Hi Can someone look at my soa

indebtinsussex

Hi

Can someone look at my soa and see where I can make improvements, we've recently paid off a loan I had and the arrears on our electricity with a previous supplier so am now going to be hitting the credit card debt next, and paying £150 off per month starting from this month. I want to try and pay everything off as quickly as possible and would like any tips anyone has

I have had to estimate hubbies salary as he is hourly paid, and has had no overtime for a while, so this is the basic.

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................ 1508
Partners monthly income after tax....... 1200
Benefits................................ 142
Other income............................ 0
Total monthly income.................... 2850
Monthly Expense Details
Mortgage................................ 388
Secured/HP loan repayments.............. 315
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 101
Electricity............................. 45
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 6
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 27
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 640
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 2210

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 100
Car(s).................................. 5000
Other assets............................ 2000
Total Assets............................ 137100

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 113000...(388)......4
Secured Debt.................. 42000....(315)......8
Total secured & HP debts...... 155000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card Lloyds.............924.......150.......18.8
Loan Lloyds....................8900......147.......6.8
Loan Natwest...................6000......215.......7.1
Overdraft Natwest..............2300......0.........12.3
Total unsecured debts..........18124.....512.......-

Monthly Budget Summary
Total monthly income.................... 2,850
Expenses (including HP & secured debts). 2,210
Available for debt repayments........... 640
Monthly UNsecured debt repayments....... 512
Amount left after debt repayments....... 128
Personal Balance Sheet Summary
Total assets (things you own)........... 137,100
Total HP & Secured debt................. -155,000
Total Unsecured debt.................... -18,124
Net Assets.............................. -36,024

ta so much!

HappyMJ

Very good.. What can I say? You are finding £150 every month but the SOA says it should only be £128 so I imagine you are cutting back wherever possible. Maybe reduce the tv package but as your line rental and internet is only £16 I imagine it's connected in some way. But then that's only £22 saved.

Tixy

Hi, well done for paying off the loan and your arrears.

indebtinsussex wrote: »

Hi

Can someone look at my soa and see where I can make improvements, we've recently paid off a loan I had and the arrears on our electricity with a previous supplier so am now going to be hitting the credit card debt next, and paying £150 off per month starting from this month. I want to try and pay everything off as quickly as possible and would like any tips anyone has

I have had to estimate hubbies salary as he is hourly paid, and has had no overtime for a while, so this is the basic.

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................ 1508
Partners monthly income after tax....... 1200
Benefits................................ 142 have you doubled checked you are getting everything you can?
Other income............................ 0
Total monthly income.................... 2850
Monthly Expense Details
Mortgage................................ 388 interest only or repayment?
Secured/HP loan repayments.............. 315
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 101 over 10months? have you ever done the quick 5min check to see if you are in the right ct band?
Electricity............................. 45 is this just current usage now?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 6
Groceries etc. ......................... 200 scope to reduce a little but not too bad.
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 27
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 640 are either of you able to get vouchers instead of salary from work to save tax? how long until your little one goes to school (or free sessions at nursery)
Other child related expenses............ 40 anything specific or just general costs?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 2210

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 100
Car(s).................................. 5000
Other assets............................ 2000
Total Assets............................ 137100

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 113000...(388)......4
Secured Debt.................. 42000....(315)......8
Total secured & HP debts...... 155000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card Lloyds.............924.......150.......18.8 is this £150 the target amount rather than the minimum? you could increase even more based on the £128 surplus
Loan Lloyds....................8900......147.......6.8
Loan Natwest...................6000......215.......7.1
Overdraft Natwest..............2300......0.........12.3
Total unsecured debts..........18124.....512.......-

Monthly Budget Summary
Total monthly income.................... 2,850
Expenses (including HP & secured debts). 2,210
Available for debt repayments........... 640
Monthly UNsecured debt repayments....... 512
Amount left after debt repayments....... 128 excellent! so do you now have this spare? that lloyds cc is the one to target first
Personal Balance Sheet Summary
Total assets (things you own)........... 137,100
Total HP & Secured debt................. -155,000
Total Unsecured debt.................... -18,124
Net Assets.............................. -36,024

ta so much!

That doesn't look too bad at all to me. You could possibly shave a little off groceries, maybe clothing or stop sky but all in all it looks reasonable. Especially if you do have the £128 left to overpay with.

Now you have cleared your elec arrears have you double checked to make sure you are with the cheapest supplier?

If your child's nursery costs will stop or reduce anytime soon (if they go to school soon) then you can start slashing those debts.

