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SOA - ideas please
PurpleJay
Posts: 528 Forumite
Hello
I have been following this board with interest and am signed up to a few of the challenges.
I bought a house 6 months ago with my mum who now basically pays board and I sort everything out. My husband is living here too at present (he is not earning) and it looks as though he might be moving out again (we were separated previously). When I was on my own before, I rented a little house and got quite good at budgeting but since moving here I have just been spending as necessary and am aware we have been spending more than is coming in up until Christmas. This house is 4/5 beds (mum lives in an annexe), I think the phone bill will be more when it come in.
I work part time, I have counted tax credits as they are currently received but have adjusted the childcare to include the child care element I would get if husband moves out.
I have not included my debts. They are less than £1000 and I am in the fortunate position of having enough savings to clear them so that is what I intend to do. However, it is important I live within my means and do not constantly eat away at what savings I will have left. I had much more significant debts a few years back and don't want to go back down that road.
I would be grateful for any comments on how I could save.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 732.23
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 471.55
Income From Savings & Investments ...estimated . . . . . . ............. . . 25.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Contrib from Mum food/bills . . . . . . . . . . . . . . . . . . . . . . . . . . 250.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . .orange contract usually 21-25. . . . . ................. . 25.00
TV Licence. . . . . . . . . . mum over 75. . . . . . . . . . . .................... . 0.00
Internet & Home Phone. . . . . .won't cover it - BT contract 12/18m. . . . . 12.00
Garden Maintenance. . . . . a few plants etc. . . . . . .......................... . 5.00
Household Maintenance . . . . . paint etc . . . . . . ........................... . . 5.00
Electricity /Gas...NPower - online 12 m cont ............................. . . 95.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.36
Council Tax . . . . . . . . . band E. . . . . . . . . . . . . . ................... . 150.00
Home ins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.79
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399.77
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.21
Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.06
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 250.00
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Car Insurance . . . . a guess......................................... . . . . . 33.33
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . use tesco clubcard deals
. . . . . . . . 0.00
Debt Repayments
Debts to be paid off from savings.
Savings & Investments
Currently pay £5 pcm into sons CTF and have a works pension.
I have some money in an ISA which I intend to hang onto for emergencies.
Other savings to be used to pay off debts and finish work on house (kitchenette for mums annexe). Also to pay for this years holiday which is already booked. Will have to save for next years.
Family
Pet Food. . . . . . .with groc . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . with groc. . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry Cleaning. . . . . . .tesco clubcard deals . . . . . . . 0.00
Childcare/Play Groups . . . . .205 pcm - tax credits to be claimed . 50.00
Pet Insurance . . . . . . . .2 elderly and uninsured cats :eek:. . . . . . 0.00
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.33
Entertainment
Satellite/Digital TV. . . hubby's freesat soon to be freeview!. . . . 0.00
Family Days Out . . . . . . . . . . .a guess. . . . . . . . . . . . . . . . . 10.00
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . a guess . . . . . . . . . . . . . . . 5.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Costs . . . .est for vet bills but may need savings for this one. . 10.00
Hobbies .internet/books/food/friends and family already covered . . . 0.00
Drinking Out. . . . . . est. . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Eating Out. . . . . . . .est. . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Clothes, Health & Beauty
Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Haircuts. . . . . . . . est . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Dentistry . . . . . . .Free NHS. . . . . . . . . . . . . . . . . . . . 0.00
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Education & Courses
University Tuition Fees . . . . .Subs to prof body . . . . . . . . . . 10.83
School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One Offs
Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.67
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Odds & Sods
Newspapers & Magazines. . . . I buy a sat paper each week. . . . . . . 6.50
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular Charity Donations . . . .cats protection . . . . . . . . . . . . 3.00
Meals at work . . . . . £1 per day allowed (work 3 days) . . . . . . . . . 13.00
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,478.78
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,466.52
I have been following this board with interest and am signed up to a few of the challenges.
I bought a house 6 months ago with my mum who now basically pays board and I sort everything out. My husband is living here too at present (he is not earning) and it looks as though he might be moving out again (we were separated previously). When I was on my own before, I rented a little house and got quite good at budgeting but since moving here I have just been spending as necessary and am aware we have been spending more than is coming in up until Christmas. This house is 4/5 beds (mum lives in an annexe), I think the phone bill will be more when it come in.
