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  • FIRST POST
    • cheeky-peach
    • By cheeky-peach 3rd Oct 17, 11:02 AM
    • 30Posts
    • 26Thanks
    cheeky-peach
    SOA Help Please
    • #1
    • 3rd Oct 17, 11:02 AM
    SOA Help Please 3rd Oct 17 at 11:02 AM
    Hi all,


    Having split from my husband, I've managed so far living in the same place on my own but I'm getting to the point where it feels like I'm working to live and feeling very fed up. I appreciate that things could be a lot worse and I'm hoping that as soon as my divorce is sorted fully, that'll be a stop to the solicitors fees (nisi has been granted... and I'm the respondent so not seeing a lot more effort from my side now).


    I've added in explanations where possible.


    Thank you in advance!


    P.S. Apologies if it's not easy to read - the formatting has a nightmare to sort and it's getting really frustrating!
    Last edited by cheeky-peach; 03-10-2017 at 11:06 AM. Reason: formatting error
Page 1
    • cheeky-peach
    • By cheeky-peach 3rd Oct 17, 11:06 AM
    • 30 Posts
    • 26 Thanks
    cheeky-peach
    • #2
    • 3rd Oct 17, 11:06 AM
    • #2
    • 3rd Oct 17, 11:06 AM
    Statement Of Affairs And Personal Balance Sheet

    Household Information
    Number Of Adults In Household 1
    Number Of Children In Household 0
    Number Of Cars Owned 1

    Monthly Income Details
    Monthly Income After Tax £2,727.15
    Partners Monthly Income After Tax £0.00
    Benefits £0.00
    Other Income £0.00
    Total Monthly Income £2,727.15

    Monthly Expense Details
    Mortgage £0.00
    Secured/Hp Loan Repayments £0.00
    Rent £1,000.00
    Management Charge (Leasehold Property) £0.00
    Council Tax £89.00 Single person over 12 months
    Electricity £68.25 Gas and Electric
    Gas £0.00
    Oil £0.00
    Water Rates £22.00
    Telephone (Land Line) £0.00
    Mobile Phone £20.00 SIM Only
    TV License £12.12
    Satellite/Cable TV £0.00
    Internet Services £31.49 Includes line rental / fibre BB
    Groceries Etc £150.00 I meal plan and shop at Lidl mainly but this can be improved.
    Clothing £20.00 I don't buy new clothes every month
    Petrol/Diesel £200.00 Main spend is visiting my boyfriend
    Road Tax £0.00
    Car Insurance £0.00 Paid this up in one go on my interest free CC as they were going to charge me interest for paying monthly.
    Car Maintenance (Including MOT) £0.00
    Car Parking £0.00
    Other Travel £0.00
    Sofa Repayment £48.66
    Car Payment (PCP) £254.16 This annoys me but there's nothing I can do right now. My ex husband drove this car but it was in my name, when his PCP car was coming to an end we were going to do a car without PCP though we split up and I had to keep responsibility for this car.
    Medical (Prescriptions, Dentist Etc) £0.00
    Pet Insurance/Vet Bills £18.04 One cat, this includes insurnace and a montly cost of £10 which covers his worming / flea treatment / jabs
    Buildings Insurance £0.00
    Contents Insurance £0.00
    Weight Watchers £19.00 Pay monthly on a deal, I tried going alone with my weight loss for around 5 months and it didn't help.
    Gym £22.00 I'm a Reservist and need to keep my fitness up; I've tried going alone but this helps me keep on track.
    Presents (Birthday, Christmas Etc) £40.00
    Haircuts £20.00 I don't go every month to get this done though
    Entertainment £242.43 This is for everything else I don't categorize (i.e. cinema visit, meal out, coffee, anything I need for the house etc)
    Holiday £0.00 Haven't been anywhere or planning on going anywhere as I don't feel I can afford it
    Emergency Fund £200.00 This covers car repairs, solicitors fees (for divorce)
    HTB ISA £200.00
    Total Monthly Expenses £2,677.15


    Assets
    Cash £0.00
    House Value (Gross) £0.00
    Shares And Bonds £0.00
    Car(s) £0.00
    Other Assets £0.00
    Total Assets £0.00


    Secured & HP Debts
    Description Debt Monthly
    Mortgage £0.00 £0.00
    HP And Other Secured Debt £0.00 £0.00
    Total Secured & HP Debts £0.00 £0.00

    Unsecured Debts
    Description Debt Monthly
    Credit Card £600.00 £50.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Total Unsecured Debts £600.00 £50.00


