First post - SOA

HelenHarry · 14 October 2012 at 2:34PM

Hi there,

This is my first post on this board and today is the first day I've properly read any threads.

I've done my SOA:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 100 (I'm self employed so this can fluctuate)
Partners monthly income after tax....... 0
Benefits................................ 831.71
Other income............................ 350
Total monthly income.................... 1281.71

Monthly Expense Details
Mortgage................................ 501.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 83
Electricity............................. 46
Gas..................................... 46
Oil..................................... 0
Water rates............................. 41.17
Telephone (land line)................... 38.4
Mobile phone............................ 15.4
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 21.28
Contents insurance...................... 21.29
Life assurance ......................... 18.85
Other insurance......................... 9.99
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1174.7

Assets
Cash.................................... 40
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 115540

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 88487.9..(501.2)....3.99
Total secured & HP debts...... 88487.9...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................3280.62...234.3.....7.9 (Due to finish 1/12/2013)
Barclaycard....................9961.8....197.4.....18.9
HSBC CC........................4569.85...114.2.....25.9
Overdraft......................1313......0.........19.9
Opus CC........................1381.43...31.08.....6

Not sure if there's anything else I can or should add but if I post this maybe you can tell me.

Thanks in advance

Helen

caeler · 14 October 2012 at 2:37PM

Your utilities look expensive and so does your phone bill. Maybe it is time to shop around for deals. With my energy I use British Gas Energysmart which means I take regular meter readings and it keeps me on top of how much I'm using. I pay £19 a month to BT for line rental, evening and weekend calls and broadband (capped use). I see you pay water rates, is it worth investigating a water meter? I pay £15 a month for water and sewage. Good luck with your journey.

HelenHarry · 14 October 2012 at 2:43PM

Thanks for that. My phone figure includes broadband but yours is less than half! I don't have a BT landline so always thought I was stuck with virgin (or pay large installation fee) but will look into it more, thanks.

Will shop around for gas and electricity too. Don't think a water meter would save me any money - I'm a childminder and home educator so we use a fair amount of water.

Thanks for replying so quickly

[Deleted User] · 14 October 2012 at 2:57PM

HelenHarry wrote: »

Hi there,

This is my first post on this board and today is the first day I've properly read any threads.

I've done my SOA:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 100 (I'm self employed so this can fluctuate)Is this an average of what you have earnt over the previous year?
Benefits................................ 831.71
Other income............................ 350
Total monthly income.................... 1281.71

Monthly Expense Details
Mortgage................................ 501.2
Council tax............................. 83Is this over 10 or 12 months, if 10, ask council if you can spread over 12
Electricity............................. 46Both seem a little on th high side - use comparison sites to ensure that you are on the cheapest tariff available to you - and if switching company is cheaper, take a look at the cashback sites for further incentives
Gas..................................... 46 As above - but also try and be as energy efficient as you can be, turn thermostat down on your boiler by a few degrees (you'll not notice), turn radiators off/down in rooms you're not in/not being used, use energy saving bulbs, switch things off in stead of on standby etc etc
Water rates............................. 41.17Is this metered or a standard bill, if not metered, this could be a cheaper option
Telephone (land line)................... 38.4Should be able to get home phone and internet combined for cheaper - try talk talk (£20-£25 pm, inclusive of many calls)
Mobile phone............................ 15.4Is this contract, if so when is it up? Consider SIM only and/or PAYG - Look at Giff Gaff tariffs (I saved a fortune)
TV Licence.............................. 12.12
Internet Services....................... 0included in phone
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 0??
Car Insurance........................... 0??
Car maintenance (including MOT)......... 20Is this enough
Car parking............................. 0??
Other child related expenses............ 20What's this?
Medical (prescriptions, dentist etc).... 0never?
Buildings insurance..................... 21.28At renewal see if you can get cheaper, looks a little on the high side (combined) but I am by no means an expert - just make sure you compare like for like when looking to reew
Contents insurance...................... 21.29as above
Life assurance ......................... 18.85
Other insurance......................... 9.99What does this cover?
Presents (birthday, christmas etc)...... 0never?
Haircuts................................ 0never?
Entertainment........................... 0never?
Emergency fund.......................... 0it might be worthwhile putting a little here
Total monthly expenses.................. 1174.7