I work part time, I have counted tax credits as they are currently received but have adjusted the childcare to include the child care element I would get if husband moves out.
I have not included my debts. They are less than £1000 and I am in the fortunate position of having enough savings to clear them so that is what I intend to do. However, it is important I live within my means and do not constantly eat away at what savings I will have left. I had much more significant debts a few years back and don't want to go back down that road.
I would be grateful for any comments on how I could save.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 732.23
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 471.55
Income From Savings & Investments ...estimated . . . . . . ............. . . 25.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Contrib from Mum food/bills . . . . . . . . . . . . . . . . . . . . . . . . . . 250.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . .orange contract usually 21-25. . . . . ................. . 25.00
TV Licence. . . . . . . . . . mum over 75. . . . . . . . . . . .................... . 0.00
Internet & Home Phone. . . . . .won't cover it - BT contract 12/18m. . . . . 12.00
Garden Maintenance. . . . . a few plants etc. . . . . . .......................... . 5.00
Household Maintenance . . . . . paint etc . . . . . . ........................... . . 5.00
Electricity /Gas...NPower - online 12 m cont ............................. . . 95.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.36
Council Tax . . . . . . . . . band E. . . . . . . . . . . . . . ................... . 150.00
Home ins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.79
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399.77
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.21
Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.06
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 250.00
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Car Insurance . . . . a guess......................................... . . . . . 33.33
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . use tesco clubcard deals
. . . . . . . . 0.00Debt Repayments
Debts to be paid off from savings.
Savings & Investments
Currently pay £5 pcm into sons CTF and have a works pension.
I have some money in an ISA which I intend to hang onto for emergencies.
Other savings to be used to pay off debts and finish work on house (kitchenette for mums annexe). Also to pay for this years holiday which is already booked. Will have to save for next years.
Family
Pet Food. . . . . . .with groc . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . with groc. . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry Cleaning. . . . . . .tesco clubcard deals . . . . . . . 0.00
Childcare/Play Groups . . . . .205 pcm - tax credits to be claimed . 50.00
Pet Insurance . . . . . . . .2 elderly and uninsured cats :eek:. . . . . . 0.00
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.33
Entertainment
Satellite/Digital TV. . . hubby's freesat soon to be freeview!. . . . 0.00
Family Days Out . . . . . . . . . . .a guess. . . . . . . . . . . . . . . . . 10.00
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . a guess . . . . . . . . . . . . . . . 5.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Costs . . . .est for vet bills but may need savings for this one. . 10.00
Hobbies .internet/books/food/friends and family already covered . . . 0.00
Drinking Out. . . . . . est. . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Eating Out. . . . . . . .est. . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Clothes, Health & Beauty
Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Haircuts. . . . . . . . est . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Dentistry . . . . . . .Free NHS. . . . . . . . . . . . . . . . . . . . 0.00
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Education & Courses
University Tuition Fees . . . . .Subs to prof body . . . . . . . . . . 10.83
School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One Offs
Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.67
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Odds & Sods
Newspapers & Magazines. . . . I buy a sat paper each week. . . . . . . 6.50
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular Charity Donations . . . .cats protection
. . . . . . . . . . . . 3.00Meals at work . . . . . £1 per day allowed (work 3 days) . . . . . . . . . 13.00
Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,478.78
Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,466.52
'Life isn't about waiting for the storm to pass, it's about learning to dance in the rain'
0
Comments
-
Hi welcome, it would be much easier if you did the MSE soa http://www.makesenseofcards.com/soacalc.html and post it on here, it is clearer and shows a better breakdown!
I have had a quick look and it isnt too bad really, maybe reduce groceries and take your own lunches to work
Elec.gas seems high but you have a big home so i suppose this may be the reason for this!
