Learn A LOT from you - my SOA

strictwithmoney

We bought a house last year and had put all our savings into the house. Since then, we have been very tight with money. I have been lurking here for long, long time. Boy, I'm glad, I did. I have learned so much from you guys :T

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2211
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2211

Monthly Expense Details
Mortgage................................ 743
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 24
Gas..................................... 47
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 17
Mobile phone............................ 2 the £20 prepaid card last us a year
TV Licence.............................. 12
Satellite/Cable TV...................... 78 skyHD+internet+phone
Internet Services....................... 0
Groceries etc. ......................... 200 include eating out, booze and pocket money for OH
Clothing................................ 20
Petrol/diesel........................... 20
Road tax................................ 16
Car Insurance........................... 27
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 58
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 we cut each other hair (brave? or stupid? :rotfl:)
Entertainment........................... 0 we live in a semi-rural area, so we do a lot of walks. Our only entertainment is Sky.
Holiday................................. 350 both of our parents live overseas and include gifts
Emergency fund.......................... 20
Total monthly expenses.................. 1871


Assets
Cash.................................... 0
House value (Gross)..................... 320000
Shares and bonds........................ 10000
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 334000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 158000...(743)......0
Total secured & HP debts...... 158000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit cards...................5200......0.........0
Total unsecured debts..........5200......0.........-


Monthly Budget Summary
Total monthly income.................... 2,211
Expenses (including HP & secured debts). 1,871
Available for debt repayments........... 340
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 340 whatever balance, we use it to clear the debt

Personal Balance Sheet Summary
Total assets (things you own)........... 334,000
Total HP & Secured debt................. -158,000
Total Unsecured debt.................... -5,200
Net Assets.............................. 170,800

Gemmzie

Is the £5200 on one card? What's the APR?

Can your partner not work?

strictwithmoney

The debts are on 2 cards. OH's card is 4k @ APR 21.95% (limit is 6.5k) and my card is 1.2k @ APR 0% (limit is 1.5k).

OH's card is use for holidays booking+expenses and my card is use for grocery+shopping.

I'm doing volunteer work and enjoying the freedom. Have not been thinking about finding work

Gemmzie

Okay, stop using the card for holidays! It's costing you loads. Even paying off £200 per month on that card, it will currently take you nearly two years to clear and costing about £650 in interest :eek:

When is your card 0% until?

Is the mortgage repayment or interest only?

QueenBeruthiel

Mobile phone............................ 2 the £20 prepaid card last us a year

I'm impressed!

strictwithmoney

The 4k on OH's card is actually the holidays booked for this year, to see his parents in Italy and to see my parents in OZ. Last year, we were busy renovating the house and did not visit them.

The 0% on my card is up to May 2010.

The mortgage is interest only.

SouthCoast

Mobile phone............................ 2 the £20 prepaid card last us a year

This must be a record low for this Board.:)

iamana1ias

strictwithmoney wrote: »

Petrol/diesel........................... 20 is it worth having a car if you use it so little?
Road tax................................ 16
Car Insurance........................... 27
Car maintenance (including MOT)......... 30

Buildings insurance..................... 18
Contents insurance...................... 0 you need this
Life assurance ......................... 30
Other insurance......................... 58 what is this for?
Presents (birthday, christmas etc)...... 0 no presents at all? really?


Assets
Cash.................................... 0 where is your emergency fund money/holiday fund money going then?
House value (Gross)..................... 320000
Shares and bonds........................ 10000 could you sell some and clear debts?
Car(s).................................. 4000 doesn't look like you need the car. could you sell it and pay off a debt?
Other assets............................ 0
Total Assets............................ 334000

comments in blue.

by the way, even a part time job could cover the difference in cost between interest only and repayment on your mortgage, and you'd actually be buying your house rather than renting it then

NGlady

I dont really have much to add... but TWO POUNDS a MONTH? If I was on pay as you go, that would last me approx 2 hours lol

strictwithmoney

I have put the costs of the content insurance together with the building insurance, i.e. £18 pm

The mortgage lender advise us to take up the mortgage insurance of £58 pm.

I have included the costs of gifts in our holidays because we don't have families and relatives in the UK.

Holiday................................. 350 both of our parents live overseas and include gifts

Emergency fund.......................... 20

The £10k share & bonds are actually £3k for SAYE and £7k for employee shares (OH's company do not allow us to sell it until next year)

Our mortgage is due to renew end of next year and we will use the SAYE and employee shares (total worth of £30k) to redeem the mortgage.

We curb our expenses by visiting our parents once in 2 years. Next year, we will be staycationers, so having a car is important to us.

savingmummy

strictwithmoney wrote: »

We bought a house last year and had put all our savings into the house. Since then, we have been very tight with money. I have been lurking here for long, long time. Boy, I'm glad, I did. I have learned so much from you guys :T

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2211
Partners monthly income after tax....... 0 ?is oh looking/able
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2211

Monthly Expense Details
Mortgage................................ 743
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129 is this over 10 or 12 months?
Electricity............................. 24
Gas..................................... 47 cheapest?
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 17
Mobile phone............................ 2 the £20 prepaid card last us a year
TV Licence.............................. 12
Satellite/Cable TV...................... 78 skyHD+internet+phone
Internet Services....................... 0
Groceries etc. ......................... 200 include eating out, booze and pocket money for OH
Clothing................................ 20
Petrol/diesel........................... 20 thats low is it not used much?
Road tax................................ 16
Car Insurance........................... 27
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0 ???
Life assurance ......................... 30
Other insurance......................... 58 ??
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 we cut each other hair (brave? or stupid? :rotfl:)
Entertainment........................... 0 we live in a semi-rural area, so we do a lot of walks. Our only entertainment is Sky. do you need a car??
Holiday................................. 350 both of our parents live overseas and include gifts
Emergency fund.......................... 20
Total monthly expenses.................. 1871


Assets
Cash.................................... 0
House value (Gross)..................... 320000
Shares and bonds........................ 10000
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 334000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 158000...(743)......0
Total secured & HP debts...... 158000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit cards...................5200......0.........0
Total unsecured debts..........5200......0.........-


Monthly Budget Summary
Total monthly income.................... 2,211
Expenses (including HP & secured debts). 1,871
Available for debt repayments........... 340
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 340 whatever balance, we use it to clear the debt:T

Personal Balance Sheet Summary
Total assets (things you own)........... 334,000
Total HP & Secured debt................. -158,000
Total Unsecured debt.................... -5,200
Net Assets.............................. 170,800

Your doing very well, glad the board has helped you x