Deep breath.....

determined_new_ms

Loomie wrote: »

What's SOA?

statement of affairs - monthly breakdown on income/outgoings and other's can suggest ways you can save money that you hadn't maybe thought about

Pollycat

Loomie wrote: »

What's SOA?

Loomie
as determined new ms has said, it's a Statement Of Affairs.

Here is the link to the form:
http://www.makesenseofcards.com/soacalc.html

Basically you put down ALL your income (including benefits), ALL your expenses (including those that only occur once a year), ALL your debts (including interest rates) on a monthly basis.

Using the format in the link will ensure that you don't miss anything out.

Experienced posters may then be able to give you ideas where you can make savings.

Even if you do eat very well, you may be able to pick up tips on the Old Style board.

Loomie

My statement of affairs:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 831.88
Partners monthly income after tax....... 2435.17
Benefits................................ 121.36
Other income............................ 0
Total monthly income.................... 3388.41

Monthly Expense Details
Mortgage................................ 894.2
Secured/HP loan repayments.............. 25.620000000000005
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 31
Gas..................................... 31
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12.29
Satellite/Cable TV...................... 80.97
Internet Services....................... 0
Groceries etc. ......................... 394.76
Clothing................................ 100
Petrol/diesel........................... 101.8
Road tax................................ 10.42
Car Insurance........................... 25
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 38.93
Medical (prescriptions, dentist etc).... 56.42
Pet insurance/vet bills................. 10.03
Buildings insurance..................... 20.83
Contents insurance...................... 0
Life assurance ......................... 3.06
Other insurance......................... 0
Presents (birthday, christmas etc)...... 89.17
Haircuts................................ 12.57
Entertainment........................... 156.48
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2320.05


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 1000
Total Assets............................ 172000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 131765...(894.2)....5.18<
Small mortgage.................4842.82..(25.62)....2.34
Total secured & HP debts...... 136607.8.-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A and L........................6482.32...249.3.....7.9
Nationwide.....................1350......299.7.....6.7
Virgin.........................1401.54...25........0
Barclaycard....................2394.51...48........20.1
Total unsecured debts..........11628.37..622.......-


Monthly Budget Summary
Total monthly income.................... 3,388.41
Expenses (including HP & secured debts). 2,320.05
Available for debt repayments........... 1,068.36
Monthly UNsecured debt repayments....... 622
Amount left after debt repayments....... 446.36

Personal Balance Sheet Summary
Total assets (things you own)........... 172,000
Total HP & Secured debt................. -136,607.82
Total Unsecured debt.................... -11,628.37
Net Assets.............................. 23,763.81

Loomie

Any advice gratefully received on my SOA. One thing is that I only put in the minimum repayment required on the Barclaycard but I actually pay £300. Reckon we could reduce our sky bill.

Loomie

Revised statement of affairs......please ignore previous post

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 831.88
Partners monthly income after tax....... 2435.17
Benefits................................ 121.36
Other income............................ 0
Total monthly income.................... 3388.41

Monthly Expense Details
Mortgage................................ 894.2
Secured/HP loan repayments.............. 25.620000000000005
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 31
Gas..................................... 31
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12.29
Satellite/Cable TV...................... 80.97
Internet Services....................... 0
Groceries etc. ......................... 394.76
Clothing................................ 100
Petrol/diesel........................... 101.8
Road tax................................ 10.42
Car Insurance........................... 25
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 38.93
Medical (prescriptions, dentist etc).... 200
Pet insurance/vet bills................. 10.03
Buildings insurance..................... 20.83
Contents insurance...................... 0
Life assurance ......................... 3.06
Other insurance......................... 0
Presents (birthday, christmas etc)...... 89.17
Haircuts................................ 12.57
Entertainment........................... 156.48
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2463.63


