Why cant we seem to manage

andru

Me and the wife really struggle just after payday when all the bills have gone out.I've enclosed my SOA and really need to cut back somewhere but for the life of me i dont know where,We really go out but do drink i the house,probally spending between £80-£100 per month!!
Anyway here it is

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income3,163Monthly expenses (incl. secured loans)1,760Available for debt repayments1,403UNsecured debt repayments522Surplus881

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)173,000Total Secured Debt-85,000Total Unsecured Debt-12,550Personal net worth75,450
Comments on the results
You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £881 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at https://www.makesenseofcards.com.
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1650Partners monthly income901Benefits506Other income106Total monthly income3163

ExpensesAmount(£)Mortgage685Secured loan payments0Rent0Management charge (leasehold flats)0Council tax105Electricity35Gas35Oil0Water Rates25Telephone (land line)13.5Mobile phone65TV Licence12.5Satellite/Cable TV52Internet services0Groceries etc.280Clothing60Petrol/diesel180Road tax40Car Insurance56Car maintenenance (including MOT)10Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance15Contents Insurance15Life Assurance58Other Insurance0Presents (birthday, christmas etc.)10Haircuts8Entertainment0Holiday0Emergency Fund0Total monthly expenses1760

Secured Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage85000(685) 5Secured Debt totals85000- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)car loan60002920Barclaycard47501500Cahoot loan1800800Unsecured Debt totals12550522-

Asset DescriptionValue (£)Cash0House Value (Gross)165000Shares and bonds0Car(s)8000Other assets (e.g. endowments, jewellery etc) 0Total Assets173000

Thanks for looking at this for me/us

~Beanie~

Hope you don't mind, I'm just trying to make your SOA a bit easier to read!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 901
Benefits................................ 506
Other income............................ 106
Total monthly income.................... 3163

Monthly Expense Details
Mortgage................................ 685
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 105
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 13.5
Mobile phone............................ 65
TV Licence.............................. 12.5
Satellite/Cable TV...................... 52
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 60
Petrol/diesel........................... 180
Road tax................................ 40
Car Insurance........................... 56
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 58
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 8
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1860

Assets
Cash.................................... 0
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 173000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(685)......0
Total secured debts........... 85000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
car loan.......................6000......292.......0
barclaycard....................4750......150.......0
Cahoot.........................1800......80........0
Total unsecured debts..........12550.....522.......-

Monthly Budget Summary
Total monthly income.................... 3,163
Expenses (including secure debts)....... 1,860
Available for debt repayments........... 1,303
Monthly UNsecured debt repayments....... 522
Surplus(deficit if negative)............ 781

Personal Balance Sheet Summary
Total assets (things you own)........... 173,000
Total Secured debt...................... -85,000
Total Unsecured debt.................... -12,550
Personal net worth...................... 75,450

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I've added the £100 you spend on drinking at home into 'Entertainment'. I don't really understand why you say you are struggling, according to this you have over £750 suprlus per month. Do you know what this gets spent on? If not, I suggest you keep a spending diary and write down everthing you spend money on - it will soon show you where your money goes!

andru

I have just started to use Quicken to track where it all goes.I'm going to keep a very close eye on things as it is really getting us down at the moment.

Thanks

How did you manage to do that, i just filled in the SOA form then did a "print copy" and then copied into my thread.

Thanks again

Stinkybell

If you are looking to make some cutbacks, there are a few glaringly obvious candidates:

£65 for your mobiles (I hope to God that covers at least 2!) can be cut right back on,
£52 for Sky (and broadband?) you can get much cheaper deals, maybe include landline too?
£286 for cars is a HUGE expence. £480 a year for road tax means you have more than one, and they have massive engines. Downgrade to a car worth around 2k and you could half your unsecured debt almost instantly!

Hope this helps a bit

Bismarck

Hi,

You've so much spare cash to throw at the debts you can be done quite quickly...check the snowball calculator at whatsthecost.com.

