New Member SOA

happier2010

New user and a bit embrassed that we let things get on top of us as much as we have - finding it difficult to get motivated but at long last took the first step in completing our SOA and


Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1130
Partners monthly income after tax....... 1025
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2155
Monthly Expense Details
Mortgage................................ 438.2
Secured/HP loan repayments.............. 63.23000000000002
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 24
Gas..................................... 26
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 78
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 140
Road tax................................ 10
Car Insurance........................... 22
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 22.61
Contents insurance...................... 0
Life assurance ......................... 9.21
Other insurance......................... 54.5
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1378.87


Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 100000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76958....(438.2)....5.58
Secured Debt.................. 5525.....(63.23)....6.38
Total secured & HP debts...... 82483.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................1616......50........16.91
halifax........................7307......119.8.....6.96 ENDS 2014
tesco..........................7000......86.21.....8.7 ENDS 2020
northern rock..................15500.....280.7.....6.4 ENDS 2014
Total unsecured debts..........31423.....536.71....-


Monthly Budget Summary
Total monthly income.................... 2,155
Expenses (including HP & secured debts). 1,378.87
Available for debt repayments........... 776.13
Monthly UNsecured debt repayments....... 536.71
Amount left after debt repayments....... 239.42
Personal Balance Sheet Summary
Total assets (things you own)........... 100,000
Total HP & Secured debt................. -82,483
Total Unsecured debt.................... -31,423
Net Assets.............................. -13,906

Any comments would be welcome

talana

Welcome to the board!

Secured/HP loan repayments.............. 63.23000000000002

Wow, very exact!

Your monthly expenses don't look too unreasonable.
£78 satellite/cable TV. Do I take it that's a package including your phone?
£54.50 other insurance. What's this?
Do you find you actually have £239 surplus at the end of the month, or does it disappear into a black hole somewhere?

katsu

I assume you live in Scotland as you have £0 water rates - if not they are missing.

Neither of you have a mobile phone?

Your Satelite TV etc at £78 seems expensive to me - do you need all the TV channels/can you shop around for a better deal?

Tixy

HI and welcome and well done for doing the SoA

The £78 for sky seems fairly high, I assume you get your landline & internet included but you may want to consider dropping some channels to reduce the cost a little.

Groceries, not bad but could try cutting a little off here - try meal planning before you go to the shops etc.

What is the other insurance? that seems high, whatever it is have you checked its necessary, that you don't have excessive cover and have you shopped around for the most competative price?

You appear to do a lot of miles from your petrol use - do you drive fuel efficently? see this for tips on cutting your bill - http://www.moneysavingexpert.com/travel/cheaper-fuel

You are showing a £239 surplus - what have you been spending this on? have you been paying more than the minimums off your debts? If you don't have this money then suggest you both start spending diaries for a couple of months to record every time you spend money (even just on a can of pop or newspaper) to see where this money is going.

If you have got the £239 then start to pay it off the highest debt - i.e the capital one card.

Good luck