It's worse than I thought!

beccam

So I've done a rough SOA following on from my first thread as a DFW. Taking a deep breath and here goes.....


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................ 1560
Partners monthly income after tax....... 700
Benefits................................ 120
Other income............................ 0

Total monthly income.................... 2380

Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 51 (rates)
Electricity............................. 40
Gas..................................... 0
Oil..................................... 40
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 10
Satellite/Cable TV...................... 57 (sky including broadband and phone)
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 6.5
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 24 (ballet class £6/week)
Medical (prescriptions, dentist etc).... 10 (glasses for me)
Pet insurance/vet bills................. 0
Buildings insurance..................... 40 (includes contents)
Contents insurance...................... 0
Life assurance ......................... 58
Other insurance......................... 13 (Unison membership)
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 130 (:eek: husbands fags and booze!)
Holiday................................. 0
Emergency fund.......................... 100 (paid into IF savings)

Total monthly expenses.................. 1824.5

Assets
Cash.................................... 350 (IF savings)
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 131250

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97500....(680)......6.58
Total secured & HP debts...... 97500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................9350......296.......NaN see below re interest?
Halifax........................4350......103.......27.95
Debenhams......................200.......8.........22.4
Argos..........................180.......5.5.......18.9
Fashionworld...................52........10........NaN
Littlewoods....................139.......35........NaN
Next...........................112.......12........NaN
Etam...........................157.......6.5.......24.96
Total unsecured debts..........14540.....476.......-

Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including HP & secured debts). 1,824.5
Available for debt repayments........... 555.5
Monthly UNsecured debt repayments....... 476
Amount left after debt repayments....... 79.5

Personal Balance Sheet Summary
Total assets (things you own)........... 131,250
Total HP & Secured debt................. -97,500
Total Unsecured debt.................... -14,540
Net Assets.............................. 19,210



This is a rough guide and I am still in shock, feel very sick and close to tears reading it, I really thought we had more spare cash each month than we do, it's worse than I thought.:(

edited to query re MBNA interest rates, cannot find what annual APR is only monthly rates which are as follows.....

card purchases 1.4566%
Cheques/Money transfers 1.7366%
Balance Transfers 1.5976%
Cash 2.5292%

Danni-R

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................ 1560
Partners monthly income after tax....... 700
Benefits................................ 120
Other income............................ 0

Total monthly income.................... 2380

Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 51 (rates)
Electricity............................. 40
Gas..................................... 0
Oil..................................... 40
Water rates............................. 0
Telephone (land line)................... 15 (if your paying £57 for sky including phone can you cut this down/ out?)
Mobile phone............................ 50 (can you switch to a better deal or go PAYG? )
TV Licence.............................. 10
Satellite/Cable TV...................... 57 (sky including broadband and phone)
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 6.5
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 24 (ballet class £6/week)
Medical (prescriptions, dentist etc).... 10 (glasses for me)
Pet insurance/vet bills................. 0
Buildings insurance..................... 40 (includes contents)
Contents insurance...................... 0
Life assurance ......................... 58
Other insurance......................... 13 (Unison membership)
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 130 (:eek: husbands fags and booze!)(is there anyway he can cut this down a bit?)
Holiday................................. 0
Emergency fund.......................... 100 (paid into IF savings)

Total monthly expenses.................. 1824.5

Assets
Cash.................................... 350 (IF savings)
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 131250

I've added a few bits. Hopefully others will be along in a bit to help?

savingmummy

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................ 1560
Partners monthly income after tax....... 700
Benefits................................ 120
Other income............................ 0

Total monthly income.................... 2380

Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 51 (rates)
Electricity............................. 40
Gas..................................... 0
Oil..................................... 40
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 50 when contracts end go payg
TV Licence.............................. 10
Satellite/Cable TV...................... 57 (sky including broadband and phone) reduce package or go freeview
Internet Services....................... 0
Groceries etc. ......................... 200 try reducing
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 6.5
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 24 (ballet class £6/week)
Medical (prescriptions, dentist etc).... 10 (glasses for me)
Pet insurance/vet bills................. 0
Buildings insurance..................... 40 (includes contents)
Contents insurance...................... 0
Life assurance ......................... 58
Other insurance......................... 13 (Unison membership)
Presents (birthday, christmas etc)...... 20 reduce/cut down who you buy for
Haircuts................................ 15
Entertainment........................... 130 (:eek: husbands fags and booze!) talk about this
Holiday................................. 0
Emergency fund.......................... 100 (paid into IF savings) use it now, saving with debts is not the way to go