    Monthly Budget Summary
    Total Monthly Income £2,727.15
    Expenses (Including Hp & Secured Debts) £2,677.15
    Available For Debt Repayments £50.00
    Monthly Unsecured Debt Repayments £50.00
    Amount Surplus Or Short For Making Debt Repayments £0.00

    Personal Balance Sheet Summary
    Total Assets (Things You Own) £0.00
    Total Hp & Secured Debt £0.00
    Total Unsecured Debt £600.00
    Net Assets £0.00
    • Ebe Scrooge
    • By Ebe Scrooge 3rd Oct 17, 11:16 AM
    • 4,013 Posts
    • 3,432 Thanks
    Ebe Scrooge
    • #3
    • 3rd Oct 17, 11:16 AM
    • #3
    • 3rd Oct 17, 11:16 AM
    Statement Of Affairs And Personal Balance Sheet

    Household Information
    Number Of Adults In Household 1
    Number Of Children In Household 0
    Number Of Cars Owned 1

    Monthly Income Details
    Monthly Income After Tax £2,727.15
    Partners Monthly Income After Tax £0.00
    Benefits £0.00
    Other Income £0.00
    Total Monthly Income £2,727.15

    Monthly Expense Details
    Mortgage £0.00
    Secured/Hp Loan Repayments £0.00
    Rent £1,000.00 Ouch ! I know it's not a step to be undertaken lightly, but would it be feasible to find somewhere cheaper ?
    Management Charge (Leasehold Property) £0.00
    Council Tax £89.00 Single person over 12 months
    Electricity £68.25 Gas and Electric
    Gas £0.00
    Oil £0.00
    Water Rates £22.00
    Telephone (Land Line) £0.00
    Mobile Phone £20.00 SIM Only
    TV License £12.12
    Satellite/Cable TV £0.00
    Internet Services £31.49 Includes line rental / fibre BB
    Groceries Etc £150.00 I meal plan and shop at Lidl mainly but this can be improved.
    Clothing £20.00 I don't buy new clothes every month
    Petrol/Diesel £200.00 Main spend is visiting my boyfriend This sounds a lot - can your boyfriend not come to visit you instead ?
    Road Tax
    £0.00
    Car Insurance £0.00 Paid this up in one go on my interest free CC as they were going to charge me interest for paying monthly. You still need to divide the total by 12 to see what the equivalent monthly figure will be - you need to be saving this amount ready to pay next year's premium.
    Car Maintenance (Including MOT) £0.00 You have to have something in here.
    Car Parking £0.00
    Other Travel £0.00
    Sofa Repayment £48.66
    Car Payment (PCP) £254.16 This annoys me but there's nothing I can do right now. My ex husband drove this car but it was in my name, when his PCP car was coming to an end we were going to do a car without PCP though we split up and I had to keep responsibility for this car.
    Medical (Prescriptions, Dentist Etc) £0.00
    Pet Insurance/Vet Bills £18.04 One cat, this includes insurnace and a montly cost of £10 which covers his worming / flea treatment / jabs
    Buildings Insurance £0.00
    Contents Insurance £0.00 You need something here.
    Weight Watchers £19.00 Pay monthly on a deal, I tried going alone with my weight loss for around 5 months and it didn't help. Try harder ! Sorry, this is an unnecessary expense.
    Gym £22.00 I'm a Reservist and need to keep my fitness up; I've tried going alone but this helps me keep on track. The same as per Weight Watchers.
    Presents (Birthday, Christmas Etc) £40.00 This needs to be cut down.
    Haircuts £20.00 I don't go every month to get this done though
    Entertainment £242.43 This is for everything else I don't categorize (i.e. cinema visit, meal out, coffee, anything I need for the house etc) This is very high - you should be able to cut it substantially without feeling you're living like a Nun.
    Holiday £0.00 Haven't been anywhere or planning on going anywhere as I don't feel I can afford it
    Emergency Fund £200.00 This covers car repairs, solicitors fees (for divorce)
    HTB ISA £200.00
    Total Monthly Expenses £2,677.15


    Assets
    Cash £0.00
    House Value (Gross) £0.00
    Shares And Bonds £0.00
    Car(s) £0.00
    Other Assets £0.00
    Total Assets £0.00


    Secured & HP Debts
    Description Debt Monthly
    Mortgage £0.00 £0.00
    HP And Other Secured Debt £0.00 £0.00
    Total Secured & HP Debts £0.00 £0.00

    Unsecured Debts
    Description Debt Monthly
    Credit Card £600.00 £50.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Total Unsecured Debts £600.00 £50.00


