Any advice on SOA please.

K_and_N

Hi,

Thanks to the helps from this website, years of counting every penny and new job, I've managed to clear all my credit card bills in Dec 09. So...I've done my SOA below and appreciate any advice to reduce the cost if I can.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3082
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 480
Total monthly income.................... 3562
Monthly Expense Details
Mortgage................................ 878
Secured/HP loan repayments.............. 307
Rent.................................... 340
Management charge (leasehold property).. 50
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 25
Road tax................................ 16
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 5
Other travel............................ 142
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 40
Holiday................................. 100
Emergency fund.......................... 0
Gym..................................... 35
lunch at work........................... 60
Parents................................. 100
Garage.................................. 30
Education (courses, exam fees).......... 90
Total monthly expenses.................. 2513

Assets
Cash.................................... 6000
House value (Gross)..................... 115000
Shares and bonds........................ 200
Car(s).................................. 500
Other assets............................ 1000
Total Assets............................ 122700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 87600....(878)......3.75
Secured Debt.................. 15000....(307)......7.8
Total secured & HP debts...... 102600....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 3,562
Expenses (including HP & secured debts). 2,513
Available for debt repayments........... 1,049
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,049
Personal Balance Sheet Summary
Total assets (things you own)........... 122,700
Total HP & Secured debt................. -102,600
Total Unsecured debt.................... -0
Net Assets.............................. 20,100


The flat I owned is let and I shared a studio flat with my bf. Hence there is mortgage as well as rent. All the cost is for myself (my bf paid his own share of rent, food, etc.)

Thank you.

K&N

BoGoF

Your car insurance seems high at £30 per month for a car you have valued at £500 - perhaps worth considering going 3rd party, fire and theft ?

Mobile Phone - any reason you need a contract phone ?

Do you really need a gym membership ?

£100 a month for holiday seems excessive ?

What is the £100 a month to parents ?

Garage ?

£50 a month for presents = £600 a year, who's the lucky person(s)?

K_and_N

BoGoF wrote: »

Your car insurance seems high at £30 per month for a car you have valued at £500 - perhaps worth considering going 3rd party, fire and theft ?

Mobile Phone - any reason you need a contract phone ?

Do you really need a gym membership ?

£100 a month for holiday seems excessive ?

What is the £100 a month to parents ?

Garage ?

£50 a month for presents = £600 a year, who's the lucky person(s)?

Car Incsurance is only 3rd party, fire and theft. I searched everywhere and it looks like this is the cheapest I coudl find:(

Contract is the new from O2 (via topcashback, so I should get £200 by end of May).

I agree with Gym membership....:o...need to ditch it.

I've been keeping £100 aside for holidays but haven't actually used it yet. Definitely can be reduced.

I pay my parents £100 every month.

Garage cost is the one I'm desperate to get rid off. When I moved out of the flat I own, I had an awful lot of stuff that need storage. So I rent this garage to put everything in. I've been trying to clear it out (by doing car boots sale and charity) but the big items (like wardrobe, dressing table, etc) are not easy to transport to boots sale (any advice?)

£50 for presents is to cover birthday presents, christmas presents, etc. But again, I haven't been actually spending that much yet. It's the mount I've putting in saving account at the moment.

Thanks.

K&N

Malky

Why post in here when you are living well within your means and have over £1K excess per month + £6K savings?
Most who post in these forums have very little or minus figures left over every month hence looking for advice.
Not intending to be rude or anything but I don't get why you're posting.

savingwannabe

Hi, I am a newbie, so don't know much, but you can get nice clothing from ebay at a fraction of the full shop price?

You dont have a telly, gosh amazing. I need mine to destress and switch off. You are spending pretty wisely i think!

well done,

:j

K_and_N

Malky wrote: »

Why post in here when you are living well within your means and have over £1K excess per month + £6K savings?
Most who post in these forums have very little or minus figures left over every month hence looking for advice.
Not intending to be rude or anything but I don't get why you're posting.

Hi Malky,

I appreciate there are others who are in worse situations.

I post here to get money saving advice so that I can possibly reduce my outgoings and repay my debt earlier.

K&N

K_and_N

Hi SW,

Thanks for the ebay advice.

We do have a TV but we don't need to pay for license as it's including in our rent. Bf pay for the virgin package (TV,Internet & Ph) so there's no cost for me..:)

K&N

Malky

K_and_N wrote: »

Hi Malky,

I appreciate there are others who are in worse situations.

I post here to get money saving advice so that I can possibly reduce my outgoings and repay my debt earlier.

K&N

Fair point but which debt are you tackling? The £15K secured? Can't you pay some off with your £6K savings? The £9K left could be paid off in in around 18 months @ £500 per month out of the £1K you have spare every month. Technically anyone who has debts should not have savings (or very little anyway)

Nottoobadyet

the first thing I'd ask is why you are letting your flat at such a huge loss (assuming thats the other income)? Can you not get more for it or move back there and leave the studio, it seems a pity to get so little when the mortgage is so high.

If your studies are for your career, could work pick them up for a bit to invest in your development?

But to be honest as others have said you look like you're in good shape! If I had your income I'd be putting well more than £100 a month aside for holidays, but thats just me

pennypusher

Hi the first things that strikes me is that you could save £60 by taking your own lunch to work. Easy money to save!

K_and_N

Thank you all for your advice.

Malky, The plan is to pay off that £15k loan (sorry, actually it's unsecured, I've put it in wrong place) earlier. The bank said overpayment wouldn't reduce interest but only term. So I'm saving until I have the full amount. Also the saving is currently in the account that links to my offset mortgage, so I'm saving 3.75% there.

NTB, I cannot live at my own property because of the job. It's too far to commute to work. The rent I'm getting is (after agent fees, other maintenance) quite low but it's kind of marlet rate in the area...:(
Thanks for the tip on study cost, will speak to boss in next review:p

Pennypusher, Definitely going to kick myself to prepare lunch. I've been making excuses on long working hours but need to start it now.

Thanks all.