Soa

marieclaire_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1780
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2580
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 520
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 80
Gas..................................... 70
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 51
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 160
Road tax................................ 17
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 240
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 3
Presents (birthday, christmas etc)...... 25
Haircuts................................ 6
Entertainment........................... 25
Holiday................................. 10
Emergency fund.......................... 20
Other costs - union etc................. 60
Total monthly expenses.................. 2700

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 27000....(520)......0
Total secured & HP debts...... 27000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mbna credit card...............14200.....200.......19.9
barclay card...................7200......160.......29.9
Total unsecured debts..........21400.....360.......-

Monthly Budget Summary
Total monthly income.................... 2,580
Expenses (including HP & secured debts). 2,700
Available for debt repayments........... -120
Monthly UNsecured debt repayments....... 360
Amount short for making debt repayments. -480
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -27,000
Total Unsecured debt.................... -21,400
Net Assets.............................. -47,650

marieclaire_2

Child care is for my husbands children in CSA payments.

Supreme_2

Oh come on, do you really need us to point the blindingly obvious things out?

whitewing

Welcome,

My first comment is that you spend more on groceries than rent. For 2 of you £150 on groceries is generous. How much food do you chuck out? Try a 'shop from home' where you don't buy new until you've used up cupboard food.

(I sound grumpy but I've been out drinking so my finger co-ordination is not good).

donny-gal

Hello marieclaire - I take it that posting your soa you are asking for advice of how to balance the books - well I am no expert on this, but what springs to mind immediately, are Sky - Emergency Fund (think you are in this) I think you need to add some explanations for certain items - i.e. other child related expenses. Car - fuel and insurance also seem high. Clothing is also high when trying to get our of your problem, and Groceries are far too high - try looking at the OS board on here for shopping more efficiently and cooking and stretcing food.

I am sure someone with more knowledge will be along shortly.
DG

Supreme_2

donny-gal wrote: »

I am sure someone with more knowledge will be along shortly.
DG

Knowledge of what exactly?

It's obvious that at least £500/month can be VERY easily saved.

It does make me laugh though when people who can't afford to pay their bills seem to think Sky is ok. Also how they still need to keep paying money into an 'emergency' account when they are in the -£ each month!

Please, at least look at your SOA and try to work things out yourself. I would rather help people who need help than people that ignore things that are stupidly obvious.

SouthCoast

Sorry, but confused.

What is the £27,000 debt secured against?

whitewing

Supreme,

Why don't you go and find some deserving cause worthy of your attention then?

marieclaire,

Sorry, you are going to have to ignore the negativity you encounter here. I certainly have had money troubles caused by not taking much notice of how I am handling money. At least you have taken this initial step. You will get help with your SOA.

Does you partner still have an interest in the house his ex is living in? Is that how you have a secured loan?

Eriberri

marieclaire wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1780
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2580
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 520
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 80 check you're on the cheapest tariffs using comparison sites
Gas..................................... 70 same as for the elecy
Oil..................................... 0
Water rates............................. 45 can this go on a meter?
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 51 reduce this/get rid/use freeview.
Internet Services....................... 0
Groceries etc. ......................... 500 way, way, way too high! For 2 adults, you can make do on £150 a month. Look on OS moneysaving board to get tips.
Clothing................................ 100 ? do you really spend this much on clothes a month? Cut it out - you're living way beyond your means and need to cut back.
Petrol/diesel........................... 160
Road tax................................ 17
Car Insurance........................... 45 seems quite high, have you shopped around/got cashback, etc?
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 240 see this is child support for your OH's children. Assume this can't be altered.
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 30 You rent? Why buildings insurance for rented? Is that not landlord responsibility to insure the buildings??
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 3
Presents (birthday, christmas etc)...... 25
Haircuts................................ 6
Entertainment........................... 25 cut this out for now
Holiday................................. 10
Emergency fund.......................... 20
Other costs - union etc................. 60 What is this, exactly?
Total monthly expenses.................. 2700

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 27000....(520)......0
Total secured & HP debts...... 27000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
mbna credit card...............14200.....200.......19.9
barclay card...................7200......160.......29.9
Total unsecured debts..........21400.....360.......-

Monthly Budget Summary
Total monthly income.................... 2,580
Expenses (including HP & secured debts). 2,700
Available for debt repayments........... -120
Monthly UNsecured debt repayments....... 360
Amount short for making debt repayments. -480
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -27,000
Total Unsecured debt.................... -21,400
Net Assets.............................. -47,650

All is not lost! There is quite a lot you can do with your monthly budget to make changes to sort out the short fall. You've made a good start by coming here and doing your SOA.

saskia1

Hi marie claire

as some of the others have pointed out (quite rudely i think - i thought this forum wasn't to judge??) - yes 'supreme' i mean you!!!

your food & clothing bill seems v high.

I think the time for £100 pm on clothes has to come to an end!

also sky can be reduced - think about freeview - i'm changing to freeview + - the only diff is i won't get sky 1 & i don't waqtch that anyway!

best of luck & well done for taking this giant step

saasy

Fire_Fox

Supreme wrote: »

Oh come on, do you really need us to point the blindingly obvious things out?

How rude! :mad: I can be pretty sarky but at least give people a chance. You don't always know what is 'normal' spending or indeed frugal until it's pointed out in a helpful manner.