Clothing use what you have, budget on clothing for children and shop asround for cheaper!
good luck xDebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
well the good news is that you have still got a surplus!
just a couple of questions how many people live in the house (once hubby gone) you your mum and one child? does the food shopping include your mums food? if not this is quite expensive. i know a lot of people do incredible with shopping (food for 4 for £160 a month) however i try to be honest and think that most people who are just getting into cutting down and back should aim for about £60 per person per month for food/groceries to start of with and then see if they can drop it further each month
other one do you actually need a newspaper? most news is online or on TV?
charity donations? really i would say get rid of this and put it towards savings/insurance for you own cats, whats the point in protecting others when yours are not 'fully' covered if the worst happened?
you could probably cut back on clothes as well £40 a month on clothes is a lot, i personally spend about £20-30 a YEAR on myself (ok i am a man so dont have the clothes urge most women seem to have)
basically it just a case of cutting down a little bit on going out as well you do not need to STOP because you still have a surplus but cutting down a little bit to get those savings up again would be goodDrop a brand challenge
on a £100 shop you might on average get 70 items save
10p per product = £7 a week ~ £28 a month
20p per product = £14 a week ~ £56 a month
30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)0 -
Hi,
my suggestions are as follows (assuming houehold of 3) :
Garden Maintenance - Can this be taken off and do yourself for a while?
Household Maintenance - Can this be put on hold for a bit?
Gas/Elecc - Seems high - Aim for £10 a week on each
Water - Seems high - is this meter? arrers?
Council Tax - Pay over 12 months not 10
Food Shopping - Lower, Meal Plan etc
Drinks for home - get rid, this should be included in food shopping bill
Car insurrance - Check as this may be lower than you think
Bus fare - who uses this?
Family Days out - Scrap - loads of free things to do
Books/movies - scrap, free from library you know
Drinking out / Eating out - Scrap this for now (is that right tho? i couldnt spend £20 in McDonalds for us to eat out!)
New Clothes £40 in total!! This can be reduced
Birthdays - lower to £5
Holiday - Unless already booked then scrap
Newsoaoers - scrap (free online)
Charitable donation - Charity begins at home im afraid
Meals at work - Make sarnies
Hope they dont seem too harsh! Good luck xx 0 -
Hi again
Yes, if hubby goes, there will be me, mum and one child aged 3. Food shopping includes toiletries including night time nappies for M, Mums food/toiletries too and about £4 a week for her magazines. Oh and food for 2 cats and any cleaning/laundry products.
I got quite good when there was just the two of us, prob down to 120-150 per month. We have quite a bit in and have recently done an approved foods order I tend to visit the old style board. Trouble recently is cooking a variety of meals for the 4 of us. Sometimes convenience is easier. Have recently started batch cooking 'proper meals' for my mum to freeze rather than so many ready meals - cheaper and healthier. Edited to add me and M are veggie, mum only eats traditional food (no curry, rice, pasta) involving meat and hubby eats part and part (he doesn't eat beef)!
No, don't need a newspaper but it does take me all week to read it and I have given up magazines...
Good point about the cats
Hmm - clothes - well I have joined the clothing challenge £100 for the year but as this has a number of exclusions, I am doing it alongside a £20 per month challenge per person. Currently I have only spent £2.50 on myself this year but have spent my son's Jan budget on pants for now and on PJs from the sale to put away (I buy most of his stuff like this or on ebay). This month he has had new shoes at £30.00 (one thing I won't compromise on is his shoes) so I have £10 left for next month. I am keeping running totals! As for me, I don't need anything, well maybe a couple of work tops... £20 doesn't go far. I am resisting I have lots of clothes which are to small - a good incentive to loose weight. I don't need coats or shoes for ages.
Will have a go at the other calculator. Not sure what gas/elec will be yet as due a bill, although have recently changed tarriff to a cheaper one so should improve next time anyway.
Good points thanks 'Life isn't about waiting for the storm to pass, it's about learning to dance in the rain'0 -
Hi
comments addedHi,
my suggestions are as follows (assuming houehold of 3) :
Garden Maintenance - Can this be taken off and do yourself for a while?Est to include plants and any tools I might need - it was for me to do myself oh and includes green bin collection
Household Maintenance - Can this be put on hold for a bit?Yes it could
Gas/Elecc - Seems high - Aim for £10 a week on eachsee other comments above re this
Water - Seems high - is this meter? arrers? no arrears, dd amount just because of property size - again not really had enough bills yet to be sure
Council Tax - Pay over 12 months not 10have budgeted for 12
Food Shopping - Lower, Meal Plan etcworking on it
Drinks for home - get rid, this should be included in food shopping billhmm, more to keep a track
Car insurrance - Check as this may be lower than you think
Bus fare - who uses this? it's 0 - forgot to delete the row
Family Days out - Scrap - loads of free things to do
Books/movies - scrap, free from library you know
Drinking out / Eating out - Scrap this for now (is that right tho? i couldnt spend £20 in McDonalds for us to eat out!) never go to mcd's - was thinking occasional night out might be nice I try to get offers/deals. Also tend to take little one to cafe's - he enjoys it and learns how to behave etc.
