S.O.A - Any advice

helenmcneill_2

Any advice/help would be most grateful!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 0
Benefits................................ 692
Other income............................ 0
Total monthly income.................... 2142

Monthly Expense Details
Mortgage................................ 417
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 57
Electricity............................. 81
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 10
Groceries etc. ......................... 600
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 110
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1792

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

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(417)......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
virgin.........................3000......100.......0
halifax........................1600......50........0
capitalone.....................1000......50........0
credit union...................3000......100.......0
halifax overdraft..............2500......0.........0
grattan........................565.......20........0
additions......................865.......35........0
barclaycard....................850.......30........0
Total unsecured debts..........13380.....385.......-

Monthly Budget Summary
Total monthly income.................... 2,142
Expenses (including secured debts)....... 1,792
Available for debt repayments........... 350
Monthly UNsecured debt repayments....... 385
Surplus(deficit if negative)............ -35

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -13,380
Net Assets.............................. -13,380

Created using the SOA calculator at https://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.

~Beanie~

helenmcneill wrote: »

Electricity............................. 81
Groceries etc. ......................... 600
Clothing................................ 50
Medical (prescriptions, dentist etc).... 110
Contents insurance...................... 0
Entertainment........................... 120

- How many are you feeding, £600 is HUGE :eek:
- Your electricity seems quite high
- You should be able to cut the clothing budget
- What is the £110 medical for?
- Don't you have contents insurance?
- You can cut the entertainment down a bit

What are the APR's on all those debts? Is your credit rating good enough to be able to trf some to 0% cards?

helenmcneill_2

Thanks for your quick reply!!

4 in the house and the cat ! This inlcudes breakfast, lunches and dinners for 4. and the odd can of cider/guinness
Electricity is very expensive in Northern ireland
dont even get to buy clothes, that was an estimate for 4
medical for my husbands prescriptions and we both have to pay for dentist as well, not that much every month
I have included the contents and building insurance together
Entertainment is what i would like to have - dont get ! Including bus fares for schools !!

Dex

I would agree with Beanie

£600 is huge! how many are in your household?

the electric really could come down aswell - my sister has a family of 4 and her electric is £45 p/month (obv not knowing how many in your house it may be valid)

what is the £120 for entertainment? could you split that down so we know what you mean by it - it seems like an expense you can't afford!

well done for posting, Im sure there will be lots of answers on here soon (from people much more qualified than me!)

Dex
do you need sky? are you in contract? I know its not a lot but every little really does help.

Dex

sorry helen crossed posts - i don't know about the cost of electric in northern ireland - have you tried shopping around to get a cheaper deal?

Dex

katie2407

you really need to cut down on the grocery bill try menu planning and cupboard/freezer meals

IWantToBeFree_2

Notice how you say that some items you're not actually spending that much but its what you would like to spend, or an estimate. I would recommend keeping a spending diary so that you can get a more specific amount for these. Will also give you idea's on where you can cut back. You pretty much spend all your outgoings, so if its not been spend on clothes, medical stuff, entertainment etc, where is it being spent?

Can you combine sky/internet/phone into a bundle which could be much cheaper? I don't always think the answer is to ditch sky completely, when you're on a dfw journey you may find yourselves staying in much more and sky can be a godsend.