SOA question

debrag

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 810
Partners monthly income after tax....... 600 (me)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1410
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 481
Management charge (leasehold property).. 0
Council tax............................. 50 - guess
Electricity............................. 30
Gas..................................... 15
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 55 (2 mobiles)
TV Licence.............................. 12
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 126 (2 monthly bus passes)
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 ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 928

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 928
Amount left ....... 482

So we would have £482 left should that be left (minus the one's in purple - what should these be?) or is it realistic to think about getting a car and getting rid of one bus pass?

I am hoping to increase me wages soon but not by much say £100 ish and my partner does loads of over time.

Also our rent will increase due to moving to a private property in the future

gonzo127

well the big thing is how much do you need to pay the minimum payments from your debt? once we know that we can advise better as to what you can budget for other things

debrag wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 810
Partners monthly income after tax....... 600 (me)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1410
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 481
Management charge (leasehold property).. 0
Council tax............................. 50 - guess
Electricity............................. 30
Gas..................................... 15
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 55 (2 mobiles) - this is still quite a lot try to find out if you actually use all your mins and texts and if not phone them up and ask to be dropped to a lower tarrif, the worst they can say is no!
TV Licence.............................. 12
Satellite/Cable TV...................... 48 - do you actually watch all the channels? could you save soe money by dropping a package or 2
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0 - i might suggest £5 per adult and £10 per child
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 126 (2 monthly bus passes)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - all depends on your possesions, myabe £10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - who do you buy for any children? £10 a month would probably be more than enough with clever buying - buy throughout the year when things are on sale or extreme bargin and save them for peoiples bikrthdays and chirstmas
Haircuts................................ 0 - find a local college who need models for the students to work on, maybe £10
Entertainment........................... 0 - full depends on what income your have left
Holiday................................. 0 - same as above
Emergency fund.......................... 0 - i would say about £10 a month here , £120 a year should cover any one of the bigger appliances shoudl they die
Total monthly expenses.................. 928

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 928
Amount left ....... 482

So we would have £482 left should that be left (minus the one's in purple - what should these be?) or is it realistic to think about getting a car and getting rid of one bus pass?

I am hoping to increase me wages soon but not by much say £100 ish and my partner does loads of over time.

Also our rent will increase due to moving to a private property in the future

with al the uncertainties its difficult to say exactly what a reasonable budget would be, with no idea on your current debt repayment i dont know how much surplus you have.

as to getting a car well these are expensive, depending on which car you get you will have MOT ~£55 a year, TAX ~£200 a year, insurance can be anywhere from £150 - 2500 a year(depending on experience NCB, etc), then you have fuel and repaires, i would personnal wait until you have either secured your new job with a better wage or not and moved to your new place and then see how things pan out from there before you consider buying a car

immoral_angeluk

Have you checked any potential entitlement to working tax credit? https://www.entitledto.co.uk They can back date it up to 3 months if you're eligible also if your circumstances haven't changed.

Tixy

Hi

Do you have any debts at all or is the £482 yours all spare?

debrag wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 810
Partners monthly income after tax....... 600 (me)
Benefits................................ 0 are either of you entitled to working tax credits?
Other income............................ 0
Total monthly income.................... 1410
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 481 how much will this go up buy? how soon?
Management charge (leasehold property).. 0
Council tax............................. 50 - guess this is quite low, you may find its more than this.
Electricity............................. 30 gas & elec are good prices if they are correct (make sure you are not running up arrears)
Gas..................................... 15
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 55 (2 mobiles) see if you can drop a tariff?
TV Licence.............................. 12
Satellite/Cable TV...................... 48 you could reduce this? or if out of contract ask for a deal/ threaten to leave.
Internet Services....................... 0
Groceries etc. ......................... 100 this is good but make sure you haven't underestimated.
Clothing................................ 0 hard to say, perhaps allow £20?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 126 (2 monthly bus passes) if you had a car would it save 1 pass or 2?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 should be able to get pretty cheap (less than a tenner)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 personal choice but maybe £20?
Haircuts................................ 0 £20 ?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 928

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 928
Amount left ....... 482

So we would have £482 left should that be left (minus the one's in purple - what should these be?) or is it realistic to think about getting a car and getting rid of one bus pass?

I am hoping to increase me wages soon but not by much say £100 ish and my partner does loads of over time. is his wage above before overtime or including it?

Also our rent will increase due to moving to a private property in the future

Do you already drive/passed your tests?
You can pick up a car quite cheap but the running costs can add up. How many miles are you likely to travel? If you get a cheap runaround then you should be able to insure, tax & maintenance for it for say £80. Plus whatever you would use in petrol. I assume you want to buy a cheap car outright (for less than £1k) rather than get into debt to buy one?

You may be able to do it but don't overstretch yourselves. Maybe wait until you know what your new rent is and whether you get more pay. In the meantime are you saving some (or all!) of the surplus each month in a savings accounts ready for buying a car if you decide you can afford.

debrag

No debts. Gas/electric is pre pay meter

JasX

debrag wrote: »

So we would have £482 left should that be left (minus the one's in purple - what should these be?)

Do you actually have this left at each month end? if not keep a spending diary to work out where the excess is going

debrag wrote: »

or is it realistic to think about getting a car and getting rid of one bus pass?

realistic, yes. less expensive, probably not...

basically if you think it'd be convieient and worth the extra you could probably afford it... Just please please save up first from the extra '00s you have each month and buy a reasonably priced second hand one rather than signing up for a car loan at a huge APR on some overpriced new one that'll drop like a stone in value:T

debrag wrote: »

Also our rent will increase due to moving to a private property in the future

you should look at property websites for typical prices in the area(s) you might want to move to. Make sure you'll have enough money left to have some fun/holidays and don;t move somewhere that'd stretch you too much and leave you miserable if you haven;t enough money to do things.

If you can be patient and wait for a 'nice' one thats not too expensive to come along you'll find that helps, also if it's not exactly what you want/looks a bit dear don;t be afraid of making a lower offer on the rent... particularly if the place has been empty for any time at all.

debrag

We would get no help with rent, little off CT and no WTC as a couple. If I get the job I've applied for we would then have £707 left over minus the things I haven't added yet (£50).

debrag

option 1 -

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 820
Partners monthly income after tax....... 600 (me)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1420
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 444
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 30
Gas..................................... 15
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 55 (2 mobiles)
TV Licence.............................. 12
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 126 (2 monthly bus passes)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 1041

Monthly Budget Summary
Total monthly income.................... 1,420
Expenses (including HP & secured debts). 1041
Amount left ....... 378


Option 2 -

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 820
Partners monthly income after tax....... 788 (me)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1608
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 444
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 30
Gas..................................... 15
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 55 (2 mobiles)
TV Licence.............................. 12
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 126 (2 monthly bus passes)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 1041

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 1041
Amount left ....... 567

debrag

Re-doing SOA as there is a 3rd person in the household even though they don't live here (new place couldn't take name of tenancy right away - houseswap etc, doesn't work and we don't see any of the benefit money)

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 820
Partners monthly income after tax....... 778 (me)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1598
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 330 (HB)
Management charge (leasehold property).. 0
Council tax............................. 0 (named tenant WILL be paying this)
Electricity............................. 30
Gas..................................... 15
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 55 (2 mobiles)
TV Licence.............................. 12
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 63
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 814

Monthly Budget Summary
Total monthly income.................... 1,598
Expenses (including HP & secured debts). 814
Amount left ....... 784

It's a long story about my partners sister so won't go into it now.

Anyways the above SOA is for when I start me new job and I can walk to work, not sure of exact HB amount yet so have quessed.