📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

What can I cut out?

pusb
pusb Posts: 29 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
in Debt-free wannabe
I'm desperate to try and reduce my debt. I'm struggling to find a significant amount of spare money each month to make any sizable payments.

Any suggestions as to what I can cut here?

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

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

Monthly Income Details[/b]
Monthly income after tax................ 2010
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 136[b]
Total monthly income.................... 2146[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 340
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 170
Electricity............................. 90
Gas..................................... 90
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 210
Clothing................................ 25
Petrol/diesel........................... 70
Road tax................................ 0
Car Insurance........................... 33
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 38
Buildings insurance..................... 5
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 166
Emergency fund.......................... 70[b]
Total monthly expenses.................. 1630[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 260000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0[b]
Total Assets............................ 264000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 89343....(340)......1.39[b]
Total secured & HP debts...... 89343.....-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Zopa Loan......................5541......135.......8.35
Tesco Credit Card..............5591......56........0
Virgin Credit Card.............2419......25........0
HSBC...........................2949......74........0
MBNA...........................3100......31........0[b]
Total unsecured debts..........19600.....321.......-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,146
Expenses (including HP & secured debts). 1,630
Available for debt repayments........... 516
Monthly UNsecured debt repayments....... 321[b]
Amount left after debt repayments....... 195[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 264,000
Total HP & Secured debt................. -89,343
Total Unsecured debt.................... -19,600[b]
Net Assets.............................. 155,057[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
«1

Comments

  • Ms_Chocaholic
    Ms_Chocaholic Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 5 February 2024 at 10:12PM
    Get a water meter (presume only 2 adults in the property) - I currently pay £14 pcm tho amount will depend on water company as prices vary across the UK.  When does your mobile contract(s) end - can you get a SIM only deal - you can get them for £6 pcm.

    Holiday - £166 pcm and emergency fund £70 pcm - can these be reduced (or the holiday one incorporated back into income) to pay off the debts.

    Prescription/dentist - currently £50.  Depending on how this is split could you get a pre payment certificate for the prescriptions, they are around £11 pcm.

    Is the other adult in the home able to work at all - even part-time?
    Thrifty Till 50 Then Spend Till the End
    You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time
  • MFWannabe
    MFWannabe Posts: 2,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    pusb said:
    I'm desperate to try and reduce my debt. I'm struggling to find a significant amount of spare money each month to make any sizable payments.

    Any suggestions as to what I can cut here?

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

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

    Monthly Income Details[/b]
    Monthly income after tax................ 2010
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 136[b]
    Total monthly income.................... 2146[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 340
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 170 - over 12 months or 10?
    Electricity............................. 90 - This seems high for 2 people
    Gas..................................... 90 - This seems high for 2 people
    Oil..................................... 0
    Water rates............................. 50 - This is high, would a meter be cheaper?
    Telephone (land line)................... 0
    Mobile phone............................ 25 - Can get sim only deals for £7
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 25
    Groceries etc. ......................... 210
    Clothing................................ 25
    Petrol/diesel........................... 70
    Road tax................................ 0
    Car Insurance........................... 33
    Car maintenance (including MOT)......... 15
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 50 - What is this for? 
    Pet insurance/vet bills................. 38 
    Buildings insurance..................... 5
    Contents insurance...................... 5
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 10
    Entertainment........................... 100 - Cut in half while paying debts
    Holiday................................. 166 - Needs to go or at least halved while paying debts
    Emergency fund.......................... 70[b]
    Total monthly expenses.................. 1630[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 260000
    Shares and bonds........................ 0
    Car(s).................................. 4000
    Other assets............................ 0[b]
    Total Assets............................ 264000[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 89343....(340)......1.39[b]
    Total secured & HP debts...... 89343.....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Zopa Loan......................5541......135.......8.35
    Tesco Credit Card..............5591......56........0
    Virgin Credit Card.............2419......25........0
    HSBC...........................2949......74........0
    MBNA...........................3100......31........0[b]
    Total unsecured debts..........19600.....321.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 2,146
    Expenses (including HP & secured debts). 1,630
    Available for debt repayments........... 516
    Monthly UNsecured debt repayments....... 321[b]
    Amount left after debt repayments....... 195[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 264,000
    Total HP & Secured debt................. -89,343
    Total Unsecured debt.................... -19,600[b]
    Net Assets.............................. 155,057[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
    I’ve made some comments in your soa 
    Is it just one person working at the moment? Could the other pickup some work? 
    MFW 2025 #50: £1139.75/£6000

    12/06/25: Mortgage: £65,000.00
    07/03/25: Mortgage: £67,000.00
    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    27/12/24: Debt: £0 🥳😁
    27/12/24: Savings: £12,000

    07/03/25: Savings: £16,500

  • Martico
    Martico Posts: 1,176 Forumite
    1,000 Posts Third Anniversary Name Dropper
    You've got amounts in your budget for holidays and for emergency fund, yet you have no cash reserves. That generally suggests that the budget is aspirational rather than a reflection of reality. It's probably worth going through the last several months of spends (as well as start a personal spending diary now) to see where the extra funds are leaking
  • pusb
    pusb Posts: 29 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Ms_Chocaholic said:
    Get a water meter (presume only 2 adults in the property) - I currently pay £14 pcm tho amount will depend on water company as prices vary across the UK.  When does your mobile contract(s) end - can you get a SIM only deal - you can get them for £6 pcm.

