My SOA - any advice?

SazM030306

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 105
Partners monthly income after tax....... 877.5
Benefits................................ 522.85
Other income............................ 0
Total monthly income.................... 1505.35

Monthly Expense Details
Mortgage................................ 355.1
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 17
Gas..................................... 34
Oil..................................... 0
Water rates............................. 19.1
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 11.61
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 216.66
Clothing................................ 0
Petrol/diesel........................... 108.33
Road tax................................ 11
Car Insurance........................... 0
Car maintenance (including MOT)......... 13.3
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 122.68
Medical (prescriptions, dentist etc).... 16.9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 19.04
Other insurance......................... 24.92
Presents (birthday, christmas etc)...... 54.72
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1217.36

Assets
Cash.................................... -88.68
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 90411.32

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 45000....(355.1)....5.9
Total secured debts........... 45000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
N Rock Loan....................20000.....229.4.....6.9
Total unsecured debts..........20000.....229.4.....-

Monthly Budget Summary
Total monthly income.................... 1,505.35
Expenses (including secured debts)....... 1,217.36
Available for debt repayments........... 287.99
Monthly UNsecured debt repayments....... 229.4
Surplus(deficit if negative)............ 58.59

Personal Balance Sheet Summary
Total assets (things you own)........... 90,411.32
Total Secured debt...................... -45,000
Total Unsecured debt.................... -20,000
Net Assets.............................. 25,411.32

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

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

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful. I'm starting college full time in September, so I've put how much income I might be on then, have to check hours with boss yet.. Also DH will be cutting his hours to fit in with college and childcare after school so I've put his hours as they might be. He is also looking around for possibly a night job to fit in better and work more hours.The benefits are CHB and CTC at the amounts we are receiving at the moment. Mobile phones are £10 each top up for me and DH. £40 is for Virgin Media package tv bb and landline. Food worked out from £50 pw 2 adults 2 ch age 6,+3. Petrol £25 pw. Tax etc worked out over year.Other child expenses cover uniform etc also £20 each into trust fund. Presents etc covers haircuts, clothes, going out.The £20 for emergencies goes into an ISA.Any comments/advice?
Thanks, Sarah x

PS forgot to say house and car insurance have been paid off in full so not accounted for those, I know I should but they will probably come out of the savings at the time.

phildamb

SazM030306 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 105
Partners monthly income after tax....... 877.5
Benefits................................ 522.85
Other income............................ 0
Total monthly income.................... 1505.35

Monthly Expense Details
Mortgage................................ 355.1
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 17 <- very good. Is this for a house?
Gas..................................... 34
Oil..................................... 0
Water rates............................. 19.1
Telephone (land line)................... 0
Mobile phone............................ 20 <- What network. I think three still offer the pay one where you earn money for recieving.
TV Licence.............................. 11.61
Satellite/Cable TV...................... 40 <- You could afford to lose this.
Internet Services....................... 0
Groceries etc. ......................... 216.66
Clothing................................ 0
Petrol/diesel........................... 108.33
Road tax................................ 11
Car Insurance........................... 0
Car maintenance (including MOT)......... 13.3
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 122.68
Medical (prescriptions, dentist etc).... 16.9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 19.04
Other insurance......................... 24.92
Presents (birthday, christmas etc)...... 54.72
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1217.36

Assets
Cash.................................... -88.68
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 90411.32

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 45000....(355.1)....5.9
Total secured debts........... 45000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
N Rock Loan....................20000.....229.4.....6.9
Total unsecured debts..........20000.....229.4.....-

Monthly Budget Summary
Total monthly income.................... 1,505.35
Expenses (including secured debts)....... 1,217.36
Available for debt repayments........... 287.99
Monthly UNsecured debt repayments....... 229.4
Surplus(deficit if negative)............ 58.59

Personal Balance Sheet Summary
Total assets (things you own)........... 90,411.32
Total Secured debt...................... -45,000
Total Unsecured debt.................... -20,000
Net Assets.............................. 25,411.32

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

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

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful. I'm starting college full time in September, so I've put how much income I might be on then, have to check hours with boss yet.. Also DH will be cutting his hours to fit in with college and childcare after school so I've put his hours as they might be. He is also looking around for possibly a night job to fit in better and work more hours.The benefits are CHB and CTC at the amounts we are receiving at the moment. Mobile phones are £10 each top up for me and DH. £40 is for Virgin Media package tv bb and landline. Food worked out from £50 pw 2 adults 2 ch age 6,+3. Petrol £25 pw. Tax etc worked out over year.Other child expenses cover uniform etc also £20 each into trust fund. Presents etc covers haircuts, clothes, going out.The £20 for emergencies goes into an ISA.Any comments/advice?Thanks, Sarah x

Anything less than £100 surplus doesnt leave you much room in case of major changes. Is the car used for anything other than commuting such as shopping, if so can you walk it or purchase anything locally to save using the car?

