and for your ideas.  I looked into a better gas electric deal and the best I could get saves me £1 a month.  Ive gone with that as my current supply was going to increase by £5 a month.
My water is high but having discussed with neighbours I think everybodies is the same?  I have a package with Sky which includes lots of TV broadband and landline. I am tied into this until next March but will speak to them and see if I can reduce the cost.  I am likewise the same with BT and will cancel in March when contract ends, I know sky now do it cheaper on their package but it wasnt available at the time.  I have this for my OH as he is housebound.
I have 2 big dogs who cost the earth but I wouldnt be without them!  My girl is getting old and her insurance has really increased.  I am reluctant to change providers incase they reduce her cover due to her age.
Thank you for your help much appreciated.

Frodobaggins

MidsHollie thanks for your suggestions.  OH can not even start a PC or laptop he is a total technephobe haha! He does try to do things around the house though and it really upsets him he can not work any longer as he was a real grafter.  His illness is particularly cruel in that his thinking is fine but he is very limited physically.  I get the Sky package and BT sport for him as he is housebound and doesnt have a great quality of life, but he does always tell me to reduce it as he worries about the cost.  I am going to see about getting a cheaper package.
I have 2 adult children at home hence the high utility bills I think!  I only included my DD as my DS has just bought his own hose and will be moving out soon.  My DD contibutes £200 a month and I have included this on the SOA.  She also buys household shopping and cleaning products several times a month.
I pay council tax over 10 months.  The 2 free months payments will be going to my highest interest credit card.
Thanks for your ideas much appreciated.

Frodobaggins

Sarahwithlove my TV package is with Sky and it includes broadband and landline. I am still in contract until March.  When I took it out they didnt have BT sport but now they do.  I'm hoping I can make a fair saving with this and I plan to speak to them tomorrow to see if I can do it before March.
Many thanks for your suggestions.