First SOA. Really need help!!

pinkbabycakes

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................ 700
Partners monthly income after tax....... 950
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 1770

Monthly Expense Details
Mortgage................................ 800
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property) 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 70
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 12
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1699


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(800)......0
Total secured & HP debts. 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loans and CC.................26000..... 0.........
Total unsecured debts......26000.....0.........


Monthly Budget Summary
Total monthly income.................... 1,770
Expenses (including HP & secured debts). 1,699
Available for debt repayments........... 71
Monthly UNsecured debt repayments.......
Amount left after debt repayments....... 71

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. 0
Total Unsecured debt.................... -26,000
Net Assets.............................. -25,500

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


Ok, my biggest concern is what we earn. I do some part time work for an agency but have no idea what earnings to put down as what I earn varies on how many shifts I do each month. For example, January I got paid £1050. February got paid £950. In March I will get £730, and in April I will only get £400. Our second baby is due in May, so after my April Pay, I will earn nothing, only Maternity Allowance and benefits so my total income will be £600 a month. What do?! Its only myself going BR, and although I have listed all the bills, I pay for none of them, they are all paid for by my DH and the mortgage his in him name (and always has been since before we were together) and he pays it himself. I only really pay for the Groceries, and everything for our son. So I didn't really know what to put down as partners income??

Can anyone help?! Thank you!

pinkbabycakes

Any ideas?

DON79

pinkbabycakes wrote: »

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................ 700
Partners monthly income after tax....... 950
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 1770

Monthly Expense Details
Mortgage................................ 800
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property) 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 30
Mobile phone............................ 30 - add this to landline.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 70
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 12
Car maintenance (including MOT)....... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 - £5 per week per child allowed.
Medical (prescriptions, dentist etc).... 0 - make this £20/£25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - you should get this and make sure you have accidental damage cover.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15 - £10 per adult and £5 per child
Entertainment........................... 0
Holiday................................. 30 - I would increase this to £50
Emergency fund.......................... 0
Total monthly expenses.................. 1699

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


Ok, my biggest concern is what we earn. I do some part time work for an agency but have no idea what earnings to put down as what I earn varies on how many shifts I do each month. For example, January I got paid £1050. February got paid £950. In March I will get £730, and in April I will only get £400. Our second baby is due in May, so after my April Pay, I will earn nothing, only Maternity Allowance and benefits so my total income will be £600 a month. What do?! Its only myself going BR, and although I have listed all the bills, I pay for none of them, they are all paid for by my DH and the mortgage his in him name (and always has been since before we were together) and he pays it himself. I only really pay for the Groceries, and everything for our son. So I didn't really know what to put down as partners income??

Can anyone help?! Thank you!

Have made some notes for you above. Re the income - put down what it will be at the time of your going BR - e.g. if it is £730, then put that down. Then there are spaces on the forms to add extra notes and this is where you can put down that your income will be lower in April and then total income will only be £600 after this.

Your situation is like mine, my OH pays most of the household bills but I still put them all down on my soa and I split the total bills something like 70/30 between us and I put the 70% amount of the bills down as his contribution on the soa. Hope that makes sense and helps a little.

Donna

pinkbabycakes

Thanks Donna, have made the changes and re-done my SOA. Does it look better? My surplus is only £9 now!! Blimey, that's not much at all.

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................ 700
Partners monthly income after tax....... 950
Benefits................................ 115
Other income............................ 0
Total monthly income.................... 1765

Monthly Expense Details
Mortgage................................ 800
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 70
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 12
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1756


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(800)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loans & Credit Cards...........26000.....0.........0
Total unsecured debts..........26000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,765
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 9

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,000
Net Assets.............................. -25,500

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

DON79 wrote: »

Have made some notes for you above. Re the income - put down what it will be at the time of your going BR - e.g. if it is £730, then put that down. Then there are spaces on the forms to add extra notes and this is where you can put down that your income will be lower in April and then total income will only be £600 after this.

Your situation is like mine, my OH pays most of the household bills but I still put them all down on my soa and I split the total bills something like 70/30 between us and I put the 70% amount of the bills down as his contribution on the soa. Hope that makes sense and helps a little.

Donna

fiveyearplan

pinkbabycakes wrote: »

Thanks Donna, have made the changes and re-done my SOA. Does it look better? My surplus is only £9 now!! Blimey, that's not much at all.

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................ 700
Partners monthly income after tax....... 950 Is this partner's full income or his contribution?
Benefits................................ 115 does any of this include CHB? If so list separately.
Other income............................ 0
Total monthly income.................... 1765

Monthly Expense Details
Mortgage................................ 800
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 70
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 12
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1756


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(800)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loans & Credit Cards...........26000.....0.........0
Total unsecured debts..........26000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,765
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 9

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,000
Net Assets.............................. -25,500

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

I've made a couple of comments.

dreamcatcher73

it's only when you do a soa that you begin to realise how much money you actually need to live!

Before BR most people would just use CC or a loan for things like holidays, car maintenance, Christmas etc, you have to remember that after BR that is no longer an option so you have to have a realistic budget to cover everything that may happen and put some money away to cover these things..

fiveyearplan

When are you likely to go BR? You may already be on maternity leave by that time.

pinkbabycakes

fiveyearplan wrote: »

I've made a couple of comments.

Thanks fiveyearplan. The income I put down for partners contribution is just that, not his total income as he has his own bills to pay etc. Is that ok? The Benefits sections, £80 of that is Child Benefit. Where am I meant to put that amount?? Is it not included in my income?

My last shift at work is Sat 28th March then I am on Maternity, and I go BR on Monday 30th Match... 2 days after!