Not in debt but seeking advice on SOA :)

zippychick

Ok, where to start. I am debt free essentially but wanted an overview on my SOA. I am being made redundant at the end of December and just wanted an outside opinion of my finances. This is quite a big step as i find it strange to put so much personal stuff on here, but what the hey?! I am worried I wont be able to get work on my current salary and am looking at reducing my basic outgoings.

To explain my situation and things I think are important.

1) I work monday to thursday -0.8 FTE or 28 hours week. I used to be full time, but for health reasons I had to cut my hours.

2) Health reason is fibromyalgia. I nearly lost my job a couple of years ago so went from full time top performing sales person with a huge bonus , to 0.8 on a basic salary. I lived outside my means (from last Jan,then last November was £1200 overdrawn ( i can check that figure). I took a mortgage payment break, sorted it all out by living like a nun for months and became "debt free" at the end of Feb this year. Month to month i generally am in the black which is gureat.

3) I have no savings or emergency fund. Due to living outside my means, paying my OD off, and othr unexpected costs which keep popping up (yes, iwish i had an emergency fund for them, oh the irony)

4) I do go out some weekends so if Ihave money left over it is used on socialising to be honest - or birthdays, unexpecteds,clothes, essentials etc. I had a holiday in June and for months saved up for it and all the costs . Havent been able to save since due to unexpecteds. I know I may get berated for spending on socialising but to be honest I have had a pretty rubbish few years (3-4). Under a lot of stress and one thing just keeps happening after another . Live music is my vice and i call it my medicine. It honestly has helped keep me sane. Had i stayed in (like i did from Nov to Feb), i seriously think i would have lost the plot by now. I know people will be disgusted to read i spend on going out - but this is what I have done. I am asking for help, not judgement (wee bit scared:o) So please don't judge me where possible

5) I havent been in the structure of emerg funds, spending money. How i do it is - tot up of bills and roof over head stuff, and then i have "money to play with" as i call it. Or disposable income. I may need to change this - open to suggestions. Once i get level again (you will see) I will be in the habit.

6) Credit card - i have an easyjet cc with a balance. This balance is unexpected vet bills. Every penny. My kitty - i thought she wasnt going to make it a couple of weeks ago . I do use my creict card but only to buy things to earn miles. So if i buy food with it, i send the money from my bank that day so i dont pay interest on that. Im not by any means credit card happy. This month when I get paid in Sep, i will pay off of £200, then 60 the following month. I have not included this in my monthly as it is a one off. I am not looking for help for the right now if that makes sense - as i know i need to pay that bill and it wont be a monthly occurence. I am looking for help with my general overall finances and lowering the monthly commitments.

7) I have PMI - pruhealth. I got to gold which is show in current payment. My policy year ends in April. I need to go for my first fitness assessment by end Oct. I am trying to get to my perefct bmi range to get more points but will defo do the two in policy year (do every year). I have a fitbug i hooked up today to earn more points. I feel PMI cant be cancelled as current medical condition isnt an exclusion - well, its acute conditions arent anyway. I am aiming for platinum. If i took it out now or again my fibro would be excluded as would anything to do with it. Also my Dad was diagnosed with diabetes and heart attack since i took it, so i would now also have to answer yes to that question.

8) Redundancy cover - cant touch it due to pending situ. Its for £550.71 - TMP. I may get discount on my house and buildings - but its one of those areas i have never understood to be honest and i just went along with it. Scared of changing and losing out? Runs up in Dec..

9) I am petrified about getting a new job with my fibro. Ideally i would work 4 days for similar basic -but i know i cant be fussy. Scared of divulging to employers so have buried my head in the sand with regards to job hunting.

10) Mortgage - is in two parts. Took extra out a while back to do work on house. 3 years ago maybe? It is on a fixed rate (i wanted security) and i think is up for review June next year - need to check that too.

12) Broadband tele and landline combined under "land line" - on 12 mth contract

13) My water rates are normal rates we pay in NI

14) My to do list includes
*Enquiring about TMP & house /contents which is combined. Getting pol docs sent out (will make that call tomo)

* Ringing to see if can get gas payment lowered with reading. Gas company usually very reluctant to do this "you use more in winter". Have become quite frugal with it though but will see what they say when i ring. I have asked in the past but not to much avail

* Mobile on contract for another 6-7 mths. Dont know if need to change or will they let me? Currently 600 mins and UL texts.