Total monthly expenses.................. 1824.5

Assets
Cash.................................... 350 (IF savings)
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 131250

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97500....(680)......6.58
Total secured & HP debts...... 97500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................9350......296.......NaN
Halifax........................4350......103.......27.95
Debenhams......................200.......8.........22.4
Argos..........................180.......5.5.......18.9
Fashionworld...................52........10........NaN
Littlewoods....................139.......35........NaN
Next...........................112.......12........NaN
Etam...........................157.......6.5.......24.96
Total unsecured debts..........14540.....476.......-

Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including HP & secured debts). 1,824.5
Available for debt repayments........... 555.5
Monthly UNsecured debt repayments....... 476
Amount left after debt repayments....... 79.5 where does this go?

Personal Balance Sheet Summary
Total assets (things you own)........... 131,250
Total HP & Secured debt................. -97,500
Total Unsecured debt.................... -14,540
Net Assets.............................. 19,210

I have seen worse SOA`s at least you do have some left each month.
I would if i was you cut down/stop the things i`ve highlighted for now!!
Ask yourselves do you NEED sky? that sum a mth could pay a debt. Do you NEED a mobile on contract/spend £50 a mth.
Speak with your husband about his smoking and drinking. Maybe show him the SOA and explain how this is effecting your finances each month. NO smoking or drink for one month could pay off the Argos or other!!
Food/shopping can be cut down, drop a brand, stick to a list, grab offers and use vouchers where possible.

I know your SOA is just a rough one so maybe worth sitting down together and going through everything to make it 100% acccurate.

catmiaow

beccam wrote: »

So I've done a rough SOA following on from my first thread as a DFW. Taking a deep breath and here goes.....


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................ 1560
Partners monthly income after tax....... 700
Benefits................................ 120
Other income............................ 0

Total monthly income.................... 2380

Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 51 (rates)
Electricity............................. 40 - Is this the best deal you can get?
Gas..................................... 0
Oil..................................... 40 - Same as elec
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 10
Satellite/Cable TV...................... 57 (sky including broadband and phone)- Can you not get rid and get freeview?
Internet Services....................... 0
Groceries etc. ......................... 200 - Can be reduced me and my partner cope on £80 per month with meal planning, there is no reason why you couldn't half this.
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 25 - Shop around and use cash back sites.
Car maintenance (including MOT)......... 10
Car parking............................. 6.5 - Is there no free car parks you can go too and walk a bit further?
Other travel............................ 0
Childcare/nursery....................... 150 - Is there no one who would look after your child for cheaper such as a relative?
Other child related expenses............ 24 (ballet class £6/week) - Can this be cut down or go somewhere cheaper?
Medical (prescriptions, dentist etc).... 10 (glasses for me)
Pet insurance/vet bills................. 0
Buildings insurance..................... 40 (includes contents) - Shop around, my deal is £28 pm including buildings, contents, accidental damage, and home emergency. Use cashback sites as well.
Contents insurance...................... 0
Life assurance ......................... 58 - Shop around
Other insurance......................... 13 (Unison membership)
Presents (birthday, christmas etc)...... 20 - Cut down
Haircuts................................ 15
Entertainment........................... 130 (:eek: husbands fags and booze!)This is very expensive, this can be cut down big time!
Holiday................................. 0
Emergency fund.......................... 100 (paid into IF savings)

Total monthly expenses.................. 1824.5

Assets
Cash.................................... 350 (IF savings)
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 131250

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97500....(680)......6.58
Total secured & HP debts...... 97500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................9350......296.......NaN
Halifax........................4350......103.......27.95
Debenhams......................200.......8.........22.4
Argos..........................180.......5.5.......18.9
Fashionworld...................52........10........NaN
Littlewoods....................139.......35........NaN
Next...........................112.......12........NaN
Etam...........................157.......6.5.......24.96
Total unsecured debts..........14540.....476.......-

Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including HP & secured debts). 1,824.5
Available for debt repayments........... 555.5
Monthly UNsecured debt repayments....... 476
Amount left after debt repayments....... 79.5

Personal Balance Sheet Summary
Total assets (things you own)........... 131,250
Total HP & Secured debt................. -97,500
Total Unsecured debt.................... -14,540
Net Assets.............................. 19,210

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


This is a rough guide and I am still in shock, feel very sick and close to tears reading it, I really thought we had more spare cash each month than we do, it's worse than I thought.:(

Just a few comments above, so much can be cut back on and then you can pay more of the debt off.

beccam

Hi Danni, thanks for replying so quickly.

