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  • FIRST POST
    • stinabean
    • By stinabean 12th Jun 19, 1:35 PM
    • 155Posts
    • 179Thanks
    stinabean
    SOA, help please!
    • #1
    • 12th Jun 19, 1:35 PM
    SOA, help please! 12th Jun 19 at 1:35 PM
    Hiya

    So we're definitely spending more than we earn as we're both constantly, more me than the OH, in our overdrafts.

    Basic SOA below. Have not included things like clothes, prescriptions etc as these just don't currently happen. We also don't save up for the MOT etc and we have to scrabble for the money when it comes around - obviously I'd love to change this but need to crush some of this debt first.

    My salary - £1,262, will change to 1,350 in Jan 2020
    Partners salary - £1,250
    Benefits - £80
    Total - £2,592

    Monthly Outgoings:

    Mortgage/Rent - £574.82
    Council Tax - £125
    Water - £24
    Gas - £20
    Electric - £40
    TV License - £12.88
    Phone - £29 (this is both contracts)
    Food - £300 (this is approx what we spend, willpower needed to shrink it down)
    Petrol - £40
    Life Insurance £27.95
    Home Insurance - £22
    Car tax - £17.06
    Car insurance - £35.51
    Car - £219.87
    Virgin - £78.87 – contract ends Aug and can't wait
    Netflix - £9.99
    Spotify - £10
    PSN - £6.99
    Vets - £14
    Childcare - £735 (this varies, so have gone with the most expensive month)

    Total: £2,342.94

    Debts
    Boiler – 83.33 till dec 2019
    Windows - £39.10 till 2022

    = £122.43 out

    = £2,465.37 total

    Credit cards:
    MBNA - £28 a month, owe £1,568.13 (me)
    Halifax - £41 a month, owe £1633.98 (me)
    Barclays - £29 a month, owe £1147.31 (me)

    Barclays - £22 a month, owe £948.15 (OH)
    Lloyds - £20 a month, owe £1,950 (OH)

    = £140

    Total outgoings - £2,605.37

    So monthly we are short by an average, as childcare changes per month, of £13.37.

    It doesn't seem much to be in the red, however I would love to have some "spare" money to throw at credit cards.

    I know things like Spotify, PSN etc aren't needed. This is my OH and as he doesn't get to spend on himself, this is it for him.
    Will be cancelling Virgin next month as the contract ends in Aug.
    Can't downsize the car as we need a big car with a baby and a dog, all our family lives 4 hours away so large car to carry all our stuff.

    Any tips? I'm also looking for a second job but is proving difficult.

    Please be kind, and sorry for rambling.

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    Last edited by MSE Tine; 19-06-2019 at 9:11 AM.
Page 2
    • warby68
    • By warby68 13th Jun 19, 5:33 AM
    • 1,359 Posts
    • 10,867 Thanks
    warby68
    The car seems just too expensive for your current income and commitments.

    If you only spend £40 pm on fuel and you work from home, could you manage without? Possibly hire a car for family visits? More brutally, can family come to you for a year or two?

    Childcare costs appear to negate the benefit of you working from home full time. Why are they so high in this scenario?

    Husband insisting on multiple entertainment streams suggests he's not quite on board with how tight your budget now is and also more brutally how low your incomes are.

    Low incomes unfortunately don't easily support a family plus mortgage plus car plus luxuries. Something probably has to give during the childcare years to void a debt spiral. Longer term, increasing your income is the best bet for a lifestyle change.

    Some of the items missing from your SoA are needed regardless (clothes, presents and car maintenance are obvious ones) and it should be completed fully. Suspect your shortfall is a bit higher.

    Your food budget looks an immediate win of possibly £50-£100 pm and losing one or two of the entertainments for a while - in your case each £10 pm really counts. Husband probably still thinks 'its only a tenner'. What about him alternating - a few months of each, not all at once?

    Surveys and other bits of online earning could add a bit as well.
    • EssexHebridean
    • By EssexHebridean 13th Jun 19, 8:43 AM
    • 9,498 Posts
    • 48,966 Thanks
    EssexHebridean
    To put the entertainment stuff into perspective in a way that might shock your husband, OP, if you add up the cost of the Virgin and the other bits, then those are costing your household more every year than he earns in an entire month. I know you've already said that the Virgin contract is going, but it's certainly a useful figure for it's sheer impact value at this point, no?

