My SOA

Damian_Evans

Hi all,

I have been advised on another board to post my SOA here, so here it is!

Any tips and advice on surviving in this god awful country, will be greatfully received.

Many thanks.



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1254
Partners monthly income after tax....... 0
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 1430

Monthly Expense Details
Mortgage................................ 700
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 143
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 21
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 3
Petrol/diesel........................... 110
Road tax................................ 15.5
Car Insurance........................... 24
Car maintenance (including MOT)......... 14.5
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12.5
Haircuts................................ 3.5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1474

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 250800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 131000...(700)......5.75
Total secured debts........... 131000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,430
Expenses (including secured debts)....... 1,474
Available for debt repayments........... -44
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ -44

Personal Balance Sheet Summary
Total assets (things you own)........... 250,800
Total Secured debt...................... -131,000
Total Unsecured debt.................... -0
Net Assets.............................. 119,800

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

Two adults and one 3 year old in the house. Baby due in December. Mortgage is 50/50 interest only/repayment. Term is 30 years. My wife and I are both 35.

Cleosmum

Can you reduce your petrol spends?

Also, groceries is high, visit the old style board for tips on cutting back

*MF*

Hi ... Followed you over from the other board.

If I am correct, your mortgage is based on 6 times salary - that is a very very high multiple, and I am not surprised things are tight. I know now is not the time to consider change, given the housing market, and maybe it is not something that you want to consider in any event - but I think the outgoings you have in that area are a, if not the major, factor.

Hope others will also comment ...

Horace

Hi Damien and welcome - I have already made comments on your SOA on the other board - some folks may be in bed but you will get some answers just be patient as folks will soon give you some advice.

Do you have a spare room that you can let out to a lodger? Even if you only take in a professional for weekdays only that will help.

I know that on your other thread you mention that your wife spends £50 a week on shopping. By using coupons and by shopping in places like Lidl the food bill can be greatly reduced. I know that in Lidl you can buy a 24 roll pack of loo rolls for £9.49 (they last a long time). Here's an example of my shopping bill at Lidl:

Spreadable butter £1.59
Malted Sliced Loaf 75p
Loose Nectarines 49p ea. (they are large)
Honey Roast Ham £1.29
Granulated sugar 79p
Dentalux Toothpaste 45p
Glade Linen Room Spray 74p
Cherry Tomatoes 69p
Tin of chopped tomatoes 21p

Buy meat at the local butcher and use a local market for veg or Lidl. Plan meals and cook in bulk and freeze.

betti911

Do you pay your council tax over 12 months or 10? I spread mine over twelve months which helped my budgeting this yr.

Your groceries are very high. Good advice from Cleosmum to look in the other boards for tips.

Have you anything you could sell/ebay?

Damian_Evans

*MF* wrote: »

Hi ... Followed you over from the other board.

If I am correct, your mortgage is based on 6 times salary - that is a very very high multiple, and I am not surprised things are tight. I know now is not the time to consider change, given the housing market, and maybe it is not something that you want to consider in any event - but I think the outgoings you have in that area are a, if not the major, factor.

Hope others will also comment ...

Hi MF,

Mortgage was based on 4 times joint salary at the time. Then a family came along, and wife stopped working. It's then when it got tough!

Horace - I have no spare room to let out. If I had, I would have filled it with students!!!

Betti - I tried to pay council tax over twelve months and they threatened me with court action due to not paying on time!! When I argued the point that I get paid MONTHLY, therefore I want to pay my council tax MONTHLY, I was told it was not possible and that if I did not make a payment there and then (over the phone) I would be liable to lose my right to pay by installments in the future! Helpful bunch at the town hall.....NOT!

Horace

Drag your wife out of Tesco and point her in the direction of Lidl - I am sure her mum would enjoy it too. I used to shop in Tesco but cannot be bothered to drive there and now I only use Tesco when I am away and only then for petrol.

Show her Lidl's website - https://www.lidl.co.uk - they have been voted Best Value Supermarket 2008.

mum2one

can your wife not take up mystery shopping work, there is a large thread on it.
Cash back sites, dual purpose, daily clicks and free items such as sim cards, and also cash back on policies, such as house ins, car ins etc, def worth looking into.
Quidco, Pigs Back, Mutual points, top cash back

Survey sites, be careful as some you have to earn £50 b4 they pay out.

Numpty_Monkey

If you are getting paid £20k a year you should be getting more than that i think have a look at this
http://listentotaxman.com/

Have you tried the up your income board loads of tips there a few extra pounds here and there make a big difference

*MF*

Hi Damian ...

I am never sure generalities help when it is specific advice- over anything you can do - that you are looking for - but - altho' it may not feel like it, you actually do have more positives than negatives going for you - you have a job, others (and increasingly so) don't have, you have a house you are happy in, (others are losing theirs right now), you have a family (an increasing one) - and if you spend some time on the DFW board and read many of the posts here - you are in a position many are trying to reach - don't see only the clouds and what you don't have, remember what you do have..

I guessed (didn't take much guessing) that the mortgage was the killer -so the questions has to be - is it worthwhile seeing if you can re-negotiate its terms, against that idea is that you have a good interest rate as far as I can judge, you have large equity which would help at the moment - but you would have fees to pay - so on balance it is not a road I would go down - so you need to look at the other suggestions you are being offered:

- where you shop I would add Aldi to Lidl - try it for one week - keep your shopping bill from your last shop - then test it against either alternative - save £10.00 each week and in 4 weeks you have made up the monthly deficit on your SOA, ok?

- other sources of income (many listed on this site - loads of them) - forget that they may appear small - they add up

- second part time job maybe, for you or your wife is that possible?

- maybe look at downsizing your car at some stage - mainly to get the associated costs down, tax, insurance etc - if you can.

The main message from me has to be - count your blessings - and then try and make some small positive changes, even just on a daily or weekly basis - so that at the end of the month you have made some progress. It can be done - as members here demonstrate day in daily.

betti911

Damian,

That is very strange re Council tax. I live in Scotland and here its quite simple to pay in installments. You have to phone the local council tax office and confirm this with them tho and they will change the direct debit. Maybe its different where you are tho.

I would recommend cashback sites for your wife to have a go at. I use pigsback and quidco. You could never make a fortune from them but every little helps.

Also might it be possible to take the wee one out of nursery for a bit while your wife isn't working?