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Snugglepuss

Hi there - I've been reading through this site for a while and have finally plucked up the courage to register and post. So firstly I just thought I'd say hello.

I've been a good 'first poster' and have gone through the pain of all the links you've suggested in the board - so here I am to bare all. I'm not really in that bad a position I suppose - but my personal circumstances have changed and I guess my real problem is that I'm not in control any more. My fear is that over the next 12 months I need to get through to take control back again (reasons why will be elaborated on below) that I spiral into a situation I can't get out of.

So - my story. I'm 34, and 12 months ago bought a house with my husband. It's expensive, but we thought what the hell and did it anyway. We earned enough between us to be comfortable and still enjoy luxuries. Over the last 10 years or so we got into a habit of spending money for now - bad at saving, but always kept our heads above water and fundamentally enjoyed life. Probably a bad move - we never did long term planning or anything - but it's how we were. We also took out a £15,000 loan to do up the house and consolidate some silly overspending we'd done, with a view to making a tidy profit (not anticipating the current housing market situation either - never mind!). The idea behind that was to pay it back in full when the house was sold.

Unfortunately just a few months after taking on the commitment of the house and loan, we separated. It's fine, nothing acrimonious and we are still friends, but it means that I now have full responsibility for the house. My ex is paying the loan repayments, but I have the mortgage myself, and all the other associated house costs. I can't sell the house until May 2009 - partly because the mortgage is a 2 year fixed deal and I object to paying the BS money to get out of it, and partly because I need the time to actually get the work done on the house so it will sell.

So - my SOA is:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1670
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 270
Total monthly income.................... 1940

Monthly Expense Details
Mortgage................................ 1086
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 99
Electricity............................. 24
Gas..................................... 23
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 250
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 5.75
Contents insurance...................... 5.75
Life assurance ......................... 6.25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 29
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2262.75

Assets
Cash.................................... 1000
House value (Gross)..................... 184000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 187000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 173000...(1086).....5.5
Total secured debts........... 173000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................15000.....230.......6.8
Total unsecured debts..........15000.....230.......-

Monthly Budget Summary
Total monthly income.................... 1,940
Expenses (including secure debts)....... 2,262.75
Available for debt repayments........... -322.75
Monthly UNsecured debt repayments....... 230
Surplus(deficit if negative)............ -552.75

Personal Balance Sheet Summary
Total assets (things you own)........... 187,000
Total Secured debt...................... -173,000
Total Unsecured debt.................... -15,000
Personal net worth...................... -1,000

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

======== Enter any other useful information below ========

I've investigated a payment holiday on the mortgage, but because my LTV is 92% I can't. I'm struggling to change a lifestyle that said 'sod it i'll have that' because i used to have the funds to support it and don't any more. I'm trying really hard - I haven't bought clothes or shoes since December which is major for me - but it's not easy. I blew loads of money when my ex moved out - part of my therapy I think! I don't regret it as such - I needed it at the time - but it means I've got less money than I should have.

Any grand ideas on what else I can do? Is there something obvious I'm missing? Failing that thank you for reading such a load of waffle! I look forward to chatting with you.

Sx

hypno06

Hi there, and welcome aboard!

The two things that jump out at me are your figures for entertaining and for groceries.

Groceries at £300 for one person is way way way too high - you can cut this down by at least half - we live very comfortably on that figure for a family of 5. Get over to the old style board for ideas on fab meals etc for a fraction of your monthly cost .

Entertainment - whilst you don't want to necessarily give up "life" as such, you cannot afford £100 at the mo - think of other ways of socialising - dinner parties at home, free DVD trials through quidco etc, and free cinema tickets on the freebies thread, just for starters!

Also, get to know these boards - it is amazing what you can get for free on the freebies board - cosmetics, days out, cinema tickets, chocolate etc.

Keep a spending diary to keep your mind focused - you should soon realise that a lot of what you are spending is actually unnecessary and can be cut out without too much pain!!

Snugglepuss

Thank you.

