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After Advice Please
Comments
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Look round the house and garden.
Anything clothes wise, baby clothes or toys outgrown,jewellery, house hold goods, the usual things people list on eBay or Vinted
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Also I have just read this week's MSE weekly email and it shows SIM only deals from £3 + per month with Lebara amongst others.
Maybe if you were to post a complete SOA , cutbacks could be found elsewhere also?
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Amazing what sells on Vinted!
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan.[/b] [11 months left.[/b]1 -
Depends you mean by days out? I've found it helpful to get very granular. Trips away are paid from the holiday budget (£200 per month including the family holiday). Taking the family into the city for shopping day would come out of the £50. It's non-essential fuel, parking and lunch. We probably do that about once a year after Xmas so the kids can spend their Xmas money. Next thing has to wait until the next month.
My Debt free diary
https://forums.moneysavingexpert.com/discussion/6492297/10-000-steps-1-step-at-a-time1 -
Update Statement of Affairs
Summary
- Total monthly income: £4690
- Total monthly expenditure:
£4351.99 - Available for unsecured debt repayments: not sure
- Unsecured debt repayments:
£1,115.35 - Monthly surplus / shortfall:
£338.01 - Total assets: house 280,000 - cars 12,000
- Secured / HP debt: 195,000 mortgage
- Unsecured debt:
£45,000 - Net assets:
Household information
- Adults in household: 2 — Notes: house with mortgage
- Children in household:
2— Notes: Aged 5 and 2 - Cars owned: 2
Income
Wages / salary / self-employment- Income after tax:
£2,190 per month - Partner’s income after tax:
£2,500 per month - Non-dependant contributions:
£0.00 per month - Overtime:
£0.00 per month Total wages / salary / self-employment: £2,100.00 per month
Benefits- Benefits:
£0 per month - Partner’s benefits:
£0.00 per month - Child benefits:
£178 per month - Housing benefits:
£0.00 per month Total benefits: £178 per month
Pensions- My pension:
£0.00 per month - Partner’s pension:
£0.00 per month Total pensions: £0.00 per month
NOTSURE-willupdateOther income- Child maintenance:
£0 per month Total other income: £0 per monthTotal income: £0 per month
Expenditure
Housing costs- Mortgage:
£691.20 per month - Rent:
£0 per month - Service charges / ground rent / estate charges:
£0.00 per month - Council tax:
£182.90 per month - House insurance:
£12.33 per month - Secured loan / HP payments:
£0.00 per month - Property repairs and maintenance:
£0 per month Total housing costs: £886.43 per month
Food / housekeeping- Groceries, toiletries, cleaning products, etc.:
£600 per month - Lunches / eating out / takeaways:
£80 per month - Retail / other shopping:
£40.00 per month Total food / housekeeping: £720 per month
Utilities- Electricity + Gas:
£135.00 per month - Water:
£78.00 per month - Mobile:
£101 per month - Landline & Internet:
£28 per month Total utilities: £342.00 per month
Entertainment / subscriptions- TV subscriptions / streaming / cable:
£32.99 per month - TV licence:
£12.97 per month - Gym / clubs / memberships:
£28.00 per month - Hobbies / days out:
£00.00 per month Total entertainment / subscriptions: £73.96 per month
Insurance / protection- Life/ health insurance - 85.42
Total insurance / protection: £85.42 per month
Transport- Car finance / HP payment:
£0 per month - Public transport / other travel:
£0.00 per month - Vehicle tax:
£34.12per month - Car insurance:
£73.76 per month - Petrol or diesel:
£140 per month - MOT / maintenance:
£0 per month - Parking / tolls:
£0.00 per month - Breakdown cover:
£0.00 per month Total transport: £247.88 per month
Children / education- Childcare:
£450 per month - School / education costs:
£0.00 per month - Children’s activities / pocket money:
£0.00 per month Total children / education: £450.00 per month
Pets- Pet insurance / vet bills:
£11.47 per month - Pet Health Club - 22.99
- Pet food:
£25 per month - cr
umb-4.99 DogWalker-132.00apermonthTotal pets: £196.45 per month
Medical / care- Dentist / optician:
£0.00 per month - Medication / prescriptions:
£0.00 per month - Care / disability costs:
£0.00 per month Total medical / care: £0.00 per month
Personal- Clothing / footwear:
£70.00 per month - Hairdressing / haircuts:
£20.00 per month Total personal: £90.00 per month
Irregular / annual costs- Presents / birthdays / Christmas:
£0.00 per month - Holiday:
£100.00 per month - Annual bills:
£00.00 per month - Household repairs / appliance replacement:
£00.00 per month - Other sinking funds / planned irregular costs:
£0.00 per month Total irregular / annual costs: £100.00 per month
Money set aside- Emergency fund contribution:
£0.00 per month - Other savings / pots:
£0.00 per month Total money set aside: £0.00 per month
Other- Bank account fee:
£00.00 per month Total other: £00.00 per monthTotal expenditure: £0.00 per month
Secured debts and hire purchase
- Mortgage — Debt:
£140.464; Monthly payment:£693.08; APR:- - Help to buy equity loan — Debt:
£56,000; Monthly payment:£60.00; APR:- - Hire purchase — Debt:
£0; Monthly payment:£0.00; APR: 0
Unsecured debts
- M&S Loan — Debt:
£19,626; Monthly payment:£434.75; APR: 10.90% - Admiral Loan — Debt:
£25,373.36; Monthly payment:£680.60; APR: 8%— Notes: Fixed payment
Assets
- Cash / savings / emergency fund:
£0 - House value:
£280.000 - Shares and bonds:
£0.00 - Car(s):
£11,000 - Other assets:
£0.00
Kids clubs
dancing - 47
acro - 17.50
swimming - 52 (free until September)
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In terms of identifying where your gaps are in terms of not having irregular amounts covered so more than likely using credit - car maintenance, medical costs, emergency fund, hobbies and days out all being at £0 immediately jumps out. Is this a realistic SOA?
DFW info LBM: March 26
Total 03/26 69,481
"You put one foot in front of the other and one day you look back and see that you have climbed a mountain" Ready for the climb.💪
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Roughly you have £663 not accounted for and left over each month.
Are you overpaying the loans or saving this amount? Because you are showing no savings at the moment.?
The loan at 10.9 % nearly half of the payment is interest. So I would be trying to get at least £500 extra each month thrown at this.
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not at the moment this is just spending money on things that pop up - which always seem to happen
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Nothing for birthdays or Christmas either
Mobile phone bill stands out, are you paying for the handset? Or in contract?
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That is where getting the budget right is important. Because then anything that does pop up should be covered in your plan spending. And that is quite a lot each month for things that just pop up. Can you go back through statements and out where it’s evaporating to and amend the budget accordingly. No one gets it right first time.
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.1
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