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Budget help please?
jimbo2010
Posts: 125 Forumite
Hi,
can anyone tell me if my budget is ok? If there are things missing, can you let me know. My wife pays for a lot of stuff so that’s why it will not appear on here. The reason the travel cost is so high is that I commute from Liverpool to Leeds for my job 4 days a week and I won’t be able to change that until September 2025 as I am on a training programme.
can anyone tell me if my budget is ok? If there are things missing, can you let me know. My wife pays for a lot of stuff so that’s why it will not appear on here. The reason the travel cost is so high is that I commute from Liverpool to Leeds for my job 4 days a week and I won’t be able to change that until September 2025 as I am on a training programme.
[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......... 2
Number of cars owned.................... 1[b]
Monthly Income Details[/b]
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 2200[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 85
Gas..................................... 65
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 110
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 300
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 500
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 14
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1724[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0[b]
Total Assets............................ 1200[/b]
[b]
No Secured nor Hire Purchase Debts[/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Monzo Loan.....................2095......40........0
Monzo Flex.....................332.......30........0
Monzo overdraft................552.......30........0
Credit spring..................150.......50........0
Halifax........................512.......50........0
Vanquis........................954.......50........0
John Lewis ....................764.......40........0
Fluid..........................2007......50........0
Capital One....................2437......100.......0[b]
Total unsecured debts..........9803......440.......- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,724
Available for debt repayments........... 476
Monthly UNsecured debt repayments....... 440[b]
Amount left after debt repayments....... 36[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 1,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,803[b]
Net Assets.............................. -8,603[/b]
[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
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Comments
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wife's wages, childrens benefits, presents, entertainment , contents insurance , emergency fund are all missing and why only £50 council tax
why is road tax free
if many things are missing, then do a new budget that includes your wages, wife's wages, (and every outgoings total, not who pays what, but the total paid)
if you live with someone you need a full budget that includes their income, as bills are shared , but put down grand total for each monthly outgoings bill, , even if your partner has no credit debt
you can then see how you should split the outgoings based on % ratios of wages, if you want to arrange some sort of payment plan with creditors, as you will show how much you have left over after bills have been split according to wages ratio split
eg 50/50 60/40, where you can then show creditors how much YOU have left over at end of month, so creditors can see what is a fair contribution from YOU,
car MOT , servicing and repairs is far too low, is it a mobility car?
mobile is far too high, mines is £10 a month unlimited calls, texts and 7 gig of dataChristians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
I thought if I was going to do a DRO, I only put my wages in and not my wife’s and only my contribution to things? Is that not correct?
There is no car tax as it is exempt due to the engine. The mobile phones is high because I have 3 contracts which I can’t reduce as on contract0 -
dro includes all income and all bills, then it is worked out the ratio of wages, so they can work out exactly how much YOU have left over, eg above or below the £75 limit
eg your wages£2000
wife's wages £2000
total outgoings £4000
your % is 50% , wife's is 50% thus you have nothing left over., if are bills are joint. and nobody has individual obligations
but say if some bills are not joint, eg the car is your name, then mot, car insurance, repairs, breakdown cover are your outgoings which could take you into a deficit budget and wife's into a positive budget
in a dro, the advisor wants to know total wages, and how the bills are split, base on obligations, eg water, gas, food, rent is probably both obligated
but some things may be only yours, then the advisor can see exactly what is left over at end of month for YOU.
dro is a type of insolvency, like bankruptcy , in bankruptcy the partners wages are wanted as well to work out what you have left over at end of month, based on obligations and % split to see if you have to make a monthly contribution to your bankruptcy each monthChristians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
Can I ask what if I earn more than my wife by say £600 per month, how is the bill split worked out?0
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you would both a different amount , you will pay a little moreChristians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
That was going ok until that last question.
If you can produce a household income/expenditure/debts statement then we can have a discussion of options.
I suspect a DRO is not one of them but I've subscribed so can revisit that question if needed0 -
Google joint budgets and debt relief orders
and follow fatbellys advice, new SAO please
Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
Please see attached and let me know if figures are too high/low please -[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 2Number of children in household......... 2Number of cars owned.................... 1[b]Monthly Income Details[/b]Monthly income after tax................ 2200Partners monthly income after tax....... 1500Benefits................................ 170Other income............................ 0[b]Total monthly income.................... 3870[/b][b]Monthly Expense Details[/b]Mortgage................................ 0Secured/HP loan repayments.............. 0Rent.................................... 900Management charge (leasehold property).. 0Council tax............................. 128Electricity............................. 85Gas..................................... 65Oil..................................... 0Water rates............................. 50Telephone (land line)................... 0Mobile phone............................ 145TV Licence.............................. 14Satellite/Cable TV...................... 0Internet Services....................... 30Groceries etc. ......................... 600Clothing................................ 70Petrol/diesel........................... 110Road tax................................ 0Car Insurance........................... 45Car maintenance (including MOT)......... 40Car parking............................. 0Other travel............................ 570Childcare/nursery....................... 0Other child related expenses............ 150Medical (prescriptions, dentist etc).... 30Pet insurance/vet bills................. 50Buildings insurance..................... 0Contents insurance...................... 15Life assurance ......................... 45Other insurance......................... 0Presents (birthday, christmas etc)...... 50Haircuts................................ 30Entertainment........................... 50Holiday................................. 30Emergency fund.......................... 60[b]Total monthly expenses.................. 3362[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 0Shares and bonds........................ 0Car(s).................................. 1200Other assets............................ 0[b]Total Assets............................ 1200[/b][b]No Secured nor Hire Purchase Debts[/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRMonzo Loan.....................2095......40........0Monzo Flex.....................332.......30........0Monzo overdraft................552.......30........0Credit spring..................150.......50........0Halifax........................512.......50........0Vanquis........................954.......50........0John Lewis ....................764.......40........0Fluid..........................2007......50........0Capital One....................2437......100.......0[b]Total unsecured debts..........9803......440.......- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 3,870Expenses (including HP & secured debts). 3,362Available for debt repayments........... 508Monthly UNsecured debt repayments....... 440[b]Amount left after debt repayments....... 68[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 1,200Total HP & Secured debt................. -0Total Unsecured debt.................... -9,803[b]Net Assets.............................. -8,603[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]0
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you won't get a dro your budget needs to be something like £3800 in £3800 out after paying all priority, essential living costs.
your household has over £500 free left over , you are looking a debt management plan here solution Imo
the problem we all come across when you live with a partner, be it universal credit,bankruptcy dro, DMP, is their income comes into the calculation.
it be great to say I pay everything in house hold, wife pays nowt, forget about her wages, keep her out of this, it's my problem, my debts, it's none of your business,thus I'm mega skint to insolvency person or creditors or dwp. , thus I want the best deal for a broke person
(I'm still going through this logistical nightmare myself.)
you see where I'm coming from , cos I have that problem too.
it seems easier to be mega broke and you live on your own and only have a tiny wage and lots of bills., the best solutions seem to be easier to get
in all seriousness , I think you will get a debt management plan
best wishes my friend
hope you don't mind the plain talk, cos I'm a plain talking no nonsense guy lol.
reminds of a time with old girlfriend that got some housing benefit, she was on low wage, and terrified I stay over too many nights with her. scared of the DWP, many years ago., even though I gave her nothing for rent, gas, water, except a box of chocolates
lol
all the best mateChristians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
Thanks, can anyone advise if any of the figures are too low or too high please0
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