SOA - another newbie

m4rc wrote: »

What a sad world when we are considered old at 47! Plenty of years left in him yet and his experience should be shining through, unless of course they are takin the younguns on at a hugely reduced salary...

Sadly, I think that's it. The economy here has not really recovered from the recession in 2008 and companies are looking to hire staff as cheaply as possible. A lawyer friend the other day told us he's having trouble hiring and keeping juniors because they are in such demand right now! And yet nobody wants a well-qualified, experienced, respected 47 year-old

Ok, so I've redone the SOA (in the other version requested), taking into account the suggestions from this thread wherever possible. I've also reduced our food budget to 400 a month. I don't realistically think it's possible to go any lower. I've deducted the monthly tax payment from my husband's income, for simplicity, although it's a monthly DD, rather than PAYE. We live close to a border and my work is based in the other country, where it is taxed at source and therefore a net amount.

Hopefully we can stick to this budget once he finds work and rebuild some savings, because there's nothing we can save up until then. As soon as I finish my sick leave, though, I will take on all the extra hours I can get at my jobs.

One thing I didn't mention in my first post is that we do have an emergency fund of €2K in cash hidden in our home. This will buy food if ever the bank blocks our cards, but also means we can pay for urgent repairs to the car, washing machine etc. or travel to our parents at short notice if something were to happen to them! We haven't had to touch it so far, but it's reassuring to know that it's there if ever we need it...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 5
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 3500
Partners monthly income after tax....... 1300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4800

Monthly Expense Details
Mortgage................................ 1950
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 200
Council tax............................. 80
Electricity............................. 220
Gas..................................... 0
Oil..................................... 0
Water rates............................. 100
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 130
Car maintenance (including MOT)......... 20
Car parking............................. 12
Other travel............................ 130
Childcare/nursery....................... 0
Other child related expenses............ 385
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 65
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 145
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 4087


Assets
Cash.................................... 2200
House value (Gross)..................... 500000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 330000
Total Assets............................ 832700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 370000...(1950).....3.1
Total secured & HP debts...... 370000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Personal loan..................30240.....475.......7.5
Credit card 1..................4500......145.......16.7
Credit card 2..................1500......70........15
Overdraft......................12000.....0.........6.4
Total unsecured debts..........48240.....690.......-


Monthly Budget Summary
Total monthly income.................... 4,800
Expenses (including HP & secured debts). 4,087
Available for debt repayments........... 713
Monthly UNsecured debt repayments....... 690
Amount left after debt repayments....... 23

Personal Balance Sheet Summary
Total assets (things you own)........... 832,700
Total HP & Secured debt................. -370,000
Total Unsecured debt.................... -48,240
Net Assets.............................. 414,460

QueenBeruthiel wrote: »

Any chance of shifting the credit cards to 0% deals?

I don't think they exist over here! But you're right, I should probably shop around and compare rates with other banks! Thank you.

When_the_going_gets_tough wrote: »

OP I think it is a harsh reminder for us all that the grim economic times can hit every family no matter how high their income. You seem very sensible and on board - no suggestions - just to wish you the very best of luck for the future. Your children will hopefully learn a useful lesson from all this - in particular understand the realities of poverty - not saying that they dont now of course.

Thank you!