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Wanting to move -SOA - Please analyse!!

Here is my SOA-

We are wanting to move but think it might be best to wait 2 years to get ourselves in a better position financially.

Am a full time student so recieve loans/grants of 7K a year too, which we have used to save but might be better paying off mortgage??

Any advice would be great,

Statement of Affairs and Personal Balance Sheet
Household Information

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details

Monthly income after tax................ 800
Partners monthly income after tax....... 1100
Benefits................................ 295
Other income............................ 100
Total monthly income.................... 2295

Monthly Expense Details

Mortgage................................ 600
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 172
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 30
Gas..................................... 23
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 47
TV Licence.............................. 12
Satellite/Cable TV...................... 47
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 70
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 70
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 5
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1618


Assets

Cash.................................... 12500
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 120500


Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 88616....(600)......5.69
Hire Purchase (HP) debt ...... 6000.....(172)......8.4
Total secured & HP debts...... 94616.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary

Total monthly income.................... 2,295
Expenses (including HP & secured debts). 1,618
Available for debt repayments........... 677
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 677

Personal Balance Sheet Summary
Total assets (things you own)........... 120,500
Total HP & Secured debt................. -94,616
Total Unsecured debt.................... -0
Net Assets.............................. 31,884

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

Comments

  • debrag
    debrag Posts: 3,426 Forumite
    EmilyCo wrote: »
    Here is my SOA-

    We are wanting to move but think it might be best to wait 2 years to get ourselves in a better position financially.

    Am a full time student so recieve loans/grants of 7K a year too, which we have used to save but might be better paying off mortgage??

    Any advice would be great,

    Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 800
    Partners monthly income after tax....... 1100
    Benefits................................ 295
    Other income............................ 100
    Total monthly income.................... 2295

    Monthly Expense Details

    Mortgage................................ 600
    Secured loan repayments................. 0
    Hire Purchase (HP) repayments........... 172
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 75
    Electricity............................. 30
    Gas..................................... 23
    Oil..................................... 0
    Water rates............................. 35
    Telephone (land line)................... 12
    Mobile phone............................ 47 - cut these down
    TV Licence.............................. 12
    Satellite/Cable TV...................... 47 - bundle with phone and internet/ cut out or down
    Internet Services....................... 0
    Groceries etc. ......................... 250 - meal plan you may be able to cut this
    Clothing................................ 70 - you can't afford these
    Petrol/diesel........................... 80
    Road tax................................ 10
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 20
    Childcare/nursery....................... 70
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 5
    Buildings insurance..................... 5
    Contents insurance...................... 5
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1618


    Assets

    Cash.................................... 12500
    House value (Gross)..................... 105000
    Shares and bonds........................ 0
    Car(s).................................. 3000
    Other assets............................ 0
    Total Assets............................ 120500


    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 88616....(600)......5.69
    Hire Purchase (HP) debt ...... 6000.....(172)......8.4
    Total secured & HP debts...... 94616.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-


    Monthly Budget Summary

    Total monthly income.................... 2,295
    Expenses (including HP & secured debts). 1,618
    Available for debt repayments........... 677
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 677 - where does this go?

    Personal Balance Sheet Summary
    Total assets (things you own)........... 120,500
    Total HP & Secured debt................. -94,616
    Total Unsecured debt.................... -0
    Net Assets.............................. 31,884

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

    how much of the £677 do you save?
    you aren't in any financial trouble as far as I can see
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