SOA ooyah

eekiedee

Well here goes . . . . . . yikes

Monthly income after tax................ 2300
Partners monthly income after tax....... 40
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2340

Monthly Expense Details
Mortgage................................ 515
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 136
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Wife.................................. 160
Total monthly expenses.................. 1592

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 93000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 59000....(515)......7
Total secured debts........... 59000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Egg............................10000.....210...... .15
mint...........................3345......75....... .16
citi...........................2750......58....... .0
A&L............................10000.....303...... .0
Total unsecured debts..........26095.....646.......-

Monthly Budget Summary
Total monthly income.................... 2,340
Expenses (including secured debts)....... 1,592
Available for debt repayments........... 748
Monthly UNsecured debt repayments....... 646
Surplus(deficit if negative)............ 102

Personal Balance Sheet Summary
Total assets (things you own)........... 93,000
Total Secured debt...................... -59,000
Total Unsecured debt.................... -26,095
Net Assets.............................. 7,905

Egg card jumped up from £5k after personal emergency.

A&L is 3yrs to go

Last month outgoings was £345 over incoming. Can see where this arose, went out for a meal & a couple of unexpected bills (went over my card limit)

Im desperately trying to keep the balance right but find head in sand easier.

Have seen a couple of post that seem to have running totals that look like good markers - need to get on to that next.

A_fiend_for_life

Hi eekiedee,

Can you spread the council tax over 12 months instead of 10? Councils are good at meeting this arrangement.

Also the food bill looks very high. How many people are you buying for?

moo2moo

The "wife" line says it all. What does she need £160 a month for? You've covered all the bills, all the food and that £160 would come in very handy for clearing off your debts.

At £400 a month I'm going to assume you're a family of 5, but with no benefits (ie. no child benefit) it implies theres either just the 2 of you or your children are over 16 and no longer in education, eating like horse hence the food bill. A very rough figure would be £20 per person per week in food, so 2 of you would be £160 per month, 5 would be £400.

Your building (& combined contents?) seems quite high.

Are all your repayments minimal? or are you overpaying on some?

doodledo_2

HI and welcome to the forum.

Things that jump out to me are:

No income for your wife - is this because you have children to care for? In which case you may be entitled to some child tax credit or family allowance.

Groceries seem high but this will depend on how many people in your household.

If you wife isn't working is she in a position to be able to get a part time job or sell some stuff on Ebay/Amazon etc to raise some cash you can throw at your debts?

sammy115

Well you have a surplus which is good....you need to start a spending diary to find out where your 'spare' money is going to as you have no savings and emergencies seem to go onto the cards....

Naomim

eekiedee wrote: »

Well here goes . . . . . . yikes

Monthly income after tax................ 2300
Partners monthly income after tax....... 40
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2340

Monthly Expense Details
Mortgage................................ 515
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 136
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30 I assume this is high as it incorporates internet & mobiles?
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 How many is this for? We are a house of 3 and average about £200 a month. Get to the Old Style boards and look at meal planning.
Clothing................................ 0 Never any new clothes or does this come from your wife's £160 budget?
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Wife.................................. 160
Total monthly expenses.................. 1592

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 93000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 59000....(515)......7
Total secured debts........... 59000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Egg............................10000.....210...... .15
mint...........................3345......75....... .16
citi...........................2750......58....... .0
A&L............................10000.....303...... .0
Total unsecured debts..........26095.....646.......-

Monthly Budget Summary
Total monthly income.................... 2,340
Expenses (including secured debts)....... 1,592
Available for debt repayments........... 748
Monthly UNsecured debt repayments....... 646
Surplus(deficit if negative)............ 102

Personal Balance Sheet Summary
Total assets (things you own)........... 93,000
Total Secured debt...................... -59,000
Total Unsecured debt.................... -26,095
Net Assets.............................. 7,905

Egg card jumped up from £5k after personal emergency.

