SOA analysis

TUS

Since I got a better job earlier this year, my partner and I are managing our debts a LOT better. I keep records of every penny spent and budget ahead on a monthly basis until the end of the year - to try and minimise unexpected expenses. Even the small things ... which bugs the missus sometimes but I know it has to be done.

We are currently living JUST within our means - my debts are not increasing. I haven't touched credit cards for months however, we are still living in our overdrafts. As some of our unsecured debts come to an end, we'll start snowballing or trying to clear overdrafts.

So ... I feel happy that I had my LBM and have managed to get a really good grasp on things. However, I'm always up for improvement! So heres my SOA for open analysis.

Another note is we are expecting our 2nd child next week (the eldest is my partners son from a previous relationship) ... so we can expect our benefits to increase slightly after then.

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................ 1376
Partners monthly income after tax....... 0
Benefits................................ 517
Other income............................ 220
Total monthly income.................... 2113

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 35 (recently switched to cheapest provider)
Gas..................................... 30 (recently switched to cheapest provider)
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 11 (Part of Virgin package)
Mobile phone............................ 55 (two mobiles, mine is £20pcm hers is £35. Her contract ends in June)
TV Licence.............................. 12
Satellite/Cable TV...................... 5 (Part of Virgin package)
Internet Services....................... 12 (Part of Virgin package)
Groceries etc. ......................... 240
Clothing................................ 20
Petrol/diesel........................... 80 (only used for work & 1 supermarket trip pw)
Road tax................................ 15
Car Insurance........................... 100 (cheapest around due to points on my license)
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 12 (eldest' judo once a week)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 20 (one takeaway pm, but cut out some months)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1352


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1400

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................6400......160.......16.9
Loan 1 - Me....................6000......132.......11.9 (ends June 2015)
Loan 2 - Me....................2500......109.......11.9 (ends March 2012)
HMRC Arrears - Partne..........1400......80........0 (not sure when this ends)
Loan 1 - Partner...............2400......140.......14.9 (ends May 2012)
BNPL Loan - Me.................500.......50........0(ends April 2011)
Total unsecured debts..........19200.....671.......-


Monthly Budget Summary
Total monthly income.................... 2,113
Expenses (including HP & secured debts). 1,352
Available for debt repayments........... 761
Monthly UNsecured debt repayments....... 671
Amount left after debt repayments....... 90

Personal Balance Sheet Summary
Total assets (things you own)........... 1,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,200
Net Assets.............................. -17,800

gonzo127

seems like most of the usual things have already been covered, the things you could look at are your presents seems high, how many people do you buy for? could you spread it out over the course of the year and buy bargins which can be saved, silly things like buying christmas cards in Janurary sales and save them till next year, can svae a load of money

also hair cuts, where do you get these done, have you checked your local college to see if they need any extra models for the students to work on? is normally very cheap doing that way

now with your £90 a month surplus what does that cover? do you over pay any of your loans? if not i would put it towards the BNPL loan first, yes its 0% interest however it could clear it in a 4 months freeing up the £50 and having one less thing to work on

also have you looked into life of balance cards for you credit card debt? or any other card tarting ideas just to try and minimise the amoutn of interest you are paying

TUS

The credit cards is actually multiple cards (about 5 in total) we both have. The most substantial one is a Santander Zero card which I took out last month and balance transferred 95% of the limit to (£3400) so thats on 0% for 12 months which is good. The extra £90 the last couple of months have gone on unexpected expenses (last month our bed broke in the middle of the night - not good with a 34 weeks pregnant missus!) so we got a new bed. Otherwise, I tend to chuck any surplus I have the day before payday on to my credit cards.

Pressies is mainly Xmas/birthdays for 2 kids and presents we buy each other (although we've skipped this for our bday this year). Will certainly be able to reduce by buying 2nd hand gear for next Xmas from eBay/FOLK.

Edit - hair cuts is JUST my partners monthly cut - don't think I could persuade her to change salon, lol. I shave my own hair and the kids rarely needs doing anyway as they grow slowly.

Thanks for the advice.

gonzo127

well if you only buy for 2 kids and yourselves the £50 a month (£600 a year) budget can easily be cut start looking now for anything that comes in the spring/summer sales - toys, clothes, silly gadgets can all be brought now if you get them nice and cheap and just put away for christmas/birthdays

TUS

Agreed .. I'm planning to totally avoid Toys R Us this year! :-) I'll set a target to half that amount I think. £75 each for birthdays and Xmas. Me and the missus are old enough to do without ... Xmas is all about the kids anyway.