    Holiday - £166 pcm and emergency fund £70 pcm - can these be reduced (or the holiday one incorporated back into income) to pay off the debts.

    Prescription/dentist - currently £50.  Depending on how this is split could you get a pre payment certificate for the prescriptions, they are around £11 pcm.

    Is the other adult in the home able to work at all - even part-time?
    Hi, thanks for the reply. I'll look at a water meter but I've always been wary of them.
    Phone contract is up next April (2025)
    I do sometimes use the holiday fund to make one off payments to the debt
    Most of the £50 under Prescription/dentist is for my contact lenses, so I can't really get any help with that.

    Other adult in the house is my friend that is stopping with me for a while. What he pays me is the Other Income amount. He pays half the gas, electric, water, tv licence, and internet
  • Ms_Chocaholic
    Ms_Chocaholic Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 5 February 2024 at 10:42PM
    pusb said:
    Ms_Chocaholic said:
    Get a water meter (presume only 2 adults in the property) - I currently pay £14 pcm tho amount will depend on water company as prices vary across the UK.  When does your mobile contract(s) end - can you get a SIM only deal - you can get them for £6 pcm.

    Holiday - £166 pcm and emergency fund £70 pcm - can these be reduced (or the holiday one incorporated back into income) to pay off the debts.

    Prescription/dentist - currently £50.  Depending on how this is split could you get a pre payment certificate for the prescriptions, they are around £11 pcm.

    Is the other adult in the home able to work at all - even part-time?
    Hi, thanks for the reply. I'll look at a water meter but I've always been wary of them.
    Phone contract is up next April (2025)
    I do sometimes use the holiday fund to make one off payments to the debt
    Most of the £50 under Prescription/dentist is for my contact lenses, so I can't really get any help with that.

    Other adult in the house is my friend that is stopping with me for a while. What he pays me is the Other Income amount. He pays half the gas, electric, water, tv licence, and internet

    Don't be scared of a water meter - it can save you £££ per year
    In the SOA you have £90 for gas and the same for electricity, is that half the cost as your lodger is paying you half, so you're spending £360 on energy per month?
    The same goes for the other bills.
    Do you have a Sky/Netflix sub that's maybe not been included or just watch terrestrial tv

    If there's only you paying for your own groceries how do you spend £210 pcm
    Thrifty Till 50 Then Spend Till the End
    You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time
  • Ms_Chocaholic
    Ms_Chocaholic Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    How many bedrooms do you have? Could you get another lodger?
    Thrifty Till 50 Then Spend Till the End
    You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time
  • elsien
    elsien Posts: 36,245 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How did you manage to accumulate the debt in the first place? Was it general overspending, big ticket items, a change in life circumstance?
    no judgement, but it helps to know where the debt came from in order to deal with it. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • fatbelly
    fatbelly Posts: 23,071 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    edited 5 February 2024 at 11:36PM
    £136 per month is not enough from a lodger. As well as using elec &gas there will be wear an tear on household appliances, making you think twice about a water meter and losing you your single adult discount on the council tax.

    Your situation may be about to get worse. Most councils are raising council tax 5% in April (double that in Brum and Somerset), you won't get another mortgage deal at 1.39% and those credit card payments are only that low on 3 cards wile they are on a 0% deal.

    Unless you can get to grips with this I can see you needing a debt management plan
  • MFWannabe
    MFWannabe Posts: 2,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    pusb said:
    Ms_Chocaholic said:
    Get a water meter (presume only 2 adults in the property) - I currently pay £14 pcm tho amount will depend on water company as prices vary across the UK.  When does your mobile contract(s) end - can you get a SIM only deal - you can get them for £6 pcm.

    Holiday - £166 pcm and emergency fund £70 pcm - can these be reduced (or the holiday one incorporated back into income) to pay off the debts.

    Prescription/dentist - currently £50.  Depending on how this is split could you get a pre payment certificate for the prescriptions, they are around £11 pcm.

    Is the other adult in the home able to work at all - even part-time?
    Hi, thanks for the reply. I'll look at a water meter but I've always been wary of them.
    Phone contract is up next April (2025)
    I do sometimes use the holiday fund to make one off payments to the debt
    Most of the £50 under Prescription/dentist is for my contact lenses, so I can't really get any help with that.

    Other adult in the house is my friend that is stopping with me for a while. What he pays me is the Other Income amount. He pays half the gas, electric, water, tv licence, and internet
    You need to increase the amount you get from your friend ASAP; that’s a ridiculously small amount to pay 
    MFW 2025 #50: £1139.75/£6000

    12/06/25: Mortgage: £65,000.00
    07/03/25: Mortgage: £67,000.00
    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    27/12/24: Debt: £0 🥳😁
    27/12/24: Savings: £12,000

    07/03/25: Savings: £16,500

  • HampshireH
    HampshireH Posts: 4,975 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    edited 6 February 2024 at 8:29AM
    Definitely need to up the lodger/friend amount. Your friend would pay that for 1 night in a hotel at yours he gets a month.

    You are being massively short changed there and need to take a more selfish/practical approach. They pay more or you get a lodger who will.

    A lodger wouldn't need to be forever but would massively help cut down the debt
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.7K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture