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IS it THAT bad?

2»

Comments

  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    I'm with RAS on this one, you need an SOA, whether you post it here is up to you obviously but we can help a lot :)

    Please, please don't consolidate onto your mortgage, it isn't a solution if your SOA/budget doesn't work
    No longer using this account for new posts from 2013
  • loobie
    loobie Posts: 105 Forumite
    Here it is

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Monthly income after tax................ 565.32
    Partners monthly income after tax....... 890
    Benefits................................ 525.76
    Other income............................ 0
    Total monthly income.................... 1981.08


    Monthly Expense Details
    Mortgage................................ 429.14
    Secured loan repayments................. 214.15
    Rent.................................... 0
    Management charge (leasehold flat)...... 0
    Council tax............................. 104
    Electricity............................. 35
    Gas..................................... 30
    Oil..................................... 0
    Water rates............................. 33.23
    Telephone (land line)................... 5
    Mobile phone............................ 27.5
    TV Licence.............................. 11.61
    Satellite/Cable TV...................... 48
    Internet Services....................... 10
    Groceries etc. ......................... 280
    Clothing................................ 2
    Petrol/diesel........................... 125
    Road tax................................ 5
    Car Insurance........................... 42.95
    Car maintenance (including MOT)......... 1
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 84
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 18.95
    Contents insurance...................... 0
    Life assurance ......................... 11
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 5
    Haircuts................................ 0
    Entertainment........................... 2
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1524.53


    Assets
    Cash.................................... 0
    House value (Gross)..................... 128000
    Shares and bonds........................ 0
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 133000


    Secured Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 85000....(429.14)...5.59
    Secured Debt.................. 15000....(214.15)...11.9
    Total secured debts........... 100000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Amazon.........................2700......56........6.95
    First Direct...................4100......140.......4.95
    Skycard........................2000......35........0
    MBNA...........................1900......40........17.9
    Total unsecured debts..........10700.....271.......-


    Monthly Budget Summary
    Total monthly income.................... 1,981.08
    Expenses (including secured debts)....... 1,524.53
    Available for debt repayments........... 456.55
    Monthly UNsecured debt repayments....... 271
    Surplus(deficit if negative)............ 185.55


    Personal Balance Sheet Summary
    Total assets (things you own)........... 133,000
    Total Secured debt...................... -100,000
    Total Unsecured debt.................... -10,700
    Personal net worth...................... 22,300


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


    ======== Enter any other useful information below ========
  • RAS
    RAS Posts: 35,765 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    hiya

    That's a pretty impressive SOA. Well done.

    How many in the household? You, OH and the 2 children?
    If you've have not made a mistake, you've made nothing
  • RAS
    RAS Posts: 35,765 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    loobie wrote: »
    Here it is

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Monthly income after tax................ 565.32
    Partners monthly income after tax....... 890
    Benefits................................ 525.76
    Other income............................ 0
    Total monthly income.................... 1981.08

    Monthly Expense Details
    Mortgage................................ 429.14
    Secured loan repayments................. 214.15
    Rent.................................... 0
    Management charge (leasehold flat)...... 0
    Council tax............................. 104 - can you negoitiate to pay over 12 months instead of 10?
    Electricity............................. 35
    Gas..................................... 30
    Oil..................................... 0
    Water rates............................. 33.23
    Telephone (land line)................... 5
    Mobile phone............................ 27.5
    TV Licence.............................. 11.61
    Satellite/Cable TV...................... 48 - you cannot afford this at the mo, go for freeview
    Internet Services....................... 10
    Groceries etc. ......................... 280 - if this is 2 adults and 2 kids, you can cut this considerably. Stat by takin git done £50 thois month and another £50 the month after.
    Clothing................................ 2
    Petrol/diesel........................... 125 - are the journeys necessary. Is the cost of works for work reclaimed from employer?
    Road tax................................ 5
    Car Insurance........................... 42.95 - this is quitre hig, can you chekc the comparison sites
    Car maintenance (including MOT)......... 1 - is the car new? How much are tyres?
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 84
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 18.95
    Contents insurance...................... 0
    Life assurance ......................... 11
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 5
    Haircuts................................ 0
    Entertainment........................... 2
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1524.53

    Assets
    Cash.................................... 0
    House value (Gross)..................... 128000
    Shares and bonds........................ 0
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 133000

    Secured Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 85000....(429.14)...5.59
    Secured Debt.................. 15000....(214.15)...11.9
    Total secured debts........... 100000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Amazon.........................2700......56........6.95
    First Direct...................4100......140.......4.95
    Skycard........................2000......35........0
    MBNA...........................1900......40........17.9 - this is the one to tackle urgently.
    Total unsecured debts..........10700.....271.......-

    Monthly Budget Summary
    Total monthly income.................... 1,981.08
    Expenses (including secured debts)....... 1,524.53
    Available for debt repayments........... 456.55
    Monthly UNsecured debt repayments....... 271
    Surplus(deficit if negative)............ 185.55 - so were is this £185 going?