    Monthly Budget Summary
    Total Monthly Income £2,727.15
    Expenses (Including Hp & Secured Debts) £2,677.15
    Available For Debt Repayments £50.00
    Monthly Unsecured Debt Repayments £50.00
    Amount Surplus Or Short For Making Debt Repayments £0.00

    Personal Balance Sheet Summary
    Total Assets (Things You Own) £0.00
    Total Hp & Secured Debt £0.00
    Total Unsecured Debt £600.00
    Net Assets £0.00
    Originally posted by cheeky-peach



    My thoughts in bold above. Some of the suggestions may not be very palatable, but they're intended to be helpful.
    I may not know much about art, but I know what I like.
    • DCFC79
    • By DCFC79 3rd Oct 17, 11:33 AM
    • 30,411 Posts
    • 19,227 Thanks
    DCFC79
    • #4
    • 3rd Oct 17, 11:33 AM
    • #4
    • 3rd Oct 17, 11:33 AM
    Everything I was going to suggest to cut back on has been pointed out,
    can't see anything else to cut back.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • EssexHebridean
    • By EssexHebridean 3rd Oct 17, 11:37 AM
    • 8,232 Posts
    • 43,568 Thanks
    EssexHebridean
    • #5
    • 3rd Oct 17, 11:37 AM
    • #5
    • 3rd Oct 17, 11:37 AM
    Pretty unusual to find an SOA that totals to a precise zero at surplus - is this a coincidence or have you tinkered with the figures to make it balance?

    In any event - comments in red as usual...

    Statement Of Affairs And Personal Balance Sheet

    Household Information
    Number Of Adults In Household 1
    Number Of Children In Household 0
    Number Of Cars Owned 1

    Monthly Income Details
    Monthly Income After Tax £2,727.15
    Partners Monthly Income After Tax £0.00
    Benefits £0.00
    Other Income £0.00
    Total Monthly Income £2,727.15

    Monthly Expense Details
    Mortgage £0.00
    Secured/Hp Loan Repayments £0.00
    Rent £1,000.00
    Management Charge (Leasehold Property) £0.00
    Council Tax £89.00 Single person over 12 months Well done!
    Electricity £68.25 Gas and Electric Keep an eye on your tariff to make sure you're on the best deal for you and make savings where you can - turning things off,
    tweaking the thermostat down a degree or two etc.

    Gas £0.00
    Oil £0.00
    Water Rates £22.00 Metered I assume? If so make sure the amount you're paying does reflect your use and make savings on what you use where possible
    Telephone (Land Line) £0.00
    Mobile Phone £20.00 SIM Only Sure this is the best you can get? I pay £11 odd per month SIM only.
    TV License £12.12 Think this goes up to £12.37 from this month?
    Satellite/Cable TV £0.00
    Internet Services £31.49 Includes line rental / fibre BB Shop around and see if this is the best deal you can get. If nothing else it may be worth a call to your provider to haggle if you're out of contract.
    Groceries Etc £150.00 I meal plan and shop at Lidl mainly but this can be improved. Yes, you're right, it can. You can knock £50 off that easily - remember to check prices on things you buy periodically too - Aldi/Lidl aren't ALWAYS the cheapest!
    Clothing £20.00 I don't buy new clothes every month but do you actually put this amount aside every month? You're not showing any cash assets?
    Petrol/Diesel £200.00 Main spend is visiting my boyfriend can you reduce this at all? if you book travel in advance is it sometimes cheaper to use the train or bus,
    for example?