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 1000
Total Assets............................ 172000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 131765...(894.2)....5.18<
Small mortgage.................4842.82..(25.62)....2.34
Total secured & HP debts...... 136607.8.-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A and L........................6482.32...249.3.....7.9
Nationwide.....................1350......299.7.....6.7
Virgin.........................1401.54...25........0
Barclaycard....................2394.51...300.......20.1
Total unsecured debts..........11628.37..874.......-


Monthly Budget Summary
Total monthly income.................... 3,388.41
Expenses (including HP & secured debts). 2,463.63
Available for debt repayments........... 924.78
Monthly UNsecured debt repayments....... 874
Amount left after debt repayments....... 50.78

Personal Balance Sheet Summary
Total assets (things you own)........... 172,000
Total HP & Secured debt................. -136,607.82
Total Unsecured debt.................... -11,628.37
Net Assets.............................. 23,763.81

[

Pollycat

Loomie wrote: »

I enjoying cooking so I think we eat really well for a very low budget - I'm been doing this for ages so sometimes I forget that we probably spend less that most people. I asked some of my friends what their grocery bill is and its double ours!

Hi Loomie
Almost £400 per month on food for 2 adults and one child isn't a very low figure - unless one of you has dietary problems that means you have to buy special food.
You should (if you wish) be able to reduce this by quite a lot.
Check out the Old-Style board for hints & tips.

As you say, your Sky bill is very high.
Consider if you watch all those channels, get rid of the ones you don't.

£100 per month on clothes also seems high.

Do you really spend £1000 a year on presents?
Do you buy for lots of people? If so, could you talk to them and see if you could cut that out?
I know you've said that you don't want people to know about your debt but you might find that suggesting you don't buy for adults will be a welcome suggestion. Your friends and family may be in the same boat as you but don't want to broach the subject.

I assume your contents insurance is included in the 'Buildings insurance' figure.

You say you're overpaying on your Barclaycard - are the figures for the other cards minimum payments or are you overpaying on those too?

Take a look at this link, it will tell you which debts to pay first:
http://www.whatsthecost.com/snowball.aspx?country=uk

There's lots of areas that you could cut back on - I guess it depends on whether you're willing to suffer some pain now to be debt-free quicker or if you'd rather cut back a little but be in debt longer.
Cutting right back to the bone may put pressure on you as a family and make you all unhappy.

Regards

determined_new_ms

Loomie wrote: »

Revised statement of affairs......please ignore previous post

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 831.88
Partners monthly income after tax....... 2435.17
Benefits................................ 121.36
Other income............................ 0
Total monthly income.................... 3388.41

Monthly Expense Details
Mortgage................................ 894.2
Secured/HP loan repayments.............. 25.620000000000005
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 31
Gas..................................... 31
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 30
Mobile phone............................ 30 can u reduce this? 02 do £15 payg deal for unlimted calls and texts to 02 and then u get £15 credit to call text other networks
TV Licence.............................. 12.29
Satellite/Cable TV...................... 80.97 persoanlly I would cancel. We swapped to freeview 18mnths ago. Got a box that we can record on. It doesn't feel like a sacrifice even to 2 teenagers!
Internet Services....................... 0
Groceries etc. ......................... 394.76 you can reduce this heavily - go to os board for inspiration. My aim this month is £230 for 2 adults and 1/2 (that's 1 slash 2 not half!) teenagers, my ds is into body building so needs a certain diet
Clothing................................ 100 - you can reduce this. I hoined the crazy clothes challenge and have spent less than this the wole year. I appreicate kids grow out of clothes, but look on ebay, second hand shops, bootfairs
Petrol/diesel........................... 101.8
Road tax................................ 10.42
Car Insurance........................... 25
Car maintenance (including MOT)......... 12.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 38.93
Medical (prescriptions, dentist etc).... 200
Pet insurance/vet bills................. 10.03
Buildings insurance..................... 20.83
Contents insurance...................... 0
Life assurance ......................... 3.06
Other insurance......................... 0
Presents (birthday, christmas etc)...... 89.17 reduce heavily again.Look for bargains throughout the year you can give friends/relatively. Ebay for the children...
Haircuts................................ 12.57
Entertainment........................... 156.48 what is this for? Can you reduce to £50 for the sake of paying off debts quicker?
Holiday................................. 0 its a good to have something in here in case the car/boiler/washing machine breaks
Emergency fund.......................... 0
Total monthly expenses.................. 2463.63


