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InTheRed
Posts: 164 Forumite
Hello,
I've been an avid reader of MSE for some time, but never posted my SOA, head was too burried in the sand.
I got married last year, so technically my situation is a bit better than stated below as my husband contributes some money to me each month - but it isn't a reliable amount as he has child maintenance to pay and doesn't earn very much, so I have excluded his income as I pay all household bills and outgoings, in fact the amount left over is about right each month. Whether luck or judgement!
I manage to make the minimum payments on my cards, but would love to get rid of them.
Any help offered would be most welcome
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2261
Partners monthly income after tax....... 0
Benefits................................ 72
Other income............................ 180
Total monthly income.................... 2513
Monthly Expense Details
Mortgage................................ 893
Secured/HP loan repayments.............. 293
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 95 (Gas and Electric combined, just swapped to EON)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 37 (This includes broadband)
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 288 (I buy mostly organic box delivery)
Clothing................................ 25 (Not sure how accurate this is, but over the course of a year seems about right)
Petrol/diesel........................... 35
Road tax................................ 0 (My car is company car)
Car Insurance........................... 0 ditto
Car maintenance (including MOT)......... 0 ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1991
Assets
Cash.................................... 0
House value (Gross)..................... 275000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 279000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 159000...(893)......3.14
Secured Debt.................. 1465.....(293)......6.4
Total secured & HP debts...... 160465....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5600......117.......0
Abbey..........................5400......121.......0
Natwest Mastercard.............4954......98........19
Tesco..........................1300......43........0
Natwest Private................4988......117.......16.8
Total unsecured debts..........22242.....496.......-
Monthly Budget Summary
Total monthly income.................... 2,513
Expenses (including HP & secured debts). 1,991
Available for debt repayments........... 522
Monthly UNsecured debt repayments....... 496
Amount left after debt repayments....... 26
Personal Balance Sheet Summary
Total assets (things you own)........... 279,000
Total HP & Secured debt................. -160,465
Total Unsecured debt.................... -22,242
Net Assets.............................. 96,293
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
I've been an avid reader of MSE for some time, but never posted my SOA, head was too burried in the sand.
I got married last year, so technically my situation is a bit better than stated below as my husband contributes some money to me each month - but it isn't a reliable amount as he has child maintenance to pay and doesn't earn very much, so I have excluded his income as I pay all household bills and outgoings, in fact the amount left over is about right each month. Whether luck or judgement!
I manage to make the minimum payments on my cards, but would love to get rid of them.
Any help offered would be most welcome
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2261
Partners monthly income after tax....... 0
Benefits................................ 72
Other income............................ 180
Total monthly income.................... 2513
Monthly Expense Details
Mortgage................................ 893
Secured/HP loan repayments.............. 293
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 95 (Gas and Electric combined, just swapped to EON)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 37 (This includes broadband)
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 288 (I buy mostly organic box delivery)
Clothing................................ 25 (Not sure how accurate this is, but over the course of a year seems about right)
Petrol/diesel........................... 35
Road tax................................ 0 (My car is company car)
Car Insurance........................... 0 ditto
Car maintenance (including MOT)......... 0 ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1991
Assets
Cash.................................... 0
House value (Gross)..................... 275000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 279000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 159000...(893)......3.14
Secured Debt.................. 1465.....(293)......6.4
Total secured & HP debts...... 160465....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5600......117.......0
Abbey..........................5400......121.......0
Natwest Mastercard.............4954......98........19
Tesco..........................1300......43........0
Natwest Private................4988......117.......16.8
Total unsecured debts..........22242.....496.......-
Monthly Budget Summary
Total monthly income.................... 2,513
Expenses (including HP & secured debts). 1,991
Available for debt repayments........... 522
Monthly UNsecured debt repayments....... 496
Amount left after debt repayments....... 26
Personal Balance Sheet Summary
Total assets (things you own)........... 279,000
Total HP & Secured debt................. -160,465
Total Unsecured debt.................... -22,242
Net Assets.............................. 96,293
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
February Grocery Challenge 262.50/250.00 - overspend - oh no!
March GC 0/300.00
Weight loss goal - lose 14 lbs by May 18th 2016 - so far 3 lbs lost
March GC 0/300.00
Weight loss goal - lose 14 lbs by May 18th 2016 - so far 3 lbs lost
0
Comments
-
Hello,
I've been an avid reader of MSE for some time, but never posted my SOA, head was too burried in the sand.
I got married last year, so technically my situation is a bit better than stated below as my husband contributes some money to me each month - but it isn't a reliable amount as he has child maintenance to pay and doesn't earn very much, so I have excluded his income as I pay all household bills and outgoings, in fact the amount left over is about right each month. Whether luck or judgement!
I manage to make the minimum payments on my cards, but would love to get rid of them.
Any help offered would be most welcome
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2261
Partners monthly income after tax....... 0
Benefits................................ 72 Child Benefit is £20 per week so this should be £86.66. Do you not get Tax credits
Other income............................ 180 What is this?
