i've finally done an soa

mum2one

clairewop wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 850
Benefits................................ 848
Have you got everything your entitld to, child benefit, child tax credit, working tax credit, you can do a self check on entitledto website
Other income............................ 0
Total monthly income.................... 1698
Monthly Expense Details
Mortgage................................ 468
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 - not actually saving, but could you ask for the payments to go over 12 months (100 pm save £20)
Electricity............................. 100 - way to high, are you submitting meter readings, don't leave items on standy by, tuirn off lights, don't leave computers, mobile phones etc on charge over night - you should aim to reduce by £30.00 per month
Gas..................................... 100 - ditto way to high, can you alter the timings come on 10 mins less, use raidiator temp controls if there futting, we've altered our heating instead of cutting in at 18C, it cust in at 16C, you don't notice the difference again reduce by £30
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 30
Mobile phone............................ 90 :eek:Got to go, if uoir on contract see whats the lowest price you can get, out of contract look at sim only, pay and go, that , i don't know how many phones that covers - our house 2 adults, 1 child, (5 mobiles I have 2, all pay and go, maximum spend per month £35.00, my main phone 150 off peak mins, 300 texts, other phones all free texts between 7.30/midnight + weekends) allowing £50 (still to high ) saing £40.00
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 300
Clothing................................ 60 - now only incase of desperation, downgrade brands, use what you have, £30 maximum - treat as a luxury saves £30.00
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 0
Other child related expenses............ 90 - which are?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14 - good prices but at renewal shop around, use cash back sites such as Quidco
Contents insurance...................... 14 - ditto
Life assurance ......................... 10
Other insurance....what insurance - ..................... 73.5 - do you need that
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30 - cut back the visits, look at local college students cut back to £20 for now - saving £10
Entertainment........................... 0
Holiday................................. 50 - unless its booked, look at something cheaper (wont cut that out for now)
Emergency fund.......................... 0
Total monthly expenses.................. 1684.62

Assets
Cash.................................... 120
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 700
Total Assets............................ 105820

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(468)......0
Total secured & HP debts...... 97000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................10150.....150.......0
ccj............................0.........31.99.....0
tax credit over payme..........0.........40........0
catalogue......................0.........10........0
credit card ...................0.........15........0
Total unsecured debts..........10150.....246.99....-

Monthly Budget Summary
Total monthly income.................... 1,698
Expenses (including HP & secured debts). 1,684.62
Available for debt repayments........... 13.38
Monthly UNsecured debt repayments....... 246.99
Amount short for making debt repayments. -233.61
Personal Balance Sheet Summary
Total assets (things you own)........... 105,820
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -10,150
Net Assets.............................. -1,330

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

I've put some thoughts on, my savins which are painnfree save you £160.00 per month, the others I have put some notes by, but you were £233 short, now found £166.00 maybe a few more custa and your soon be back on track.

I don't know how long each debt is for, but with a few more cuts your soon be fine.

I know the hardest step is the osting of the soa, and by doing that you've taken a massive step towards a debt free future. xx

clairewop

ben pays for his own mobile from his paper money and i've reduced the contract down as much as they can go, mine and dh's finish in july, were going to go for a £15 a month sim only contract

talana

clairewop wrote: »

gas and leccy are prepayment meters

Probably on a very expensive tariff then. As RAS says then, see if you can change. But I'm sure you must be using a huge amount too.

By way of comparison, my house is also worth about £105K so presumably a fair comparison size-wise. Granted no kids in my household, but combined elec and gas come out as approx £45 per month.
But if you set yourself a target of halving those bills, that's a reasonable aim.

clairewop

other insurance is payment protection £68 for mortgage and £5.50 for tumble dryer

clairewop

child money is £5 pocket money each and school trips

clairewop

well i've just made the first step

i've just spoken to a very nice man at edf and explained our usage of gas and electricity with eon, he couldn't beleive how much we have put into the meter this month so far, so i have changed suppliers to them as they are one of the cheapest for prepayment meters, he then said we have to keep the prepayment meter for 28 days then if i ring up they will come out andremove it free of charge and i can go onto dd and i'll have an extra discount for being dual fuel and paying dd

Ames

Stop using the tumble dryer and get rid of the insurance for it. They eat electric. I've got a horrible blown air storage heating system and in winter it takes a week for clothes to dry, so it means being organised, but you can manage without a dryer.

Also, will the holidays cost £600 altogether? You've already paid for the sun one so all you need to find is spending money and food, which you'd be paying at home anyway.

I think everything else I thought has been covered by the others.

clairewop

yes ames holidays are paid for so its just food and spending money

yes i'm giulty of using the tumble dryer tried not using it and the washing just piled up, doesn't help with having to wash a pile of bedding most days due to ds1 having accidents

SuzySu

Could you utilise any space in your airing cupboard (if you have one)? Maybe put a shelf up above the hot water tank. I use that to dry my towels that would otherwise take up a lot of space.

beanielou

Any way you can increase your income at all Claire?
As has been said other insurance & mobiles are high.
Are you getting all the benefits you are all entitled too?
Keep plodding!