My SOA - comments please

laurasbump

This is our SOA.
We've recently reviewed and reduced our:
-utilities,
-car insurance,
-household insurance,
-travel insurance,
-telephone package,
-Sky television,
-mobile phone packages.

I also work as much as I can for AQA and sell on eBay, making approx. £150 per month, which I haven't added as it isn't assured.
Our holiday costs are high as I included the cost of OH's skiing trip earlier this month (£1500), he won't be having another next year. However, we will be flying to Spain to see his parents. Joy. :rolleyes:

I've been approved for a 2 year loan for £10,000 at 8.6% to pay off the majority of the MBNA card. My OH is also hoping to be approved for a loan so that we can reduce some of the interest rates. I'll then close the cards as soon as each is paid off (can't allow OH the temptation!).

Please see my SOA and be as harsh as you like. I need a kick up the proverbial!!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 2300
Benefits................................ 0
Other income............................ 75
Total monthly income.................... 4075

Monthly Expense Details
Mortgage................................ 854
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 63
Gas..................................... 21
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 15
Mobile phone............................ 58
TV Licence.............................. 10
Satellite/Cable TV...................... 31
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 45
Road tax................................ 12
Car Insurance........................... 18
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 75
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 8.5
Presents (birthday, christmas etc)...... 84
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 170
Emergency fund.......................... 0
Magazine & Newapapers................... 28
Total monthly expenses.................. 2439.5

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 1000
Total Assets............................ 135500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 118000...(854)......5.79
Total secured & HP debts...... 118000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA cc........................12860.....138.......29.9
Halifax cc.....................7469......116.......21.9
Egg cc.........................8547......150.......21.9
Barclay Premier Loan...........12172.....306.......11.25
A&L o/d........................800.......0.........0
HSBC o/d.......................430.......35........0
Barclays Expenses o/d..........950.......50........0
Barclays Joint o/d.............3100......0.........0
Barclays o/d...................1900......0.........0
Egg cc.........................2733......68........19.9
Halifax cc.....................1326......22........15.9
Sky cc.........................2743......70........0
M&S cc.........................950.......38........22.9
Total unsecured debts..........55980.....993.......-

Monthly Budget Summary
Total monthly income.................... 4,075
Expenses (including HP & secured debts). 2,439.5
Available for debt repayments........... 1,635.5
Monthly UNsecured debt repayments....... 993
Amount left after debt repayments....... 642.5

Personal Balance Sheet Summary
Total assets (things you own)........... 135,500
Total HP & Secured debt................. -118,000
Total Unsecured debt.................... -55,980
Net Assets.............................. -38,480

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Miss_Piggy_2

laurasbump wrote: »

This is our SOA.
We've recently reviewed and reduced our:
-utilities,
-car insurance,
-household insurance,
-travel insurance,
-telephone package,
-Sky television,
-mobile phone packages.

I also work as much as I can for AQA and sell on eBay, making approx. £150 per month, which I haven't added as it isn't assured.
Our holiday costs are high as I included the cost of OH's skiing trip earlier this month (£1500), he won't be having another next year. However, we will be flying to Spain to see his parents. Joy. :rolleyes:

I've been approved for a 2 year loan for £10,000 at 8.6% to pay off the majority of the MBNA card. My OH is also hoping to be approved for a loan so that we can reduce some of the interest rates. I'll then close the cards as soon as each is paid off (can't allow OH the temptation!).

Please see my SOA and be as harsh as you like. I need a kick up the proverbial!!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 2300
Benefits................................ 0
Other income............................ 75
Total monthly income.................... 4075

Monthly Expense Details
Mortgage................................ 854
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 63
Gas..................................... 21
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 15
Mobile phone............................ 58
TV Licence.............................. 10
Satellite/Cable TV...................... 31
Internet Services....................... 0
Groceries etc. ......................... 500 EEEK!! See below!
Clothing................................ 50 This could be reduced
Petrol/diesel........................... 45 This seems low. Hardly use car?
Road tax................................ 12
Car Insurance........................... 18
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 75
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 8.5
Presents (birthday, christmas etc)...... 84 Again, this is high. See below
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 170
Emergency fund.......................... 0
Magazine & Newapapers................... 28 See below
Total monthly expenses.................. 2439.5