Total monthly income.................... 2513
Monthly Expense Details
Mortgage................................ 893
Secured/HP loan repayments.............. 293
Council tax............................. 147
Electricity & Gas....................... 95
Water rates............................. 52
Telephone (land line)& Broadband 37 This is quite high, I pay £12 BT line rental and £5 for broadband with Sky
Mobile phone............................ 20
TV Licence.............................. 11
Groceries etc. ......................... 288 (I buy mostly organic box delivery) Could you look into growing your own veg, or source it from a cheaper supply, it's an awful lot of money, Buy value everything else.
Clothing................................ 25
Petrol/diesel........................... 35
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 15
Contents insurance...................... 0 Do you not pay this or is it included in with buildings
Life assurance ......................... 0 Do you not have this
Presents (birthday, christmas etc)...... 20 So you only spend £240 last year on birthdays and Christmas
Haircuts................................ 10
Entertainment........................... 30
Total monthly expenses.................. 1991
Assets
Cash.................................... 0
House value (Gross)..................... 275000
Shares and bonds........................ 0
Car(s).................................. 4000 If the car is a company car I don't think you can include it as an asset
Other assets............................ 0
Total Assets............................ 279000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 159000...(893)......3.14
Secured Debt.................. 1465.....(293)......6.4
Total secured & HP debts...... 160465....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5600......117.......0
Abbey..........................5400......121.......0
Natwest Mastercard.............4954......98........19
Tesco..........................1300......43........0
Natwest Private................4988......117.......16.8
Total unsecured debts..........22242.....496.......-
Monthly Budget Summary
Total monthly income.................... 2,513
Expenses (including HP & secured debts). 1,991
Available for debt repayments........... 522
Monthly UNsecured debt repayments....... 496
Amount left after debt repayments....... 26
Personal Balance Sheet Summary
Total assets (things you own)........... 279,000
Total HP & Secured debt................. -160,465
Total Unsecured debt.................... -22,242
Net Assets.............................. 96,293
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
You have a surplus which is a good thing and you can certainly get more spare cash by shopping around a bit. Do a SOA with the both of you as a family. You may get a shock and realise that by concentrating on one high debt you can both help each other.0 -
Thanks for your comments Totally Broke - Child benefit each month is actually £80, I just guessed before.
The car in the asset is my husbands car - the loan I am repaying is for this car. My company car is not listed as an asset.
The other income is Child maintenance per month from my ex for our son
Telephone and broadband is with Virgin - don't have Sky (and don't want Sky!) but what I will do is check my contract as the amount listed could have included calls and I may be able to better with Orange or similar.
Yes - contents and buildings insurance are together.
I do not have life insurance - but I am seeing a Financial advisor to get this sorted at the end of the month.
Food wise I spend anywhere from £42 a week to £72 a week on my box of veg and meat and store cupboard and cleaning stuff. I never waste anything and all is used. I wasn't sure how to calculate on the SOA, so I used £70 per week, as an over estimate. Maybe £224 is a better estimate.
Presents - I really have no idea what I spend - I know this year has to be very lean. My son is going Skiing with school next year (paid for this year) which is his Christmas present. We have decided that holidays are out of the question next year (used to always have nice holidays) but we want to spend the time on the house and garden.
Thank you ever so much for your advice - right off to find that Broadband and telephone line invoice....February Grocery Challenge 262.50/250.00 - overspend - oh no!
March GC 0/300.00
Weight loss goal - lose 14 lbs by May 18th 2016 - so far 3 lbs lost0 -
Yes - contents and buildings insurance are together.
I do not have life insurance - but I am seeing a Financial advisor to get this sorted at the end of the month.
....
Can you not sort out the Life insurance yourself, I only say that because in my experience you do not always get the best price nor the best policy from a I.F.A (some F.A charge you for the advice too), if you have a mortgage you will also need a mortgage life policy to cover the mortgage if one of you dies.
Check out Quidco for cashback and comparison sites for best quotes.
I always say this, Life insurance is very very important and is far more important than a mobile, or some other latest gadget.0 -
Is your "Natwest Private" an overdraft? If so, do you pay fees on this current account?0
-
Hello,
I've been an avid reader of MSE for some time, but never posted my SOA, head was too burried in the sand.
I got married last year, so technically my situation is a bit better than stated below as my husband contributes some money to me each month - but it isn't a reliable amount as he has child maintenance to pay and doesn't earn very much, so I have excluded his income as I pay all household bills and outgoings, in fact the amount left over is about right each month. Whether luck or judgement!
I manage to make the minimum payments on my cards, but would love to get rid of them.
Any help offered would be most welcome
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1 So this is really 2, for purposes of how many you're feeding etc?
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2261
Partners monthly income after tax....... 0
Benefits................................ 72
Other income............................ 180
Total monthly income.................... 2513
Monthly Expense Details
Mortgage................................ 893 repayment or interest only?
Secured/HP loan repayments.............. 293
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 95 (Gas and Electric combined, just swapped to EON) This seems a bit high, do you have energy saving lightbulbs, switch off at the plug, don't use a tumble dryer, turn off lights in empty rooms, put a jumper on before the heating etc?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 52 Ouch! Look at your water company's website, there should be a calculator to see if you're better off with a meter, if you find it's more expensive within a year then you can have it taken out again free of charge.