Sorry - I should point out that I filled out that form thing being totally honest with what I have been doing up to now. I'm not any more - and I know it's excessive. Part of that was me trying to scare myself with what I've been doing. Comfort buying in the supermarket, for example. Buying junk food I don't need. Silly things like that.

I added up how much I spent in supermarkets from my last month's bank statement - it's all rubbish and I don't need it. I know that. I haven't been doing that this month though. I'll be interested to see what the statement says for this month when i get it.

Entertainment is the same. (mostly evenings in the pub to be honest - again uneccessary but it's hard staying in the house all the time)

Thank you though. I appreciate you taking the time to read it.

sophie27

Snugglepuss wrote: »

Hi there - I've been reading through this site for a while and have finally plucked up the courage to register and post. So firstly I just thought I'd say hello.

I've been a good 'first poster' and have gone through the pain of all the links you've suggested in the board - so here I am to bare all. I'm not really in that bad a position I suppose - but my personal circumstances have changed and I guess my real problem is that I'm not in control any more. My fear is that over the next 12 months I need to get through to take control back again (reasons why will be elaborated on below) that I spiral into a situation I can't get out of.

So - my story. I'm 34, and 12 months ago bought a house with my husband. It's expensive, but we thought what the hell and did it anyway. We earned enough between us to be comfortable and still enjoy luxuries. Over the last 10 years or so we got into a habit of spending money for now - bad at saving, but always kept our heads above water and fundamentally enjoyed life. Probably a bad move - we never did long term planning or anything - but it's how we were. We also took out a £15,000 loan to do up the house and consolidate some silly overspending we'd done, with a view to making a tidy profit (not anticipating the current housing market situation either - never mind!). The idea behind that was to pay it back in full when the house was sold.

Unfortunately just a few months after taking on the commitment of the house and loan, we separated. It's fine, nothing acrimonious and we are still friends, but it means that I now have full responsibility for the house. My ex is paying the loan repayments, but I have the mortgage myself, and all the other associated house costs. I can't sell the house until May 2009 - partly because the mortgage is a 2 year fixed deal and I object to paying the BS money to get out of it, and partly because I need the time to actually get the work done on the house so it will sell.

So - my SOA is:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1670
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 270 (What is this?)
Total monthly income.................... 1940

Monthly Expense Details
Mortgage................................ 1086
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 99 (Are you claming single persons allowance?)
Electricity............................. 24
Gas..................................... 23
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 15
Mobile phone............................ 50 (Quite high, what is your tariff like?)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 300 (V high!! Is this just food?)
Clothing................................ 20
Petrol/diesel........................... 250
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 5.75
Contents insurance...................... 5.75
Life assurance ......................... 6.25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 29
Entertainment........................... 100 (I don't want to say get rid but.....)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2262.75

Assets
Cash.................................... 1000
House value (Gross)..................... 184000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 187000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 173000...(1086).....5.5
Total secured debts........... 173000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................15000.....230.......6.8
Total unsecured debts..........15000.....230.......-

Monthly Budget Summary
Total monthly income.................... 1,940
Expenses (including secure debts)....... 2,262.75
Available for debt repayments........... -322.75
Monthly UNsecured debt repayments....... 230
Surplus(deficit if negative)............ -552.75

Personal Balance Sheet Summary
Total assets (things you own)........... 187,000
Total Secured debt...................... -173,000
Total Unsecured debt.................... -15,000
Personal net worth...................... -1,000

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

======== Enter any other useful information below ========

I've investigated a payment holiday on the mortgage, but because my LTV is 92% I can't. I'm struggling to change a lifestyle that said 'sod it i'll have that' because i used to have the funds to support it and don't any more. I'm trying really hard - I haven't bought clothes or shoes since December which is major for me - but it's not easy. I blew loads of money when my ex moved out - part of my therapy I think! I don't regret it as such - I needed it at the time - but it means I've got less money than I should have.

Any grand ideas on what else I can do? Is there something obvious I'm missing? Failing that thank you for reading such a load of waffle! I look forward to chatting with you.

Sx

Hello!

