any advice welcome pls SOA

Brodiebobs

Please be nice!! have a bit of debt we want shut of plus have started to make additional payments to mortgages as we were on interest only.

Just want general opinion really i am quite good at budgeting but an unbiased view may help us become more stable!

Thanks.

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 510
Partners monthly income after tax....... 820
Benefits................................ 600
Other income............................ 0
Total monthly income.................... 1930

Monthly Expense Details
Mortgage................................ 480
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 26
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 49
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 15
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 16
Other travel............................ 0
Childcare/nursery....................... 240
Other child related expenses............ 26
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1598

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 98000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(480)......5.99
Total secured & HP debts...... 80000.....

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard 1..................1600......55........18.6
loan...........................4000......125.......6.8
barclaycard 2..................600.......25........6.9
Total unsecured debts..........6200......205.......-

Monthly Budget Summary
Total monthly income.................... 1,930
Expenses (including HP & secured debts). 1,582
Available for debt repayments........... 348
Monthly UNsecured debt repayments....... 205
Amount left after debt repayments....... 143
Personal Balance Sheet Summary
Total assets (things you own)........... 98,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -6,200
Net Assets.............................. 11,800

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

TUS

Brodiebobs wrote: »

Please be nice!! have a bit of debt we want shut of plus have started to make additional payments to mortgages as we were on interest only.

Just want general opinion really i am quite good at budgeting but an unbiased view may help us become more stable!

Thanks.

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2 Are both essential?

Monthly Income Details
Monthly income after tax................ 510
Partners monthly income after tax....... 820
Benefits................................ 600
Other income............................ 0
Total monthly income.................... 1930

Monthly Expense Details
Mortgage................................ 480
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 26
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 49 Freeview if you are serious. Otherwise, haggle to reduce?
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 15
Petrol/diesel........................... 160
Road tax................................ 20 Just £120 per year per car? Mine's £180 per year for a standard hatchback.
Car Insurance........................... 25 Very cheap for 2 cars, lucky you :-p
Car maintenance (including MOT)......... 10
Car parking............................. 16
Other travel............................ 0
Childcare/nursery....................... 240
Other child related expenses............ 26
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1598

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 98000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(480)......5.99
Total secured & HP debts...... 80000.....

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard 1..................1600......55........18.6
loan...........................4000......125.......6.8
barclaycard 2..................600.......25........6.9
Total unsecured debts..........6200......205.......-

Monthly Budget Summary
Total monthly income.................... 1,930
Expenses (including HP & secured debts). 1,582
Available for debt repayments........... 348
Monthly UNsecured debt repayments....... 205
Amount left after debt repayments....... 143
Personal Balance Sheet Summary
Total assets (things you own)........... 98,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -6,200
Net Assets.............................. 11,800

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

Comments above, HTH.

Edit - Oh year, what do you do with your monthly surplus? Does it go on reducing your cards?

Tixy

Hi, well done for posting. I don't think there is loads you can improve on. Providing you do have the surplus you are showing.

Brodiebobs wrote: »

Please be nice!! have a bit of debt we want shut of plus have started to make additional payments to mortgages as we were on interest only.

Just want general opinion really i am quite good at budgeting but an unbiased view may help us become more stable!

Thanks.

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 510 any chance of increased hours for either of you?
Partners monthly income after tax....... 820
Benefits................................ 600
Other income............................ 0
Total monthly income.................... 1930

Monthly Expense Details
Mortgage................................ 480 does this include the overpayments or is this just the interest amount?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 26
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 49 do you use all the channels? could you reduce a little. If not in contract worth phoning up to see if they have any deals (say you are thinking of leaving)
Internet Services....................... 0
Groceries etc. ......................... 240 not bad (but every £10 you can save is more to go towards the debts!)
Clothing................................ 15
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 16
Other travel............................ 0
Childcare/nursery....................... 240 is this done tax efficently? do either of your employers give chiildcare vouchers in a salary sacrifice scheme?
Other child related expenses............ 26
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10 B&C not bad but do shop around as may be able to get for a little less based on your house value.
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0 do you not budget anything for this?
Entertainment........................... 0 or this?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1598

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 98000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(480)......5.99 is this fixed? for how long?
Total secured & HP debts...... 80000.....

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard 1..................1600......55........18.6
loan...........................4000......125.......6.8
barclaycard 2..................600.......25........6.9
Total unsecured debts..........6200......205.......-

Monthly Budget Summary
Total monthly income.................... 1,930
Expenses (including HP & secured debts). 1,582
Available for debt repayments........... 348
Monthly UNsecured debt repayments....... 205
Amount left after debt repayments....... 143 do you have this? are you using it to pay more than the minimum off the barclaycard?
Personal Balance Sheet Summary
Total assets (things you own)........... 98,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -6,200
Net Assets.............................. 11,800

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

Any chance you could get another card to BT the expensive barclaycard debt? perhaps to a low life of balance card? what are the limits on the other 2cards? are these on promotional deals or 'normal' interest rates?

Brodiebobs

thanks for fast reply!!! in reply,

i should have only really put one car as partners is through work, hence cheap motoring costs he's also a qualified mechanic so no garage fee's, but he pays own petrol.

The sky includes phone and broadband at that price... i was thinking of virgin but worked out more expensive in comparison... im rubbish at haggling i phoned them and threatened to go to virgin they just said ok you have to give 30 days notice lol... so i backtracked!

any tips welcome though!

Brodiebobs

thakns tixy... partner works full time already.. i looked into more hours but worked out worse off due to childcare etc, but i do ebay etc from home for more income, thats why theres little clothing allowance as i sell the kids stuff then rebuy from ebay.

childcare vouchers are available but i read on here for our level of salary its better not to claim them do to the accompanying reduction in tax credits.

interest only is £377 so the rest is over payment (or payment how ever you look at it lol...) rate fixed until 2012 we took a 5 year fix in 2007, financially ignorant and was told rates would rocket how wrong they were!

yes all surplus goes into debt repayment. its the highest barclaycard is set payment at £100 a month then pay extra when available. Because they're both barclaycard we cant balance transfer i did apply for a 0% and was declined last month so dearnt try again.