    We have a basic Sky package which is being offered to all currently for £33 a month - that gives us more than enough channels to watch. I also use the free version of spotify, and we listen to various DAB radio stations via apps on my phone - again all FOC. Annual cost £396 compared to your household's £1270. (And for further perspective, we have no debt, and have paid off our mortgage early too so we could afford more if we wanted to - it's purely that we don't feel all the "added bells and whistles" are worth what is charged for them).
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
    • Onemanandtwolittleladies
    • By Onemanandtwolittleladies 13th Jun 19, 10:06 AM
    • 36 Posts
    • 40 Thanks
    Onemanandtwolittleladies
    You’ll surely be entitled to tax credits with you both working (assume over 16 hrs per week) and with childcare costs.

    You need to look into this ASAP.
  • archived user
    Is there a reason he won't budge on Spotify?

    Hunt out a three month trial on Google Music, or Apple Music.

    I used to subscribe to Deezer, and everytime I cancelled, they would come back within a week or so with an offer of 3 months at 99p a month.

    There are definitely alternatives out there...
    Originally posted by stuart1975

    I downloaded Dolphin browser...it allows you to listen to YouTube with the phone locked. Saves me a tenner a month.
    • stinabean
    • By stinabean 14th Jun 19, 7:51 AM
    • 155 Posts
    • 179 Thanks
    stinabean
    Thank you for all your helpful comments, I'll try and explain some more and I will definitely to a more thorough SOA!

    Ok Clothes - for LO I only buy from primark or 2nd hand from fb marketplace, but honestly it's rare as the doting grandparents generally cover this. I know that I have to take a look and see what I spend - I will do this. For me, I'm wearing the same clothes I've had for about 6 years. OH has bought some new work shirts recently, will go through our bank accounts properly.

    Salary can't really be increased where we are. My annual is 20550 pro rata which works out at 19728, but am currently paying work back £100 a month for a maternity loan.
    OH at 1250 take home is the basic minimum. He does earn some commission, but it varies so I try not to include it in my head in case it doesn't happen one month. It's not something I want to rely on.

    Benefits - we're in a universal credit area and we are entitled to NOTHING. It's horrendous. I thought we'd get childcare help but no, we earn too much. The £80 is rounded, it's usually £82, this is child benefit.

    Council tax is likely 10 months, will change to 12.

    Electric has just gone down to £40 a month instead of £60! I don't know how they work it out, it's far too much a DD. Will talk to them.

    Phones - these are new sims. Mine is £9 and his is £20, we were paying almost £40 each.

    Food - 100% will shrink it. I need time to sit and plan and stick to it. Our downfall is being lazy in the evening and wanting takeaway or simple freezer food (chips, pizza), which is fine, but not the cheapest way to go about things.

    Virgin - already called them and they confirmed to call back in July, so that the 30 days will mean it properly ends at the end in August. Looking at alternatives, all we need is the internet as we rarely watch "normal" TV, it's all catch up or netflix.

    Spotify - talking to OH tonight
    PSN - told him to stop the monthly, and just buy a year as it saves £48!
    Netflix - keeping, but can probably downgrade.
    Vets - this is a monthly fee with our vet which pays for flea treatment etc and a consultation.
    Childcare - yup. tell me about it.

    First thing I'm going to say is go to the link in my signature (or in the sticky post at the top of the board) and fill in the SOA calculator that we recommend from Stoozing.com - it means there's less risk of things getting missed and more requirement for getting fine detail in - which again makes you think more about where money is actually going.

    I'll comment in red as usual on your post below but I suspect the full SOA might be more practical use to you, going forwards.



    OK - so the task to start with is to pick up on the expenses you've missed, many of which have already been mentioned, and then to work out where you can save on those you know about.

    Cutting back to a basic Phone/internet package and changing the deal regularly could gain you £590 a month. Get your OH to choose between the entertainment stuff - Netflix OR spotify (but tell him that it's easier to keep small people quiet with netflix - just saying) that ticks the entertainment box as yes, you do BOTH need some entertainment.

    Budgeting for stuff like car repairs etc will help you in the long term so use some of the money you save from cutting the groceries spend down for that. Use some more to start an emergency fund.

