my soa

wrighty1967

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.................... 1
Monthly Income Details
Monthly income after tax................ 1048
Partners monthly income after tax....... 819
Benefits................................ 128
Other income............................ 0
Total monthly income.................... 1995
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 142.9
Rent.................................... 337.64
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 60
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 85
TV Licence.............................. 12
Satellite/Cable TV...................... 75
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 80
Petrol/diesel........................... 60
Road tax................................ 20.41
Car Insurance........................... 33.6
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 12
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 21.66
Pet insurance/vet bills................. 1.5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 33
Haircuts................................ 12
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1699.71

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(142.9)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................4900......200.......0
various........................0.........8.61......0
water rates....................2500......50........0
Total unsecured debts..........7400......258.61....-

Monthly Budget Summary
Total monthly income.................... 1,995
Expenses (including HP & secured debts). 1,699.71
Available for debt repayments........... 295.29
Monthly UNsecured debt repayments....... 258.61
Amount left after debt repayments....... 36.68
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,400
Net Assets.............................. -7,400

Reproduced on Moneysavingexpert with permission, using IE .

This is the best I can work out at the moment, no current balance on hp for car which is not listed as an asset as it has a bill of sale on it from the finance company, therefore not really mine.
the water rates are under an agreement with united utilites where they match my monthly payment.
not sure of apr but they are high.
AIC who are being a bit strongarm in their demands over the black horse loan originally wanted £200 a month but have agreed to £150 a month for 3 months with a financial review after that time, we recieve a DLA payment for our son each month which I haven't included as income as it is directly for him, is this correct?

Star2018

wrighty1967 wrote: »

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.................... 1
Monthly Income Details
Monthly income after tax................ 1048
Partners monthly income after tax....... 819
Benefits................................ 128
Other income............................ 0
Total monthly income.................... 1995
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 142.9
Rent.................................... 337.64
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 60
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 85 This seems very high, if you have passed half way of your contract you can contact your network to reduce the tariff
TV Licence.............................. 12
Satellite/Cable TV...................... 75 Maybe speak to the company, depending on where you are in the contract and reduce this package, if you have finished the contract and really don't want to cancel then look at sky packages start from £17 (i know this is the price for new customers but tell the sales guy that this is the price you are willing to pay and are not interested otherwise, usually works!! I used to work in a call centre and commission was commission!!
Internet Services....................... 0
Groceries etc. ......................... 400 I would suggest having a look at the Old Style boards to try and reduce this amount, you could probably halve this with little effort
Clothing................................ 80 Maybe you could cut back on this, only things you really need, however I do appreciate that children grow quickly!!
Petrol/diesel........................... 60
Road tax................................ 20.41
Car Insurance........................... 33.6
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 12
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 21.66
Pet insurance/vet bills................. 1.5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 33
Haircuts................................ 12
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1699.71


Hope this helps, im sure some more experienced MSErs will be along to comment on things I am not so sure on.

Good luck and stick with MSE there are so many ideas!!

g_attrill

I've picked off the ones that stand out:

wrighty1967 wrote: »

Gas..................................... 80 Seems a little high, perhaps turn the thermostat down a notch? If the property is empty during the day make sure the heating is off or turned right down.
Mobile phone............................ 85 Cut the package(s) right back or go PAYG, and use the phone only for essential calls, if you need to make long calls then try and arrange so they are landline to landline and get an unlimited deal on your home phone.
Satellite/Cable TV...................... 75 This is presumbly the full package of tv/phone/internet? Check what you really watch and cut back, preferably to the cheapest!
Groceries etc. ......................... 400 I'm not an expert on these costs, but the usual advice is that this could be halved easily.
Clothing................................ 80 Seems quite a lot!
Presents (birthday, christmas etc)...... 33 Seems quite a lot too.

Assuming mobiles go to (say) £30/month, phone/tv/internet to £35, groceries to £250, clothing to £40 and presents to £15 then you have £308 of savings there.

LizzieS_2

wrighty1967 wrote: »

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.................... 1
Monthly Income Details
Monthly income after tax................ 1048
Partners monthly income after tax....... 819
Benefits................................ 128
Other income............................ 0
Total monthly income.................... 1995
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 142.9 Rent.................................... 337.64
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 60
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 85 It pays not to talk too much - you can save by making essential calls & texting. PAYG phones can ensure you limit your spending more
TV Licence.............................. 12
Satellite/Cable TV...................... 75 Not essential.
Internet Services....................... 0
Groceries etc. ......................... 400 For 3 , with a bit of help on the oldstyle boards you can easily half this
Clothing................................ 80 should manage on £40 easily
Petrol/diesel........................... 60
Road tax................................ 20.41
Car Insurance........................... 33.6
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 12
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 21.66
Pet insurance/vet bills................. 1.5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 33
Haircuts................................ 12
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1699.71

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(142.9)....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................4900......200.......0
various........................0.........8.61......0
water rates....................2500......50........0
Total unsecured debts..........7400......258.61....-

Monthly Budget Summary
Total monthly income.................... 1,995
Expenses (including HP & secured debts). 1,699.71
Available for debt repayments........... 295.29
Monthly UNsecured debt repayments....... 258.61
Amount left after debt repayments....... 36.68
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,400
Net Assets.............................. -7,400

Reproduced on Moneysavingexpert with permission, using IE .

