Newb to MSE - Help please

Al-Glasgow

Hi all,
Looks like a great site to make a start into sorting out finances, below is my SOA, although I have a lot of blanks as im unsure how it works.

Any constructive input vewy welcome.
regards
Alan


Monthly Income Details
Monthly income after tax................ 1280
Partners monthly income after tax....... 500
Benefits................................70
Other income............................
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 510
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 190
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates.............................
Telephone (land line)................... 30
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel...........................120
Road tax................................ 30
Car Insurance........................... 60
Car maintenance (including MOT)......... 0
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..................... 0
Contents insurance...................... 30
Life assurance ........................30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Dry Cleaning............................0
Total monthly expenses.................. 1297
Assets
Cash.................................... 0
House value (Gross)..................... 130k
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
car finance 120+200 = 320
bank loan 120+160=280
Total unsecured debts..........
Monthly Budget Summary
Total monthly income....................
Expenses (including secured debts).......
Available for debt repayments...........
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............
Personal Balance Sheet Summary
Total assets (things you own)...........
Total Secured debt...................... -0
Total Unsecured debt....................
Net Assets..............................

beanielou

Just wanted to say hi & welcome to MSE.
Are you paying back arrears on your loan & your car?
You are showing two amounts for each & its getting late & I cant work it out.

10past6

Hi Alan :hello:

Welcome to the forum

Al-Glasgow wrote: »

Monthly Income Details
Monthly income after tax................ 1280
Partners monthly income after tax....... 500
Benefits................................70
Other income............................
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 510
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 190 >>>> This is very high, is debt attached to this?
Electricity............................. 50 >>> Have you tried for a duel deal combining your gas?
Gas..................................... 50 >>> See above
Oil..................................... 0
Water rates.............................
Telephone (land line)................... 30
Mobile phone............................ 35 >> Is this contract? if so, can you change to PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel...........................120
Road tax................................ 30
Car Insurance........................... 60
Car maintenance (including MOT)......... 0
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..................... 0
Contents insurance...................... 30 >>> Have you tried the comparison sites?
Life assurance ........................30 >> See above
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Dry Cleaning............................0
Total monthly expenses.................. 1297

savingholmes

10past6 has made the main poitns above - however if you do think of changing any of your suppliers - do it via a cashback site and earn money on switching and searching for the best deal. Yes you can even get paid for getting a quote....! I like quidco best (no referral fee paid to me) but also use a range of others... martin has an article on it...

Al-Glasgow

many thanks for taking an interest,

My council tax is paid up to date & does not include any arrears.
My gas/elec is on scottish power duel deal, and will probably rise soon as another increase is due.
My mobile phone is contract on 18 month (12 month left)
I reckon the £30 for contents insurance should include buildings insurance.( I have not shopped around).
Life assurance for myself and wife is with mortgage provider (I have not shopped around.)

On the 2 family cars I reckon I should try sell the most expensive, saving £200/month, but I would probably lose £1k to sell.

any comments/recommendations very welcome.

keep the ideas coming.

Al

10past6

Alan

Click here it's the insurance forum, any questions you have re reducing your contents / building / life insurance will be answered in that forum.

Click here it's the motoring forum, ask the members what your should do re your car situation.