    Road Tax £0.00 Zero rated car for tax?
    Car Insurance £0.00 Paid this up in one go on my interest free CC as they were going to charge me interest for paying monthly. That's fine but you need to start stashing money aside ready to pay next year's don't you, otherwise come renewal you'll be in the same place all over again.
    Car Maintenance (Including MOT) £0.00 Is maintenance covered within the PCP deal?
    Car Parking £0.00
    Other Travel £0.00
    Sofa Repayment £48.66 How long does this still have to run?
    Car Payment (PCP) £254.16 This annoys me but there's nothing I can do right now. My ex husband drove this car but it was in my name, when his PCP car was coming to an end we were going to do a car without PCP though we split up and I had to keep responsibility for this car. Is there a balloon payment to come on this then? If so how are you planning to fund it?
    Medical (Prescriptions, Dentist Etc) £0.00
    Pet Insurance/Vet Bills £18.04 One cat, this includes insurnace and a montly cost of £10 which covers his worming / flea treatment / jabs
    Buildings Insurance £0.00
    Contents Insurance £0.00 Definitely get this in place ASAP - you need this and it can be got for anything from £7 a month upwards so not a massive spend.
    Weight Watchers £19.00 Pay monthly on a deal, I tried going alone with my weight loss for around 5 months and it didn't help. OK - this one is easy. There are MASSES of apps available for phones now to help you track calories etc. Put bluntly, diets don't work - unless you're planning to stay on one for the rest of your days eventually you will "come off the diet" and then in short order you'll revert to the old habits. Eat less and move more - burn more calories than you eat and you WILL lose weight - and you will also be making sustainable changes to your lifestyle that you can keep going with for life.
    Gym £22.00 I'm a Reservist and need to keep my fitness up; I've tried going alone but this helps me keep on track. Are there not free facilities at a local base you can use?
    Presents (Birthday, Christmas Etc) £40.00 If you're struggling for cash this needs to reduce
    Haircuts £20.00 I don't go every month to get this done though But do you actually put this amount aside each month so you;'re covered when you do go? You're not showing any cash assets?
    Entertainment £242.43 This is for everything else I don't categorize (i.e. cinema visit, meal out, coffee, anything I need for the house etc) This is remarkably precise and I suspect it's the figure you've tweaked to get the SOA to balance, no?
    Holiday £0.00 Haven't been anywhere or planning on going anywhere as I don't feel I can afford it
    Emergency Fund £200.00 This covers car repairs, solicitors fees (for divorce) work out and budget your car expenses separately - that way you can see at a glance where you stand on this. Do you actually put this aside each month? Again, no cash assets showing?
    HTB ISA £200.00
    Total Monthly Expenses £2,677.15


    Assets
    Cash £0.00
    House Value (Gross) £0.00
    Shares And Bonds £0.00
    Car(s) £0.00
    Other Assets £0.00
    Total Assets £0.00


    Secured & HP Debts
    Description Debt Monthly
    Mortgage £0.00 £0.00
    HP And Other Secured Debt £0.00 £0.00
    Total Secured & HP Debts £0.00 £0.00

    Unsecured Debts
    Description Debt Monthly
    Credit Card £600.00 £50.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Loans/Credit Cards Etc £0.00 £0.00
    Total Unsecured Debts £600.00 £50.00


    Monthly Budget Summary
    Total Monthly Income £2,727.15
    Expenses (Including Hp & Secured Debts) £2,677.15
    Available For Debt Repayments £50.00
    Monthly Unsecured Debt Repayments £50.00
    Amount Surplus Or Short For Making Debt Repayments £0.00

    Personal Balance Sheet Summary
    Total Assets (Things You Own) £0.00
    Total Hp & Secured Debt £0.00
    Total Unsecured Debt £600.00
    Net Assets £0.00
    Originally posted by cheeky-peach
    I think you're on the face of it on the right track but I also think currently you spend more than you estimate on the "random" stuff - there are places you can make savings, and I'd suggest using a spending diary for a few months to properly track what you DO spend. Also make sure you do budget for the things you say you put aside - I presume you don't spend that £40 each month on presents for example. Remember that if you say you put aside £100 a month total for this expense and that expense, but then don't separate that sum out into a separate account (or accountS) then it will just get frittered away.

    Make savings where you can - budget for stuff like "things you need for the house" assuming this is small purchases made occasionally by putting £25 into a dedicated account for this - that should also once a year is up pay your renewal on your contents insurance too to avoid you paying it monthly going forwards.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • cheeky-peach
    • By cheeky-peach 3rd Oct 17, 11:52 AM
    • 30 Posts
    • 26 Thanks
    cheeky-peach
    • #6
    • 3rd Oct 17, 11:52 AM
    • #6
    • 3rd Oct 17, 11:52 AM
    Thanks for all your comments.


    I do have Contents insurance - I paid for it in one go using my 'Entertainment / Misc' budget one month. I use YNAB so everything is in a virtual pot and whatever is left get's stashed into my 'Entertainment / Misc' budget.


    Yes my car is tax-free and it has a service plan. I really do need to think about what to do when I can give my car back - it's not an expensive I want to keep up really and would like something cheaper.


    My phone bill covers 20GB of data which I use about 10 of. It's mainly for Spotify i'll be honest, but as soon as my SIM only deal comes to an end in December i'll be getting something cheaper again.


    I missed out my cash assets - I currently have around £5400 in my HTB ISA and £600 in my 'Emergency Pot' having just spent out £300 on Solicitors fees.


    My boyfriend visits me too, we're about 50 miles apart as he's in the military (near where I'm based as a Reservist) so it's not a option to use the gym there sadly. I do think I could bin the gym though and get back on the running regime.


