SOA & Advice

mna78

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 2825

Monthly Expense Details
Mortgage (Interest Only).................. 638
Council tax............................. 118
Electricity............................. 29
Gas..................................... 35
Water rates............................. 20
Telephone & Internet................. 45
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Groceries etc. ......................... 300
Clothing................................ 10
Petrol/diesel........................... 87
Road tax................................ 14
Car Insurance........................... 36
Car maintenance (including MOT)......... 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 49
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1489

Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 207000

Secured Debts
Description....................Debt......Monthly
Mortgage...................... 155000...(638)
Total secured debts........... 155000

Unsecured Debts
Description....................Debt......Monthly
Lloyds.........................17000.....437
Car Loan.......................7000......197
Business Loan..................12000.....332
Credit Cards...................15000.....300
Total unsecured debts..........51000.....1266

Monthly Budget Summary
Total monthly income.................... 2,825
Expenses (including secured debts)....... 1,489
Available for debt repayments........... 1,336
Monthly UNsecured debt repayments....... 1,266
Surplus(deficit if negative)............ 70

Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total Secured debt...................... -155,000
Total Unsecured debt.................... -51,000
Net Assets.............................. 1,000


Notes:
- 2 Adults, 1 young child, 1 baby, no pets
- 3 Bed Semi

I'm currently contracting and earning more than I would a perm role, I have estimated take home pay at £2,700 - £2,800 per month. Problem is this will drop if and when I hopefully find a perm job.

Our unsecured debts have built up to a near unmanagable level, from a mixture of wife giving up work and the a lose of a salary, depression leading to an attempted career change (hense the business loan) didn't work out I am back doing what I was doing orignally, general overspending & burying our heads in the sand.

My mobile contract is up in November and I shall be giving that up. I'm also cancelling Sky tomorrow, although the kids won't like me for that one.

We're tried in on our Landline/Internet contract until next April.

Anyone have any thoughts on how to trim the fat or general advice, as we are on a bit of a knife edge.

Thanks

rubydoiwannabee

Hi and welcome,
I'm sure you will get lots of advice on this site, I am relatively new so can't offer any unfortunately but by replying will 'bump' you up the list.

x

Quietgirl

Hi I just thought I'd give you a bump up too. The lovely people on this site will give you loads of good advice. Your telephone and internet looks really expensive to me who is that with?

Have you signed up for all these baby club offers, like pampers etc, I used to get lots of freebies through the post. I think Tescos did a baby club too.

Groceries also looks a lot to me. Any chance of slimming that down a bit. Is the life insurance tied in with the mortgage? If so can you get that cheaper via quidco?

mna78

Hi thanks for the comments, telephone/internet is expensive but we are under contract until April, its with TalkTalk. I'll be looking to change that when it gets closer to that time.

Life insurance is tried to the mortgage, but could look at some quotes I guess, thanks.

pureaswhite

Hi,

Very new to the site too and just posted my own SOA so I wouldn't proclaim to know what I'm talking about at all. Having never shopped for a family I do not know if it is realistic to trim the groceries cost. What I will say though is my friend very recently took a position at Aldi and she was raving about some of the products. I thought I'd give it a try and found that some of the stuff is great and at half the price. Take your own bags and avoid Saturdays at all costs as the que's are huge. My local one is open till 7 so I pop in on my way home and it is quiet! Give it a go if you haven't already!

mna78

Yeah, I'm going to start round two of trying to reduce our Groceries. At the begining of he year our weekly shop was topping £110 per week!!! at that point I made some effert and got our weekly shop down to around £75 (including nappies, drink etc...). I'll take a look at the other board for some money saving ideas in this area.

tealady

Hi If you are shopping around for deals on insurance and fuel don't forget to switch via a cashback website.

isgman

Welcome, you have come to the best place for Help & Advice. Good Luck