SOA . please have a look. Thanks

pmg19680

Hi everyone,
Don't know if I have pressed the right buttons to format this but if it is readable can you please have a look at it for me and let me know where the disasters are! Thanks
Paula
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 1300
Benefits................................ 413.6
Other income............................ 0
Total monthly income.................... 2413.6

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 760
Management charge (leasehold property).. 0
Council tax............................. 131
Electricity............................. 85
Gas..................................... 85
Oil..................................... 0
Water rates............................. 65
Telephone (land line)................... 35
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 21.5
Internet Services....................... 15
Groceries etc. ......................... 600
Clothing................................ 95
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 36
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 114
Childcare/nursery....................... 0
Other child related expenses............ 8
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 20
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 2329.5


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

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 2,413.6
Expenses (including HP & secured debts). 2,329.5
Available for debt repayments........... 84.1
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 84.1

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,500

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

Tixy

Hello PMG

Had a quick look through. Gas & Elec are both very high. Are you paying off arrears? Are these actual or based on estimates? You need to reduce this by every way possible. Extra jumpers & turn heating down, time showers so people don't stay in too long, energy saving bulbs, switch things off at the plug not standby. Have you checked providers to make sure you are on a good tariff - most of the companies have dropped prices recently so worth checking it out.

Water - again seems high are you metered or unmeasred? Maybe look into going onto a meter, at least look at a comparison calculator online to see if it could save you money.

Telephone landline, sky & Internet - in total you are paying £71.50 per month. You can get some very good packages all in for around £40. Better still consider cutting the TV out alotgether and getting freeview.

Groceries - very high, should be easy to drop by at least £200. With more work could cut in half. Look at the old sytle board for ideas, cook from scratch, meal plan, make sure whole family eat together or at least eat the same meal. Try Martin's drop a brand challenge.

Clothing - cut out for the adults for a few months, cut back for the children - essentials only.

You have no debts showing? Do you have none (in which case excellent and don't need to be so drastic as above advice) or have you not included them?

Tixy

Hi PMG - just seen you meant this to be on the other forum - now it makes more sense. Sorry I just rushed in!

pmg19680

Thanks for your response Tixy. I did post on the wrong forum. I am not very technical but got there in the end!;)