SazM030306

Thanks phildamb,

Yes we live in a 2 bed terrace. I'm really strict on the leccy at the mo, everything is off at the switch and lights off etc the kids are fantastic at turning lights off and the telly plug when they've done watching.

We're on Virgin with the phones and get 300 mins and 300 texts included in the £10 so never go over this. The deal is because we're on Media package too so don't really want to lose the tv etc! Plus DH would never agree! The £40 is actually slightly overestimated, the bills including calls (not many as use mobile free mins) have been coming in at around £35. we get the XL tv package for price of basic (3 for £30) so on quite a good deal really.

We have one car used for work, also college when I start. Tesco is down the road but I've recently been getting online delivery every 2weeks using a code so no delivery fee. I top up in store once a week using the car. If only
petrol was still 54.9 like when I met DH!!

Thanks for your input x

~Beanie~

Hi, I've not got much to add but have noticed that you have nothing included in your budget for car insurance? Or buildings / contents insurance.

Idiophreak

SazM030306 wrote: »

Other child related expenses............ 122.68

Can you break this down any further?

SazM030306

Idiophreak wrote: »

Can you break this down any further?

Thank you you've just reminded me, my daughter was doing ballet at £2 a week which will have to stop now due to college hours.
This is what it was...

ballet: £8.66 (worked out over year)
DS milk at school break: £2.00
DD preschool: £63.70 (might be dropping a session so will save £8.50 pw!)
uniform inc shoes: £4.16
clothes: £4.16
TOTAL: £82.68
trust funds £40.00

= £122.68

SazM030306

I actually have a standing order going into an E-savings account for £137.40 which covers all the above child amounts (not trust funds) plus 54.72 for b'days, xmas, any other treats etc.

RAS

Hi

You need to re-visit this as you could be struggling if anything goes up.

There is no car insurance in your SOA?

If you are a student, have you accounted for the single person's CT allowance in your sums?

davetrousers

You've put down 0 for Buildings and Contents Insurance???

Karmacat

Hello Sax

Wecome to mse - I'm just trying to work out your savings situation. You put £20 a month by for emergencies - I know this isn't much, but you should read Martin's article about saving on the main site - repaying debt from saving, something like that. And you also put by £40 a month for trust funds? What kind of trust fund? Those two are £60 a month - thats an awful lot of money. It doesn't seem like you really need to be doing that at the moment.

For transport, have you looked into alternatives to the car? You're doing that with Tesco at the mo, well done. But, in relation to the car, its a bit scary what you've missed out - the insurance? Or is that under other? And what else is under other?

Lastly... sorry! .... £54.72 on presents? Thats a big loan - I have a little Northern Rock one, and I can't overpay, but I can't help thinking there's some slack in your soa that could help you. Your choice, of course.

SazM030306

Karmacat wrote: »

And you also put by £40 a month for trust funds? What kind of trust fund? Those two are £60 a month - thats an awful lot of money. It doesn't seem like you really need to be doing that at the moment.

These are for the kids, DD qualified for the government voucher to put in a trust fund and we top up by £20pm, DS just missed out but we opened a high interest savings acc for him instead, also £20pm. Do you think these are too much ?
The £20 was going into my ISA, I've changed it to go into overdraft now til that's paid off then that'll be going back into ISA.

Karmacat wrote: »

For transport, have you looked into alternatives to the car? You're doing that with Tesco at the mo, well done. But, in relation to the car, its a bit scary what you've missed out - the insurance? Or is that under other? And what else is under other?

DH was looking into getting a motorbike/scooter at one point but I really don't want him to, I'd be scared to death that he'd have an accident.
As for car and home insurance, we've recently renewed these and paid off in full so I didn't include them, I know I should for next time, I'm going to try and do ebay/carboots etc trying to make extra cash here and there.

Karmacat wrote: »

Lastly... sorry! .... £54.72 on presents? Thats a big loan - I have a little Northern Rock one, and I can't overpay, but I can't help thinking there's some slack in your soa that could help you. Your choice, of course.

£54.72 covers all presents, haircuts, cinema, days out, little things that crop up unexpectedly! Yes it is a big loan, we were young and stupid a few years ago! We can't overpay either or else I'd be throwing every spare penny at it.
Any advice on how much I should be saving or not spending is always welcome!

Thank you for your comments. x