Soa

andys15

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.................... 2
Monthly Income Details
Monthly income after tax................ 3450
Partners monthly income after tax....... 1650
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 5232.8
Monthly Expense Details
Mortgage................................ 1284
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 39.7
Telephone (land line)................... 100
Mobile phone............................ 54
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 40
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 45
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10.5
Buildings insurance..................... 0
Contents insurance...................... 23.35
Life assurance ......................... 0
Other insurance......................... 15.85
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2339.35

Assets
Cash.................................... 300
House value (Gross)..................... 240000
Shares and bonds........................ 540
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 247340

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1284).....5.34
Total secured & HP debts...... 225000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
dad............................16000.....1000......0
loan 1.........................8500......534.......8.1
loan 2.........................10500.....242.......8.1
tesco..........................952.......35........16.9
virgin.........................6000......25........0
Total unsecured debts..........41952.....1836......-

Monthly Budget Summary
Total monthly income.................... 5,232.8
Expenses (including HP & secured debts). 2,339.35
Available for debt repayments........... 2,893.45
Monthly UNsecured debt repayments....... 1,836
Amount left after debt repayments....... 1,057.45
Personal Balance Sheet Summary
Total assets (things you own)........... 247,340
Total HP & Secured debt................. -225,000
Total Unsecured debt.................... -41,952
Net Assets.............................. -19,612
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

PasturesNew

Hi

These are the items that stand out to me:

andys15 wrote: »

Telephone (land line)................... 100
Mobile phone............................ 54
Groceries etc. ......................... 300

Landline - who are you calling? My usual phone bill is a basic line rental and maybe £1 of calls/month.
Mobile phone - this seems expensive. My usual phone bill is £9/month for the line and 50p/month for callls.
Groceries - you could shave £50-100/month off that by shopping more carefully and ensuring you have £0 waste.

andys15

Many thanks. My landline covers internet, virgin plus, sky sports and movies. Mobile phone is on 3 accounts. Me, wife and 1 child.

Tixy

andys15 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.................... 2
Monthly Income Details
Monthly income after tax................ 3450
Partners monthly income after tax....... 1650
Benefits................................ 132.8 is this child benefit?
Other income............................ 0
Total monthly income.................... 5232.8
Monthly Expense Details
Mortgage................................ 1284 is this repayment or interest only? is it fixed? how long for?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 39.7
Telephone (land line)................... 100 WOW - why so high? who are you calling? can you get an inclusive deal or use skype or similar?
Mobile phone............................ 54 is this 2 phones? are you on the best tariffs for your usage?
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300 should be some scope to reduce slightly by meal planning, drop a brand challenge etc
Clothing................................ 0 presumably you must occasionally need for the children?
Petrol/diesel........................... 100
Road tax................................ 40
Car Insurance........................... 50
Car maintenance (including MOT)......... 10 is this sufficent for 2 cars servicing, MOTS, tyres etc?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 45
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10.5
Buildings insurance..................... 0
Contents insurance...................... 23.35 is this B&C?
Life assurance ......................... 0
Other insurance......................... 15.85 what is this for?
Presents (birthday, christmas etc)...... 0 never spend anything at xmas or birthdays? budget 1/12 of the annual amount each month.
Haircuts................................ 0 never?
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2339.35

Assets
Cash.................................... 300
House value (Gross)..................... 240000
Shares and bonds........................ 540
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 247340

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1284).....5.34
Total secured & HP debts...... 225000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
dad............................16000.....1000......0
loan 1.........................8500......534.......8.1
loan 2.........................10500.....242.......8.1
tesco..........................952.......35........16.9
virgin.........................6000......25........0
Total unsecured debts..........41952.....1836......-

Monthly Budget Summary
Total monthly income.................... 5,232.8
Expenses (including HP & secured debts). 2,339.35
Available for debt repayments........... 2,893.45
Monthly UNsecured debt repayments....... 1,836
Amount left after debt repayments....... 1,057.45 do you have this spare each month? what are you doing with it? if you don't know where it goes start spending diaries to find out. Write down everything even down to the odd newspaper or coffee etc. If you do have it target the highest APR debts first.
Personal Balance Sheet Summary
Total assets (things you own)........... 247,340
Total HP & Secured debt................. -225,000
Total Unsecured debt.................... -41,952
Net Assets.............................. -19,612
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi Andy

Just some comments above, the key thing is the excess you are showing and what its being used for currently.