New Clothes £40 in total!! This can be reduced
Birthdays - lower to £5
Holiday - Unless already booked then scrap Don't think I need to, just make sure I can afford to save up.
Newsoaoers - scrap (free online)
Charitable donation - Charity begins at home im afraid
Meals at work - Make sarniesused to spend about 3 per day so this is an improvement
Hope they dont seem too harsh! Good luck xx
Thanks will give it all some thought. 'Life isn't about waiting for the storm to pass, it's about learning to dance in the rain'0 -
Here is MSE one. Hope I have got everything in. As said previously, I intend to pay off debts with savings and also do work needed on house. Hopefully should have about 10K in my isa which I don't want to touch if I can help it. That will be my emergency money.
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................ 732
Partners monthly income after tax....... 0
Benefits................................ 471.55
Other income............................ 250
Total monthly income.................... 1453.55
Monthly Expense Details
Mortgage................................ 399.7
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 36.36
Telephone (land line)................... 12
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 260
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 33.33
Car maintenance (including MOT)......... 16.67
Car parking............................. 3
Other travel............................ 0
Childcare/nursery....................... 50
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 33.79
Contents insurance...................... 0
Life assurance ......................... 28.21
Other insurance......................... 5.06
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 60
Holiday................................. 45
Emergency fund.......................... 10
Total monthly expenses.................. 1423.12
Assets
Cash.................................... 14000
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 132000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(399.7)....3.49
Total secured & HP debts...... 80000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco CC CC....................1000......20........0
Laredoute catalogue............30........5.........0
Total unsecured debts..........1030......25........-
Monthly Budget Summary
Total monthly income.................... 1,453.55
Expenses (including HP & secured debts). 1,423.12
Available for debt repayments........... 30.43
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 5.43
Personal Balance Sheet Summary
Total assets (things you own)........... 132,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -1,030
Net Assets.............................. 50,970
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.'Life isn't about waiting for the storm to pass, it's about learning to dance in the rain'0 -
Here is MSE one. Hope I have got everything in. As said previously, I intend to pay off debts with savings and also do work needed on house. Hopefully should have about 10K in my isa which I don't want to touch if I can help it. That will be my emergency money.
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................ 732
Partners monthly income after tax....... 0
Benefits................................ 471.55
Other income............................ 250
Total monthly income.................... 1453.55
Monthly Expense Details
Mortgage................................ 399.7
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 36.36
Telephone (land line)................... 12
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 260 - i do think this could be dropped a bit i would aim for between £180 - 200 initially, try meal planning, batch cooking and the drop a brand challenge
Clothing................................ 40 - as we pointed out before does seem a lot however since you explained it does make sense and i think this is probably going to be a over estimation
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 33.33 check when renewal is then do comparison + cashback sites (quidco) when doing a new policy
Car maintenance (including MOT)......... 16.67
Car parking............................. 3
Other travel............................ 0
Childcare/nursery....................... 50
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 33.79 - same as car insurance
Contents insurance...................... 0
Life assurance ......................... 28.21 - same as car insurance
Other insurance......................... 5.06 - same as car insurance
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 60 - does seem high
Holiday................................. 45 - as pointed out if this is not booked then might be able to skip for this year
Emergency fund.......................... 10
Total monthly expenses.................. 1423.12
Assets
Cash.................................... 14000
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 132000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(399.7)....3.49
Total secured & HP debts...... 80000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco CC CC....................1000......20........0
Laredoute catalogue............30........5.........0
Total unsecured debts..........1030......25........-
Monthly Budget Summary
Total monthly income.................... 1,453.55
Expenses (including HP & secured debts). 1,423.12
Available for debt repayments........... 30.43
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 5.43
Personal Balance Sheet Summary
Total assets (things you own)........... 132,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -1,030
Net Assets.............................. 50,970
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
hi again, put a couple of comments on the SOA as you have answered a lot of them already i do not see much of a problem, you can make some cut backs to up your savings however since you will soon have no debts (other than mortgage) and a good amount of savings (well jelous of you at the moment :P ) i would only look at the things which will not impact you too much
the food should be a good one to start and can save you a reasonable about same as your insurance's,
the other things as it stands, you can afford and would only be something you will need to cut out if you want to bump up your savings again
another thought would be to find out if you can increase your mortgage payments without a penalty once these cuts have been made as you currently have a good deal with a low interest rate and it would be wise to take advantage of it if you canDrop a brand challenge
on a £100 shop you might on average get 70 items save
10p per product = £7 a week ~ £28 a month
20p per product = £14 a week ~ £56 a month
30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)0 -
Here is MSE one. Hope I have got everything in. As said previously, I intend to pay off debts with savings and also do work needed on house. Hopefully should have about 10K in my isa which I don't want to touch if I can help it. That will be my emergency money.
