SOA- Feedback and advice please
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SunshineBecks
Posts: 56 Forumite
Good Afernoon,
Here is our SOA- any feedback or advice would be most welome,
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.................... 1
Monthly Income Details
Monthly income after tax................ 1050
Partners monthly income after tax....... 1678
Benefits................................ 82.2
Other income............................ 0
Total monthly income.................... 2810.2
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 361.4 (OH DMP and car)
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 65
Gas..................................... 75
Oil..................................... 0
Water rates............................. 0 (we currently live in Scotland, included in CT)
Telephone (land line)................... 0
Mobile phone............................ 77.5
TV Licence.............................. 12.37
Satellite/Cable TV...................... 40
Internet Services....................... 41
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 9.62
Car Insurance........................... 46
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 165
Childcare/nursery....................... 168
Other child related expenses............ 190 (Child maintenance)
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 16
Entertainment........................... 47.49
Holiday................................. 10
Emergency fund.......................... 20
Sons savings............................ 10
itunes.................................. 0.79
spotify................................. 4.99
netflix................................. 7.99
Total monthly expenses.................. 2410.15
Assets
Cash.................................... 14.8
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5014.8
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 7776.....(162)......0
Hire Purchase (HP) debt ...... 5200.....(199.4)....0
Total secured & HP debts...... 12976.....-.........-
Unsecured Debts (All mine)
Description....................Debt......Monthly.. .APR
Cylesdale Loan.................280.......28.71.....0
Halifax CC.....................3710......50........0
Santander OD...................500.......50........0
Very...........................873.99....60....... .39.9
TSB OD.........................100.......5.........0
Family.........................300.......5........ .0
Aqua CC........................248.......50........39.9
Total unsecured debts..........6011.99...248.71....-
Monthly Budget Summary
Total monthly income.................... 2,810.2
Expenses (including HP & secured debts). 2,410.15
Available for debt repayments........... 400.05
Monthly UNsecured debt repayments....... 248.71
Amount left after debt repayments....... 151.34
Personal Balance Sheet Summary
Total assets (things you own)........... 5,014.8
Total HP & Secured debt................. -12,976
Total Unsecured debt.................... -6,011.99
Net Assets.............................. -13,973.19
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other
Here is our SOA- any feedback or advice would be most welome,
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.................... 1
Monthly Income Details
Monthly income after tax................ 1050
Partners monthly income after tax....... 1678
Benefits................................ 82.2
Other income............................ 0
Total monthly income.................... 2810.2
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 361.4 (OH DMP and car)
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 65
Gas..................................... 75
Oil..................................... 0
Water rates............................. 0 (we currently live in Scotland, included in CT)
Telephone (land line)................... 0
Mobile phone............................ 77.5
TV Licence.............................. 12.37
Satellite/Cable TV...................... 40
Internet Services....................... 41
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 9.62
Car Insurance........................... 46
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 165
Childcare/nursery....................... 168
Other child related expenses............ 190 (Child maintenance)
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 16
Entertainment........................... 47.49
Holiday................................. 10
Emergency fund.......................... 20
Sons savings............................ 10
itunes.................................. 0.79
spotify................................. 4.99
netflix................................. 7.99
Total monthly expenses.................. 2410.15
Assets
Cash.................................... 14.8
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5014.8
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 7776.....(162)......0
Hire Purchase (HP) debt ...... 5200.....(199.4)....0
Total secured & HP debts...... 12976.....-.........-
Unsecured Debts (All mine)
Description....................Debt......Monthly.. .APR
Cylesdale Loan.................280.......28.71.....0
Halifax CC.....................3710......50........0
Santander OD...................500.......50........0
Very...........................873.99....60....... .39.9
TSB OD.........................100.......5.........0
Family.........................300.......5........ .0
Aqua CC........................248.......50........39.9
Total unsecured debts..........6011.99...248.71....-
Monthly Budget Summary
Total monthly income.................... 2,810.2
Expenses (including HP & secured debts). 2,410.15
Available for debt repayments........... 400.05
Monthly UNsecured debt repayments....... 248.71
Amount left after debt repayments....... 151.34
Personal Balance Sheet Summary
Total assets (things you own)........... 5,014.8
Total HP & Secured debt................. -12,976
Total Unsecured debt.................... -6,011.99
Net Assets.............................. -13,973.19
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other
0
Comments
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From that, you should be able to get this debt gone in less than 3 years, quicker with a few tweaks.
Look into your Gas/Electricity. Unless if you live in a period mansion, you shouldn't be paying £140 a month for G/E. See here: https://www.moneysavingexpert.com/utilities/you-switch-gas-electricity
Maybe kill off the subscriptions for a while and look into saving the pennies on your Entertainment and Grocery budgets. £500 a year for presents is quite high also.
Snowball the interest bearing debt. If you have £200 a month after debt payments, get that Very debt gone before Easter next year by piling everything into that. Then get the Aqua debt gone also.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Your gas and electric both seem high. You might want to look at how you use both.
How do you use your Netflix? Do you watch on two devices? If not you could down grade to the £5.99 package.
I am guessing you are in contract on your mobile? When it expires move to a sim only contract.
With regards to your Grocery bill. Have you looked at your till receipts and considered swaps for cheaper items? If you don't like one cheaper brand try another until you get to the cheapest that you like. You might find that you actually like them more than what you have had before. Consider how much you bin. Also look at where you shop.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0 -
SunshineBecks wrote: »Mobile phone............................ 77.5 - go SIM only for £10
Satellite/Cable TV...................... 40 - ditch
Internet Services....................... 41 - halve this
Groceries etc. ......................... 300 - try and reduce this
Clothing................................ 30 - halve this
Presents (birthday, christmas etc)...... 45 - halve this
Haircuts................................ 16 - per month? Reduce.
Entertainment........................... 47.49 - halve, or ditch this
Holiday................................. 10 - you can't afford one
itunes.................................. 0.79 - ditch this
spotify................................. 4.99 - ditch this
netflix................................. 7.99 - ditch this
These might be good places to start...0 -
What is the secured debt and HP for? Presumably some is car. Do you have anything to sell?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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The first thing that jumped out at me, was your two debts at 39.9%, and the £151.34 that, according to your SOA, you have left each month.
At your current £60 per month, it's going to take 20 months to clear the Very debt, at a cost of £287 in interest.
If you put £150 of your surplus to it, you could have it cleared in 5 months, for just £50 in interest.
And that's without any cutting back.
Ditching the Pay TV, and going £10 per month sim only on the (I'm assuming) 3 mobile phones, would give you another £87-50 to put toward Very, which would see the debt gone in 4 months, for £30 interest.
I think you can see where I'm going with this.
While you have those very high APR debts, you need to be throwing every available penny at them.
Once those two are gone, you can put the freed up payments toward the 0% loans, and watch them disappear fast.0
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