Telephone (land line)................... 37 (This includes broadband) I pay about £17 for my landline (including calls) and £10 for my broadband, which is high because of having to get a BT landline installed and being tied into contract with them, so I'm sure you can get this cheaper.
Mobile phone............................ 20 Is that for one or two, contract or PAYG?
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 288 (I buy mostly organic box delivery) Are there any farmers markets near you? They'll be cheaper for the veg, and local butchers are good for meat.
Clothing................................ 25 (Not sure how accurate this is, but over the course of a year seems about right)
Petrol/diesel........................... 35 Is this all your travelling or just personal? I'm surprised you have a company car if that's the total petrol costs, you can't be doing much driving.
Road tax................................ 0 (My car is company car)
Car Insurance........................... 0 ditto
Car maintenance (including MOT)......... 0 ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 What's this? If it's prescriptions look into a pre pay certificate, if it's contacts look online.
Pet insurance/vet bills................. 10
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1991
Assets
Cash.................................... 0
House value (Gross)..................... 275000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 279000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 159000...(893)......3.14
Secured Debt.................. 1465.....(293)......6.4
Total secured & HP debts...... 160465....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5600......117.......0
Abbey..........................5400......121.......0
Natwest Mastercard.............4954......98........19
Tesco..........................1300......43........0
Natwest Private................4988......117.......16.8
Total unsecured debts..........22242.....496.......-
Monthly Budget Summary
Total monthly income.................... 2,513
Expenses (including HP & secured debts). 1,991
Available for debt repayments........... 522
Monthly UNsecured debt repayments....... 496
Amount left after debt repayments....... 26
Personal Balance Sheet Summary
Total assets (things you own)........... 279,000
Total HP & Secured debt................. -160,465
Total Unsecured debt.................... -22,242
Net Assets.............................. 96,293
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
I've put a few comments in, hope they're helpful.Unless I say otherwise 'you' means the general you not you specifically.0 -
Can you not sort out the Life insurance yourself, I only say that because in my experience you do not always get the best price nor the best policy from a I.F.A (some F.A charge you for the advice too), if you have a mortgage you will also need a mortgage life policy to cover the mortgage if one of you dies.
Check out Quidco for cashback and comparison sites for best quotes.
I always say this, Life insurance is very very important and is far more important than a mobile, or some other latest gadget.
I will do some shopping around as well, the IFA is a work one (who is very good) but I will do some shopping and also see what Quidco has in the way of cashback.February Grocery Challenge 262.50/250.00 - overspend - oh no!
March GC 0/300.00
Weight loss goal - lose 14 lbs by May 18th 2016 - so far 3 lbs lost0 -
Is your "Natwest Private" an overdraft? If so, do you pay fees on this current account?
This is an overdraft account, it is £19.99 a month and it has one of my credit card accounts, what I am afraid of is if I cancel this service (Private banking and go back to ordinary - do I have to pay of my Private banking Credit card?) Does anyone know?
Thanks
InTheRedFebruary Grocery Challenge 262.50/250.00 - overspend - oh no!
March GC 0/300.00
Weight loss goal - lose 14 lbs by May 18th 2016 - so far 3 lbs lost0 -
This is an overdraft account, it is £19.99 a month and it has one of my credit card accounts, what I am afraid of is if I cancel this service (Private banking and go back to ordinary - do I have to pay of my Private banking Credit card?) Does anyone know?
Thanks
InTheRed
Can't answer your question I'm afraid, but you need to show the £19.99 per month in your SOA.
Someone far more experienced will be along I'm sure to give you answer.0 -
I've put a few comments in, hope they're helpful.
Hi Ames,
My company car is mainly a perk, the £35 I spend on petrol is literally to and from work and my private driving (I work all of 8 miles away from home)
All my bills, food etc is based on 2 adults (maybe I should have included my husband in the adults list - but as his income is so unreliable it seemed silly to)
It's a repayment mortage - I would like to take a mortgage holiday for a number of months and repay my credit cards - but Nationwide aren't too keen on doing this.
I will have a look at the water companies website - thanks for this advice
Mobile phone is for one contract phone, £20 per month and reclaim cash at intervals (just taken out contract), it works out as £5 a month with cashback
Thanks everyone for your advice, keep it coming this is great!February Grocery Challenge 262.50/250.00 - overspend - oh no!
March GC 0/300.00
Weight loss goal - lose 14 lbs by May 18th 2016 - so far 3 lbs lost0 -
Just performed a USwitch check on water meter v unmetered and based on our usage water meter would save us £152.88 per year!
Thanks for the advice Ames - I will go through this again tonight (just to make sure I'm not going mad), but that is a HUGE saving.February Grocery Challenge 262.50/250.00 - overspend - oh no!
March GC 0/300.00
Weight loss goal - lose 14 lbs by May 18th 2016 - so far 3 lbs lost0
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