My SOA Can someone please take a look, thanks

flubdub

Ok, so this is my SOA.
In my house there is me, my partner, and two children 5 and under.
Thanks for looking and any comments would be great.

INCOME;
£800 p/month Partners Wages
£648 p/month Working and Child Tax Credits
£132.80 p/month Child Benefit
We also get £120 a month housing benefit, but we only get £60 because they take £60 a week for an overpayment we have previously had.

Soooo;
OUTGOINGS
£625 p/month Rent
£58 Gas (although we only moved last month so the Gas and Electric will go down I think (warmer house)
£28 Electric
£30 Mobile Contract
£15 Mobile Broadband
£12 Tv Licence
£45 Car Insurance
£30 Water
£80 CSA Payments to my parters ex
Then theres probably £200 a month food and about £50 petrol.
And that leaves £467.

Is there anywhere we could save?

We have no home phone, and only a little old car. I just signed my Car insurance up again because it was the cheapest I could find, but then when we moved (to a MUCH nicer area) and it went UP! so it probably isnt the cheapest any more, but I have another year left with them.
We have no home insurance or anything like that.
I know our rent is high, but we HAD to move house, and round here it is very expensive. We only have a small 3 bed semi but its a fortune round here.
Thanks for any comments.

true27

Hi Flubdub,

Try filling in this SOA - http://www.makesenseofcards.com/soacalc.html it has more categories for little things that you might have forgotten, plus it does all the tricky adding up for you

JasX

yes but please use the standard SOA web calculator/form as it makes it much easier to read and spot sommon areas for saving

flubdub

Ok, a shiny new one!! Thanks!


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.................... 1


Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 866
Benefits................................ 910.17
Other income............................ 0
Total monthly income.................... 1776.17


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 28
Gas..................................... 58
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 47
Car maintenance (including MOT)......... 10
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Child Maintenence....................... 80
Total monthly expenses.................. 1342


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 350


No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................2000......0.........0
Csa............................600.......0.........0
Council Tax....................1000......0.........0
Total unsecured debts..........3600......0.........-



Monthly Budget Summary
Total monthly income.................... 1,776.17
Expenses (including HP & secured debts). 1,342
Available for debt repayments........... 434.17
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 434.17


Personal Balance Sheet Summary
Total assets (things you own)........... 350
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,600
Net Assets.............................. -3,250

Nottoobadyet

flubdub wrote: »

Hi, I have posted it below or should I have started a new thread? Thanks.


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.................... 1

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0 is your partner looking for work?
Benefits (tax credits/child benefit/housing benefit)................................ 840.8 is this all you're entitled to?
Other income............................ 0
Total monthly income.................... 1640.8


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625 any chance you could downsize?
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 28
Gas..................................... 58
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone (£30 contract / £20 Credit)............................ 50 this is loads! is it for two phones?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200 good!
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
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...................... 0
Life assurance ......................... 0 you should get this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 can you cut back?
Haircuts................................ 0 never?
Entertainment........................... 0 never?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1260


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................2000......0.........0
Total unsecured debts..........2000......0.........-


Monthly Budget Summary
Total monthly income.................... 1,640.8
Expenses (including HP & secured debts). 1,260
Available for debt repayments........... 380.8
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 380.8
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,000
Net Assets.............................. -1,500

Some thoughts from me. Do you really have £380 at the end of every month? If not, you need to work out where that money is going!

flubdub

Nottoobadyet wrote: »

Some thoughts from me. Do you really have £380 at the end of every month? If not, you need to work out where that money is going!

Hi, sorry, its my partner that works, not me, I put the £800 in the wrong place. I stay at home with my baby.
My partner cuts his own hair(shaved head) and I cut the kids. I NEVER go, maybe once a year and its a tenner.
Re the phones, sorry I did write it on, but not very clear, is £30 a month for a contract phone. Only got it at xmas, bit of an impulse buy im afraid, and I put £20 a month credit on mine, but usually not even that.
Cant downsizethe house, we only moved in 3 weeks ago and at weekends we have 4 kids in this house, and houses are very expensive round here. Its only 2 bedrooms and a box room.
Re the benefits. Its £162 a week Tax Credits. £60 a month Housing benefit, but they take half of that for overpayments we have had.
Im not quite sure where the money goes,but I have a feeling that it is because EVERY month, we always seem to have a massive bill to pay, for example, Last month we moved which cost a lot. The month before £160 on the car MOT.

Im worrying because we are being chased for Council tax arrears from about a year ago. Its £1000 and I just want RID of it because its hanging over us and im worried a baliff will come round. We have an arrangement to pay £30 month off it, but i just want to pay it all off.
Also, csa want about £600 and once they get my partners emplyment details, they will be taking £38 a week out of his wages, which I feel we cannot afford, as we have a private agreement with the childrens mother, and pay her directly. However, the csa want this money back, although she wont be getting it as she was on benefits when we wernt paying it, this money will be going to the goverment.
Please dont judge us for not paying CSA or Council Tax. Our house was being repossessed at the time, and we were concentrating on feeding and looking after ourselves and there was not a penny for anything else. Now the house has gone and we have a bit extra cash about.
So really its my overdraft, csa and council tax that are causing me problems. My partner is waiting for his taxrebate, then is going to go bankrupt as he owes about £60,000 from the old house, debts etc that havnt been paid for years.

beverleyhills

Do you actually have £467-380 left at the end of the month? Try keeping a daily spending spending diary. Keep a small notebook and pen with you at all times.

flubdub

beverleyhills wrote: »

Do you actually have £467-380 left at the end of the month? Try keeping a daily spending spending diary. Keep a small notebook and pen with you at all times.