    Personal Balance Sheet Summary
    Total assets (things you own)........... 133,000
    Total Secured debt...................... -100,000
    Total Unsecured debt.................... -10,700
    Personal net worth...................... 22,300

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

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

    Hi, you need to workmout where the surplus is going. I suspect some is actually budgetted. Both keep a spending diary to find out where the leaks are. And you could find another £100-£150 to hit that MBNA card with.

    With that sort of rate, you need to pay the minimum off the other debts and put all your effort in sorting out the MBNA CC.
    If you've have not made a mistake, you've made nothing
  • cat4772
    cat4772 Posts: 2,467 Forumite
    loobie wrote: »
    Here it is

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Total monthly income.................... 1981.08

    Monthly Expense Details
    Mortgage................................ 429.14
    Secured loan repayments................. 214.15

    Council tax............................. 104
    Electricity............................. 35
    Gas..................................... 30
    Water rates............................. 33.23
    Telephone (land line)................... 5
    Mobile phone............................ 27.5 is this contract or PAYG. If contract can this be reduced?
    TV Licence.............................. 11.61
    Satellite/Cable TV...................... 48 do you watch everything, use all the services; think this can be cut down
    Internet Services....................... 10 on top of telephone and satellite too much, there are deals out there that combine all these for less money.
    Groceries etc. ......................... 280 this is an awful lot; check out money saving old style for ideas etc, cooking from scratch has reduced my monthly food bill from £200 (not including lunch bought at work x2) down to £150 (includes lunch for 2 adults and 1 takeaway each month)/
    Clothing................................ 2
    Petrol/diesel........................... 125 this is a lot, is any reclaimable?
    Road tax................................ 5
    Car Insurance........................... 42.95
    Car maintenance (including MOT)......... 1 assume the car is either new or company car otherwise need to revise this figure.
    Childcare/nursery....................... 84
    Buildings insurance..................... 18.95
    Life assurance ......................... 11
    Presents (birthday, christmas etc)...... 5
    Entertainment........................... 2
    Total monthly expenses.................. 1524.53

    Assets
    House value (Gross)..................... 128000
    Car(s).................................. 5000
    Total Assets............................ 133000

    Secured Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 85000....(429.14)...5.59
    Secured Debt.................. 15000....(214.15)...11.9
    Total secured debts........... 100000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Amazon.........................2700......56........6.95
    First Direct...................4100......140.......4.95
    Skycard........................2000......35........0
    MBNA...........................1900......40........17.9
    Total unsecured debts..........10700.....271.......-

    Monthly Budget Summary
    Total monthly income.................... 1,981.08
    Expenses (including secured debts)....... 1,524.53
    Available for debt repayments........... 456.55
    Monthly UNsecured debt repayments....... 271
    Surplus(deficit if negative)............ 185.55

    Personal Balance Sheet Summary
    Total assets (things you own)........... 133,000
    Total Secured debt...................... -100,000
    Total Unsecured debt.................... -10,700
    Personal net worth...................... 22,300

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

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

    Loobie

    Savings can be made on this SOA. Groceries can be reduced drastically. As Ras says, aim for £50 each month, but do check out MS Old style for ideas on how to achieve this; menu planning, challenges etc (it is doable), or even the reduce a level i.e. instead of buying premium, buy own brand.

    Check out what's the cost to see what your debt free date is, play around with overpayments etc and see how paying off the most expensive debt will reduce debt free date.

    Your debt is manageable in that you have cash left over each month; do you know where this cash goes each month? If not, keep a spending diary (those coffees, magazines etc soon add up).

    Also, check out the other tools - my husband wasn't that bothered about the debt until I told him how much he'd waste on the interest alone. Let's say he could have bought half a dozen scooters for himself or quite a nice new car for me!!

    Cat.x
    DFW Nerd Club #545 Dealing With Our Debt
    :onever attribute anything to malice which can be adequately explained by stupidity, [paranoia or ignorance] - ZTD&[cat]
    :othe thing about unwritten laws is that everyone has to agree to them before they can work - *louise*

    March GC £113.53 / £325
  • klane
    klane Posts: 272 Forumite
    Shop around for better TV/internet/phone packages - ours is with Virgin Media and we get all three for £30 p/month as a package (exc calls). You could save yourself over £30 a month straight away there.
    Debt - Loan: £1150 C/C: £4763 @ 0%.

  • poppyg_2
    poppyg_2 Posts: 322 Forumite
    Great advice so far.

    I agree with the others, groceries looks very high, I have cut down mine using meal plans and looking at the old style boards, great tips/recipe ideas on there

    I'd definitely use at least some of the surplus (if it's a genuine surplus and isn't getting eaten away on bits and bobs - it's easily done :) ) needs to go on slashing that MBNA card right down
    Money doesn't make you happy so I'm skint but cheerful :beer:
  • jak
    jak Posts: 2,027 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Meal plan! It is amazing how much you save when you meal plan then write a shopping list! AND it saves you time too! I just can't stress this enough. I brought down our grocery bill by half by doing this!
    Good luck
    J
    X
    2022 Comp total (prizes + free spins): £494.81 #20 £12 a day Jan: £382.95/£372 #57 360 1p challenge: £17.70 £10 a day Feb: £571.09/£280 March: £311.96/£310
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