A&L is 3yrs to go

Last month outgoings was £345 over incoming. Can see where this arose, went out for a meal & a couple of unexpected bills (went over my card limit)

Im desperately trying to keep the balance right but find head in sand easier.

Have seen a couple of post that seem to have running totals that look like good markers - need to get on to that next.

Your SOA looks like it's on the "bar bones" as it is, no new clothes, entertaining and odds and sods (coffee's, mags etc). Have you thought about keeping a spending diary? They are very useful at working out exactly where the money goes.

If you are spending £400 on shopping for two of you only then that is astronomical and could easily be halved.

HTH

Naomi x

milliemonster

As the others have said, plus, your council tax seems very high for a house that is valued at £93k? does this include arrears?, also you haven't put anything down for water??, do you really spend £40 a month on presents? can you half this?, you have also put nothing in for entertainment yet at the bottom of your SOA stated your outgoings were more than you had coming in and part of this was because you went out for a meal and had unexpected bills.

Your SOA is there to help you budget, you need to factor in what you ACTUALLY spend each month on entertaining/going out, not what you would like it to be, I think this is why as you say you had £345 more going out last month than coming in, but your SOA states you have a £102 surplus.

You need to put some money aside for unexpected bills each month and I would suggest that you deduct the £160 you are paying your wife (can she not get a job instead?) and put some of this towards your debts and some aside for unexpected bills/going out

eekiedee

Fisrt of all thanks to for the responses

The Council TAX does include water charges and I must admit I have never asked them to spread it over 12 months rather than the usual 10 months. Will em a ring and ask - Thanks

The food bill of £400 does include feeding four of us two adults an 9yrold and a toddler. I try to keep the bills down by shopping for deals only.

£30 a month phone bill I though was pretty good and it does include free internet. No mobile charges as I use my works mob - with out abusing it loads of free texts.

My kids are young enough that I prefer my wife not to work if possible - push comes to shove she would work but want her to go to college as she is a clever cookie and wasting her talents. I give her £160 amonth for various bits and pieces.

Ive started selling on ebay - mainly old bits and bobs -every penny counts

Will check the Buildings and content insurance to see if I can get it cheaper.

Im trying to change my repayments from minimum to a set amount to try to clear the debts quicker.

Thanks guys!

DoWhatULove-LoveWhatUDo

A quick query before I do any sums: is family allowance or child tax credit included somewhere or does it still need to be added? I would also appreciate clarification of the partner's income line and what the "wife" £160 covers. Deepest apologies if this feels as if I am prying but budgeting is often about knowing where every penny goes and not having any vague black holes that money simply vanishes into.

eekiedee

DoWhatULove-LoveWhatUDo wrote: »

A quick query before I do any sums: is family allowance or child tax credit included somewhere or does it still need to be added? I would also appreciate clarification of the partner's income line and what the "wife" £160 covers. Deepest apologies if this feels as if I am prying but budgeting is often about knowing where every penny goes and not having any vague black holes that money simply vanishes into.

Still plugging the vauge holes trying to nail pdown every penny and its working too.
£160 if for my better half to buy stuff for the kids and a wee bit for her self too. I have asked her not to spend any more than this.

Gona set up a list of my debts on a spread sheet and work out the best way to reduce the bills.

Can anyone tell me if this part is true if I use my Credit Card for a purchase then I effectively get a month 'free' credit for that purchase - So if I religiously pay that amount I spent into the card that night (online) I should save a little on interest? ie ASDA shop is usually £300 once amonth with top ups through the month. petrol is £65 a visit. Just a though as every penny is now a prisoner.

pink_princess

hi can i just say that your food bill is HUGE .We are a family of 5 ,two adults and 3 kids ages 13 11 9 and we only spend 300-350. your wife could read the os board for shopping and cooking tips .
As for the £160 a month all i can say is I WISH EVERY PENNY NEEDS ACCOUNTED FOR UNTIL DF DATE.