here we go my SOA

happytails

Well seeing as i want to get rid of my debts i thought it best we ought to do a SOA. This is a typical month of being stupid and no very frugal :mad: i have tried to over estimate spending on takeaways, petrol, luxuries etc

Mobile phones are stuck until 1) Oct 2010 and the 2nd Mar 2011. Internet has to stay as its for DPs needs, being a programmer needs best service etc We have a moped as well as car. Cant get a 0% overdraft to match our others as we need to be in credit for 2 days + in the month and our money comes in throughout the month so this never happens so i was thinking of getting a 0% credit card for 15 months, putting the overdrafts on to that and pay it off over the year (saving the o/d fees each month) - does this sound ok??

And last but not least, be gentle

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................ 1400
Partners monthly income after tax....... 80
Benefits................................ 110
Other income............................ 500
Total monthly income.................... 2090

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 151
Rent.................................... 0
Management charge (leasehold property).. 0.42
Council tax............................. 118
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 18
Mobile phone............................ 50
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 60
Road tax................................ 2.91
Car Insurance........................... 113
Car maintenance (including MOT)......... 5
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 8
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 30
Holiday................................. 25
Emergency fund.......................... 50
DIY and bits for house.................. 60
takeaways............................... 60
overdraft fees.......................... 45
Total monthly expenses.................. 1773.33


Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 300
Total Assets............................ 100300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82800....(500)......5.99
Hire Purchase (HP) debt ...... 4700.....(151)......0<
owe family.....................3000.....(0)........0
Total secured & HP debts...... 90500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................1250......125.......0
overdraft 2....................1600......160.......0
Total unsecured debts..........2850......285.......-


Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 1,773.33
Available for debt repayments........... 316.67
Monthly UNsecured debt repayments....... 285
Amount left after debt repayments....... 31.67

Personal Balance Sheet Summary
Total assets (things you own)........... 100,300
Total HP & Secured debt................. -90,500
Total Unsecured debt.................... -2,850
Net Assets.............................. 6,950

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Opera browser.

Tixy

Hi

happytails wrote: »

Well seeing as i want to get rid of my debts i thought it best we ought to do a SOA. This is a typical month of being stupid and no very frugal :mad: i have tried to over estimate spending on takeaways, petrol, luxuries etc

Mobile phones are stuck until 1) Oct 2010 and the 2nd Mar 2011. Internet has to stay as its for DPs needs, being a programmer needs best service etc We have a moped as well as car. Cant get a 0% overdraft to match our others as we need to be in credit for 2 days + in the month and our money comes in throughout the month so this never happens so i was thinking of getting a 0% credit card for 15 months, putting the overdrafts on to that and pay it off over the year (saving the o/d fees each month) - does this sound ok??

And last but not least, be gentle

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................ 1400
Partners monthly income after tax....... 80 can this be increased?
Benefits................................ 110 are you getting all you can? tax credit etc?
Other income............................ 500 whats this please?
Total monthly income.................... 2090

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 151
Rent.................................... 0
Management charge (leasehold property).. 0.42
Council tax............................. 118
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 52 have you checked to see if you would save with a meter?
Telephone (land line)................... 18
Mobile phone............................ 50
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 60
Road tax................................ 2.91
Car Insurance........................... 113
Car maintenance (including MOT)......... 5
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 8
Buildings insurance..................... 15
Contents insurance...................... 15 shop around for cheaper B&C at renewal time (should get a bit cheaper in view of house value)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 30
Holiday................................. 25
Emergency fund.......................... 50 are you actually saving this or is it theoretical?
DIY and bits for house.................. 60 is this needed every month?
takeaways............................... 60 try to reduce
overdraft fees.......................... 45 can you switch elsewhere? is this instead of interest (HBOS) or late charges or premium accounts?
Total monthly expenses.................. 1773.33


Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 300
Total Assets............................ 100300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82800....(500)......5.99
Hire Purchase (HP) debt ...... 4700.....(151)......0< is this the car?
owe family.....................3000.....(0)........0 do you need to start repaying soon?
Total secured & HP debts...... 90500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................1250......125.......0 are you still using these or do you have new accounts?
overdraft 2....................1600......160.......0
Total unsecured debts..........2850......285.......-


Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 1,773.33
Available for debt repayments........... 316.67
Monthly UNsecured debt repayments....... 285
Amount left after debt repayments....... 31.67

Personal Balance Sheet Summary
Total assets (things you own)........... 100,300
Total HP & Secured debt................. -90,500
Total Unsecured debt.................... -2,850
Net Assets.............................. 6,950

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Opera browser.