The bit I'd like to know is the interest on the unsecured debt part :

car loan.......................6000......292.......0
barclaycard....................4750......150...... .0
Cahoot.........................1800......80....... .0

are you paying more interest than you need to here?

otherwise, if you think about going without drink for a while until you've cleared your debts you can then start saving....

well done for recognising that something needed to be done, though! - this could have drifted into something worse.

Cleosmum

andru wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 901
Benefits................................ 506
Other income............................ 106
Total monthly income.................... 3163

Monthly Expense Details
Mortgage................................ 685
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 105 Is this over 10 or 12 months?
Electricity............................. 35 Can this be cut back by switching?
Gas..................................... 35 Can this be cut back by switching? Use a cashback site.
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 13.5
Mobile phone............................ 65 Is this contract? How many phones? £10 a month per phone on PAYG is a good aim.
TV Licence.............................. 12.5
Satellite/Cable TV...................... 52 Cancel and get a freeview box.
Internet Services....................... 0
Groceries etc. ......................... 280 How many is this for? Visit the old style board to bring this down.
Clothing................................ 60 Can you cut this back til things are better?
Petrol/diesel........................... 180 Can this be cut back?
Road tax................................ 40
Car Insurance........................... 56 High, can you get a better deal?
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 58
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 8
Entertainment........................... 100 Very high, needs to be cut to the bone until things are better.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1860

Assets
Cash.................................... 0
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 173000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(685)......0
Total secured debts........... 85000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
car loan.......................6000......292.......0
barclaycard....................4750......150.......0
Cahoot.........................1800......80........0
Total unsecured debts..........12550.....522.......-

Monthly Budget Summary
Total monthly income.................... 3,163
Expenses (including secure debts)....... 1,860
Available for debt repayments........... 1,303
Monthly UNsecured debt repayments....... 522
Surplus(deficit if negative)............ 781

Personal Balance Sheet Summary
Total assets (things you own)........... 173,000
Total Secured debt...................... -85,000
Total Unsecured debt.................... -12,550
Personal net worth...................... 75,450

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I have put my comments in red above. You have quite a bit left over each month, so I think its vital to start a spending diary today

andru

1.The car loan was orignally for £7800 with A&L but the balance is about what i quoted with a APR of 7.8%.There is 14 months left on this.

2.The barclaycard was a balance tranfer (but we have spent on it and cut it up this morning!)

3.The cahoot loan is a flexible loan but the APR is about 15% on this.

We have decided to curb the drinking alot but thats hard in itself.

Chheers

andru

The council tax is over 10 months
I'm going onto payg in August when my contract ends
The car insurance is for TWO cars
With the gas and electricity i used Uswitch and this was the best deal i could get
The food bill is for 2 adults and 3 kids under 16
with the sky i get my telephone call,internet access and also the tv with it.

I totally agree the amount we spend on booze is way too much and that is the first thing we are dealing with.

Thanks

Cleosmum

Who is your landline phone with? If BT, what about swapping to Talk Talk and getting the broadband free deal? You can also earn cash back from places like Quidco. http://www.talktalk.co.uk/talktalk/servlet/gben-server-PageServer?article=MAIN.UK.TALKTALK.STATIC.TESTHUB It may be slightly more than your current landline, but you will be saving quite a bit a month by getting rid of Sky.

Swap to paying council tax over 12 months.

Food bill: my budget is £200 a month for 2 adults and 3 kids. Cook from scratch, visit the old style board for some hints and tips. I could probably get my bill below £200, but thats a challenge for another month.

bank_of_slate

Hi Andru
Welcome to the board...
What does the £100 entertainment cover?
Why don't you both try keeping a spending diary to see where all the money goes? It's amazing how the odd lunch, drink, newspaper bumps up the total spend without realising!
You've come to the right place for support
...Linda xx

tyllwyd

andru wrote: »

The food bill is for 2 adults and 3 kids under 16

When I read your SOA I assumed it was for two adults only. Looking at it, you have 'child-related expenses' as £0, birthdays as £10, your entertainment bill is basically alcohol for the adults - I'm not sure you are being realistic about what you spend. Kids are expensive! and I would guess maybe you are spending more on them than you think.