SOA - Any advice

clare1976

Hi all,

I am new here and we are working towards being debt free. We have one daughter already and a second due in July. The good thing is that we don't have to move and will be staying in our little house for the next 10yrs or so. I am going on Maternity leave June 11th and will be getting rid of my car saving us £201 finance and petrol, road tax and other running cost. is there anything else you can see that we can change. I will try and find the APR for the cc tonight as i am work right now!

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.................... 2
Monthly Income Details
Monthly income after tax................ 1190.28
Partners monthly income after tax....... 1732.16
Benefits................................ 115.68
Other income............................ 182.88
Total monthly income.................... 3221
Monthly Expense Details
Mortgage................................ 839
Secured/HP loan repayments.............. 410
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 23.53
Telephone (land line)................... 0
Mobile phone............................ 50.38
TV Licence.............................. 12.12
Satellite/Cable TV...................... 62.63
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 5
Petrol/diesel........................... 100
Road tax................................ 38.4
Car Insurance........................... 47.64
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.25
Contents insurance...................... 0
Life assurance ......................... 40.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2105.45

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 20000
Other assets............................ 0
Total Assets............................ 205000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 157000...(839)......0
Hire Purchase (HP) debt ...... 20000....(410)......0
Total secured & HP debts...... 177000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................15175.....308.......0
Lloyds TSB CC..................10000.....198.......0
Barclaycard....................3000......69........0
Total unsecured debts..........28175.....575.......-

Monthly Budget Summary
Total monthly income.................... 3,221
Expenses (including HP & secured debts). 2,105.45
Available for debt repayments........... 1,115.55
Monthly UNsecured debt repayments....... 575
Amount left after debt repayments....... 540.55
Personal Balance Sheet Summary
Total assets (things you own)........... 205,000
Total HP & Secured debt................. -177,000
Total Unsecured debt.................... -28,175
Net Assets.............................. -175

Tixy

Hi claire and welcome. Congrats on your soon to be new arrival.

Other income............................ 182.88 whats this?
Mortgage................................ 839
Secured/HP loan repayments.............. 410
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 40 have you checked you are with the cheapest supplier? and the cheapest tariff? have you got any arrears at all in this?
Gas..................................... 30 as elec
Oil..................................... 0
Water rates............................. 23.53
Telephone (land line)................... 0
Mobile phone............................ 50.38
TV Licence.............................. 12.12
Satellite/Cable TV...................... 62.63 does this include phone & internet? could you downgrade to basic package?
Internet Services....................... 0
Groceries etc. ......................... 240 probably can cut some off here by careful meal planning, the drop a brand challenge, cooking from scratch more etc. Perhaps try to aim for £200 to start then see if you can drop further. There are loads of tips on how to cut costs whilst still eating well and healthily on the old style board here on MSE

You are showing a surplus at the moment of £540, do you have that? do you know where it goes? have you been overpaying your debts?

How much will your income drop by and for how long do you expect to be on maternity. Maybe you could also do a SoA for after your new arrival, arrives to see whether you will still be able to cover your minimums.

Have you looked at your finance paperwork with regards to your car? are you able to hand back? sell?

A few starting points for you that might help a little.

niccatw

Hi Clare

I agree with Tixy. It might be useful if we can help you with your predicted SOA once bambino arrives as it won't be that long away and it'll give you time to think what you need to do moneywise at that point so you can concentrate on everything else that will take over come July !

When you get home and find the APRs on the cards, have a wee look at the snowball calculator to see what difference any overpayments might make http://www.whatsthecost.com/snowball.aspx


A spending diary might be useful if you are not sure where your surplus is going http://www.spendingdiary.com/ Or you could be very brave and look out all you bank and credit card statements for the last years to see where the money has gone - and how often you are taking £10, £20 out of theATM here and there and not necessarily knowing what you've spent it on - that was a real eye-openere for me and really helped me focus on attempting a spending diary and brought my light-bulb moment closer than it might otherwise have been!