    I assume your housing cost is mortgage as you're paying life insurance and the home insurance cost suggests building & contents, plus the spends for windows/boiler. That makes an emergency fund a necessity for you, so definitely focus on starting that. Similarly unless you don't mark christmas at all (or any other festivity in its place), you do need to set aside at least enough to cover the basics that you ARE going to spend. It's coming, it'll always be coming, and you may as well work with it rather than it hitting you in the pocket at the time. As children get older not doing christmas also becomes less of an option, remember.

    Increasing income is the best way out of this, without wishing to be rude, why are you both on quite such low incomes? is there any way you can improve on this - ie working less than full time hours an increase to F/T for example? You've said you're looking for a second job but what about your OH? His earnings are currently lower than yours - is there anything he can do to increase his contribution? As someone else says it's by far the easiest way to make an impact on your debts and in the longer term, improve your quality of life.

    Don't be too despairing - your situation is definitely not the worst we've seen and IS fixable, with some work and a few sacrifices.
    Originally posted by EssexHebridean
    Thank you
    • stinabean
    • By stinabean 14th Jun 19, 7:55 AM
    • 155 Posts
    • 179 Thanks
    stinabean
    If you work from home full time why spend £700 a month on childcare? Could you reduce it a bit?
    Originally posted by chelseablue
    I work from home but it's proper office hours, in fact longer hours as I've squished as much as I can in to longer days to have a day off in the week, so not having to pay for childcare.
    I work 8.15-5.45 every day bar thursday, I can't have the LO at home with me as I'd not get any work done. Sadly it's something work won't budge on.
    • stinabean
    • By stinabean 14th Jun 19, 7:58 AM
    • 155 Posts
    • 179 Thanks
    stinabean
    Why would you spend £700 on childcare when you only earn £1250? Even if you got an evening job working part time around your partner you would only need to earn £550 a month, roughly 16 hours a week that would be at minimum wage and you would get more
    Time with your child.

    I have never paid for childcare, I couldn’t bare the thought of my babies being looked after by other people except my family and it makes my eyes water what people pay! Also with that income you should get universal credit to cover child care if you do want to pay that much and work full time? Have you looked into it at all? Have a look on entitled to website.
    Originally posted by Clouds88
    i also hated the thought of sending him to nursery, especially at such a young age, but we needed both incomes for mortgage etc. Now, he absolutely loves it there and it really has helped him be confident and independent. I'd hate to take that away from him.
    We don't have any family local so get no help there, and we're not entitled to any help gov wise.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 14th Jun 19, 8:00 AM
    • 2,404 Posts
    • 13,420 Thanks
    wishingthemortgaheaway
    If you aren't entitled to help with childcare via tax credits uc, the. You should be able to use a tax free childcare account.
    You pay in £80, government tops it up to 100. Look on the childcare choices website.
    There are 7 different schemes available for childcare costs, so you should be covered by at least 1 of them.

    Also, once little one reaches the term after they are three you should be entitled to the 30 hours free childcare scheme. You can use both 30hours and tax free childcare together. Be very careful with you nursery bill though, some are very sneaky with extra charges that should, technically be voluntary. In September, when mine starts I will go from paying £375 a month into the tax free childcare account to £100 a month
    Last edited by wishingthemortgaheaway; 14-06-2019 at 8:04 AM.
    Outstanding mortgage: £27,000
    MFW 2019 Challenge Member #28: £800.something/ £2860
    • stinabean
    • By stinabean 14th Jun 19, 9:06 AM
    • 155 Posts
    • 179 Thanks
    stinabean
    If you aren't entitled to help with childcare via tax credits uc, the. You should be able to use a tax free childcare account.
    You pay in £80, government tops it up to 100. Look on the childcare choices website.
    There are 7 different schemes available for childcare costs, so you should be covered by at least 1 of them.

    Also, once little one reaches the term after they are three you should be entitled to the 30 hours free childcare scheme. You can use both 30hours and tax free childcare together. Be very careful with you nursery bill though, some are very sneaky with extra charges that should, technically be voluntary. In September, when mine starts I will go from paying £375 a month into the tax free childcare account to £100 a month
    Originally posted by wishingthemortgaheaway
    That's what I was applying for under UC but they said I'm not entitled to anything, and that everything (bar child benefit) goes through them now.
    • stinabean
    • By stinabean 14th Jun 19, 9:41 AM
    • 155 Posts
    • 179 Thanks
    stinabean
    If you aren't entitled to help with childcare via tax credits uc, the. You should be able to use a tax free childcare account.
    You pay in £80, government tops it up to 100. Look on the childcare choices website.
    There are 7 different schemes available for childcare costs, so you should be covered by at least 1 of them.