Good luck

indebtinsussex

ta so much for having a look. Since October this has been the first time we have ever been in this position, esp paying off two debts so far. the minimum repayment on the credit card is £27 so am trying to hit that as quickly as possible now. my only concern is about trying to get our emergancy savings up, last year hubbie was off sick for three weeks and didn't get paid so therefore we lost so much mney and still had the same bills to pay.

we're on part interest only and part repayment on the mortgage at the moment, once we've cleared off the debts were going to tackle the secured debts next. we're in the cheapest band for council tax so cant do anything about that, its over 10 months, so will see if they can increase it to 12 months

ds starts school is sept so will save more money then, however we want another one hence why we want to clear out debt off. I will look to see if we can get vouchers though and will also check to see if we are entitled to anymore as our childcare has gone up slightly

am going to look at dropping a brand and also at approved food for the lunch box stuff as well

the other childcare stuff relates to horseriding. I know we could stop it, and use the money to clear debt off even quicker, however its the first time we've ever been able to afford for him to have a hobby and not stress about it too much.

I think what has upset me most about all of this it that the reason why we have surplus cash now is that we have both given up smoking, and I just wish we had given up smoking sooner and would probably have nowhere near the amount of debt we have

savingmummy

indebtinsussex wrote: »

Hi


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................ 1508
Partners monthly income after tax....... 1200
Benefits................................ 142
Other income............................ 0
Total monthly income.................... 2850
Monthly Expense Details
Mortgage................................ 388
Secured/HP loan repayments.............. 315
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 101
Electricity............................. 45
Gas..................................... 0
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 10
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 6
Groceries etc. ......................... 200
Clothing................................ 30 use what you have for now or use a lower budget.
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 27
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 640 can you not get more help here? find cheaper care?
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 reduce this to £5-10, only buy for immediate family and again budget.
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 how much is in this??
Total monthly expenses.................. 2210

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 100
Car(s).................................. 5000
Other assets............................ 2000
Total Assets............................ 137100

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 113000...(388)......4
Secured Debt.................. 42000....(315)......8
Total secured & HP debts...... 155000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card Lloyds.............924.......150.......18.8
Loan Lloyds....................8900......147.......6.8
Loan Natwest...................6000......215.......7.1
Overdraft Natwest..............2300......0.........12.3
Total unsecured debts..........18124.....512.......-

Monthly Budget Summary
Total monthly income.................... 2,850
Expenses (including HP & secured debts). 2,210
Available for debt repayments........... 640
Monthly UNsecured debt repayments....... 512
Amount left after debt repayments....... 128 where does this go?
Personal Balance Sheet Summary
Total assets (things you own)........... 137,100
Total HP & Secured debt................. -155,000
Total Unsecured debt.................... -18,124
Net Assets.............................. -36,024

ta so much!

Your SOA is very healthy imo! A few cutbacks i would personal follow for a while to help which may save approx £60 a mth, what do you spend the amount left over on each month?

well done paying the loan

indebtinsussex

savingmummy wrote: »

Your SOA is very healthy imo! A few cutbacks i would personal follow for a while to help which may save approx £60 a mth, what do you spend the amount left over on each month?

I have no idea! I think a lot of it goes on trying to reduce hubbies overdraft as he was at about £2,500 at xmas, but other than that I seriously have no idea, am going to start a diary to work out where it does go

savingmummy

indebtinsussex wrote: »

the other childcare stuff relates to horseriding. I know we could stop it, and use the money to clear debt off even quicker, however its the first time we've ever been able to afford for him to have a hobby and not stress about it too much.

I would keep with this then tbh unless you can get it cheaper. Our local stables offer freebies if they help out at weekends.

I think what has upset me most about all of this it that the reason why we have surplus cash now is that we have both given up smoking, and I just wish we had given up smoking sooner and would probably have nowhere near the amount of debt we have

Don`t be down you have done what most don`t YOU SORTED IT AND STOPPED!!!! WELL DONE :T ONWARDS AND UPWARDS X

savingmummy

Yes a diary is a good idea.
It is suprising how much things add up each day and sometimes i used to find the odd bit of shopping led to a LOAD:eek:

If you can have that surplus each month remaining you can throw that at the cc something to aim for!! If you can both give up smoking you can do this:rotfl:from a smokerholic who is struggling.....:o

If hubby has a ov could he open up another account for his wages/outgoings and then manage his ov repayments monthly - helps some people x

indebtinsussex

savingmummy wrote: »

Don`t be down you have done what most don`t YOU SORTED IT AND STOPPED!!!! WELL DONE :T ONWARDS AND UPWARDS X

thanks so much, its been a real struggle but everytime I feel like having one I look at our account to see how much we save, and that ds can now do things without us worrying about how to pay for things and it makes us both feel so much better

moneypanicker

If your child starts school in september then they should be getting funding for pre-school placement - do they not get this as what you are paying is very high for a 3/4 year old!