Well things don't look too bad, especially if you say you have overestimated. I've written a few other bits to look at but I don't think there is loads wrong with it. Obviously anything you can save from takeaways etc will mean you can reduce your overdrafts quicker.

I assume you know only some credit cards will do transfers to you current account (which obviously you would need). What are your credit ratings like? if they are good and if you can be disciplined to pay off the cards then that might be a good idea. How much are the APRs on the accounts or are you on accounts that now charge fees instead?

Mimi_Arc_en_ciel

happytails wrote: »

Well seeing as i want to get rid of my debts i thought it best we ought to do a SOA. This is a typical month of being stupid and no very frugal :mad: i have tried to over estimate spending on takeaways, petrol, luxuries etc

Mobile phones are stuck until 1) Oct 2010 and the 2nd Mar 2011. Internet has to stay as its for DPs needs, being a programmer needs best service etc We have a moped as well as car. Cant get a 0% overdraft to match our others as we need to be in credit for 2 days + in the month and our money comes in throughout the month so this never happens so i was thinking of getting a 0% credit card for 15 months, putting the overdrafts on to that and pay it off over the year (saving the o/d fees each month) - does this sound ok??

And last but not least, be gentle

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................ 1400
Partners monthly income after tax....... 80
Benefits................................ 110 is this correct?
Other income............................ 500 ?
Total monthly income.................... 2090

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 151
Rent.................................... 0
Management charge (leasehold property).. 0.42
Council tax............................. 118 Can this be paid over 12 months instead of 10?
Electricity............................. 30
Gas..................................... 50 Slightly high
Oil..................................... 0
Water rates............................. 52 does this include arrers?
Telephone (land line)................... 18
Mobile phone............................ 50
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 200 can this be lowered?
Clothing................................ 15
Petrol/diesel........................... 60
Road tax................................ 2.91
Car Insurance........................... 113 ouch!! compare?
Car maintenance (including MOT)......... 5
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30 ?
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 8
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 lower to £15?
Haircuts................................ 5
Entertainment........................... 30 Can this be lowered?
Holiday................................. 25 Unless already booked - cancel
Emergency fund.......................... 50 Do you honestly save this or does it disappear ?
DIY and bits for house.................. 60 do you need this?
takeaways............................... 60 DEINIATLEY dont need this
overdraft fees.......................... 45 Cant you speak to bank about these?
Total monthly expenses.................. 1773.33


Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 300
Total Assets............................ 100300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82800....(500)......5.99
Hire Purchase (HP) debt ...... 4700.....(151)......0<
owe family.....................3000.....(0)........0
Total secured & HP debts...... 90500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................1250......125.......0
overdraft 2....................1600......160.......0
Total unsecured debts..........2850......285.......-


Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 1,773.33
Available for debt repayments........... 316.67
Monthly UNsecured debt repayments....... 285
Amount left after debt repayments....... 31.67

Personal Balance Sheet Summary
Total assets (things you own)........... 100,300
Total HP & Secured debt................. -90,500
Total Unsecured debt.................... -2,850
Net Assets.............................. 6,950

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Opera browser.

