My SOA

firesidemaid

i agree, amazon is very good for prices - i often buy from there too. i suppose that is why they don't need to offer cashback.

i have to say my OH is better at cooking than me - mainly as i don't eat meat, so if i cook i always want to cook it to a cinder (meat that is).

but, i am better at baking than him and also find it therapeutic when i have the time. i also discovered soup-making last year, and couldn't believe how easy it was and how useful a cheap hand-blender is.

i have the Hugh Meat book (bought pre-mse) and although i don't eat meat i am fascinated with all the thriftiness etc and try to look out for good deals for OH.

losingpatience

I've been meaning to make some batches of soup up, might do that this weekend ( have a nice big slow cooker that I can make tonnes in )

Rang Abbey last night and upped our payments by another £50 so that's going to take effect from next month. We decided we wouldn't really notice the increase in payments and it means that when the interest rates do go up ( which they inevitably will ) it hopefully won't come as a big shock! So we're now overpaying by £130 per month

Have had a couple of days now where we haven't spent anything which is nice lol although pay day still seems like ages away

OrkneyStar

losingpatience wrote: »

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
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 10
Groceries etc. ......................... 200 can you cut this even a bit- try the Old Style board for ideas, shop around, get reduced stuff etc
Clothing................................ 20
not too bad, but could you maybe try only to get the basics for the next wee while ?
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 how many for ? seems quite high if you have no children!
Haircuts................................ 20
Entertainment........................... 150 what ? far too high until your debts are cleared, or at least reduced!
Holiday................................. 180 ditto entertainment unless already commited to something!
Emergency fund.......................... 70 good to have but perhaps reduce to £50....what does it cover ?
"Pocket Money" for OH................... 120 too high £50 max for now!
"Pocket Money" for me................... 120
same as OH pocket money!
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.

Some comments in pink.
Really it seems to be entertainment and pocket money, holiday, and perhaps presents that you are overspending on! What do you both spend £120 pcm on !!?
Do you have a spending diary to see where it all goes ?
All the best!

losingpatience wrote: »

Forgot to mention about the holiday yes it is booked for June and we have a week away in the lakes booked for October. After everything we've been through the last few months I wanted us to get away. We had to cancel 2 holidays last year because of operations etc so this is to make up for it.

I understand you may have gone through a lot, but 1 holiday a year is a luxury many cannot afford, despite being in paid work and also going through struggles such as illness etc!
Can you not cancel one of them without a penalty (perhaps the Oct one as it is a while away yet ?)

Verbatim

OrkneyStar wrote: »

Some comments in pink.
Really it seems to be entertainment and pocket money, holiday, and perhaps presents that you are overspending on! What do you both spend £120 pcm on !!?
Do you have a spending diary to see where it all goes ?
All the best!

I understand you may have gone through a lot, but 1 holiday a year is a luxury many cannot afford, despite being in paid work and also going through struggles such as illness etc!
Can you not cancel one of them without a penalty (perhaps the Oct one as it is a while away yet ?)

But they CAN afford it. They have only one loan and are overpaying their mortgage by £130 a month. They are NOT overspending!

OrkneyStar

Verbatim wrote: »

But they CAN afford it. They have only one loan and are overpaying their mortgage by £130 a month. They are NOT overspending!

The OP doesn't appear to be in debt from the SOA (they are paying back the loan and mortgage according to terms, in fact more to the mort), so yes I can see why you would say they are not overspending, but her first sentence suggests a slightly different picture ?

losingpatience wrote: »

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!

If she/they run out of money by the end of the month it must be going somewhere, so they either cannot afford this spending, cannot afford some other spending they have not accounted for, or a combination of both iyswim!
As I, and others, have said, perhaps she needs an SOA and a spending diary, and then she can she whether she needs to cut back somewhere ? Perhaps not cutting back to pay debts but simply cutting back to make the books balance so to speak. From my experience what posters say can tell as much about the whole picture as the SOA on paper!

BizzyBek

Movies - cancel the sky movies. For entertainment whilst your OH has treatment you can do the free month trials for DVD hire by post (just remember to cancel them before they start charging ). Also swap DVDs with friends. Buy them a notepad and pen and challenge them to write their own movie story.

Also, set the OH up to enter the free bingo games on Gala.

misscousinitt

Just popped in to catch up on your thread.

Great progress - money still left in the bank, extra money going towards the mortgage and your spending awareness has obviously improved a great deal in a very short space of time.

You and OH deserve the treat of a nice meal out - and you are able to do this without adding to debt or going in the red - bonus.

xxx

OrkneyStar

Thanks for your reply losing patience. I was trying to help, even if it did not sound like it! All the best, and may your husband get better soon!

OrkneyStar

losingpatience wrote: »

OrkneyStar - I'm really sorry if I came across as ungrateful, that wasn't my intention, I sometimes think when your just reading a response things can be taken out of context slightly?? So maybe I came across as a bit defensive when I was just trying to explain things.

No you didn't actually, it was what someone else said. I understand you will be stressed out with it all and think you have answered peoples comments well. Good luck .

danandgeorgie

Hi

This has been a fascinating thread for a relative newbie like me. Lots of good advice and discussion. As an academic exercise I think the diary would have to be good idea but lets face it; you are not in trouble here!

Of course if you can se some of this advice and reduce unnecessary spending then you will have more to spend on the things you want to do (life style, overpaying mortage etc...). Right now it is clear that your priority is more in the area of OH's health and that is only right and proper.

I wish I were in a position where just tweaks would sort out my financial messes! I only hope people are as helpful with the advice when I am in a position to post a proper SOA next month.

I hope and pray that your OH will enjoy a full recovery and wish you both well for your future.

god bless

Dan