my soa

fieryleo1984

hi can anyone have a quick read over soa? Ive done a joint one but we do keep our finances seperate. Im on a dmp of which i pay 156 to cccs every month. Thanks

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................ 480 stat mat pay
Partners monthly income after tax....... 1300
Benefits................................ 173 tax credits and child benefit
Other income............................ 0
Total monthly income.................... 1953
Monthly Expense Details
Mortgage................................ 176 part rent part buy property, we own 25%
Secured/HP loan repayments.............. 0
Rent.................................... 256 see above
Management charge (leasehold property).. 0
Council tax............................. 102 moved in july so hopefully spread over 12 months next tax year
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 60 2 x mobiles, both in contracts
TV Licence.............................. 13
Satellite/Cable TV...................... 50 includes telephone and internet
Internet Services....................... 0 as above
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 350 this is alot but my share is a £100, my partner works 40 miles away, no jobs closer to home.
Road tax................................ 12.5
Car Insurance........................... 0 this was paid yearly due to coming into some money, but will be renewed in may
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 55 formula and nappies
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8.33
Life assurance ......................... 0
Other insurance......................... 20 this is for cooker and fridge/freezer is it worth it?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1480.83

Assets
Cash.................................... 0
House value (Gross)..................... 30000 we own 25%
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 32000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 32000....(176)......0 not sure as parents remortaged there house to lend us the money.
Total secured & HP debts...... 32000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloydstsb cardservice..........3852.28...74.8......2 on dmp- my share
debt managers ltd..............2039.09...55.5......0 on dmp-my share
egg loan.......................864.39....41.37.....0 on dmp- my share
blackhorse.....................3500......180.......8.7
barclays partner fina..........4261.65...50........0
debitas........................250.......29........0
cabot financial europ..........205.14....10.33.....0 on dmp my share
Total unsecured debts..........14972.55..441.......-

Monthly Budget Summary
Total monthly income.................... 1,953
Expenses (including HP & secured debts). 1,480.83
Available for debt repayments........... 472.17
Monthly UNsecured debt repayments....... 441
Amount left after debt repayments....... 31.17
Personal Balance Sheet Summary
Total assets (things you own)........... 32,000
Total HP & Secured debt................. -32,000
Total Unsecured debt.................... -14,972.55
Net Assets.............................. -14,972.55
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

GeorgeUK

I would look at the comparison sites for the utilities incase you can get a better deal. Also check the meter readings to see if you are in credit - you can ask for this back and they may reduce the monthly bill.

With the mobiles, can you reduce the tariff?

You might also be able to save on the groceries a little. Have you moved down a brand? Have a look at the old style board for meal plan ideas and try cooking in bulk.

It might also be worth keeping a spending diary so you can see exactly where you are spending money incase there is a cheaper alternative.

niccatw

Hey, well done on posting your SOA.

I agree with GeorgeUK's comments.

I'd also check you contents insurance and see if your cooker and fridge are covered under that. If they are, then you can cancel the insurance you have with these.

Are you in contract with your TV/internet package? You could perhaps get that cheaper or go freeview. Who are you mobile's with? I get internet for £7.50 as Ispend £15 on my o2 mobile (you nneed a BT line).

This suggestion might not be practical, but what's you car like for consuming fuel? If it's a guzzler, do you have the option of trading it in for a more economical model? If not, there's an article on here some-where on driving more economically...

Good luck

fieryleo1984

hi thanks for the advice, my car is just a polo. its not that bad on petrol really but as we live about 15mins from town thats where my petrol goes plus both set of parents are 10 min drive away to.

Partner has a company car but they dont pay for petrol thats why its so high.

x

niccatw

You might know most of this already, but if it can save you a lttle on fuel, so much the better http://www.moneysavingexpert.com/travel/cheaper-fuel

It's a bit rubbish your OH doesn't get anything for petrol. I thought we were bad getting 10p a mile, but I guess I'll stop complaining!