    My sofa repayment has a few more years but I'm due a bonus in January so I'd be looking to get a lump sum paid off to reduce the value.


    My gas and electric annoys me too actually; I feel that that's a lot but on my bills, I'm just breaking even and it's not even winter yet so i'll need to keep money back for that too.



    The £40 presents goes into a YNAB category and is left in a bank account for Xmas mainly. It comes my travel back home to visit my family, gifts and also birthday gifts throughout the year.

    Thanks again for your replies.
    Last edited by cheeky-peach; 03-10-2017 at 11:55 AM.
    • cheeky-peach
    • By cheeky-peach 3rd Oct 17, 12:02 PM
    • 30 Posts
    • 26 Thanks
    cheeky-peach
    • #7
    • 3rd Oct 17, 12:02 PM
    • #7
    • 3rd Oct 17, 12:02 PM
    Also, I have been debating to move or not. I'm currently privately renting a town house; I could downsize as it's only me and it does seem ridiculous to be in such a big place on my own but what's putting me off is estate agents fees, finding the deposit (it'd take a few months of saving) and I'd typically be saving £200 a month on rent (finding somewhere in my area for less than £800 is a studio flat which would mean having to put a lot of my stuff in storage which is costly too).
    • Hutchch0920
    • By Hutchch0920 3rd Oct 17, 12:14 PM
    • 288 Posts
    • 485 Thanks
    Hutchch0920
    • #8
    • 3rd Oct 17, 12:14 PM
    • #8
    • 3rd Oct 17, 12:14 PM
    Or you could sell a load of stuff that you don't need rather than put it in storage.

    Have you considered getting a lodger / housemate instead? - I assume when you say townhouse it's got more than one bedroom....this could be the quickest way to more financial freedom.

    My OH and I currently share a 3 bed house with another couple to save money and it's totally worth it. If we had our own place it'd be £1400 a month, we're currently paying £800!
    Save £12k in 2017 / Dec 2017 Travel Cash = £12,400 / £14,000 88.5%[/COLOR]

    House Deposit = £20,500 / £18,000
    • cheeky-peach
    • By cheeky-peach 3rd Oct 17, 12:17 PM
    • 30 Posts
    • 26 Thanks
    cheeky-peach
    • #9
    • 3rd Oct 17, 12:17 PM
    • #9
    • 3rd Oct 17, 12:17 PM
    Am I allowed to get a housemate / lodger being a tenant myself?
    • EssexHebridean
    • By EssexHebridean 3rd Oct 17, 12:22 PM
    • 8,232 Posts
    • 43,568 Thanks
    EssexHebridean
    I'll be honest - based on the savings figure there, and on your income -v- rent payable figure currently, I can't see that a move is going to benefit you massively unless of course you feel as though you're "rattling around" in the property that you're in currently? If you're happy there, it has a nice feel, and you like the space, then make savings elsewhere.

    I reckon there are savings totalling in the region of £200 you can make off that SOA - and more if you really make a concerted effort to watch the frittering on "entertainment" and random spends. Again personally I'd throw the lot at getting that CC cleared for a start I think - and get that gone as soon as possible - from there you could either continue to use a card - but cleared IN FULL monthly - for routine spends or you could revert to doing everything via cash/direct debits/upfront payments. Do you have a firm idea going forwards what your solicitors fees are likely to total? You say you've just paid a sum of money but was that money on account, or off the back of a breakdown of costs to date that you were sent?

    When finances are quite tight budgeting EVERYTHING monthly and then sticking to that budget can be the difference between having money to spare and not - so make sure that all the i's are dotted and t's crossed, in that regard. I think if you budget with a view to future spends on things like car insurance etc you should be able to afford at least a short holiday, or several long weekends, through the year, though!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • EssexHebridean
    • By EssexHebridean 3rd Oct 17, 12:22 PM
    • 8,232 Posts
    • 43,568 Thanks
    EssexHebridean
    Am I allowed to get a housemate / lodger being a tenant myself?
    Originally posted by cheeky-peach
    Check and see what your tenancy agreement says!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Ebe Scrooge
    • By Ebe Scrooge 3rd Oct 17, 6:54 PM
    • 4,013 Posts
    • 3,432 Thanks
    Ebe Scrooge
    MelissaAlvin reported for yet another "black magic" spam attack.

    Melissa, we don't believe in Black Magic over here in the civilised world, no matter what alias you use. Please stop you !!!!.
    I may not know much about art, but I know what I like.
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