* Find out mortgage fixed rate

Interested in advice on extra income with clicks and other suggestions. I just hope i dont read as one of those people who refuse to sacrifice anything

I rang leccy last week who said I use £7.50 a week and lowered payment from £56 . I have a credit of £120ish with them but £32 is the lowest they would go.

My SOA is written as i currently do it. i need to think about amounts for presents and other things I group under entertainment (my disposable) So for now, my disposable amount is for all the rest - until I can get even and work out a plan.

Just to clarify, my disposable - whats left, is used for clothes, unexpecteds, haircuts, presents, holidays, socialising. entertainment, the odd take out (not included under groceries as infrequent treat and only if i have enough for it )

OK, enough for now:rotfl:.I'll stop[STRIKE] pontificating[/STRIKE] procrastinating. Will get this done and hope i feel some weight lifting. Sorry if it reads confusing, but its how i do it now - but am open to change hopefully

thanks in advance - sorry for long post. Trying to address questions before they arise.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1087.59
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1087.59

Monthly Expense Details
Mortgage(includes TMP).................. 478
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 32
Gas..................................... 48
Oil..................................... 0
Rates............................. 51.33
Telephone (land line/net/tv)............ 37
Mobile phone............................ 25
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 55
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (dentist insurance stuff )...... 15.65
Pet insurance/vet bills................. 0
Buildings insurance& contents........... 46.02
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance(PMI).................... 38.7
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 837.7


Assets
Cash.................................... 30
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 100030


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 57486....(478)......0
Total secured & HP debts...... 57486.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card ...................260.......1.........0

(paying off - unexpected balance-vets bills)
Total unsecured debts..........260.......1.........-


Monthly Budget Summary
Total monthly income.................... 1,087.59
Expenses (including HP & secured debts). 837.7
Available for debt repayments........... 249.89
Monthly UNsecured debt repayments....... 1
Amount left after debt repayments....... 248.89

Personal Balance Sheet Summary
Total assets (things you own)........... 100,030
Total HP & Secured debt................. -57,486
Total Unsecured debt.................... -260
Net Assets.............................. 42,284

I've been typing this for hours. Please be nice. x

zippychick

Just a wee bumpy......Hoping for some suggestion or help

WASHER

zippychick wrote: »

Ok, where to start. I am debt free essentially but wanted an overview on my SOA. I am being made redundant at the end of December and just wanted an outside opinion of my finances. This is quite a big step as i find it strange to put so much personal stuff on here, but what the hey?! I am worried I wont be able to get work on my current salary and am looking at reducing my basic outgoings.

To explain my situation and things I think are important.

1) I work monday to thursday -0.8 FTE or 28 hours week. I used to be full time, but for health reasons I had to cut my hours.

2) Health reason is fibromyalgia. I nearly lost my job a couple of years ago so went from full time top performing sales person with a huge bonus , to 0.8 on a basic salary. I lived outside my means (from last Jan,then last November was £1200 overdrawn ( i can check that figure). I took a mortgage payment break, sorted it all out by living like a nun for months and became "debt free" at the end of Feb this year. Month to month i generally am in the black which is gureat.

3) I have no savings or emergency fund. Due to living outside my means, paying my OD off, and othr unexpected costs which keep popping up (yes, iwish i had an emergency fund for them, oh the irony)

4) I do go out some weekends so if Ihave money left over it is used on socialising to be honest - or birthdays, unexpecteds,clothes, essentials etc. I had a holiday in June and for months saved up for it and all the costs . Havent been able to save since due to unexpecteds. I know I may get berated for spending on socialising but to be honest I have had a pretty rubbish few years (3-4). Under a lot of stress and one thing just keeps happening after another . Live music is my vice and i call it my medicine. It honestly has helped keep me sane. Had i stayed in (like i did from Nov to Feb), i seriously think i would have lost the plot by now. I know people will be disgusted to read i spend on going out - but this is what I have done. I am asking for help, not judgement (wee bit scared:o) So please don't judge me where possible

5) I havent been in the structure of emerg funds, spending money. How i do it is - tot up of bills and roof over head stuff, and then i have "money to play with" as i call it. Or disposable income. I may need to change this - open to suggestions. Once i get level again (you will see) I will be in the habit.

