My SOA

losingpatience

..................

DisgruntledGoat

Despite my SOA showing a surplus we normally have little to no money left by the middle of the month, let alone the end of the month!

You've got to start keeping a spending diary to track this down - write down everything (the OH needs to too)

Apart from that, the obvious thing seems to be

Entertainment........................... 150

If groceries are a bit high as you "stay in with a bottle of wine ( or 2 ) instead" then this is quite high.

Mobile phone............................ 45
Satellite/Cable TV...................... 35
Presents (birthday, christmas etc)...... 50
Holiday................................. 180

If you're trying to tackle the debt then all of these can be cut back - switch to PAYG or a basic contract, downsize Sky to the minimum package or switch to freeview, give cards or a simple gift this year. Ditching just the holiday for one year is enough for a quarter of your unsecured debt.

edit: one other thing, it's a good idea to budget for an emergency fund, but £70/pm is possibly on the high side unless you expect trouble with the boiler, car or something else expensive in the short term. I'm guessing you're just starting saving this, as the fund isn't listed on the SOA? In that case, £70/pm is a good idea to build something up.

But I think the main thing is the first point, if you should be in surplus according to the figures but are actually running out mid-month then you've *got* to figure out where the extra is going.

savingmummy

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1396.55
Partners monthly income after tax....... 1329.39
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2725.94

Monthly Expense Details
Mortgage................................ 600.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 30.55
Telephone (land line)................... 15 - is this needed?
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 35 - could this go? or cheaper package
Internet Services....................... 10
Groceries etc. ......................... 200 meal plan, drop brands, only buy essentials
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 11
Car Insurance........................... 30
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.5
Pet insurance/vet bills................. 15
Buildings insurance..................... 10.5
Contents insurance...................... 10.5
Life assurance ......................... 32.36
Other insurance......................... 31.86 ?
Presents (birthday, christmas etc)...... 50 - cut down on this. i only do xmas with a budget for each person.
Haircuts................................ 20
Entertainment........................... 150 - this is high!!
Holiday................................. 180 - is this booked?
Emergency fund.......................... 70
"Pocket Money" for OH................... 120 - not nessesary
"Pocket Money" for me................... 120 - not nessasery
Total monthly expenses.................. 2122.77


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 105000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 109000...(600.5)....4.24
Total secured & HP debts...... 109000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclays Loan..................8011.28...202.7.....7.9
Total unsecured debts..........8011.28...202.7.....-


Monthly Budget Summary
Total monthly income.................... 2,725.94
Expenses (including HP & secured debts). 2,122.77
Available for debt repayments........... 603.17
Monthly UNsecured debt repayments....... 202.7
Amount left after debt repayments....... 400.47

Personal Balance Sheet Summary
Total assets (things you own)........... 105,000
Total HP & Secured debt................. -109,000
Total Unsecured debt.................... -8,011.28
Net Assets.............................. -12,011.28

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/QUOTE]

You could cut back on quite a few things, you need to know where the other money is going that is left over each month so a spending diary wiil help.x

savingmummy

I fully understand it has been hard regarding you oh health and i hope he gains full health soon.
Everyones circumstances are different as are priorities BUT the meals out would be reduced, Spending pocket money of 240 would go too if i was needing more money a mth!

Do you have a rough idea where the spare money a month is going? It is a lot to have `disappear without trace` x

Francesanne

Couldn't you take hair cuts & clothes allowance out of your 'pocket money'? won't save a fortune but everything helps. Maybe cutting down your pocket money might also help. We all like treating ourselves especially when we work hard but sometimes it's vital to cut back a little. You've got a pretty good income and it shouldn't be too hard to make cutbacks without feeling too deprieved.

DisgruntledGoat

Mobile phones are for 2, my phone is £15 a month, OH's is £30 and both are in contracts. OH's includes internet usage and unlimited calls and texts which he needs for work as he can be on the road alot.

I get unlimited internet for £7.50/pm on O2 PAYG so you can save a lot here, but maybe if your OH wants a £30/pm contract phone it should come out of the "pocket money" fund? I think maybe part of the problem is that the "treats" expand out into several different categories.

But I think at the moment the critical issue is not individual items, but where the rest of the money is going - the SOA suggests you should be making ends meet comfortably

katsu

I did Christmas gifts for 23 people on £180. My OH's family is large and people like nice gifts - we had some definite wows (and some not quite rights, but I've had those when spending twice as much on people). I used: outlet malls, charity shops, pound shops - put time into it and make gifts too (bake a cake, make jewellery etc).

You can def cut the £50 pcm in half I would say.

Water rates - are you on a meter? If not look into getting one. We have a meter - use washing machine, wash up by hand, take showers not baths. Our water is £12pcm for two working adults.

Gas and electric - look on comparisons and see if you can save. Seems high to me. Ours was around £50 and we have reduced with switching. You probably want a warmer house than ours tho!

If medical is prescriptions, can you get a pre-payment certificate?

Good luck.

losingpatience

Forgot to say that we also need to take our car to the garage tomorrow to get the windscreen wipers fixed so I've no idea how much that will set us back

brummiebabe

If your OH is having radiotherapy - do you not get some assistance with parking charges from the hospital? I'm sure I've heard that can happen...but obviously may be wrong!! Might be worth asking the question?

Can't you combine your entertainment/spending money budgets - say to £300 p/m between you both - would save you a fair bit...

zcrat41

Hi Losing Patience,

I'm sure I was watching tv last week, can't for the life of me remember which program though. There was a segment about hospital car parking charges and I'm sure it said something about if you have to go regularly for treatment there are discounts you can get. Might be worth asking?

ZC

savingmummy

I was a nurse for the nhs and if you go to car parking patrol and explain they will give you a notw for your windowscreen. Worth asking about this or it may be cheaper to use an offsite carpark x