Thanks, I started doing that not long ago, but never carried it on. Am definately going to start again, because, for example, I probably spend more on petrol etc than I think I do.

Tixy

Hi and welcome

flubdub wrote: »

Hi, I have posted it below or should I have started a new thread? Thanks.


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.................... 1

Monthly Income Details
Monthly income after tax................ 800 any chance to increase hours at all
Partners monthly income after tax....... 0 is the second adult looking for work? do you get JSA? is this included below?
Benefits (tax credits/child benefit/housing benefit)................................ 840.8 double check you are getting everything you can at www.entitledto.co.uk
Other income............................ 0
Total monthly income.................... 1640.8


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 28
Gas..................................... 58 looks a little high, can you check you are with the cheapest supplier.
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 0
Mobile phone (£30 contract / £20 Credit)............................ 50 this is pretty high - do you mean this is 2 phones, 1 payg and 1 pay monthly? is the monthly one in contract still? have you tried asking if they will drop you down a tariff.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 0 I guess you must spend something here between the 4 of you?
Petrol/diesel........................... 50 is a car essential? you are not doing many miles per month but its costing you a lot in insurance etc
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 you've missed out the CSA costs I think/
Medical (prescriptions, dentist etc).... 0 never anything required here?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 do you not have this? do you rent a furnished place?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 try to reduce the no of people you buy for, with kids so young the cost is not important, they are just as happy with cheaper items.
Haircuts................................ 0 never?
Entertainment........................... 0 never anything spent on you or the children?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1260


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................2000......0.........0 what is the APR? is £2k the lowest balance during the month?
Total unsecured debts..........2000......0.........-


Monthly Budget Summary
Total monthly income.................... 1,640.8
Expenses (including HP & secured debts). 1,260
Available for debt repayments........... 380.8
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 380.8 where is this being spent?
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,000
Net Assets.............................. -1,500

Hi you need to track down the £380 it shows you have spare. Best way to do this is with a spending diary for both of you where you write down everything you spend (even just 50p on a chocolate bar). After a month or so you should be able to redo the SoA with all money accounted for.

EDIT - you need to include the Ctax arrears (and any others) in your debt list. You do need to sort something out to pay these off, particularly the ctax ones as this is a priority debt. Have you agreed a repayment plan with the council or with a baliff?

flubdub

Hi, no im not looking for work, I stay at home with my little one.
My partners wage varies. At the lowest it is £200 but can go up to £230, not by much more though. He works 7am till 5 ish usually and isnt on minimum wage.
Clothing? Tbh, we dont. My partner gets clothes at birthdays, xmas, same goes for me. I havnt been 'clothes shopping' for years.
Kids havmt had new clothes for years as my mums partner gives us his kids stuff as the youngest is only a year older and it all gets passed down.
Car IS an essential. We are two miles from eldests school, and also have my partners children at weekends who live 40 minutes away, so we need to be able to get them.
The xmas and birthday money is also split between them, so it is between FOUR children. Me and my partner never get each other anything for xmas (not for the last 3 years anyway).
Im pretty tight to be honest, never let my partner buy anything hehe, and especially food shopping, theres no fizzy drinks, sweets, cakes or AN YTHING like that (mainly because my partner eats it all that day!)
We get free prescriptions, so, no, and have already covered the haircuts.

EDIT: Yes agreed a £30 a month plan for council tax, but dont trust the council as we keep getting court summons, and then being told to ignore them, so I want this debt gone.

Tixy

Is his wage weekly then?

As if you are doing a monthly budget you should multiply anything weekly by 4.33 not 4, so if his lowest salary is £200 per week this is actually £867 per month (and you may need to do the same for any other weekly figures you have in).

How long until your youngest starts school? have you considered looking to see if you could work in the evenings/weekend or whenever OH does not work (although obviously it may not be worthwhile depending on how it would affect your benefits).

I would agree its a bit worrying if you are being told to ignore court summons. Is it the council telling you this? have you got this in writing from them or just over the phone? obviously its best to have anything in writing in case there is any comeback on this as ignoring a court summons would never be advised by the people on here.

I am suprised they are willing to agree to such a low repayment figure, they usually want the ctax debt cleared within a year whereas it looks like yours is going to take around 3years.

I would suggest as soon as you have an idea where your missing surplus is going you arrange with the council to increase your payment. As it stands if it did ever go to court it looks like you could afford to pay far more than you are. I agree its best to focus on this debt first and then think about reducing the overdraft.

Have you had a look at the up your income board here on MSE? you may find you are able to make a small amount of money whilst you are at home in the day with your little one by doing online surveys/reviews etc and by doing the 'daily clicks'. Some of these pay in cash, others in vouchers (although you can then use the vouchers for buying xmas presents etc so they are all worth doing).