A new partner and new start in life. New SOA...
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2014NewStart
Posts: 23 Forumite
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.................... 0
Monthly Income Details
Monthly income after tax................ [STRIKE]900[/STRIKE] 1080 - edited to show a higher withdrawal rate from business account
Partners monthly income after tax....... [STRIKE]1500 [/STRIKE]200 - Partner's contribution to household expenses.
Benefits................................ 0
Other income............................ 600 (gross rental income from my house)
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 166
Electricity............................. 77
Gas..................................... 0 - Included in above it's a dual fuel bill
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 30 - Includes internet
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 33
Internet Services....................... 0 - Included in landline
Groceries etc. ......................... 325
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45 - Walking, taxis and buses for me. I don't drive.
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 - (estimate)
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 - (estimate)
Haircuts................................ 5 - (estimate)
Entertainment........................... 130 - £30 per week sounds about right
Holiday................................. 65
Emergency fund.......................... 0
Legal costs............................. 300
[STRIKE]Partner Misc expenses................... 1300 - Partner will not participate in the SOA exercise the average spend is about £300 per week on all other expenses to do with partner and child only including savings, travel, mobile, clothing, dental, haircuts, presents, holidays, outings, insurance etc.[/STRIKE]
Letting Agent........................... 58
Total monthly expenses.................. 1327
Assets
Cash.................................... [STRIKE]45000[/STRIKE]5000 - Emergency fund
House value (Gross)..................... 145000 - Value of my house which is rented out.
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 190000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR - All are my own personal debts
Sainsburys.....................15505.....443......4.1 (35 months to go)
Halifax Loan...................12980.....295......6.9 (44 months to go)
Halifax CC.....................1960......19.6......0
Santander CC2 0% Purchases.....1450......14.5......0
Barclaycard....................4640......46.4......0
Capital One....................369.......5.........3.9
Santander CC1 0% BT............4160......41.6......0
Total unsecured debts..........41064.....865.1.....-
Monthly Budget Summary
Total monthly income.................... 1,880
Expenses (including HP & secured debts). 1,327
Available for debt repayments........... 553
Monthly UNsecured debt repayments....... 865.1
Amount short for making debt repayments. -312.1
Personal Balance Sheet Summary
Total assets (things you own)........... 190,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -41,064
Net Assets.............................. 108,936
Created using the SOA calculator at.
Reproduced on Moneysavingexpert with permission, using other browser.
£900 per month profit is my average net profit from self employment after work related expenses and it is highly variable gross income ranges from minimum of £100 per week to maximum of £600 per week. I use a business account to buffer the income and draw around £225 per week from it and transfer it to my current account. The remainder stays for tax, national insurance and any work related expenses such as computer repairs/upgrades, business mobile, printing supplies, travel costs etc... If no income was generated I could continue to draw the money for up to 3 months before it runs out. It's also an emergency fund which I feel is required.
£1,500 Partner's income is an estimate of partners child support received £1,200 per month, child tax credits of around £50 per week and child benefit of around £20 per week. Partner does not work.
I own a house with no mortgage which I let out for £600pcm as I have moved into my partners house. The income goes straight into my current account every month and covers the Sainsburys loan which I took out to bring it up to an excellent letting standard and refinance some other debts. I do not want to sell it. It has expenses that are fixed such as buildings insurance and agency costs and some things I have not taken into account in the SOA such as annual gas safety certificate/boiler service and house maintenance which could be anything really.
Basically, we go halves on the council tax (£83 a month each), I pay for the groceries (around £325 a month for 3 people) and partner pays the bills for the house (around £200 a month).
I have a personal legal issue (don't worry it's just a civil case nothing criminal) that I make payments of £300 a month towards (at least 6 months remain..could be more). Legal aid is not available. It's not a debt it's an expense. Proceedings haven't started yet and don't look like they will for at least a year. It's very slow progress and very annoying.
The £45,000 of cash isn't all mine...it's mostly my partners from a divorce settlement. It is not going to be given or lent to me to pay off my personal debts. My share of the cash is around £5,000 which is an emergency fund as explained earlier.
As you can tell my partner gets a lot in child support and has been used to spending or having a lot more money around than now. Based on the child support payment received I estimate the partners ex is on around £150,000 per year. I am nowhere near the same earning level and we are arguing a lot about money. A lot of the arguments are along the lines of me not having the money to go out which I don't especially in the weeks in which I only get the minimum £100, my partner refuses to pay for me and to make it clear I don't expect to be supported as a working adult from what is effectively money given from an ex partner for the support of a child...What do I do? The child is 16 and this money will only come in for another 3 years before it stops and I would be supporting the household with my income only. I'm hoping by then the Sainsburys loan will be clear and the legal issues all resolved so it should me much better soon although I think I'll be in a bit more debt.
I don't think there is anything I can do.
I've been using a credit card to purchase nearly everything and using my income to make the minimum repayments.
I don't want to go onto a DMP as I'm hoping to get a mortgage and buy a house together when the daughter moves out at which time the house can be let out giving my partner some sort of monthly income.