I'll try to answer questions......
£15 for landline is for line rental to BT which still has to be paid even though calls etc are through Sky.

Mobile phone is approx £25 each on monthly bills with O2, mine is due for renewal very soon so I'm going to try and haggle as I've been a customer for a very long time!

The 'entertainment' has shocked me! Was only tonight I totalled up that fags are now approx £6/pack which would bring DH to around £25-£30/week plus he buys a pack of beers every weekend which I think is usually around £10.......I don't know how well the talk over this is going to go down but hope once he sees the figures it might encourage him!

I should also explain the savings/emergency fund thing which is because we are due 2nd baby at the end of June and would like to have some fall back money for when my maternity pay starts as this will lower my income.

savingmummy

I'll try to answer questions......
£15 for landline is for line rental to BT which still has to be paid even though calls etc are through Sky.

I would stop sky for now personally as it is a luxury you can`t afford. But if your not keen then contact sky and ask about their line rental - it should be included in calls.

Mobile phone is approx £25 each on monthly bills with O2, mine is due for renewal very soon so I'm going to try and haggle as I've been a customer for a very long time! Go payg much cheaper imo just spend £%=10 a mth and get free txt/voice mins on most networks


I should also explain the savings/emergency fund thing which is because we are due 2nd baby at the end of June and would like to have some fall back money for when my maternity pay starts as this will lower my income.[/QUOTE]:eek: ALL more reason to get hubby to listen!! new baby and smoking is not good obviously. new babies also need lots of pennies from daddy in the early months
You really need to sit down and discuss this, if his a good hubby/daddy he will comprimise. x

beccam

Savingmummy......think I've answered some of the more obvious ones, the left over £79 at the moment isn't left over at all as it is just being spent on rubbish! I've done the SOA with amounts as what I think should be spent on groceries/haircuts etc where in reality up to now we have been vastly overspending in all areas and increasing the debt.

Catmiaow.....electric is on a prepay meter thing so we buy online or in shop in advance, in Northern Ireland we have no choice but to use the one supplier. The oil is bought in 500L tank fill ups and price varies alot but our last fill up was in Dec and cost £203 for 500L which will hopefully last around 4-5mths then our next fill up will be over summertime so should last longer. I do always search for cheapest supplier though.

Re the Sky....we could get rid or at least downgrade in order to keep good broadband/phone package but husband is VERY attached to Sky Sports, I think this money situation could hit him harder than he thinks!

Car insurance is def cheapest I can get for Northern Ireland and car parking is for my work and a set monthly fee.

Childcare/nursery is split as £52 for nursery (preschool) fees.....lunch at £2/day and school fund at £3/week. The remainder is childminder fees which is slightly variable depending on what I'm working, I took this from Dec which now thinking about it was an expensive month as nursery had finished so probably more like £120/month in total.

Had a quick look online at some insurance deals, both of these were set up by a financial advisor but we had claimed in the previous 3yrs before so this might reduce now?? The Aviva is a nightmare as basically we are very hard to insure on life insurance due to previous health problems but I will look around.

How much would people suggest as a present/Christmas fund? I guessed at £20 thinking to save it up for DD/DH and myself for birthday and Christmas aswell as family and friends and was thinking I was being quite frugal with that!!

savingmummy

It will hit him hard BUT if your struggling and have debts that need clearing he will need to help! It don`t have to be forever just for now, until your straight.
I buy for my 2 children only. I can`t justify wasting money on presents when i have things to pay. This xmas i spent £50 on my children along with homemade gits using the christmas forum on here which is fab!!x

brummiebabe

Is the school fund something that could be suspended for a while - our school's is voluntary - that would save you a little.

beccam

Thanks savingmummy, I'm inspired by your present spend! I think Christmas was what shocked me into this, we spent too much on DD for my liking and she has way too much already! Just have to realise we CAN'T AFFORD it and there is no point trying to keep up the pretence, it will hurt though to not be able to buy for family (parents and siblings)

beccam

brummiebabe wrote: »

Is the school fund something that could be suspended for a while - our school's is voluntary - that would save you a little.

Sadly no, it's compulsory as is dinner money, to be fair it pays for their snacks and also all school trips and activities which they do alot of.