MY SOA Rip it apart

get_me_debt_free

Hi all this is my new SOA
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 452
Partners monthly income after tax....... 0
Benefits................................ 900
Other income............................ 276
Total monthly income.................... 1628

Monthly Expense Details
Mortgage................................ 480
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 47
Gas..................................... 60
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 26
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 22
Car maintenance (including MOT)......... 5
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 5
Contents insurance...................... 5
Life assurance ......................... 27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 6
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1204

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 146000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(480)......5
Total secured debts........... 112000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................4800......31........0
Tesco..........................2300......71........0
Total unsecured debts..........7100......102.......-

Monthly Budget Summary
Total monthly income.................... 1,628
Expenses (including secured debts)....... 1,204
Available for debt repayments........... 424
Monthly UNsecured debt repayments....... 102
Surplus(deficit if negative)............ 322

Personal Balance Sheet Summary
Total assets (things you own)........... 146,000
Total Secured debt...................... -112,000
Total Unsecured debt.................... -7,100
Net Assets.............................. 26,900

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
2 Children 1 Adult
1 CarMortgage is interest only

tallyhoh

You could spend a little less on entertainment & the life insurance could be lower but quite honestly I think you are doing OK.
Someone more experienced than me will be along in a mo to tell you more.

But out of curiosity is your council tax really that low?

get_me_debt_free

My council tax is low because i have a 25% reduction for single adult, I paid some up front and now its spread over 12 months. I think its about £620 a Year.
Entertainment is high due to kids being on holiday, we dont have sky any more so we go to charity shops to by DVD's and Videos and we have had some trips out, but that will come down to about £10 when they go back to school.
Forgot to add I have a overdraft with HSBC of £500.
Cant seam to get that down?

Keeping_Positive

Have you tried a spending diary to track where the "surplus" money goes? It can be quite an eye opener. http://www.spendingdiary.com/

get_me_debt_free

Hi Keeping Positive, I have just done my spending Diary do I put the bills on it to and Direct Debits?

Quietgirl

Hi there, your telephone bill looks really expensive to me. I probably shouldn't be saying this, but your landline is £40 per month and you haven't put anything down for internet costs. You could get sky, on there 3 for £16, tv, internet, and phone, I think it's an extra £10 to have your line rental with them. That would shave off about £14 off your landline costs, plus keep the kids entertained.

Keeping_Positive

I just put general spends on but I think if you put everything on it might give an even fuller picture.

jinky67

i have to say keeping a spending diary is the biggest eyeopener ever.
I was shocked when I saw what I was spending myself.......so much so that I have asked OH to keep one too.
Within days I realised how much he spends evryday at work:eek: :eek:


Gas/electic
phone and groceries could all come down

get_me_debt_free

Quietgirl wrote: »

Hi there, your telephone bill looks really expensive to me. I probably shouldn't be saying this, but your landline is £40 per month and you haven't put anything down for internet costs. You could get sky, on there 3 for £16, tv, internet, and phone, I think it's an extra £10 to have your line rental with them. That would shave off about £14 off your landline costs, plus keep the kids entertained.

Hi,
I got a contract with BT till june 09 the 40 is for Broadband too.
Think BB is £13.99 a month.
Thanks

get_me_debt_free

jinky67 wrote: »

i have to say keeping a spending diary is the biggest eyeopener ever.
I was shocked when I saw what I was spending myself.......so much so that I have asked OH to keep one too.
Within days I realised how much he spends evryday at work:eek: :eek:


Gas/electic
phone and groceries could all come down

Hi Thanks for your comments, My gas is high as I have a LPG tank!! it costs about £450 to fill up, Its on 80% at the moment but I owe the gas company about £700 so I am paying them back on a budget account. Its so expensive, I only cook on the hob and it heats the water and heating on a combi boiler which is about 5year old now.
I dont use the heating for hot water as we have showers, I have a dish washer as its cheaper to fill it every 3 days and put it on than to run the gas and electric to run the boiler!! to heat the water.
I havent had the heating on for months and now I have a open fire with Free logs to keep us warm for now, I dont want to put the heating on till i really have too. Kids have new sleeping bags and hot water bottles,socks, fleece dressing gowns!!
I hate my LPG tank but its underground and will cost to remove it and leave a hole in the garden, im stuck with it,!!:o

rchrisp

speak to your mobile operator and see if they can get you on a cheaper package with the same benefits, vodafone are usually very good at this, so i would hope most networks would be.