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................ 3428.52
Partners monthly income after tax....... 1594.43
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 5155.75
Monthly Expense Details
Mortgage................................ 1284
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 142.77
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 80
Mobile phone............................ 60
TV Licence.............................. 10.14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 60
Car Insurance........................... 35
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10.34
Buildings insurance..................... 13.35
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 10.5
Presents (birthday, christmas etc)...... 35
Haircuts................................ 25
Entertainment........................... 125
Holiday................................. 690
Emergency fund.......................... 0
Union membership........................ 15.75
Charity................................. 2
Share club.............................. 30
Total monthly expenses.................. 3186.85

Assets
Cash.................................... 0
House value (Gross)..................... 245000
Shares and bonds........................ 1500
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 254500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1284).....5.34
Total secured & HP debts...... 225000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
dad............................14000.....1000......0
loan...........................10124.....242.......8.1
loan...........................7350......534.......8.0
sofa...........................1280......60........0
credit card....................7400......60........0
Total unsecured debts..........40154.....1896......-

Monthly Budget Summary
Total monthly income.................... 5,155.75
Expenses (including HP & secured debts). 3,186.85
Available for debt repayments........... 1,968.9
Monthly UNsecured debt repayments....... 1,896
Amount left after debt repayments....... 72.9
Personal Balance Sheet Summary
Total assets (things you own)........... 254,500
Total HP & Secured debt................. -225,000
Total Unsecured debt.................... -40,154
Net Assets.............................. -10,654
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

gonzo127

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................ 3428.52
Partners monthly income after tax....... 1594.43
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 5155.75
Monthly Expense Details
Mortgage................................ 1284 - is this repayment or interest only
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 142.77
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 80 - very very high, check who, what and when you are making calls and see if you can get inclusive bundles such as free anytime etc
Mobile phone............................ 60
TV Licence.............................. 10.14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300 - very good could probably knock a little bit off with meal planning batch cooking and drop a brand
Clothing................................ 0 - needs to be at least a little bit here especially with kids in the house
Petrol/diesel........................... 120
Road tax................................ 60
Car Insurance........................... 35
Car maintenance (including MOT)......... 0 - needs to be some here for MOT, servicing and repaires
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10.34
Buildings insurance..................... 13.35
Contents insurance...................... 10
Life assurance ......................... 0 - no life insurance? with 2 kids it would be worth looking into just in case
Other insurance......................... 10.5
Presents (birthday, christmas etc)...... 35
Haircuts................................ 25
Entertainment........................... 125
Holiday................................. 690 - omg where are you going which costs £8280 a year?
Emergency fund.......................... 0
Union membership........................ 15.75
Charity................................. 2
Share club.............................. 30
Total monthly expenses.................. 3186.85

Assets
Cash.................................... 0
House value (Gross)..................... 245000
Shares and bonds........................ 1500
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 254500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1284).....5.34
Total secured & HP debts...... 225000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
dad............................14000.....1000......0
loan...........................10124.....242.......8.1
loan...........................7350......534.......8.0
sofa...........................1280......60........0
credit card....................7400......60........0
Total unsecured debts..........40154.....1896......-

Monthly Budget Summary
Total monthly income.................... 5,155.75
Expenses (including HP & secured debts). 3,186.85
Available for debt repayments........... 1,968.9
Monthly UNsecured debt repayments....... 1,896
Amount left after debt repayments....... 72.9
Personal Balance Sheet Summary
Total assets (things you own)........... 254,500
Total HP & Secured debt................. -225,000
Total Unsecured debt.................... -40,154
Net Assets.............................. -10,654
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

hi i have made a couple of comments, i have tried to be realisistic based on yoru take home wage that you do not want to be giving up every luxarys however the big one is the holiday check that this is right as over £8000 a year on holidays is scary

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................ 3428.52
Partners monthly income after tax....... 1594.43
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 5155.75
Monthly Expense Details
Mortgage................................ 1284
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 142.77 is this over 10mths? you can do it over 12ths to help abit
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 80 ouch! anyway of lowering this maybe incoming calls only or stopping line and just use mobiles.
Mobile phone............................ 60 reduce or go payg when contract ends
TV Licence.............................. 10.14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300 try and reduce where possible. Drop a brand on items, stick to a shopping list each week/month. meal plan.
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 60
Car Insurance........................... 35
Car maintenance (including MOT)......... 0 ?? nothing here?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 never?
Pet insurance/vet bills................. 10.34
Buildings insurance..................... 13.35
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 10.5
Presents (birthday, christmas etc)...... 35 reduce, budget who you but for and how much
Haircuts................................ 25 look for cheaper, DIT it
Entertainment........................... 125 what is this? it is very high!
Holiday................................. 690 :eek:A month??
Emergency fund.......................... 0
Union membership........................ 15.75
Charity................................. 2
Share club.............................. 30
Total monthly expenses.................. 3186.85

