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MY SOA - Maternity Leave Planning

rach83
rach83 Posts: 300 Forumite
edited 18 April 2010 at 8:03PM in Debt-free wannabe
I have decided to bite the bullet and prepare our SOA. The figures are based on what money we will be on when I very shortly go on Maternity Leave.

I have had some difficulty in preparing this accurately as my partners salary fluctuates as he has a basic salary and then commission on top but I have taken his recent P60 and averaged it out. I have also done my research with regard to child benefits for when the baby is here and I am pretty satisfied that this is roughly what we will be entitled to in the first year.
My real bug bear at present is that my partner has a “weekend” track car which is worth about £7,000 and costs an absolute fortune to run as and when it is on the road. I havent factored this cost in as he knows that he will not be able to do any track days once the baby is here. If he did sell the car we could clear my debt. We have discussed this but he is resolute that he doesn’t want to part with it.Hoping this may change in time when baby is here! We could then just make do with my car which does not have any finance on.

Thanks

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................ 500
Partners monthly income after tax....... 1533
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2193


Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 95.5
Electricity............................. 85 - I think this is high for a 1 bed flat but we are stuck on an Economy 10 tariff which I am led to believe only 3 suppliers support.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 0
Mobile phone............................ 20 total for 2 phones on PAYG
TV Licence.............................. 12
Satellite/Cable TV...................... 29 (Virgin Media) Internet, Phone and Broadband we have recently had this reduced by £5 a month.
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 27.5 for 2 cars
Car Insurance........................... 80 for 2 cars
Car maintenance (including MOT)......... 20 for 2 cars
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..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1244



Assets

Cash.................................... 2000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 10000


No Secured nor Hire Purchase Debts


Unsecured Debts
Description....................Debt......Monthly...APR
My Loan........................7000......138.........7.9
Partners Loan..................11000.....270.........8
Total unsecured debts..........18000.....408.........-



Monthly Budget Summary

Total monthly income.................... 2,193
Expenses (including HP & secured debts). 1,244
Available for debt repayments........... 949
Monthly UNsecured debt repayments....... 408
Amount left after debt repayments....... 541


Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,000
Net Assets.............................. -8,000

Comments

  • how much per month are you paying on each loan?
  • rach83
    rach83 Posts: 300 Forumite
    Sorry.

    I have amended it.

    Thanks
  • Only just had a quick read through, if you mobile is £20 each phone it may be worth looking into virgin

    if you are with virgin media you can get at least one mobile phone for £10 monthly contract, (only one months notice needed) check the website,

    I have my own phone and mine is 300 texts and 300 mins

    I think you get 150 mins and 150 texts if you have a free phone from them (if you know what I mean) worth a look :)
    My finances are work in progress.
    Normal veiwing will resume shortly
  • Glamazon
    Glamazon Posts: 8,401 Forumite
    Is your car insurance £80 for each car a month?

    That seems quite high if thats the case (depending on your car I guess)
    A very busy Yummy Mummy to a 1 year old gorgeous boy :smileyhea

    Where does the time go? :think:
  • Nottoobadyet
    Nottoobadyet Posts: 1,754 Forumite
    Debt-free and Proud!
    TBH it looks like you are in good shape, with the one car in - you're showing a healthy surplus. I say dont let the OH see this or he'll be back on the track days :)
    Mortgage free by 30:eek:: £28,000/£100,000
    :DDebt free as of 1 October, 2010:D
    Taking my frugal life on the road!
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