Assets
Cash.................................... 40
House value (Gross)..................... 115000
Car(s).................................. 500not all car costs seem to be included above, also, given car value are you underestimating the cost of MOT and service?
Total Assets............................ 115540[/b]

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 88487.9..(501.2)....3.99
Total secured & HP debts...... 88487.9...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................3280.62...234.3.....7.9 (Due to finish 1/12/2013)
Barclaycard....................9961.8....197.4.....18.9
HSBC CC........................4569.85...114.2.....25.9
Overdraft......................1313......0.........19.9
Opus CC........................1381.43...31.08.....6

Are you managing to make all the minimum payments towards your debts on time every month? How did the debts get run up? (anything that can be sold to repay? Or has it just been a matter of a little overspend over a long period of time? Have you stopped using the CC's?

Comments above,

HTH

d9

antonic · 14 October 2012 at 3:28PM

If your self employed have you budgetted for any Self Assessment tax that may be due on 31/01/13 (for the 2011-12 tax year) if you dont file till then (provided you make a profit of course). ?

HelenHarry · 14 October 2012 at 3:58PM

Thanks for your reply D9.

I tried quoting to answer your questions but it got a bit messy so I'll just do it one by one (hope that's okay).

Income is current average. I've only started earning in the last 2 months - I'm hoping it will increase soon but would rather err on the side of caution.

Council tax is over 10 months, will ask about 12 monthly

Gas and electricity is actually £92 total - will look into cheaper deals (I switched about a year ago to what was supposed to be a cheaper deal...)

Thermostat is on 14 degrees unless I'm trying to dry washing and it's raining. Nothing is left on standby, lights are switched off etc.

Water is standard - will look into metered but not sure how much cheaper it would be (I'm a childminder and home educator - we use quite a lot of water for activities [ironically because it's 'free'])

Have already started trying to reduce phone bill - need to speak to a different department who aren't open on a sunday, will call tomorrow

Mobile phone is already sim only (contract)

Car maintenance figure is almost certainly not enough

Road tax and car insurance were both paid up front for a year in April and August respectively so haven't included. Haven't included anything for car parking because I rarely, if ever, pay for it.

Other child related expenses is for things like Boys Brigade (50p per week) home ed groups (£4 a fortnight), one off activities

Will look into cheaper buildings and contents insurance

Other insurance is an extended warranty on my cooker

Presents, haircut, entertainment - I'm skint and have been for the last 6.5yrs, friends and family are used to home made gifts by now

. Last haircut was August 2011 and was my birthday present from my Mum, youngest son doesn't have it cut yet, eldest gets it done once a year at a cost of about £7. Entertainment - not sure what you'd include in this??

I'd love to put some in an emergency fund but how?

Minimum payments to debts have been made on time every month but I think I'm going to struggle next month. My husband walked out on me and my son 6.5yrs ago. At the time I agreed to take on the debt in order to stay in the house (big mistake). At the time I was 1 year into my degree but managed to make things work by working long hours alongside. A couple of years later he decided to try to force the sale of the house through the courts, which meant more debt to pay the legal fees. After racking up a bill of £10k ish I agreed to everything he wanted because I couldn't afford to carry on fighting it - 2 house sales have since fallen through and he has emigrated to Australia saying I can do what I like with the house. Having spent £1,000 on abortive sales costs I'm not in a position to try to sell the house again at the moment.

I've also since had another child. Was still using the CC's until last month - wouldn't have been able to feed my children without it.

HelenHarry · 14 October 2012 at 3:59PM

antonic wrote: »

If your self employed have you budgetted for any Self Assessment tax that may be due on 31/01/13 (for the 2011-12 tax year) if you dont file till then (provided you make a profit of course). ?

I'd love to have to budget in for tax, sadly it wont be necessary this year (for either last year or the current year).

caeler · 15 October 2012 at 10:55PM

Hi OP - The web suggests BT will waive the installation fee if you go for a triple play package. Shop around before you commit and make sure you can leave Virgin.

First post - SOA

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