It was all much easier living in my house and visiting each others homes every few days but living together as a couple should save us both money in the long run.
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ [STRIKE]900[/STRIKE] 1080 - edited to show a higher withdrawal rate from business account
Partners monthly income after tax....... [STRIKE]1500 [/STRIKE]200 - Partner's contribution to household expenses.
Benefits................................ 0
Other income............................ 600 (gross rental income from my house)
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 166
Electricity............................. 77
Gas..................................... 0 - Included in above it's a dual fuel bill
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 30 - Includes internet
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 33
Internet Services....................... 0 - Included in landline
Groceries etc. ......................... 325
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45 - Walking, taxis and buses for me. I don't drive.
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 - (estimate)
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 - (estimate)
Haircuts................................ 5 - (estimate)
Entertainment........................... 130 - £30 per week sounds about right
Holiday................................. 65
Emergency fund.......................... 0
Legal costs............................. 300
[STRIKE]Partner Misc expenses................... 1300 - Partner will not participate in the SOA exercise the average spend is about £300 per week on all other expenses to do with partner and child only including savings, travel, mobile, clothing, dental, haircuts, presents, holidays, outings, insurance etc.[/STRIKE]
Letting Agent........................... 58
Total monthly expenses.................. 1327
Assets
Cash.................................... [STRIKE]45000[/STRIKE]5000 - Emergency fund
House value (Gross)..................... 145000 - Value of my house which is rented out.
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 190000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR - All are my own personal debts
Sainsburys.....................15505.....443......4.1 (35 months to go)
Halifax Loan...................12980.....295......6.9 (44 months to go)
Halifax CC.....................1960......19.6......0
Santander CC2 0% Purchases.....1450......14.5......0
Barclaycard....................4640......46.4......0
Capital One....................369.......5.........3.9
Santander CC1 0% BT............4160......41.6......0
Total unsecured debts..........41064.....865.1.....-
Monthly Budget Summary
Total monthly income.................... 1,880
Expenses (including HP & secured debts). 1,327
Available for debt repayments........... 553
Monthly UNsecured debt repayments....... 865.1
Amount short for making debt repayments. -312.1
Personal Balance Sheet Summary
Total assets (things you own)........... 190,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -41,064
Net Assets.............................. 108,936
Created using the SOA calculator at.
Reproduced on Moneysavingexpert with permission, using other browser.
£900 per month profit is my average net profit from self employment after work related expenses and it is highly variable gross income ranges from minimum of £100 per week to maximum of £600 per week. I use a business account to buffer the income and draw around £225 per week from it and transfer it to my current account. The remainder stays for tax, national insurance and any work related expenses such as computer repairs/upgrades, business mobile, printing supplies, travel costs etc... If no income was generated I could continue to draw the money for up to 3 months before it runs out. It's also an emergency fund which I feel is required.
£1,500 Partner's income is an estimate of partners child support received £1,200 per month, child tax credits of around £50 per week and child benefit of around £20 per week. Partner does not work.
I own a house with no mortgage which I let out for £600pcm as I have moved into my partners house. The income goes straight into my current account every month and covers the Sainsburys loan which I took out to bring it up to an excellent letting standard and refinance some other debts. I do not want to sell it. It has expenses that are fixed such as buildings insurance and agency costs and some things I have not taken into account in the SOA such as annual gas safety certificate/boiler service and house maintenance which could be anything really.
Basically, we go halves on the council tax (£83 a month each), I pay for the groceries (around £325 a month for 3 people) and partner pays the bills for the house (around £200 a month).
I have a personal legal issue (don't worry it's just a civil case nothing criminal) that I make payments of £300 a month towards (at least 6 months remain..could be more). Legal aid is not available. It's not a debt it's an expense. Proceedings haven't started yet and don't look like they will for at least a year. It's very slow progress and very annoying.
The £45,000 of cash isn't all mine...it's mostly my partners from a divorce settlement. It is not going to be given or lent to me to pay off my personal debts. My share of the cash is around £5,000 which is an emergency fund as explained earlier.
As you can tell my partner gets a lot in child support and has been used to spending or having a lot more money around than now. Based on the child support payment received I estimate the partners ex is on around £150,000 per year. I am nowhere near the same earning level and we are arguing a lot about money. A lot of the arguments are along the lines of me not having the money to go out which I don't especially in the weeks in which I only get the minimum £100, my partner refuses to pay for me and to make it clear I don't expect to be supported as a working adult from what is effectively money given from an ex partner for the support of a child...What do I do? The child is 16 and this money will only come in for another 3 years before it stops and I would be supporting the household with my income only. I'm hoping by then the Sainsburys loan will be clear and the legal issues all resolved so it should me much better soon although I think I'll be in a bit more debt.
I don't think there is anything I can do.
I've been using a credit card to purchase nearly everything and using my income to make the minimum repayments.
I don't want to go onto a DMP as I'm hoping to get a mortgage and buy a house together when the daughter moves out at which time the house can be let out giving my partner some sort of monthly income.
It was all much easier living in my house and visiting each others homes every few days but living together as a couple should save us both money in the long run.