Verbatim

Hi andy,
On the face of it you have quite a healthy sum left over each month. Is Ithat the case? As you've posted here I'd guess that things are a bit more complicated than that. Usual advice is a spending diary to find out where the "extra" is going to.

perhaps if you could give a little background about your circumstances people would have a better idea of how to advise.

Good luck.
V

savingmummy

andys15 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.................... 2
Monthly Income Details
Monthly income after tax................ 3450 lovely!!:D
Partners monthly income after tax....... 1650
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 5232.8
Monthly Expense Details
Mortgage................................ 1284
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 39.7 this seems a bit higher then normal
Telephone (land line)................... 100 reduce package on sky if possible!
Mobile phone............................ 54
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0 ??
Petrol/diesel........................... 100
Road tax................................ 40
Car Insurance........................... 50
Car maintenance (including MOT)......... 10 for 2 cars? too low?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 45
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10.5
Buildings insurance..................... 0
Contents insurance...................... 23.35
Life assurance ......................... 0
Other insurance......................... 15.85
Presents (birthday, christmas etc)...... 0 ???
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2339.35

Assets
Cash.................................... 300
House value (Gross)..................... 240000
Shares and bonds........................ 540
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 247340

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1284).....5.34
Total secured & HP debts...... 225000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
dad............................16000.....1000......0
loan 1.........................8500......534.......8.1
loan 2.........................10500.....242.......8.1
tesco..........................952.......35........16.9
virgin.........................6000......25........0
Total unsecured debts..........41952.....1836......-

Monthly Budget Summary
Total monthly income.................... 5,232.8
Expenses (including HP & secured debts). 2,339.35
Available for debt repayments........... 2,893.45
Monthly UNsecured debt repayments....... 1,836
Amount left after debt repayments....... 1,057.45 do you have this spare each month?
Personal Balance Sheet Summary
Total assets (things you own)........... 247,340
Total HP & Secured debt................. -225,000
Total Unsecured debt.................... -41,952
Net Assets.............................. -19,612
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Your income is good and you have a surplus of over 1k a month IF your SOA is 100% accurate.
What help/advise are you looking for? more surplus? ways to cut back on certain things?

vandanfc

andys15 wrote: »

Many thanks. My landline covers internet, virgin plus, sky sports and movies. Mobile phone is on 3 accounts. Me, wife and 1 child.

Aren't you paying twice for a tv service this way ? Why is everything not with one provider, ie all sky or all virgin ? Must be cheaper ??

andys15

Its not a true reflection as I do spend on clothes etc etc. Once I have paid all my Direct debits, I should be left with £1500.(not including car. shopping). There is no way I am ever left with that. I am never going overdrawn, but always seem to have something to pay for each and every month. Answer to your questions, yes it is child benefit. Mortgage is repayment and I am happy with that. Telephone is me being lazy, as it includes internet, sky sports and movies. mobile is 3 phones. Yes it is b&c. Presents etc, I actually have a massive money box, and only £1 and £2 coins go in. I know this should be in my budget, but i just put in a coin as and when, and that will pay for xmas,present. Since jan 1, it has £136 in it.

Tixy

In that case I would suggest you do a true budget, to include everything (or 1/12 of the annual cost of everything) so that you can see if you actually have a surplus to start paying more off your debts. No point starting to throw money at the debts if you then have to start spending on cards/overdraft again. Do you have overdrafts? if so remember to include them in your list of debts.

But you do need to up your payments above the minimums, its going to take a long time to pay off a £6k debt at £25 per month (20years even without any interest being added, which it obviously will be)

andys15

savingmummy wrote: »

Your income is good and you have a surplus of over 1k a month IF your SOA is 100% accurate.
What help/advise are you looking for? more surplus? ways to cut back on certain things?

I am an avid user of DFW. I keep falling of the wagon. When I did my first SOA back in sep 08, I had about £49000 debt. I still have £40000 debt, even though I repay £1801 each month. Since sep 08, I have done the following: new car £7000 (loan)
Blinds £2000 (used wages)
Wife (private operation) £5500 (loan)
Dentist(me) £3500 (loan)
Front room decorating £2000 (credit card)
Gambling(stupid stupid) £2000 (credit card)(nearly fell of again last night, gladly didnt, would have won, but no excuse, I am feeling strained by this again)
Garden £2000 (credit card)
Florida £4500 (used wages)
Barbados(not been yet, bought flight tickets £2000(used wages)

andys15

Tixy wrote: »

But you do need to up your payments above the minimums, its going to take a long time to pay off a £6k debt at £25 per month (20years even without any interest being added, which it obviously will be)

yes the 0% runs out in Aug, still working out what to do.