    Also, once little one reaches the term after they are three you should be entitled to the 30 hours free childcare scheme. You can use both 30hours and tax free childcare together. Be very careful with you nursery bill though, some are very sneaky with extra charges that should, technically be voluntary. In September, when mine starts I will go from paying £375 a month into the tax free childcare account to £100 a month
    Originally posted by wishingthemortgaheaway
    Just want to say, YOU are a LEGEND.

    Universal Credit have been on and on at me that I'm not entitled to anything, and that the tax free childcare is only through them. I've been arguing that the calculators say I am entitled, round and round it goes.

    Just signed up via the childcare choices and I'm eligible. Obviously my SOA still needs sorting, but this should be some help <3
    • Candyapple
    • By Candyapple 14th Jun 19, 9:52 AM
    • 3,332 Posts
    • 2,806 Thanks
    Candyapple
    Sounds like you are between a rock and a hard place then.

    Cut back on the things you said you were going to and revise your budget then use the snowball calculator on your other thread I linked you to to pay your debts off, and try and balance everything for say the next year when hopefully you should be entitled to (some?) free hours of childcare and also be able to apply for new 0% cards. Hopefully then that should take some of the pressure off but for now seems like you are going to be in the trenches for a while.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • stinabean
    • By stinabean 14th Jun 19, 10:50 AM
    • 155 Posts
    • 179 Thanks
    stinabean
    Updated SOA below. I may have put things in the wrong place, please just shout and I'll adjust. Also no APRs on the cards etc as I simply don't know off hand (and am meant to be working )


    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 1312
    Partners monthly income after tax....... 1257
    Benefits................................ 82
    Other income............................ 0
    Total monthly income.................... 2651


    Monthly Expense Details

    Mortgage................................ 574.8
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 125
    Electricity............................. 42
    Gas..................................... 21
    Oil..................................... 0
    Water rates............................. 24
    Telephone (land line)................... 0
    Mobile phone............................ 29
    TV Licence.............................. 12.88
    Satellite/Cable TV...................... 78.87
    Internet Services....................... 0
    Groceries etc. ......................... 300
    Clothing................................ 20
    Petrol/diesel........................... 40
    Road tax................................ 17.06
    Car Insurance........................... 35.51
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 682.5
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 9
    Pet insurance/vet bills................. 14
    Buildings insurance..................... 0
    Contents insurance...................... 22
    Life assurance ......................... 27.95
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 0
    Entertainment........................... 26.97
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2132.54



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 144000...(574.8)....0
    Total secured & HP debts...... 144000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Windows........................1720.4....39.1..... .0
    Boiler.........................416.65....83.33.... .0
    MBNA...........................1568.13...28....... .0
    Car............................9500......219.8.... .0
    Lloyds.........................1950......20....... .0
    Barclays.......................948.15....21.82.... .0
    Barclays.......................1147.31...29....... .0
    Halifax........................1633.98...41....... .0
    Total unsecured debts..........18884.62..482.05....-



    Monthly Budget Summary

    Total monthly income.................... 2,651
    Expenses (including HP & secured debts). 2,132.54
    Available for debt repayments........... 518.46
    Monthly UNsecured debt repayments....... 482.05
    Amount left after debt repayments....... 36.41


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -144,000
    Total Unsecured debt.................... -18,884.62
    Net Assets.............................. -162,884.62


    • wjr4
    • By wjr4 14th Jun 19, 11:49 AM
    • 600 Posts
    • 426 Thanks
    wjr4
    Please never, ever cancel life assurance! However, what exactly does that policy cover? Does it also cover critical illness?
    • MEM62
    • By MEM62 14th Jun 19, 12:00 PM
    • 2,898 Posts
    • 2,570 Thanks
    MEM62
    We'd love higher salaries!
    Originally posted by stinabean
    Neither of us went to further education and therefore only get standard unskilled work.
    Originally posted by stinabean
    Don't write yourselves off so cheaply. It is perfectly possible to earn a better salary without the benefits of further education and there are many ways into this, such as learning new skills etc. It is amazing what a little thought and ambition can achieve.
    • chelseablue
    • By chelseablue 14th Jun 19, 12:07 PM
    • 2,888 Posts
    • 3,333 Thanks
    chelseablue
    Don't write yourselves off so cheaply. It is perfectly possible to earn a better salary without the benefits of further education and there are many ways into this, such as learning new skills etc. It is amazing what a little thought and ambition can achieve.
    Originally posted by MEM62
    This /\ /\

    I didn't go to further education and my salary is almost £40k (I hope that doesn't come across as boastful, I certainly don't mean it in that way!)