6) Credit card - i have an easyjet cc with a balance. This balance is unexpected vet bills. Every penny. My kitty - i thought she wasnt going to make it a couple of weeks ago . I do use my creict card but only to buy things to earn miles. So if i buy food with it, i send the money from my bank that day so i dont pay interest on that. Im not by any means credit card happy. This month when I get paid in Sep, i will pay off of £200, then 60 the following month. I have not included this in my monthly as it is a one off. I am not looking for help for the right now if that makes sense - as i know i need to pay that bill and it wont be a monthly occurence. I am looking for help with my general overall finances and lowering the monthly commitments.

7) I have PMI - pruhealth. I got to gold which is show in current payment. My policy year ends in April. I need to go for my first fitness assessment by end Oct. I am trying to get to my perefct bmi range to get more points but will defo do the two in policy year (do every year). I have a fitbug i hooked up today to earn more points. I feel PMI cant be cancelled as current medical condition isnt an exclusion - well, its acute conditions arent anyway. I am aiming for platinum. If i took it out now or again my fibro would be excluded as would anything to do with it. Also my Dad was diagnosed with diabetes and heart attack since i took it, so i would now also have to answer yes to that question.

8) Redundancy cover - cant touch it due to pending situ. Its for £550.71 - TMP. I may get discount on my house and buildings - but its one of those areas i have never understood to be honest and i just went along with it. Scared of changing and losing out? Runs up in Dec..

9) I am petrified about getting a new job with my fibro. Ideally i would work 4 days for similar basic -but i know i cant be fussy. Scared of divulging to employers so have buried my head in the sand with regards to job hunting.

10) Mortgage - is in two parts. Took extra out a while back to do work on house. 3 years ago maybe? It is on a fixed rate (i wanted security) and i think is up for review June next year - need to check that too.

12) Broadband tele and landline combined under "land line" - on 12 mth contract

13) My water rates are normal rates we pay in NI

14) My to do list includes
*Enquiring about TMP & house /contents which is combined. Getting pol docs sent out (will make that call tomo)

* Ringing to see if can get gas payment lowered with reading. Gas company usually very reluctant to do this "you use more in winter". Have become quite frugal with it though but will see what they say when i ring. I have asked in the past but not to much avail

* Mobile on contract for another 6-7 mths. Dont know if need to change or will they let me? Currently 600 mins and UL texts.

* Find out mortgage fixed rate

Interested in advice on extra income with clicks and other suggestions. I just hope i dont read as one of those people who refuse to sacrifice anything

I rang leccy last week who said I use £7.50 a week and lowered payment from £56 . I have a credit of £120ish with them but £32 is the lowest they would go.

My SOA is written as i currently do it. i need to think about amounts for presents and other things I group under entertainment (my disposable) So for now, my disposable amount is for all the rest - until I can get even and work out a plan.

Just to clarify, my disposable - whats left, is used for clothes, unexpecteds, haircuts, presents, holidays, socialising. entertainment, the odd take out (not included under groceries as infrequent treat and only if i have enough for it )

OK, enough for now:rotfl:.I'll stop[STRIKE] pontificating[/STRIKE] procrastinating. Will get this done and hope i feel some weight lifting. Sorry if it reads confusing, but its how i do it now - but am open to change hopefully

thanks in advance - sorry for long post. Trying to address questions before they arise.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1087.59
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1087.59

Monthly Expense Details
Mortgage(includes TMP).................. 478
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 32
Gas..................................... 48
Oil..................................... 0
Rates............................. 51.33
Telephone (land line/net/tv)............ 37
Mobile phone............................ 25
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 55
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (dentist insurance stuff )...... 15.65
Pet insurance/vet bills................. 0
Buildings insurance& contents........... 46.02
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance(PMI).................... 38.7
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 837.7


Assets
Cash.................................... 30
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 100030


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 57486....(478)......0
Total secured & HP debts...... 57486.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card ...................260.......1.........0

(paying off - unexpected balance-vets bills)
Total unsecured debts..........260.......1.........-


Monthly Budget Summary
Total monthly income.................... 1,087.59
Expenses (including HP & secured debts). 837.7
Available for debt repayments........... 249.89
Monthly UNsecured debt repayments....... 1
Amount left after debt repayments....... 248.89

Personal Balance Sheet Summary
Total assets (things you own)........... 100,030
Total HP & Secured debt................. -57,486
Total Unsecured debt.................... -260
Net Assets.............................. 42,284

I've been typing this for hours. Please be nice. x

You seem to spend quite a bit on phones etc, could you reduce your mobile contract a wee bit.

Do you not pay council tax in N.I?

Your contents and buildings insurance seem quite high.

