SOA help needed

LilacPixie

Can some of you lovely people help me pull apart my SOA please. We were doing so so well but since April the budget has just went out of the window. We haven't increased our debt but we havent reduced it either which is shocking considering the amount of surplus income we should have.

We are family of 4, 2 adults and 2 kids aged 1 and 3 both still in nappies:rolleyes: we both work, him full time, me part time with family help we have no nursery/childcare fees. We have a 2 bed flat at the moment but we so so so want to move and have a garden but need/want to shift a fair bit of debt first.

I can and do cook alot but recently I have not been well and junk/take aways have been slipping into our diet.

Feel free to be brutal.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1396
Partners monthly income after tax....... 1400
Benefits................................ 256 Child benefit, DLA and Tax credits
Other income............................ 0
Total monthly income.................... 3052
Monthly Expense Details
Mortgage................................ 404
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 60 E-on dual fuel
Gas..................................... 27 E-on dual fuel
Oil..................................... 0
Water rates............................. 0 included in council tax
Telephone (land line)................... 10 bundle with virgin
Mobile phone............................ 44 for 2 both needed for work
TV Licence.............................. 12
Satellite/Cable TV...................... 22 bundle with virgin
Internet Services....................... 10 bundle with virgin
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 150 two cars
Road tax................................ 30 two cars bit of a guess
Car Insurance........................... 67
Car maintenance (including MOT)......... 30 again guess as we pay as and when
Car parking............................. 5 only if i have hospital appointment
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 6
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1474

Assets
Cash.................................... 700
House value (Gross)..................... 70000
Shares and bonds........................ 500
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 79200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52160....(404)......6.3
Total secured & HP debts...... 52160.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zopa Loan......................13000.....476.......10.1
GE money home loan.............7678......147.......12.7
Santander credit card..........960.......30........0
Next account...................1900......190.......26.49
Capital one....................450.......40........26.49
Total unsecured debts..........23988.....883.......-

Monthly Budget Summary
Total monthly income.................... 3,052
Expenses (including HP & secured debts). 1,474
Available for debt repayments........... 1,578
Monthly UNsecured debt repayments....... 883
Amount left after debt repayments....... 695
Personal Balance Sheet Summary
Total assets (things you own)........... 79,200
Total HP & Secured debt................. -52,160
Total Unsecured debt.................... -23,988
Net Assets.............................. 3,052
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

catmiaow

LilacPixie wrote: »

Can some of you lovely people help me pull apart my SOA please. We were doing so so well but since April the budget has just went out of the window. We haven't increased our debt but we havent reduced it either which is shocking considering the amount of surplus income we should have.

We are family of 4, 2 adults and 2 kids aged 1 and 3 both still in nappies:rolleyes: we both work, him full time, me part time with family help we have no nursery/childcare fees. We have a 2 bed flat at the moment but we so so so want to move and have a garden but need/want to shift a fair bit of debt first.

I can and do cook alot but recently I have not been well and junk/take aways have been slipping into our diet.

Feel free to be brutal.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1396 If that's a part time wage, Can I have your job please?:D
Partners monthly income after tax....... 1400
Benefits................................ 256 Child benefit, DLA and Tax credits
Other income............................ 0
Total monthly income.................... 3052
Monthly Expense Details
Mortgage................................ 404
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 60 E-on dual fuel This seems expensive I pay £50 per month for a house and I am always in credit, and that is for both gas and electric. Try shopping around and make sure your on the best deal.
Gas..................................... 27 E-on dual fuel Same as above
Oil..................................... 0
Water rates............................. 0 included in council tax
Telephone (land line)................... 10 bundle with virgin
Mobile phone............................ 44 for 2 both needed for work
TV Licence.............................. 12
Satellite/Cable TV...................... 22 bundle with virgin Can you not think about getting rid of this for now?
Internet Services....................... 10 bundle with virgin
Groceries etc. ......................... 300 Not too bad for a family of four but you could perhaps get this down slightly through meal planning, reducing takeaways and getting value products.
Clothing................................ 40 Reduce this, you can get clothes for much cheaper in charity shops.
Petrol/diesel........................... 150 two cars Wow have you considered if Public transport might be cheaper and getting rid of one car?
Road tax................................ 30 two cars bit of a guess
Car Insurance........................... 67
Car maintenance (including MOT)......... 30 again guess as we pay as and when
Car parking............................. 5 only if i have hospital appointment
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 6
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 I would reduce this a lot, remember it's not about the expense it's the thought that counts
Haircuts................................ 20 I get mine done for £3 at the local college and they always do a good job
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1474

Assets
Cash.................................... 700
House value (Gross)..................... 70000
Shares and bonds........................ 500
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 79200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52160....(404)......6.3
Total secured & HP debts...... 52160.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zopa Loan......................13000.....476.......10.1
GE money home loan.............7678......147.......12.7
Santander credit card..........960.......30........0
Next account...................1900......190.......26.49
Capital one....................450.......40........26.49
Total unsecured debts..........23988.....883.......-

Monthly Budget Summary
Total monthly income.................... 3,052
Expenses (including HP & secured debts). 1,474
Available for debt repayments........... 1,578
Monthly UNsecured debt repayments....... 883
Amount left after debt repayments....... 695
Personal Balance Sheet Summary
Total assets (things you own)........... 79,200
Total HP & Secured debt................. -52,160
Total Unsecured debt.................... -23,988
Net Assets.............................. 3,052
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have made some comments above, you have a lot left at the end of the month so If you work really hard you can get these debts paid off in no time.