    Although I do live in South East England, if I moved north (which we may do next year) the same job gets around £25-£28K. Highest I've seen advertised up there is £30k

    Although hopefully we'll be almost mortgage free so I wont care so much what I earn
    • stinabean
    • By stinabean 14th Jun 19, 1:20 PM
    • 155 Posts
    • 179 Thanks
    stinabean
    Don't write yourselves off so cheaply. It is perfectly possible to earn a better salary without the benefits of further education and there are many ways into this, such as learning new skills etc. It is amazing what a little thought and ambition can achieve.
    Originally posted by MEM62
    We've thought about learning new skills every so often, but it's always expensive to take the course and then seem to not have enough time to do the learning with working too!
    • stinabean
    • By stinabean 14th Jun 19, 1:22 PM
    • 155 Posts
    • 179 Thanks
    stinabean
    This /\ /\

    I didn't go to further education and my salary is almost £40k (I hope that doesn't come across as boastful, I certainly don't mean it in that way!)

    Although I do live in South East England, if I moved north (which we may do next year) the same job gets around £25-£28K. Highest I've seen advertised up there is £30k

    Although hopefully we'll be almost mortgage free so I wont care so much what I earn
    Originally posted by chelseablue
    Not boastful but am certainly jealous!

    We're originally from South East and moved to Norfolk for cheaper living otherwise we couldn't have bought a house etc.
    I'll have a look around but I'm just not very hopeful
    • chelseablue
    • By chelseablue 14th Jun 19, 1:24 PM
    • 2,888 Posts
    • 3,333 Thanks
    chelseablue
    Not boastful but am certainly jealous!

    We're originally from South East and moved to Norfolk for cheaper living otherwise we couldn't have bought a house etc.
    I'll have a look around but I'm just not very hopeful
    Originally posted by stinabean
    Never give up hope

    We're thinking of Lancashire as we have friends near Preston
    • MEM62
    • By MEM62 14th Jun 19, 3:08 PM
    • 2,898 Posts
    • 2,570 Thanks
    MEM62
    We've thought about learning new skills every so often, but it's always expensive to take the course and then seem to not have enough time to do the learning with working too!
    Originally posted by stinabean

    Your giving up too easily. Many jobs offer 'on the job' training that will allow you to start and the bottom and develop some kind of career path. There are also industries and companies that will recognise talent and invest in it. Two of the young ladies that work for me in supervisory positions started as picker/packers in the warehouse. They had drive and were capable of better things so we developed their skills and careers. Start by looking at what is around you and then think about what you might be good at, enjoy or are just interested in.


    Already we know that you can use a PC and have a good command of English. You are also likely to be sensible and forward thinking as you saw the value in moving to buy your own house. Now if I can identify those positive points from a forum post then you should be able to see a lot more in yourself.


    Opportunities are out there but you have to go find them. If you convince yourself that your current lot is all it can be then that is all it will be.
    • EssexHebridean
    • By EssexHebridean 14th Jun 19, 11:08 PM
    • 9,498 Posts
    • 48,966 Thanks
    EssexHebridean
    well done for getting this sorted - some of the comments may be the same as previous but I'll try to add extra thoughts in the light of your further information. As usual, in red...

    Updated SOA below. I may have put things in the wrong place, please just shout and I'll adjust. Also no APRs on the cards etc as I simply don't know off hand (and am meant to be working )


    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 1312
    Partners monthly income after tax....... 1257
    Benefits................................ 82
    Other income............................ 0
    Total monthly income.................... 2651