Assets
Cash.................................... 0
House value (Gross)..................... 245000
Shares and bonds........................ 1500
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 254500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1284).....5.34
Total secured & HP debts...... 225000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
dad............................14000.....1000......0
loan...........................10124.....242.......8.1
loan...........................7350......534.......8.0
sofa...........................1280......60........0
credit card....................7400......60........0
Total unsecured debts..........40154.....1896......-

Monthly Budget Summary
Total monthly income.................... 5,155.75
Expenses (including HP & secured debts). 3,186.85
Available for debt repayments........... 1,968.9
Monthly UNsecured debt repayments....... 1,896
Amount left after debt repayments....... 72.9
Personal Balance Sheet Summary
Total assets (things you own)........... 254,500
Total HP & Secured debt................. -225,000
Total Unsecured debt.................... -40,154
Net Assets.............................. -10,654
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have left my comments in red.
You do have a small amount left over each month but i noticed some bits are left out ie, clothing, car mot, tyres etc.

There is room for reducing your outgoings which is always a good sign
Goodluck x

andys15

Hi

Thanks for your reply. I have 9 bank accounts currently running.

Telephone includes sat, broadband. I pay £80 into that account each month. Currently have £22 in it before payday then another £80 goes in. Sometimes my bill is £94 plus a month sometimes £70. Th £80 a month I put aside covers it, as I have built up a surplus. Its the same with all my accounts.

I have a car bank account which has £180 in it before payday, this pays for car tax for both cars, I have just paid my insurance for the year out of it, and in NOV will have enogh to pay my other car insurance for the year.. MOT is covered by Tesco points. I save £720 a year and hopefully that include all car issues, might increase it to £100.

Clothes is as and when and should be incuded, but I tend to rob one of the accounts for this, ie the massive holiday fund includes, son trip £25 a month(1 month to go) Daughters Ski trip £90 ( 8 payments to go). Our holiday in August( flights paid for(ppi reclaim)) , accomodation deposit paid. Currently have £267 in the account and will save £550 a month until the holiday.

andys15

My mortgage is repayment and will stay this way. My Council tax is 10 months and will stay this way. Although it shows as a surplus of £72. I do have money in my 8 bank accounts. My main one is 0. I do it this way as the main account has fixed direct debit coming out and then the ones that aren't fix I pay money into ie mobile phone, Sat broadband etc. On my figures I will actually withdraw in cash £740 on pay day. This is for the food, entertainment, haircuts, clothes and anything else not covered in my fixed, and unfixed direct debits. As of today we have £5 to last till Monday, which is payday, but we dont need anything till monday(cars have enough petrol, fridge has enough meals etc etc)

Kevicho

andys15 wrote: »

Hi

Thanks for your reply. I have 9 bank accounts currently running.

Blimey

Would it not be easier to keep a spreadsheet, and narrow this down to 2 or 3 accounts (IE A spends account and a bills/holiday account?)?

I think having a seperate account for car/utilities etc is probably a lot more stress and a lot more complicated when it comes to doing a transfer juggle every month, I'd imagine if one payment goes awry then you could be hit by multiple charges for ODs etc.

andys15

Internet banking my friend is a Godsend. I can transfer between them instantly and in my case it helps out so much. They are all labelled as Car, Holiday etc. I can see the balances all at once, as they are with the same bank.

Kevicho

andys15 wrote: »

Internet banking my friend is a Godsend. I can transfer between them instantly and in my case it helps out so much. They are all labelled as Car, Holiday etc. I can see the balances all at once, as they are with the same bank.

Thats fair enough lol, I was thinking it would be half a rainforest of paper coming through your door every month.

Yeah Internet banking is great for stuff like this, I guess some people like to micromanage more than others lol

Frozenace

do you pay off your dad every month?

It sounds like 9 bank accounts is a bit unmangeable...

andys15

Yes I pay every month and have done for the last 23 months. It was orignally £37000. I cannot wait to get £1000 a month to reduce the other loans. May 2011 is the last payment.
My accounts:

Activites
Car tax/insurance
Credt Card
Gas/electric (£80 a month, I pay the bill in full each month(energy smart), this month it was £98, but in the summer will be a lot less but i still payy my account £80)
Holiday
Mobile phones(x 3 )
Ski Trip
Virgin TV- (broadband,tv, phone)
Main

andys15

Yes thanks