Want to see the wood not the trees

andrinaperry

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.................... 2

Monthly Income Details
Monthly income after tax................ 1335
Partners monthly income after tax....... 2200
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 3616

Monthly Expense Details
Mortgage................................ 1615
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 100
Gas..................................... 100
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12.5
Mobile phone............................ 70
TV Licence.............................. 11
Satellite/Cable TV...................... 21
Internet Services....................... 15
Groceries etc. ......................... 480
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 40
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 35
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 200
Emergency fund.......................... 0
Total monthly expenses.................. 3355.5


Assets
Cash.................................... 0
House value (Gross)..................... 240000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 244000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 190000...(1615).....9.99
Total secured & HP debts...... 190000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
PERSONAL LOAN..................1267......100.......0
PROVIDENT (FROZEN).............8000......40........0
Total unsecured debts..........9267......140.......-


Monthly Budget Summary
Total monthly income.................... 3,616
Expenses (including HP & secured debts). 3,355.5
Available for debt repayments........... 260.5
Monthly UNsecured debt repayments....... 140
Amount left after debt repayments....... 120.5

Personal Balance Sheet Summary
Total assets (things you own)........... 244,000
Total HP & Secured debt................. -190,000
Total Unsecured debt.................... -9,267
Net Assets.............................. 44,733

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


Forgot hubbys running money for work he is a lorry driver and takes cash each week, till no idea where the 120 goes

Little_Maya

andrinaperry wrote: »

SOA

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.................... 2

Monthly Income Details
Monthly income after tax................ 1335
Partners monthly income after tax....... 2200
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 3616

Monthly Expense Details
Mortgage................................ 1615
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 100 have you checked this is the cheapest you can get? Also make sure everything's turned off when not in use
Gas..................................... 100 Again, is this the cheapest, can you cut back at all?
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12.5
Mobile phone............................ 70 I take it that's for 2 mobiles - can you reduce the tariff? Even £5 off helps!
TV Licence.............................. 11
Satellite/Cable TV...................... 21
Internet Services....................... 15
Groceries etc. ......................... 480 that's huuuuuuge! You could easily limit that to £300 without noticing
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 40
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80 what's this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 Does this include contents?
Contents insurance...................... 0
Life assurance ......................... 35
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 nothing here?
Haircuts................................ 10
Entertainment........................... 0 nothing at all? That may be where your surplus on paper is disappearing!
Holiday................................. 200 how much??? is this saving for something you've already booked? If not you may want to cut this back for a while
Emergency fund.......................... 0
Total monthly expenses.................. 3155.5


Assets
Cash.................................... 0
House value (Gross)..................... 240000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 244000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 190000...(1615).....9.99
Total secured & HP debts...... 190000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
PERSONAL LOAN..................1267......100.......0
PROVIDENT (FROZEN).............8000......40........0
Total unsecured debts..........9267......140.......-


Monthly Budget Summary
Total monthly income.................... 3,616
Expenses (including HP & secured debts). 3,155.5
Available for debt repayments........... 460.5
Monthly UNsecured debt repayments....... 140
Amount left after debt repayments....... 320.5

Personal Balance Sheet Summary
Total assets (things you own)........... 244,000
Total HP & Secured debt................. -190,000
Total Unsecured debt.................... -9,267
Net Assets.............................. 44,733

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

Hi Andrinaperry, just a few comments from me - I'm sure more people will add to this! Well done on opening all the letters :T

GeorgeUK

Mortgage................................ 1615
Interest only or repayment?

Council tax............................. 126
If paying over 10 months, can you ask to pay it over 12?

Electricity............................. 100
Gas..................................... 100
Definately have a look at the comparison sites for a better deal (uswitch, moneysupermarket)
Also check your meter readings and claim back any money you have overpaid.

Mobile phone............................ 70
PAYG?

Groceries etc. ......................... 480
A month? Are you sure about this? Some people could feed a family of 4 quite easily on half of this.
Have a look at the oldstyle board for mealplan ideas and cooking in bulk.

Clothing................................ 0
a wee bit chilly, no?

Car Insurance........................... 45
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 35

Presents (birthday, christmas etc)...... 0
Should have something in here.

Entertainment........................... 0
Nothing at all?

Holiday................................. 200
every month? Can you go an a smaller holiday?

Emergency fund.......................... 0
should have something in here.

I think it would be a good idea to keep a spending diary for a month or two so that you can see where your money is going.

You can afford all your bills and should still have some cash left over. I think you are more in need of a budget that you can stick to and plan for rather than a major overhaul, but there are definately areas where you can make savings. If your total debt is just over 9k, you may be able to be debt free in about 20 months. Then you can tackle your mortgage.

andrinaperry

I have started writing everything down in a book so I am hoping this will identify where the whole in the bucket is. I am opening all post so I am feeling positive that I am at last on the right track.

Andrina

GeorgeUK

Well done Andrina.

Once you can see what you're dealing with, you can then look to see how to tackle it and once you know it can be tackled - you just need to stick to the plan.

It looks like you should be okay, but if there's anything you've missed out from the SOA or need to ask, just post it up and we'll be here.

andrinaperry

I think that just writing it all down and coming to terms with the fact that we cant go on as we are has been a positive step forward.

Andrina

sp1987

You appear to have sufficient money going in to cover everything on paper, which is great news. That means that spending that is not being accounted for is pushing you over the edge. Trying to shave off a bit of what you do need to spend each month as well as keeping a comprehensive track of what else is disappearing all on its own (always the way!) will enable you to see where cutbacks can be made. A lot of spending comes from random bits and bobs people pick up and don't remember; newspapers, coffees, drinks. It's easy to spend £5 a day on little items and there is £150 a month gone on nothing at all.

Stopping opening the mail will only cause you extra stress and worry. You ''only'' have £9000 of debt that is not your mortgage (not too much compared to a healthy income) so try to be positive and upbeat about keeping track of it, as it can easily be brought down with some careful planning and budgeting.

ixwood

190k at 10% is a scary mortgage. Why's the rate so high? That's a massive 19k a year just in interest (so probably around £25k of your salaries before tax).

Looking at the mortgage payment, it looks like you're interest only? If so, what's your repayment plans? Or are you just going to keep paying £19k a year in interest for ever?

Sorting the mortgage has got to be the main priority. 10% is a very expensive rate.

WASHER

ixwood wrote: »

190k at 10% is a scary mortgage. Why's the rate so high? That's a massive 19k a year just in interest (so probably around £25k of your salaries before tax).

Looking at the mortgage payment, it looks like you're interest only? If so, what's your repayment plans? Or are you just going to keep paying £19k a year in interest for ever?

Sorting the mortgage has got to be the main priority. 10% is a very expensive rate.

This is exactly my thoughts when I read your SOA, this should be your top priority in sorting this out. You have a smallish amount of debt compared to your income, I will say I don't think you can afford the huge mortgage payments each month, could you sell and downsize? This would free up equity to repay your debts and enable you to have more disposible income by lowering your council tax band etc. Just my thoughts.

Well done on acknowledging your financial situation before it got to the stage where you have to "find" monies to balance the monthly books.

WASHER.x.

andrinaperry

we have the house on the market at the moment, we have such a high mortgage rate because we got into huge difficulties a few years back but now we are on track.

On a positive note I am writing everything down and keeping track that way so feeling positive.

A