You need to add some sums in for: Birthdays/Christmas/clothing etc.

You seem to be doing just fine, and its good to get out and socialise, just watch those pennies though.

WASHER

zippychick

WASHER wrote: »

You seem to spend quite a bit on phones etc, could you reduce your mobile contract a wee bit.

Do you not pay council tax in N.I?

Your contents and buildings insurance seem quite high.

You need to add some sums in for: Birthdays/Christmas/clothing etc.

You seem to be doing just fine, and its good to get out and socialise, just watch those pennies though.

WASHER

Thanks Washer

The £37 is for landline, broadband & tv excluding sports and movies. I am genuinely not sure if that is a good deal. i was going to cancel the landline, but when i rang virgin, they smooth talked me into keeping all 3 - it would have been dearer for the internet and tv separate as they give discount the moreproducts you have. Yes, going to ring today and see if can reduce mobile by even a fiver

Council tax - in NI, we pay rates which includes all that stuff i think. When i bought the house, i didnt pay rates for a year (no one told me), so back paid them for a year! Silly girl. What do rates pay for

Presents - Yes. I worked out last night I spend around £300 on christmas alone. I love buying presents - I spend about £120 on Mum, £70 on brother , £20 on mums partner, £20 on friends little boy and £10 on best friend (we do a £10 challenge) - rest makes up decorations, extra food, things like that.

I know thats far too much but it's a habit I have got into. I would much rather give a present that receive one. My Mum spends a lot on us, even at our ages. I beg her every year not to but it gives her pleasure - she says we re her children and she only does it once a year. She wouldnt give money to charity instead - i have asked in the past. I cant get her to cut down. I find her very difficult to buy for so over compensate on expensive presents probably. Brother is so appreciative and easy to buy for, again its more for me than him I suppose. He would be happy with a £10 being spent.

Birthdays - as above, I need to cut down.

So am reassessing this and trying to work out how much is realistic.

Contents&buildings - is this dear? Petrified of losing no claims (does this happen), and changing it. Ill do a quote today

Clothes - don't really spend on them at all. When i do it comes out of my play money so makes sense to budget for it each month.

Thanks Washer.

WASHER

We can change Buildings and contents as many times as we like on Uk Mainland and I have never heard of losing your no claimsYou don't really have no claims bonus on house insurance (only car insurance), but if you have made a home/buildings claim within the last 5 years then your insurance will be higher.

Horace

Instead of buying presents, how about making some instead - the Special Occasions board elsewhere on the forum has lots of ideas for simple things to make. Even hampers which a lot of the ladies seem to make around christmas time and I think now that there are two or even three threads about hampers and what to put in them and even photos of ones that people have made. Also try and re-use your christmas decorations instead of buying new ones each year (or limit yourself to one bauble for the tree.

Re jobs - do any of the employers have a green tick - this is a positive about disabled people tick which means that they welcome applications from disabled people. I shouldnt worry about the jobhunting and divulging your illness because it has a long term effect on your life it falls under the DDA and therefore the employer should not descriminate and you can invite Access to Work to visit your workplace and they will help your employer make reasonable adjustments to accommodate your needs. Have you tried to get Disability Living Allowance too?

I have a similar package with Virgin - I get free weekend calls so i use up my allowance that way and I have the smallest tv package imaginable.

Keeping a spending diary might help too. Save up £2 coins and when you get to £100 or whatever put them into an isa or a savings account to build up your emergency fund.

dancingfairy

Looks pretty good to me. Might be able to save a bit on buildings and contents? not sure how it works in NI. Might also allocate a bit more for food as well.
Would also set up a fresh bank account and set up a standing order for 30 -50 pounds a month to get an emergency account set up when you can.
I would also maybe set yourself a treats/entertainment/presents budget of maybe 100 pounds a month? Might have to cut this down depending on the situation job wise.
You appear to be in a good position - it's just the redunancy thing isn't it. Hopefully you can get some money from the company. Also don't forget to sign on and get all your benefits sorted when you leave your job - it all helps.
It kind of depends on what redundancy pay you will get and any benefits you will be entitled to.
df

zippychick

Thanks DF & Washer & Horace. Some really good info and advice there.

I am not sure if fibro falls under the DDA - i know it is a grey area. I looked at DDA before but don't think I was entitled - it is notoriously hard to get for fibro but i will sure look at it. Thats really good info you gave though.

how much is your package with Virgin? I never use the landline, only for riniging 0845 numbers which I try to avoid.