This is the best I can work out at the moment, no current balance on hp for car which is not listed as an asset as it has a bill of sale on it from the finance company, therefore not really mine.
the water rates are under an agreement with united utilites where they match my monthly payment.
not sure of apr but they are high.
AIC who are being a bit strongarm in their demands over the black horse loan originally wanted £200 a month but have agreed to £150 a month for 3 months with a financial review after that time, we recieve a DLA payment for our son each month which I haven't included as income as it is directly for him, is this correct?

With some effort in 2010, you can look forward to a debt free year in 2011.

You already have £295 available for debt repayments
Add in the following potential savings
+ £60 mobiles
+ £75 satellite
+ £200 food
+ £40 clothes
= a total available of £670 per month. In one year you can pay off £8040.

mum2one

In all honestly the other posters have picked up on the same points as I would have raised, just didn't want to run without saying good luck on your debt free travels.

With a few changes ur be debt free in no time xx

property.advert

Mobile phone............................ 85 See if this can be reduced
Satellite/Cable TV...................... 75 Basic is £20 or so and is enough
Groceries etc. ......................... 400 Cutting this in half is probably not that difficult if you cook
Clothing................................ 80 Maybe you can live with what you have for now
Car maintenance (including MOT)......... 15 Is this enough ? No point accruing this if you really need £30
Other child related expenses............ 25 You say you have not listed the DLA but have put this in ?
Medical (prescriptions, dentist etc).... 21.66 Is this dental ?
Pet insurance/vet bills................. 1.5 ????
Contents insurance...................... 0 You can get cover for around £75
Life assurance ......................... 0 Do your jobs provide any ?
Presents (birthday, christmas etc)...... 33 Is this realistic ? Is it necessary ?
Entertainment........................... 30 You need something I agree but is this what you do spend or what you would like to spend ?
Holiday................................. 50 Nice but is this a high enough priority ?
Emergency fund.......................... 0 If funds being used to reduce debt ok but you need something for emergencies, even if it is a CC

It is the food expenses and where is your petty cash expenses ? What about cash for papers, a tin of coke, lunch at work etc ? Is this included in the food expenditure ?

wrighty1967

Thanks for the advice so far, it's very helpful to get other views. I have just listed an average of whats been spent over the last couple of years as a guide, our grocery bill is usually £60-£70 per week with the remainder of a £100 budget going into a pot for things like papers, bread & milk etc, the mobiles are unfortunately under contract till 12/2010 although I can certainly contact the provider to try & lower the tariff, the sky package can certainly be lowered but that does include landline & internet, contents insurance is certainly something we need & my wife has life insurance & pension with her job but I certainly need some life insurance.
Car maintenence covers an mot plus servicing much of wuich I do myself, £600 a year for a holiday I didn't think was excessive & we do have to go in school holidays(only option is not to have a break), again presents for birthdays & christmas I didn't think was excessive but I will look again.
Entertainment includes the occasional day out & hobby of fishing which we all do, medical expences include prescription charges for a long term condition & dental costs, vet bill is for yearly innoculation for the dog.
Thanks again for the advice as I say this is just an honest breakdown of what we spend & I'm sure we can make some savings & this will hopefully be an important year for us where we stop hiding the debt & face up to it.

katsu

I would suggest that rather than asking is £600 excessive for an annual holiday, how much better would I feel/how much faster would I be debt free if I paid more off my debt and had a cheaper holiday? I've lost count how often people have expressed surprise that we are not going away on a holiday, but I know we are nearly debt free. I can then save for my holidays when I am not paying out high interest on my debts.

What if you went camping, for example? That would cost significantly less than £600. Or looked for a very cheap B&B somewhere, perhaps a last minute special offer? When I was a child, for holidays we would visit friends who lived a long way away. We would sleep in their house for a few days, buying food and doing things with them. I have no idea how much my parents spent on, for example a trip to Scotland, but I bet it wasn't the equivalent of £600 in today's money. Or you could stay home but make a real effort to do things you don't normally, like going to National Trust properties, exhibitions, museums, whatever interests you all.

I recommend thinking about holidays with friends/family.

Hope this helps you - just thought it might be another of the different perspectives you were after.

wrighty1967

After 2 years of hard work we are now debt free:)

halfwaythere_3

Well done !!

I have just done the same this month, feels sureal but great at the same time

cutestkids

Well done, it really helps to keep everyone else motivated when those that have succeeded with becoming debt free post to let us know, hope to be in the same place as you in 2 years time