GeorgeUK

Other than possibly reducing the groceries and checking you can't get a better deal on the utilities, i think that's a pretty good SOA.

Are you keeping a spending diary? You need to find out where the money is being wasted.

The 26.49%APR rates need to be tackled asap so you aren't paying out so much interest.

LilacPixie

thanks Catmiaow.

Public transport not a viable option for a few reasons. firstly OH starts at 4am and there is none at that time of the morning, secondly I take the kids to the grandparents before i start at 10am. My mobility isn't the best but it would mean being on a bus at 7:20 to get to my parents and leaving there at just after 8 to get a bus into the centre of town then another bus to the next town where my office is. I would then have to walk about a mile to my office or get a taxi which would probably cost as much as fuel does overall.

According to Uswitch Npower will be slightly cheaper for us but I think we are probably quite wastefull with electricity.

I need internet so I can work from home if needed, not sure I want to get rid of the TV to be honest. I don't watch it myself but the kids do enjoy their programs and my husband does too. Neither of us drink or smoke and we rarley go out and its like his special treat KWIM. same with haircuts. I get mine done every 3 months but it costs £50 :eek: it is alot of money but as I have no other vices I struggle to sacrific that. Bad I know

With regards to clothes I don't think we could get it down further. I includes shoes and with 2 kids needing shoes what seems like every 2 months at £30 a pair from clarks there isn't much room left to cut back.

I do appreciate your comments

LandyAndy

Your SoA must be inaccurate.

If you really had £700 surplus every month to pay off your debts you wouldn't be here asking for help.

So you need to find out where that money is going and, as has been suggested, that means a spending diary.

Most of the costs you actually identify in your SoA are pretty reasonable.

LilacPixie

GeorgeUK wrote: »

Other than possibly reducing the groceries and checking you can't get a better deal on the utilities, i think that's a pretty good SOA.

Are you keeping a spending diary? You need to find out where the money is being wasted.

The 26.49%APR rates need to be tackled asap so you aren't paying out so much interest.

George I know exactly where the money is going. mostly takeaways, we had a holiday had a few day trips and ripped out and replaced our bathroom using the surplus wages over the last few months. I'm so annoyed with myself. If we had kept a tighter reign on the budgets we could of still cleared around 1 k of debt and still did bathroom/holiday/day trips. :mad::mad::mad:

Takeaways are our vice. we seem to of been at pizza hut weekly for months followed by the odd chinese during the week or posibly a McDonalds if we are out for the day and I'm being lazy with packing a packed lunch or its too cold and I want the kids to have something hot and its our only option :rolleyes: Excuses i know

euronorris

I think the allowance for presents can be cut dramatically and I also think you need to budget at least a little for entertainment each month. Do you really never splurge on that? Never even a takeaway or cinema or dvd rental?

Also, it may be a good idea to put a small amount aside for an emergency fund. Some people argue against this, but should something happen - like boiler breakdown - then you'll be glad of having it.

Other than that, I think the best advice, as already stated, is the spending diary. You have a very decent surplus income, but I imagine in reality you don't have that so you need to find out where it's going and adress it.

euronorris

OK, also saw that you've had a holiday but there is nothing budgeted for this either. Are you not planning to have another in the next 12-18 months? If not, great. But if you are, then you need to include this in your budget also.

LandyAndy

LilacPixie wrote: »

George I know exactly where the money is going. mostly takeaways, we had a holiday had a few day trips and ripped out and replaced our bathroom using the surplus wages over the last few months. I'm so annoyed with myself. If we had kept a tighter reign on the budgets we could of still cleared around 1 k of debt and still did bathroom/holiday/day trips. :mad::mad::mad:

Takeaways are our vice. we seem to of been at pizza hut weekly for months followed by the odd chinese during the week or posibly a McDonalds if we are out for the day and I'm being lazy with packing a packed lunch or its too cold and I want the kids to have something hot and its our only option :rolleyes: Excuses i know

What you did in the past can't be changed so no point dwelling on it now.

Does your £300 for groceries include the takeaways? If not add their cost in there for now.

LandyAndy

Does/should the standard SoA layout have a line for 'cash taken out of the hole in the wall but otherwise unaccounted for'?:rolleyes:

I think it might be quite revealing for many threads.

ElkyElky

Imagine how much money you'll save by cooking your own food. You could cook a big pot of soup and freeze some, that'll do for a few days food at least. Not to mention it being a much healthier option than pizza hut with their added salts and fats.

A takeaway diet can actually send you to an early grave... harsh I know but it won't just be money you'll be saving by preparing your own meals. A nice healthy salad doesn't cost much and is quick and easy to prepare.