Probably separating from husband, can I manage?

fedup78

Hi all,

I'm under an alias at the min, just really wanting some input on my SOA.

Its all possible figures as at the min Im living with a friend and trying to sort out what to do with my house.

Re employment, I'm self employed but business is very slow at the min, however i've been offered a full time job to start next year so that is the £1000 income, the £300 is extra income i will make from making my self employment part time (i've already accounted for tax and expenses from that)

The £20000 is the minimum i can hope to get if my husband buys me out which he is willing to do. its much less than half so could end up been a bit more.

Hope thats enough info?

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 300
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 40 Both these are guesstimates based on what I pay now
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 15
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 75 I'm very old style so think i can manage this
Clothing................................ 50
Petrol/diesel........................... 50 again guess work butdoing about 400 miles a month in economical car
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 10 not really sure about this guess I should have an emergency fund?
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 20 again a guess but i currently get buildings and contents for £26 so don't think it'd be much more?
Life assurance ......................... 7
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1045

Assets
Cash.................................... 20000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 24000

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Mum............................2350......50........0
Total unsecured debts..........2350......50........-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including secured debts)...... 1,045
Available for debt repayments........... 255
Monthly UNsecured debt repayments....... 50
Surplus(deficit if negative)............ 205
Personal Balance Sheet Summary
Total assets (things you own)........... 24,000
Total Secured debt...................... -0
Total Unsecured debt.................... -2,350
Net Assets.............................. 21,650
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

fedup78

shameless bump! sorry

mickey_mouse

just wanted to give you a hug and wish you good luck. I am sure one of the experienced people will be along in a moment.
will you be paying any sort of rent? could your entertainment be cut a little?

immoral_angeluk

ok... I just want to break it down a bit...

Children - Are there any children involved? Either ones living with you or ones you are paying maintenance for.

Housing - What is the exact housing situation at the moment? You mentioned him buying you out, yet you're paying rent?

Benefits - Are either of you claiming any benefits at the moment? Housing/council tax benefit etc?

Debts - Do you have any joint debts? (ie in both your names)

fedup78

Thanks for the replies

Children - we don't have any so guess that makes it easier iyswim

Housing - I'm not paying rent at the min cos stopping with a friend but will have to at some point soon ish (she has said stop until I get on my feet, fantastic friend!!)

Benefits - neithe of us claim, i'm self employed so my income fluctuates, when I start new job don't think I'd be entitled either

Debts - just the mortgage at the min which he is gonna look at taking on in his sole name and giving me my share

Hope that clears things up, I've never been on my own for 12 years so just scared if I'll manage

x

[Deleted User]

Your costs of living sound similar to mine - I live in the South East and my rent is £420. I moved into a flat on my own after 10 years with my partner - it's quite a challenge, but wonderful to have time for friends and for myself too. I'm doing things I'd never have done whilst married - I'm studying for a degree, doing the job I love and I've set up in business too.

In response to your SOA...

Does your council tax include 25% single person discount. £75 seems a bit high.

Can you get a package deal for the mobile / internet / phone use?

Depending on the location and size of your rented accommodation, I'm sure you could get contents insurance for around £8-£12. I've got good cover for £9pm.

£50 for clothes and £100 for 'entertainment' each month seems excessive (if you're trying to pay off debts or save money) but it's within your budget if you make the £300 pm from self-employment earnings.

You won't be entitled to any benefits on the level of income and cost of livings that you have stated.

Good luck for the future.
Hiphouse