Good luck

clare1976

Here is the SOA that we will have once we finish work - i still need to find the APR's.. The Other income is Hubbies war pension.
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1732.16
Benefits................................ 115.68
Other income............................ 182.88
Total monthly income.................... 2030.72
Monthly Expense Details
Mortgage................................ 839
Secured/HP loan repayments.............. 208
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 23.53
Telephone (land line)................... 0
Mobile phone............................ 50.38
TV Licence.............................. 12.12
Satellite/Cable TV...................... 62.63
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 5
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 22.61
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.25
Contents insurance...................... 0
Life assurance ......................... 40.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1856.02

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 195000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 157000...(839)......0
Hire Purchase (HP) debt ...... 10000....(208)......0
Total secured & HP debts...... 167000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................15175.....308.......0
Lloyds TSB CC..................10000.....198.......0
Barclaycard....................3000......69........0
GE Home Lending ...............7000......320.......29.7
LLoyds TSB Loan................7000......155.......0
Total unsecured debts..........42175.....1050......-

Monthly Budget Summary
Total monthly income.................... 2,030.72
Expenses (including HP & secured debts). 1,856.02
Available for debt repayments........... 174.7
Monthly UNsecured debt repayments....... 1,050
Amount short for making debt repayments. -875.3
Personal Balance Sheet Summary
Total assets (things you own)........... 195,000
Total HP & Secured debt................. -167,000
Total Unsecured debt.................... -42,175
Net Assets.............................. -14,175

Tixy

Hi

Will you not get maternity pay? And extra child benefits? any other additional benefits tas credits etc?
What about petrol - will that not reduce when you don't have a car and are not working?

gonzo127

clare1976 wrote: »

Here is the SOA that we will have once we finish work - i still need to find the APR's.. The Other income is Hubbies war pension.
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1732.16
Benefits................................ 115.68 - this WILL go up check the entitledto website and fill in the details for your estimated amount
Other income............................ 182.88
Total monthly income.................... 2030.72
Monthly Expense Details
Mortgage................................ 839 - is this repayment or interest only?
Secured/HP loan repayments.............. 208
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 23.53
Telephone (land line)................... 0
Mobile phone............................ 50.38 - find out if you are using all mins and texts if not ask to down grade your package or find out when renewal is!
TV Licence.............................. 12.12
Satellite/Cable TV...................... 62.63 - is this a full package, could you drop your package down, are you in contract?
Internet Services....................... 0
Groceries etc. ......................... 240 - see my sig for the drop a brand challenge idea, meal planning and batch cooking should bring this down, also you should be due a maternity grant use this to buy the extras for baby and make sure you sign up to local companies baby clubs for freebies
Clothing................................ 5
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 22.61
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.25
Contents insurance...................... 0
Life assurance ......................... 40.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1856.02

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 195000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 157000...(839)......0
Hire Purchase (HP) debt ...... 10000....(208)......0
Total secured & HP debts...... 167000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................15175.....308.......0
Lloyds TSB CC..................10000.....198.......0
Barclaycard....................3000......69........0
GE Home Lending ...............7000......320.......29.7
LLoyds TSB Loan................7000......155.......0
Total unsecured debts..........42175.....1050......-

Monthly Budget Summary
Total monthly income.................... 2,030.72
Expenses (including HP & secured debts). 1,856.02
Available for debt repayments........... 174.7
Monthly UNsecured debt repayments....... 1,050
Amount short for making debt repayments. -875.3
Personal Balance Sheet Summary
Total assets (things you own)........... 195,000
Total HP & Secured debt................. -167,000
Total Unsecured debt.................... -42,175
Net Assets.............................. -14,175

i have made a few comments try to take into account your increased benifits you will be due and the fact of matnernity pay you should get.

could you also maybe do a bit of 'card tarting' to get your debts onto low or 0% interest balances?

clare1976

yes that is true i will get more CTC and CB. I have not been with my COmpany long enough to get Maternity allowance so will be trying to claim trhough the government. Mortgage is Repayment as they won't let us go interest only. We are fixed in until 2012. The Sky package we have is for Telephone, Internet & TV, we are on contract for a few more months and then we will look around again.
Petrol will decrease a bit but most of that petrol is my Husbands car!

RAS

clare1976 wrote: »

yes that is true i will get more CTC and CB. I have not been with my COmpany long enough to get Maternity allowance so will be trying to claim trhough the government.

You need to go over to www.entitledto.com and estimate how much CTC and CB you will get and then edit your SOA. Add any mat benefits as well.