Can someone check my SoA please?

Bufger

I havent yet filled one of these in. Im currently buying a house and already know i can manage it roughly but there are sure to be costs i havent considered. I also dont have much idea on how much bills etc are going to be. Ive done this SoA to give me some kind of idea on how much me and my partner will have after paying out everything so we can start to plan our future!

If someone can please have a look and tell me if anything is unrealistic or questionable. I want to make it as realistic as possible to have a good idea of whats ahead. Thanks :-) (and im sorry if this isnt the right place? i'm hoping it would count as budgeting..)


Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 1100
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 822
Secured/HP loan repayments.............. 100
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 6
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 150
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2064.95

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 142000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 127000...(822)......5.99
Secured Debt.................. 15000....(100)......0
Total secured & HP debts...... 142000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,047
Available for debt repayments........... 753
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 753
Personal Balance Sheet Summary
Total assets (things you own)........... 142,000
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Lokolo

http://www.makesenseofcards.com/soacalc.html

Use that one. And format for use on MSE.

Bufger

didnt see that button on the calc! thanks :-)

Lokolo

Looks good.

A couple of things:

- £10 a month on Car Maintenance and MOT seems a bit low, and so low it seems pointless in having it. Especially for 2 cars.

- £50 a month on clothes? Do you really spend this much on clothes!?

Everything else seems great. You got enough left over each month to save quite a bit

Bufger

i hardly spend anything on clothes but im trying to include my missus who definately does spend alot! £50 would be worse case scenario i guess.

I service the cars and get the parts at trade price so it cuts the cost down alot. It could still be a bit low though i guess as it just cost me £40 for oil, filters and a couple of break pads and i'm sure im going to have to spend more on them in the next few months. I'll budget that in too.

I was worrying more about the gas/water and other rates. I havent ever had to pay for bills (living with parents!) so i hope they're accurate.

We do plan on mystery shopping as a little extra income though and im comping for those christmas/birthday gifts. I think i'm just scared whether i'll survive when rates etc go up but if i budget ok now we should be fine.

Thanks for your input

CLAPTON

you don't say what sort of property you are buying...
things like electricity/gas etc very much depend upon that

water seems very low but maybe it is in your area (or a water meter)

you seem in a very good situation but I would add

-firstly if its your first home be very careful about buying things for the house and avoid using credit

-save for emergencies.... they are NOT uinexpected but totally predictable .. if you have a property and a car you can be certain that you will have a least one significant bill each year
-save for a replacement car... you know it will go wrong one way.


-do you really only plan to spend 600 on a holidays for two people next year?

-do you really only spend 240 per year on presents... no mums /dads/ brothers/sisters, nieces nephews etc?

-work related expenses... lunches/coffees etc
-and neither of you have contact lens, glasses, visit the dentist etc ?


and best of luck .. just avoid debt and you'll be fine

Lokolo

My house, 4 bedroom, unmetered is £410 a year. I can't tell you how much yours will be as I don't know how it varies from place to place!

However Gas and Electric, I suspect you will use less electric than you have planned for, but more gas. In my 5 bedroom house last year it averaged out to be about £45 a month on electric (bare in mind, it was 5 guys, all have a PC and/or laptop, we all do computing at university! + TV, Xbox, PS2 and Wii...), but £80 on gas, its a big house though but we were frugal (well I was.... they had to follow my lead).

Can't tell you this year as I have only just started living here and haven't had bills apart from water yet!

Bufger

CLAPTON wrote: »

you don't say what sort of property you are buying...
things like electricity/gas etc very much depend upon that

water seems very low but maybe it is in your area (or a water meter)

you seem in a very good situation but I would add

-firstly if its your first home be very careful about buying things for the house and avoid using credit

-save for emergencies.... they are NOT uinexpected but totally predictable .. if you have a property and a car you can be certain that you will have a least one significant bill each year
-save for a replacement car... you know it will go wrong one way.


-do you really only plan to spend 600 on a holidays for two people next year?

-do you really only spend 240 per year on presents... no mums /dads/ brothers/sisters, nieces nephews etc?

-work related expenses... lunches/coffees etc
-and neither of you have contact lens, glasses, visit the dentist etc ?


and best of luck .. just avoid debt and you'll be fine

Apologies. Its a 3 bed mid terrace so im hoping the heat will be kept in to an extent! it does have a large kitchen extension on the back which i can imagine loses some heat but its all double glazed etc. I plan on being quite frugal where i can be but im also hoping i can cover all utility costs with mystery shopping, thats the plan anyway!

As for presents myself and my OH have started comping. Anything i win will go as a present to who it best suits but we have never really spent much on presents. My family are more into a big dinner and family games at christmas and more into meals out and social drinks for birthdays. There isnt anyone under the age of 18 even in my extended family so its normally about the drink and food

Work related expenses i have forgotten to include. I do spend roughly £10 per week on coffee and the occasional lunch if im in a rush in the morning.

We visit the dentist once every 2 years and its £25 for a checkup and £43 for fillings and teeth out (no matter how many you need out/filling!). I get free eye tests through work.

I dont plan to spend much on holidays next year, the year after we plan on getting married so we're hoping we can save money for that!

Excellent points there. Thanks for bringing alot of it to my attention!

cabbage

Hi

Brilliant that you are thinking ahead.

Water rates seem very low, I pay around £24 per month and tv licence is £11.95 a month.

You've got a good head on your shoulders - well done!

Bufger

Cheers cabbage. I enjoy my money so it'd be a shame to waste it! I've put my water rate at £25 per month as i do spend too long in the shower! (it wakes me up).

Thanks for the advice. At least i know im there or there abouts so i can plan how much i want to put in an emergency fund etc.

I also had another idea from this part of the forum. We have a joint bills/mortgage account set up already but i hadnt considered even further seperate accounts for food/petrol and then extra spending money! I'll look into that as im more likely to keep to an allowance this way.

Thanks again

getmore4less

2 people 4 bed metered around £200 on water I would up your budget to £20

Car replacement is another big one if you want to avoid borrowing.

Wedding seperate saving pot for for the do and beef up the holiday one for the honeymoon.

Emergency with a house you need something in there £100 to build up a buffer.

Start a spending diary and look for spends you have forgotton.

I seperate out descretionary spends from the groceries so alcohol,takeaways and meals out are seperate catagories.

It is best if you can overestimate everything and then adjust in line with real spends once they settle down.