SOA - second attempt

robsimps53

hi everyone, ive managed to sit down with my partner and go through things, please take a look and tell me what you think

looking forward to your comments

thanks in advance



Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details[/b]
Monthly income after tax................ 0
Partners monthly income after tax....... 700
Benefits................................ 311.4
Other income............................ 136
Total monthly income.................... 1147.4
Monthly Expense Details
Mortgage................................ 377
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 79
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 62
Electricity............................. 40
Gas..................................... 65
Oil..................................... 0
Water rates............................. 25.81
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 20
Road tax................................ 5
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 29
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 22
Contents insurance...................... 22
Life assurance ......................... 14
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1129.81

Assets
Cash.................................... 0
House value (Gross)..................... 50000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 51500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 60000....(377)......0
Hire Purchase (HP) debt ...... 1200.....(79).......0
Total secured & HP debts...... 61200.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,147.4
Expenses (including HP & secured debts). 1,129.81
Available for debt repayments........... 17.59
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 17.59
Personal Balance Sheet Summary
Total assets (things you own)........... 51,500
Total HP & Secured debt................. -61,200
Total Unsecured debt.................... -0
Net Assets.............................. -8,500

www.makesenseofcards.com.

robsimps53

looking forward to yout views

tigerfeet2006

robsimps53 wrote: »

hi everyone, ive managed to sit down with my partner and go through things, please take a look and tell me what you think

looking forward to your comments

thanks in advance



Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details[/b]
Monthly income after tax................ 0
Partners monthly income after tax....... 700
Benefits................................ 311.4
Other income............................ 136
Total monthly income.................... 1147.4
Monthly Expense Details
Mortgage................................ 377
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 79 what is this?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 62
Electricity............................. 40
Gas..................................... 65
Oil..................................... 0
Water rates............................. 25.81 £26
Telephone (land line)................... 20
Mobile phone............................ 30 put together with landline
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 200 flippin' 'eck this is low. Will you be able to sustain this?
Clothing................................ 10
Petrol/diesel........................... 20 is this really this low?
Road tax................................ 5 ditto
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 29
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 22
Contents insurance...................... 22
Life assurance ......................... 14 the OR will be interested in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1129.81

Assets
Cash.................................... 0
House value (Gross)..................... 50000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 51500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 60000....(377)......0
Hire Purchase (HP) debt ...... 1200.....(79).......0
Total secured & HP debts...... 61200.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,147.4
Expenses (including HP & secured debts). 1,129.81
Available for debt repayments........... 17.59
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 17.59
Personal Balance Sheet Summary
Total assets (things you own)........... 51,500
Total HP & Secured debt................. -61,200
Total Unsecured debt.................... -0
Net Assets.............................. -8,500

www.makesenseofcards.com.

Have made some comments. Mke sure you are claiming everything you are able to https://www.entitledto.co.uk

robsimps53

thanks for that, the petrol and tax is low as i run a motorcycle that is what the hp is for also and at the moment we do seem to manage on £200 for groceries although it does seem low

tigerfeet2006

Ah! I remember now. Sorry have seen so many SoA's recently.

Hopefully you will be able to up the housekeeping once you go into rented.

robsimps53

we wont be going into rented, we are hoping to keep the house, at the moment we are up to date wth the mortgage and hope to buy the benefical interest from the OR

tigerfeet2006

OK. Hopefully you will be able to keep up that very tight budget.

Don't forget to join your local groups of Freecycle www.freecycle.org

If you can also open a credit union account with your local branch

http://www.abcul.org/page/index.cfm

robsimps53

thanks tigerfeet

anyone else have any thoughts on my SOA

peachyprice

It all looks good Rob, defo check you're getting all the benefits you're entitled to.

TBH, I can't see that you'd save anything by going into rented anyway, your mortgage is so low, you'd be hard pushed to get anything that cheap, so hopefully the house will be fine.

It might be worth checking to see if you can get your buildings and contents a bit cheaper, that seems quite high.

robsimps53

thanks for that that makes me feel much better, i think after this month we will be entitled to working tax credit as they stopped it when my partner went on maternity leave

rugbymum

robsimps53 wrote: »

thanks for that that makes me feel much better, i think after this month we will be entitled to working tax credit as they stopped it when my partner went on maternity leave

Have they changed the rules regarding working tax credit & matrnity leave? I still got mine when I was on mat leav, as I was still technically in work! Mind you that was four years ago now . Maybe a phone call to check?