any advice on SOA please

Debt_Free_Chick

plzhelpmesave! wrote: »

Debt_free-Chick - I was shocked myself when I saw the earnings figures, but then although I have added my new wages of £512 a month, i haven't got paid yet! so I guess that means we are about £180 in OD each month - which we're not usually, so my figures are out somewhere
:rolleyes: The CTC goes out starightaway on DD nursery, and the CB is what I use normally to pay my own expenses (mobile, petrol, cccard) etc.

If you stick exactly to that budget, then you'll be fine. But in practice, we all spend money outside of our budgets. That's OK too, so long as you know what you're spending.

I'd suggest you keep a spending diary so you can see where your money's going and if it's regularly on the same sort of stuff, then go back to your budget and add in more categories.

the spending diary can be ..... ermmm ... illuminating :eek:

plzhelpmesave!

thanks D_F_C - do keep trying, but never seem to stick with spending diary, so have started the online one as im on the pc most days.

Verbatim

Hi,
I note that your OH has just started a business. Has he got a separate account for this? If not be careful to keep a tight watch on what is spent on the business as this has been a big problem in terms of haemorraghing cash for others on here!! And of course for claiming tax relief on expenses.

Mimi_Arc_en_ciel

plzhelpmesave! wrote: »

Hi guys

Need your help and expertise please! Am trying to get things organised so we can start 2010 with a proper money saving hat attitude and be able to manage our finances in the best way possible.
Ive recently started PT work, so am hoping that with my money coming in (not been paid yet), we will be able to start looking after our money better, and start saving more. All cc and family loan at 0% - which is something - although me and DH keep forgetting they are real debts as they are "only at 0%".

Any advice on where to cut back appreciated please!




Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 512
Partners monthly income after tax....... 2173
Benefits................................ 185
Other income............................ 324
Total monthly income.................... 3194

Monthly Expense Details
Mortgage................................ 705
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97 Can this be paid over 12 months instead of 10?
Electricity............................. 49
Gas..................................... 50 This is high(ish) Can you compare companies and switch? (Remember cashback!)
Oil..................................... 0
Water rates............................. 37 This is high? Are you in arrers?
Telephone (land line)................... 25
Mobile phone............................ 34
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 260 - See old style board for money savign ideas. Meal plan as much as possible!
Clothing................................ 100 OUCH!! Reduce dramatically
Petrol/diesel........................... 200 Do you HAVE to drive to certain places?
Road tax................................ 30
Car Insurance........................... 65 This is high! Can you not go through another insurer / get a 2 for 1 offer on insurance?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 336
Other child related expenses............ 90 Really?! Church is free on a sunday Can you not get a swim pass from the council for the kids?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 23
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Try and cut down - buy BOGOF and stash!
Haircuts................................ 8
Entertainment........................... 25 Can this be reduceD?
Holiday................................. 0
Emergency fund.......................... 100 Can you lower this?
Total monthly expenses.................. 2286

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 143000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(705)......5.39
Total secured & HP debts...... 115000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................4000......25........0
Satander.......................4500......100.......0
Egg ...........................3036......35........0
Family loan....................5000......400.......0
Total unsecured debts..........16536.....560.......-

Monthly Budget Summary
Total monthly income.................... 3,194
Expenses (including HP & secured debts). 2,286
Available for debt repayments........... 908
Monthly UNsecured debt repayments....... 560
Amount left after debt repayments....... 348
Personal Balance Sheet Summary
Total assets (things you own)........... 143,000
Total HP & Secured debt................. -115,000
Total Unsecured debt.................... -16,536
Net Assets.............................. 11,464
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

hi! My comments are in pink - Im no good at APR's so hopefully someone will be able to answer those

plzhelpmesave!

thanks mommyme and verbatim.:beer: thank you so much for taking the time to reply

Hubby's business is a trickly one and at the moment i think we will be haemoraging as he is using his current account - but in a partnership so waiting for his partner to come back from holiday and then have told him to open a business account.... can see it getting messy and out of control.

- Have emailed council tax ppl re paying over 12 months (did this last year and im sure they said no)
- gas and leccy are both with EDF - we're in credit for £150, so getting a refund YAY! looking at going with scottish power online & and £110 quidco - just need to do the switch!
- Water rates are £400odd for the year - meter would be more i think with 3 kid and 2 adults in the house
- have joined december grocery challenge and trying to meal plan too
- kids stuff is swimming classes (have a passport to leisure card so paid around half price) and they go to islamic classes @ £25 a month each
- car insurance never seems to come down! me and DH do all the comparisons and cashback sites for both our cars, and for the past 5 years come to about the same price! same thing for home insurance... dunno why?

LandyAndy

£240 a year to service, repair and MoT two old cars (worth £3k between them) that are doing quite high mileages (based on your fuel costs)?

What have you actually paid in the last 12 months on these items?

LandyAndy

You put £100 a month in an emergency fund but you have no savings?

plzhelpmesave!

LandyAndy - the emergency fund is actually money that we send to DHs parents who live abroad - try to send it monthly and didn't really know where to put it in the SOA!
MOT is £40 each - Hubby bought his in August this year (02 plate) it came with a years mot and tax I think, so not really spent anything on his car yet. Mine is due for a service in Feb, and think it costs about £60. Hubby does things like change oil filters and other bits & bobs to keep them in good working order. My brothers friend has a garage so does tend to give us a good price.

RAS

plzhelpmesave! wrote: »

LandyAndy - the emergency fund is actually money that we send to DHs parents who live abroad - try to send it monthly and didn't really know where to put it in the SOA!

Hi

At the moment you can afford that, but if the job situation gets worse, youu may have to make more savings yourselves or re-think the remittance.

I also notice yoyu are paying back a family loan which is presumably interst free at a high rate whilst only paying the minimums on the other debts. if you only pay the minimums, iut could take you 40 years to clear those cards so you need to start a standing order to each account to go out regularly each month.

Poosmate

plzhelpmesave! wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 512
Partners monthly income after tax....... 2173
Benefits................................ 185 - child benefit
Other income............................ 324 CTC for nursery fees
Total monthly income.................... 3194 - omg, that's loads!
Monthly Expense Details
Mortgage................................ 705
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 49
Gas..................................... 50
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 25 includes BB & wkend
Mobile phone............................ 34 2 phones-new contracts
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0 incl in landline
Groceries etc. ......................... 260 - joined GC challenge
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 336
Other child related expenses............ 90 religious club & swim
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 No Buildings Insurance?
Contents insurance...................... 0 No Contents Insurance?
Life assurance ......................... 23
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 8
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 2286

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 143000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(705)......5.39
Total secured & HP debts...... 115000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................4000......25........0
Satander.......................4500......100.......0
Egg ...........................3036......35........0
Family loan....................5000......400.......0
Total unsecured debts..........16536.....560.......-

Monthly Budget Summary
Total monthly income.................... 3,194
Expenses (including HP & secured debts). 2,286
Available for debt repayments........... 908
Monthly UNsecured debt repayments....... 560
Amount left after debt repayments....... 348
Personal Balance Sheet Summary
Total assets (things you own)........... 143,000
Total HP & Secured debt................. -115,000
Total Unsecured debt.................... -16,536
Net Assets.............................. 11,464
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Just noticed a couple of things no one else picked up on.

I do wonder how you only pay £25 off your Virgin CC only because I pay twice that on half the debt (although I am paying interest on it and MBNA put the interest up because they said I could afford it!).

Nothing more to add but good luck in getting your debts down and being able to save some.

Poo