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................ 732
Partners monthly income after tax....... 0
Benefits................................ 471.55
Other income............................ 250
Total monthly income.................... 1453.55
Monthly Expense Details
Mortgage................................ 399.7
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 50 try to see if you can get elec/gas cheaper (i know you`ve recently changed) monthly DD can help too!
Gas..................................... 50
Oil..................................... 0
Water rates............................. 36.36 this seems high
Telephone (land line)................... 12
Mobile phone............................ 25 go payg
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 260 reduce as discussed in pp`s - i soend 150 on 4 it can be done!
Clothing................................ 40 reduce
Petrol/diesel........................... 50 reduce
Road tax................................ 10
Car Insurance........................... 33.33
Car maintenance (including MOT)......... 16.67
Car parking............................. 3
Other travel............................ 0
Childcare/nursery....................... 50
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 33.79
Contents insurance...................... 0
Life assurance ......................... 28.21
Other insurance......................... 5.06
Presents (birthday, christmas etc)...... 20 reduce who you buy for and the amount
Haircuts................................ 15
Entertainment........................... 60 can any of this be reduced
Holiday................................. 45
Emergency fund.......................... 10
Total monthly expenses.................. 1423.12
Assets
Cash.................................... 14000
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 132000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(399.7)....3.49
Total secured & HP debts...... 80000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco CC CC....................1000......20........0
Laredoute catalogue............30........5.........0
Total unsecured debts..........1030......25........-
Monthly Budget Summary
Total monthly income.................... 1,453.55
Expenses (including HP & secured debts). 1,423.12
Available for debt repayments........... 30.43
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 5.43 not a lot left SO you need to reduce some outgoings OR you may face dipping into savings!
Personal Balance Sheet Summary
Total assets (things you own)........... 132,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -1,030
Net Assets.............................. 50,970
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Thetiny debts can be wiped quick :j i would not go back to using cc unless of an emergency.
All other updated comments in red xDebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
Quote:
"hi again, put a couple of comments on the SOA as you have answered a lot of them already i do not see much of a problem, you can make some cut backs to up your savings however since you will soon have no debts (other than mortgage) and a good amount of savings (well jelous of you at the moment :P ) i would only look at the things which will not impact you too much
the food should be a good one to start and can save you a reasonable about same as car insurance,
the other things as it stands, you can afford and would only be something you will need to cut out if you want to bump up your savings again
another thought would be to find out if you can increase your mortgage payments without a penalty once these cuts have been made as you currently have a good deal with a low interest rate and it would be wise to take advantage of it if you can"
Thanks again for this. I will have a good go at cutting the grocery and monitor the entertainment and clothing budgets closely. I do already use quidco/ipoints/tesco clubcard deals for little extras
I hardly dare post my saving on here
but I only have them from the equity from my previous house and then applied for enough mortgage for me to have a safety net. Very little is from actually living within my means and saving the surplus if you know what I mean! That is why I am keen to get it right. I would love to pay off extra on my mortgage. I am tied in for 3 years and am not sure about overpayments (need to check if there are limits) but that would be my next step... 'Life isn't about waiting for the storm to pass, it's about learning to dance in the rain'0 -
Hi savingmummy
Currently on contract for phones and energy - will defo look at swapping when up same with insurances. Water and energy may not be as much as estimated but bt phone/internet will be more. Will look at reducing in other areas as you suggest. Will get rid of debts and set up dd with credit card to clear monthly balance. I tend to use it only for internet purchases and get extra club card points which are always a bonus!
Forgot to mention before, have loads of stuff to ebay....'Life isn't about waiting for the storm to pass, it's about learning to dance in the rain'0
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