0
Comments
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As much as I hate to say it, your partner's expenses are crippling you. And there's no way for anyone to figure out how to cut down if we don't know where it's going.
Other things - entertainment - what does that involve?
Groceries - you could cut down there. We spend approx half of that and there's two adults and a toddler so even with a teenager it could be cut down."Beautiful young people are accidents of nature, But beautiful old people are works of art."
-- Eleanor Roosevelt0 -
you have 45000 cash ? why not pay off your debt with that ? You're supposedly a debt free wannabe with liquid assets of 45000 ? I feel like im in the twilight zone.0
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Deleted User wrote: »you have 45000 cash ? why not pay off your debt with that ? You're supposedly a debt free wannabe with liquid assets of 45000 ? I feel like im in the twilight zone.
Only £5000 belongs to the OP, and is an emergency fund, the rest is partners.
The debt and the near £500 a month shortfall could be seen as an emergency though.
The other option is to sell the rental property, pay off the debts and have £100000+ left over, because as it stands the OP is nearly £500 underwater each month.ISA £1675
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Deleted User wrote: »you have 45000 cash ? why not pay off your debt with that ? You're supposedly a debt free wannabe with liquid assets of 45000 ? I feel like im in the twilight zone.
Please fully read the actual post before making a sarcastic remark. :rotfl:
As others have said, it is difficult to advise you as the route of the problem appears to be one of expensive taste rather than "real" struggle. It will be difficult to change your partners expectations as she will be used to more money.
Forgetting the political issues of who's money is who's, you actually have quite healthy finances between you two, its when you look at them separately they become an issue. I think its a problem you need to work out as a couple not a money issue as such.0 -
Only £120 a year on presents, for your child, partner, friends and family...... really?0
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eyelinerprincess wrote: »As much as I hate to say it, your partner's expenses are crippling you.
It depends how you look at it.
The OP's partner owns the house where they live. All she asks him to contribute is half the council tax and the not too extravagant grocery bill. If he lived alone, he would be even more worse off. She has a child to consider, hence why she doesn't want to combine their finances. In her eyes, she makes an adequate contribution to the household and doesn't ask the OP to contribute to the costs of raising her child.
I don't think the OP's OH should put paying his debts before providing for her child.
I think the main problem here is, as the OP has mentioned, what will happen in 3 years when that money is no longer there. How will she be able to contribute then, to running the joint household, and also support herself and pay for her "expenses".0 -
PS..... OP your business isn't even making you the equiv of a FT minimum wage job. perhaps it's time to consider another way to provide yourself with an income?0
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hi, think communication as well as the money may be an issue.so,
in three years when child support stops, the partner will expect you to support him/her? why would they not get a job themselves?
I'd definitely keep hold of your house, just in case you need it.
The SOA is muddling to me. Do you keep your two finances totally separate, and you just contribute the food and council tax?
If OH income doesn't "go in the pot" you may as well just do a SOA as if you are a lodger, just put your income, and the £83+£325 as your "rent" ,may make it easier to see the wood for the trees.
Have you tried speaking to a debt charity at all?
are you continuing to use the credit cards to meet the shortfall every month?LIVE SIMPLY * GIVE MORE * EXPECT LESS * BE THANKFUL0 -
I go out with my friends once per week. We go out as a family once per week. I think £30 a week is reasonable estimate of my share of these outings.eyelinerprincess wrote: »As much as I hate to say it, your partner's expenses are crippling you. And there's no way for anyone to figure out how to cut down if we don't know where it's going.
Other things - entertainment - what does that involve?
Groceries - you could cut down there. We spend approx half of that and there's two adults and a toddler so even with a teenager it could be cut down.
Groceries - I'd love to shop at Aldi but they don't take my credit card which I use all the time. I shop at Morrisons and get it delivered for £1.
I think it's a reasonable estimate. I don't spend too much...just enough. We've known each other for years and it's agreed we don't go silly on presents.19lottie82 wrote: »Only £120 a year on presents, for your child, partner, friends and family...... really?
Thanks for the suggestion. I could probably take a bit more out each week. I think I'll increase it to £250 per week for the next 6 months and see how it goes. I'll edit the SOA to show that. I have been offered a full time job with one of my clients at £24,000 per year which would net £1,600 per month, I'd have to pay £100 per month tax on the rental income and it costs £24.30 per day to get to/from the employers place of business. I'd get 28 days leave per year so transport to/from work would be £470 per month. I think £24,000 is my market rate for the work that I do so I'd net £1,030 per month after travel, tax and NI.19lottie82 wrote: »PS..... OP your business isn't even making you the equiv of a FT minimum wage job. perhaps it's time to consider another way to provide yourself with an income?0 -
The debt and the near £500 a month shortfall could be seen as an emergency though.
.
Since you and I seem to read the same blogs...this is more than that..it's a raving hair on fire emergency.
OP, you cant afford this. In a year, you will be £6000 underwater and sinking fast. Short of winning the lottery, I dont see how your finances are in the least sustainable even in the short term. I would be hyperventilating after just a few months, let alone years.Debt Free! Long road, but we did it
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