Love the idea of making things. I would be very into making things and crafting - I just like to treat my Mum and brother but I know it has to stop this year. They both know my situation.

i did have £30 a month going to my cash isa but i had to postpone the SO, as it seemed silly to save when I needed to pay things off. I have postponed this until 1-2-10 but can start sooner once I get this vet bill etc paid

Love the idea of the £2 but I dont see many here?! What I will do is set up a £1 collection though in a locked tin - great idea. Thank you.

Df i am entitled to redundancy - around £13000. Sounds a lot, but to be honest I hope to not touch it where possible. Ideal plan is to have a job to walk into in Jan so I need to start NOW.

I may treat myself to a small holiday in the sun for a week , and a few things but will have a very careful set amount for that. I would hope to tuck away about £5-7k in a fixed rate savings account or something harder to reach - so it can earn interest.

once secure I would also like to get wooden floor in my living room, and maybe my bedroom. Neither has been done up in 8 years.

But, i wont be doing anything irrational with the money. I have learnt over the years from doing just that.

I need to find out if my amount of redundancy affects my benefit entitlement? No idea where to start there.

Update

Insurance - My buildings and contents is actually 31.43 and my TMP is £46.02. I had them the wrong way round. I called and they were magically able to get it down by 12.66 for the next 2 months - so it is now £18.77 a month. My renewal is up in Dec and they said i will see more difference then. Also offered higher excess - not keen on doing this, £100 at moment. So I will wait until Nov and see what the renewal figures are.They are sending me pol docs in the post.

TMP - Is for £47530 - original mortgage amount. Level CI, LI, and Sickness, unemnployment etc. Increases subject to Underwriting. So there is a shortfall there. I wasnt worried about this as have a 4x death in service and final sal pension, but when I lose this I will need to fix that deficit

Mortgage - remaining 17 yrs 2 mths. In two parts

£53k - fixed rate 5.95 runs out 30/6/10
£7.5k-fixed rate 4.65 runs out 31/03/2011

I would prefer these together - in June next year, there would be a 1% charge on the £7.5k so I would pay £75 for changing it early.

if i wanted to change the WHOLE mortgage today, it would be upfront cash charge of £682.38 - to change mortgage package to variable for eg

I enquired about extending the term
5 yrs would change mtg payment from £446 to 388 - diff of £58 mth
10yrs would change mtg payment from £446 to 355 - diff of £91 mth

Good idea but not keen to do this unless necessary. I understand the pros and cons of this - extending the term adds more interest longer term as I am paying less of the mtg off . My mortgage would currently be paid off by age 47.I can overpay by up to 10% a year, so 5-6k a year so that's good to know.

Gas - DD down to £35 a month now (including 11% tariff decrease coming in soon) DD won't change until Nov 1st. From March to today, I have used £140 so that's £23 a month on an average. Last account year I used £720 worth :eek: so £60 a month. I must admit I would have put the heating on for hours at a time so have become much more frugal on this. I don't know how good or bad the £140 is from March though. ?!

I also asked for the calculation so i can work out how much running a bath etc costs. Thsi is for me to refer to -

Work out diff in metre box
Diff x 11.5 = converted into Kilowats per hour
Then x by 0.04409 = Cost of that activity

Mobile - down to £20 month, teariff will change from 13th oct, and monthly dd will change on 1st Nov.

groceries - Budget is fine - I am a frequent OSer , cook most from scratch, free stuff, buy reduced/dont eat meat every day/bake my own bread etc . At least I know I can increase this or work on it as is though - have been for months

I have spent HOURS on the phone. I can re jig my SOA at home, but my calculations show

1st Oct essential outgoings - £811.47
1st Nov essential outgoings - £806.47

WASHER

Gosh you are so organised, you put me to shame! You seem to have your head screwed on, I could learn a thing or two from you.

WASHER

I need to find out if my amount of redundancy affects my benefit entitlement? No idea where to start there.

The benefits board maybe able to help on that one. Or even the redundancy board.

Entitled.com is a great tool, just input your anticipated redundancy figure in as savings and see what happens - it can't hurt to try.

dancingfairy

Sounds good to me. If you can save up some of that spare after you've paid the vets bill that would be good just in case but I hope you are able to get a job to start in Jan.
Should be doable if you start looking around now and see if there is anything you fancy.
Good plan about not touching the redundancy money if possible.
Best of Luck
df