My comments are in pink - HTH

savingmummy

happytails wrote: »

And last but not least, be gentle

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................ 1400
Partners monthly income after tax....... 80
Benefits................................ 110
Other income............................ 500
Total monthly income.................... 2090

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 151
Rent.................................... 0
Management charge (leasehold property).. 0.42
Council tax............................. 118 you can pay over 12mths instead of 10 if your not already
Electricity............................. 30
Gas..................................... 50 try for cheaper elsewhere
Oil..................................... 0
Water rates............................. 52 this seems high
Telephone (land line)................... 18
Mobile phone............................ 50 try and haggle for a cheaper deal, some will do it!
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 200
Clothing................................ 15 reduce this. use what you have for now.
Petrol/diesel........................... 60
Road tax................................ 2.91
Car Insurance........................... 113 is this the cheapest?
Car maintenance (including MOT)......... 5 is this including mot/service/tyres etc?
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30 what is this?
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 8
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 reduce, budget and cut down who you buy for.
Haircuts................................ 5
Entertainment........................... 30
Holiday................................. 25
Emergency fund.......................... 50 Although important - seems quite high reduce a little for now
DIY and bits for house.................. 60 a month??
takeaways............................... 60 stop! cut down
overdraft fees.......................... 45
Total monthly expenses.................. 1773.33


Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 300
Total Assets............................ 100300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82800....(500)......5.99
Hire Purchase (HP) debt ...... 4700.....(151)......0<
owe family.....................3000.....(0)........0
Total secured & HP debts...... 90500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................1250......125.......0
overdraft 2....................1600......160.......0
Total unsecured debts..........2850......285.......-


Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 1,773.33
Available for debt repayments........... 316.67
Monthly UNsecured debt repayments....... 285
Amount left after debt repayments....... 31.67

Personal Balance Sheet Summary
Total assets (things you own)........... 100,300
Total HP & Secured debt................. -90,500
Total Unsecured debt.................... -2,850
Net Assets.............................. 6,950

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Opera browser.

I have added my things to change in red! goodluck x

McKneff

Talk to someone about a water meter - should be much cheaper with only 3 of you in the house.

happytails

Thanks everyone, i will try and cover everything.

Should have been more clear in the income bit - the main income is my partner. The 2nd is my income working when i can as no one can have my daughter and im not putting her in care.
other income is overtime (its guaranteed but not actual wage so popped it there).
Benefits - £80 pm child benefit and £30 a month CTC (they overpaid us over summer apparently and it was adjusted accordingly) we dont qualify for WTC according to entitledto.com

Ok, car insurance is really high because we are both 21 and i crashed the other year and its rocketed :eek: renewal in Sept so i should have 2 yrs NCB and now we are 21 we should get it a bit cheaper. We also now have an insurance group 2 car

Water is already on a meter, we have just had a shower fitted so hoping for quick showers rather than loads of baths!

Gas and elec is with British gas, duel fuel.

Council tax is over 12 month period already.

clothing money is for my OH who is loosing weight and his clothes are falling off generally buying cheap jeans in asda etc

Other child related expenses is generally any medicine/baby food/milk. We use cloth nappies so no spend on nappies thankfully :T

I must admit we dont actually save for emergencies, if they crop up we end up borrowing a bit from dad and paying him back on payday the following month and going without a takeaway or 2.

DIY money is needed as we moved in to a wreck in Sept and alot needs doing - every room we have had to strip and redo (electrics, the works) so we are trying to do it up a little each month.

Bank overdraft fees - Halifax is £1 a day we are in O/D which is everyday and Natwest is 17.73%

HP is the car, we are paying for 3 years - no lump sum at the end. This year car is covered for warranty and works, no MOT etc this year hence small amount of maintenence (just for tyres etc really, and they are pretty good so heres hoping 1 doesnt blow!)

Hope ive covered everything. Groceries can definitely be cut down and takeaways can go. I can realisitically see us getting this out of the way by christmas if we really knuckle down

Sarah x

happytails

McKneff wrote: »

Talk to someone about a water meter - should be much cheaper with only 3 of you in the house.

We are already on a water meter. We are in my view, quite careful with our water. We got our quarterly bill last month and we were still £25 in debit after paying £52 a month :eek: (we had a bad leak from the water tank, ball !!!! breaking but still! it was fixed within 3 days and me turning the mains tap off alot!) x