    Monthly Expense Details

    Mortgage................................ 574.8
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 125 Definitely get this changed to 12 months not 10 - that frees up an additional £20 per month that can be used against your debt.
    Electricity............................. 42 Have you checked your meter readings and made sure they are correct with your energy supplier? You should be able to do this through your account online. Also check with something like the MSE Cheap Energy club that you are on the best tariff.
    Gas..................................... 21 Again, worth a check to make sure you're on the best tariff.
    Oil..................................... 0
    Water rates............................. 24 Metered?
    Telephone (land line)................... 0
    Mobile phone............................ 29 Can the more expensive sim only deal be cut back to the level of the £9 one?
    TV Licence.............................. 12.88
    Satellite/Cable TV...................... 78.87 When does the contract with Virgin actually come to a close? Is it actually in July or really in August? If they tell you that you cannot cancel with them until the contract has ended they aren't being truthful - you will need to give 30 days notice but they have a habit of giving the impression you can only do this when the contract has actually ended - not true - you can ring them a month ahead and tell them you are leaving.
    Internet Services....................... 0
    Groceries etc. ......................... 300 From now, get yourself and notebook and write down everything that you spend on groceries, toiletries and household cleaning items - that will make you stop to think but also will show you exactly what you are spending here. There are guides on the main MSE site about cutting down shopping bills, the Old Style board on here is great for hints & tips and they're really helpful on there too.
    Clothing................................ 20 make sure you put this aside each month for when things are needed.
    Petrol/diesel........................... 40
    Road tax................................ 17.06
    Car Insurance........................... 35.51
    Car maintenance (including MOT)......... 10 I hate to say it but I don;t think this is enough - you'll be lucky to get a service and MoT test for that. Regardless, make sure you put this money aside every month without fail to cover bills as they arrive.
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 682.5
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 9
    Pet insurance/vet bills................. 14
    Buildings insurance..................... 0
    Contents insurance...................... 22 Buildings & contents combined, yes?
    Life assurance ......................... 27.95
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20 Make sure you put this aside every month
    Haircuts................................ 0
    Entertainment........................... 26.97
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2132.54



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 144000...(574.8)....0
    Total secured & HP debts...... 144000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Windows........................1720.4....39.1..... .0
    Boiler.........................416.65....83.33.... .0
    MBNA...........................1568.13...28....... .0
    Car............................9500......219.8.... .0
    Lloyds.........................1950......20....... .0
    Barclays.......................948.15....21.82.... .0
    Barclays.......................1147.31...29....... .0
    Halifax........................1633.98...41....... .0
    Total unsecured debts..........18884.62..482.05....-
    You need to find interest rates on all of these really, to get the full picure


    Monthly Budget Summary

    Total monthly income.................... 2,651
    Expenses (including HP & secured debts). 2,132.54
    Available for debt repayments........... 518.46
    Monthly UNsecured debt repayments....... 482.05
    Amount left after debt repayments....... 36.41


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -144,000
    Total Unsecured debt.................... -18,884.62
    Net Assets.............................. -162,884.62

    Originally posted by stinabean
    On the gas/electric tariffs, be sure to check individually as well as dual fuel deals - we're low gas users and higher electric, and separate is always the way forwards for us.

    OK - you still have a surplus albeit a very squeaky small one - but it's there. There are savings to be made as we know - the groceries budget is an easy win. If it were me I'd start doing a weekly check of the Aldi & Lidl Super 6 & pick of the week offers for fruit & veg - then plan around those as much as you can. Sometimes they're useful, sometimes less so - Tesco also do 5 fresh fruit and veg items at a cheap price each week so again if you have one nearby keep an eye on those - you can check them all online. If you don't already do it then start meal planning as well - I always shop on a friday so start by working out anything I have in that needs using up, and checking those deals, as well as what I already have in the fridge, freezer & storecupboard, then I plan my meals from there. Once your meals are planned out you can write a list of the things you need to buy ton make those meals as well as items for lunches and breakfasts. Generally the less times per week you shop the less you will spend overall too, as you avoid impulse spending.

    My suggestion for you to start with is going to be to keep the debt payments ticking over as they are, and make savings on your expenditure anywhere you can - whatever you save start to stash away as an emergency fund - which will also double up to top up any extra spending you need for car servicing etc. Normally for a homeowner with a car we'd say £1000 is a good basic figure but that's probably a bit beyond your reach right now, so intially aim at £300. Once you hit that figure continue to put any savings you make aside, but from then pay 50% of those monthly savings to the most expensive (ie highest interest rate) debt, to start making an impact. as you get shot of things like Virgin, and subsequently the boiler payments, you'll be able to make more headway, but for the next couple of months you are possibly best just to make a start on tightening your budget.

    And yes, I still think you need to tell your OH to get his head out of his....well, let's say "the sand" about his netflix/spotify etc habit!
    Last edited by EssexHebridean; 14-06-2019 at 11:22 PM.
    MORTGAGE FREE 30/09/2016
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