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 1000
Total Assets............................ 135500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 118000...(854)......5.79
Total secured & HP debts...... 118000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA cc........................12860.....138.......29.9
Halifax cc.....................7469......116.......21.9
Egg cc.........................8547......150.......21.9
Barclay Premier Loan...........12172.....306.......11.25
A&L o/d........................800.......0.........0
HSBC o/d.......................430.......35........0
Barclays Expenses o/d..........950.......50........0
Barclays Joint o/d.............3100......0.........0
Barclays o/d...................1900......0.........0
Egg cc.........................2733......68........19.9
Halifax cc.....................1326......22........15.9
Sky cc.........................2743......70........0
M&S cc.........................950.......38........22.9
Total unsecured debts..........55980.....993.......-

Monthly Budget Summary
Total monthly income.................... 4,075
Expenses (including HP & secured debts). 2,439.5
Available for debt repayments........... 1,635.5
Monthly UNsecured debt repayments....... 993
Amount left after debt repayments....... 642.5

Personal Balance Sheet Summary
Total assets (things you own)........... 135,500
Total HP & Secured debt................. -118,000
Total Unsecured debt.................... -55,980
Net Assets.............................. -38,480

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

On paper your figures look ok. However, its good to want to clear the debt.

Groceries...this is very high. Take a look at the old style board. Loads of hints and tips on there on how to cut costs.

Clothing - with kids its difficult to limit the budget as they grow so quick - however, try Asda and Tesco for bargain clothes.

Petrol...is this right? I run a small car and it costs me about £20 a week on average. If you hardly use it then thats fine. Are there any other travelling / commuting costs?

Presents - if you want to get rid of the debt then this has to reduce. I earn money via ebay etc (like you are already doing) but save that towards christmas etc.

Good luck though...seems you are on the right track!!

searching_me

£50 on entertainment could be £50 off your debt,
as poster before me £500 for food is sky high theres three of us and a greedy dog and the most we get to £200 most ...
presents i have a savings account i put £40 a month in and that accounts for everything including xmas but i also save my pennies in a jar and cash them up at the end of the year
mags and what nots... do you honestly really need them that extra money you could take off extra off your debts
also £63 for electric seems alittle high try cutting down abit by making sure things are switched off and not on standby and lights off ...
hmmm thats all i can think of hope they help good luck x

trina2010

you have some huge expenses there that could be easily reduced.

Monthly Expense Details
Mortgage................................ 854
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 63 - 84 pounds a month for power, any cheaper available on comparison websites?
Gas..................................... 21
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 15
Mobile phone............................ 58 this must be able to be reduced
TV Licence.............................. 10
Satellite/Cable TV...................... 31 switch to freeview? or cheaper package?
Internet Services....................... 0
Groceries etc. ......................... 500 this is HUGE for 2 adults and a child
Clothing................................ 50 must be reduced
Petrol/diesel........................... 45
Road tax................................ 12
Car Insurance........................... 18
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 75
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 8.5
Presents (birthday, christmas etc)...... 84 far too much, must be cut down
Haircuts................................ 0
Entertainment........................... 50 again must be cut down
Holiday................................. 170
Emergency fund.......................... 0
Magazine & Newapapers................... 28 a pound a day? read the news online? its free
Total monthly expenses.................. 2439.5


sorry if thats a bit harsh, but making those changes you could free up a lot of money every month. taking new loans isnt really the answer, thats just spreading the money out more.

i hope at this stage youve cut up all those cards??
you seem to be in a good position, you are still in surplus each month but make the changes, pay everything off faster and look forward to a life without loan repayment and cc worries.

barrys-lass

Could you get cheaper deal on mobiles with PAYG? Shopping could come down loads move down a brand (its not that bad) could you get annual ticket for prescriptions? What is the other insurance for? how about cheaper deal on electric and satalite tv? all of this could be reduced.

Fire_Fox

Don't wait until the cards are cleared to cancel them, cut them up immediately!

Electricity is high considering you also have a gas supply, where is this going? Ditto your water rates, this is six times what we pay for two of us! Are you metered? Groceries could easily be reduced to £300. You have allowed for an MOT but it's surely not enough for ongoing maintenance costs? £1000 a year is an awful lot on presents, agree with your family to buy for children only. Magazines - get a subscription to your favourite one or two; newspapers - read online.