Hope you don't mind but put a few points in which might help you cut. 300 a month on groceries is really really high. Mine is 220 for me and OH and I'm trying to reduce.

Well done on posting and being so organised in the first one!

Soph x

Snugglepuss

Hi soph.

Thanks - I think our posts crossed there. Yes food is way too high - and entertainment.

Other income is the ex paying the loan repayment & a couple of other bits that he has now.

Mobile phone - I got a new one in December at £35 a month which is fine - but still have my old one at £15 a month until July this year when I can cancel it. Looking back it was daft to have both, but once my ex left I started using it a load more so had monthly bills of over £70 for 2 months in a row - hence getting the new one. That'll go as soon as I can though.

I've already cancelled some silly things like critical illness insurance, and income protection - luxuries I can't afford right now. I've just changed my house insurances (today in fact) and saved £80 in the process.

Nala

Hi Snugglepuss - other than the things hypno mentioned.... can you get your mobile phone bill down? That seems really high to me.

Also if you've been on a spending spree since your separation and also normally bought lots of stuff, have you considered ebaying?

Also what is the £100 for other travel? Can this be cut?

RedDino308

Hi,

Just a quick mooch through your SOA and a couple of things jumped out at me.

Your mobile bill is very high. Take a look at some of the articles and forums for ideas on how to bring it right down and still get the same (or similar) package.

Also, you have £250 month for diesel/petrol and £100 month for other travel. That's about 20% of your income. Could you get a more effecient car. What is the other travel - can it be done differently?

Finally, medical stuff coming in at £30/month. If you are getting prescriptions then, I seem to recall, that there is a lot of benefit in prepaying these...

Most important of all. Welcome and well done.

'308

Snugglepuss

Nala wrote: »

Hi Snugglepuss - other than the things hypno mentioned.... can you get your mobile phone bill down? That seems really high to me.

Also if you've been on a spending spree since your separation and also normally bought lots of stuff, have you considered ebaying?

Also what is the £100 for other travel? Can this be cut?

The £250 is petrol to get to work and back. The £100 for 'other' is petrol for anything else (e.g. weekends, shopping etc)

I'm trying to sort out my ebaying as well. I didn't really buy 'stuff' though - it was more nights out, a weekend in London, eating out, takeaways etc. Sadly stupid things I can't sell!

Snugglepuss

RedDino308 wrote: »

Hi,

Finally, medical stuff coming in at £30/month. If you are getting prescriptions then, I seem to recall, that there is a lot of benefit in prepaying these...

Most important of all. Welcome and well done.

'308

Sadly that's contact lenses (i've ditched the monthly scheme and buy cheaper online now) and dentistry, with the occasional prescription. Sadly no NHS dentists available so have to pay for private or nothing. Prescriptions aren't frequent enough to warrant the prepay - I've checked.

Thank you!

talliedebtbuster

Hi there

so sorry to hear of it not working out but its brill your getting back on track, im struggling myself this eve, i want a nandos, my fave takeway, but even with discount, (i get 20%) im thinkin no!!!! My sisters are getting takeaway but i think there is turkey steaks, flavour rice in the cupboard i could do that....ahh this is how hard it is going to be.

Every penny you will think about in detail to clear things.

Like everyone else, the food bill, really that is alot!! Try the value brands, really reduce it, you could drop that by 200 pounds if even just for a while.Use the internet sites to make up a list, look for the products you want and then print it off. Check out offers and ideas.

Entertainment, get rid of, you have a lovely house, and if you can drop this down tons. Find a free hobby, TV nights in, library, internet. Its amazing what there is. I am studying so am lucky this keeps me busy.

Mobile phone...thats high, try use your home phone, cheaper or MSN, Facebook chat. i discovered that one today!!

I cant think much else but i can understand how hard it must be, i really hope you can do it.

Good luck x

sophie27

I gave into the nando's craving last night, I can't seem to do anything when it takes hold!!

Snuggle - you seem to be v focused and I'm sure posting here will spur you on. Everyone is lovely and always keen to give advice!