Today I tell my husband...

mrs_lady

Oh btw, this is how thick I am when it comes to money, I have no idea of the APR% for anything. Its time I got savvy with the pennies eh? :rolleyes:

mrs_lady

One more thing, then I must do the housework...

Most of this debt came from silly spending, I accept that and won't make excuses for it, but Husband still reluctant for me to work, he says he could do some agency bank work, but that will not go towards debt, just pay off his overdraft. I accept most of debt down to me and I'll sort it out (eventually) but working would be good for my self esteem and I would feel more like I was sorting things properly. :mad:

Keeping_Positive

I think you have already figured out the areas to save, insurance, utilities and shopping. Nothing on here for your average person seems excessive its just you now have to cut back because of a tight budget.

Dont forget quidco when it comes to switching polices to get lots of cash back. Do delete cookies first (see tools along the top of the page).

Cant remember if you said you keep a spending diary. This is the one I use http://www.spendingdiary.com/. Also did you check out http://www.entitledto.co.uk/?

Good luck.

Why not join the April grocary challenge on the old style board? Its a really useful friendlt thread.

Welshlassie

mrs_lady wrote: »

Here we go...


Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 1463
Expenses (including secure debts)....... 1205.16
Available for debt repayments........... 257.84
Monthly UNsecured debt repayments....... 238
Surplus(deficit if negative)............ 19.84

Personal Balance Sheet Summary
Total assets (things you own)........... 196000
(Assets less secured debt).............. 126000
Total liabilities(what you owe)......... 75920
Personal net worth...................... 120080

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 923
Benefits................................ 540
Other income............................ 0
Total monthly income.................... 1463

Monthly Expense Details
Mortgage................................ 308.16
Secure loan repayments.................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 92
Electricity............................. 35
Gas..................................... 40
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 53 This is high, what else does it cover if just phone, cut it.
Mobile phone............................ 15 Do you really need this?
TV Licence.............................. 19 Why so high, mine is only £11.50
Satellite/Cable TV...................... 0
Internet Services....................... 16 You can get this lower, especially as you are paying so much for your phone aswell.
Groceries etc. ......................... 280 Visit the old style board for tips. Menu plans and shopping lists you stick to is the key here.
Clothing................................ 20
Haircuts................................ 0
Entertainment........................... 0
Petrol/diesel........................... 60 Can you cut this any at all, walk places instead?
Road tax................................ 10
Car Insurance........................... 23
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 40 What does this include?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 35 These seem quite high, get them checked
Contents insurance...................... 27
Life assurance ......................... 45 Again this is quite high, my joint life insuarance is only £19pm for £200k cover
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1205.16

Secure Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(308.16)...N/A
Total secured debts........... 70000.....N/A.......N/A

Unsecured Debts
Description....................Debt......Monthly...APR
capital one ...................520.......30........0
Vanquis........................400.......20........0
catalogues.....................3000......100.......0
Provident......................2000......88........0
Total unsecured debts..........5920......238.......N/A

Assets
Cash.................................... 0
House value (Gross)..................... 195000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 196000

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.We are going on u-switch later to compare prices for all our insurances and plan to switch them asap. I also know I am spending loads on groceries and bits and that all changes when we do the shopping, what is cheaper though, Lidl or say Asda smartprice for a big shop? Any comments would be grateful, although nobody tell me off, I feel bad enough already!:o

Well done on posting this. Things will get easier. You'll be amazed how quickly you will become money savvy and it becomes a way of life. I didn't think would every be, but we were potentially going to be overspending by £380 pm and at the end of this money we had £300+ left in our account so it can be done.

Keeping_Positive

Dont take too much blame for the debt. Its a 50/50 thing. He left you to it without enough support and by choosing to study made it hard with a low income.

chappers

Outside of your mortgage your debts are not that bad and judging by your balance sheet you do have some spare cash to throw at them. I would get back on to your CCCS counsellor and readjust your payment plan.
If you feel up to going back to work i think you should stand up to your husband on this one.As you said it is for your own self esteeem and your way of helpping you both out of your problems. Just be realistic about how it might affect your benefits though

MRSMCAWBER

Morning Mrs Lady

Been following your thread.... well done on bitting the bullet and telling hubby..
I haven't chipped in until now as you have been getting so much good advice, but thought i'd suggest that you might like to visit the Old style board when things settle downs and you get 10 minutes to yourself
Im sure that you will pick up loads of ideas on how to trim back your grocery budget a little.
You can even join the monthly "grocery challenge" we all set a budget and try and stick to it.. im sure you will get loads of recipes etc to help you save a little money that you could use elsewhere
Hope to see you over there when you feel up to it..
take care of yourself and your little ones and I hope things settle down for you soon ...

helliecopter_2

mrs_lady wrote: »

Oh btw, this is how thick I am when it comes to money, I have no idea of the APR% for anything. Its time I got savvy with the pennies eh? :rolleyes:

Hi Mrs Lady
Just wanted to say well done for having the confidence for telling your hubby. It must have been awful breaking it to him, but hopefully you feel better now it's in the open. Don't put yourself down as you've made a massive positive step and are facing your debt head on. I've been visiting this site for a few months now and am still surprised at the generous advice,help and support shared amongst MSEr's. You've certainly come to the right place and you and your family will get through this.

Good luck & all the best
Helliecopter
x

tallyhoh

With your income Im surprised that you only have the debts you do. Is the car necessary? who uses it.

jobbingmusician

It was the phone that jumped out of your SOA at me, too. Martin's latest newsletter gives details of a deal for phone and broadband for £16 pm (I guess you will probably have to pay BT rental - under £13 - on top of this).