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 1000
Total Assets............................ 172000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 131765...(894.2)....5.18<
Small mortgage.................4842.82..(25.62)....2.34
Total secured & HP debts...... 136607.8.-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A and L........................6482.32...249.3.....7.9
Nationwide.....................1350......299.7.....6.7
Virgin.........................1401.54...25........0
Barclaycard....................2394.51...300.......20.1
Total unsecured debts..........11628.37..874.......-


Monthly Budget Summary
Total monthly income.................... 3,388.41
Expenses (including HP & secured debts). 2,463.63
Available for debt repayments........... 924.78
Monthly UNsecured debt repayments....... 874
Amount left after debt repayments....... 50.78

Personal Balance Sheet Summary
Total assets (things you own)........... 172,000
Total HP & Secured debt................. -136,607.82
Total Unsecured debt.................... -11,628.37
Net Assets.............................. 23,763.81

[

Just some thoughts x

dobs

Hi Loomie, just wanted to add a couple of ideas, we always spend that sort of money on pressies too, (mainly cos we were jws and feel we have to make up for the years we didn't celebrate any of it lol), but we can't afford to so this year i'm going to do what my sister does with her hubbys relatives at xmas, they each have to buy each other one gift each no more than £5 each. I think this is achievable if i get organised and buy in the sales, then if you can suggest it to other relatives and get them on board it will make xmas much cheaper.

Also, try OS boards, i'm always looking there for new recipe ideas, i now batch cook and freeze, do a meal plan and keep a list of freezer/cupboard contents, managed to do last wks shop for £18 for 2 adults and 3 young uns, as i found i had so much in the cupboards already to make meals from!

I'm a veggie and the rest meat eaters but twice a week we now all go veggie to save meat costs. We've got veg stew tonight with pulses and potatoes to bulk it out, no dumplings tho as i'm on a diet! But works out cheaper.

I also now buy kiddies clothes from sales, ebay and my nan gets great bargains from jumble sales - just got me 4 sweatshirts from Mini mode etc in great condition for £1.

foxgloves

Hi Loomie,
You should be able to reduce your grocery bill a fair bit, I think, especially if you pop over to the Old Style forum for tips & ideas. We spend about £250 a month for 2 adults & large cat, & that's with a husband with an emormous appetite. I expect other posters have mentioned your Sky bill. That sounds high. I've checked what we pay & it's £46 which includes our phone (landline), internet broadband & TV (Virgin media, but we do get some Sky channels in the package). You can get Mobile phone tariffs for £15 a month. I agree that £1000 a year is a vast amount for presents. If you have a big income & can live comfortably within your means then it doesn't matter how much you want to spend, but as you have debts to pay, then it needs to come down. Putting things away over the year for presents is a great idea & lots of people appreciate something hand-made too, so perhaps you can use any crafty or cooking skills you may have. It's easy to get caught up in thinking you have to spend an 'amount' on people's presents. Some of the nicest presents I've received have been little inexpensive things which have been carefully chosen because the giver knew I'd really like them. Unfortunately the capitalist society we live in makes us think we have to overspend on stuff to be fulfilled, but that's the same mentality which has got us all into the precarious financial position we're either now in, or have been recovering from. I wish you lots of luck with turning it round x

TurnaroundSue

Hi Loomie - welcome to the boards. I agree with everything everybody has said, but I notice that your signature figure does not match your unsecured debt figure. Does that mean that there is an extra debt that you have forgotten about in your SOA or should you reduce your figure in your signature? Some people do include their mortgages in their debt figure, but personally I think that should be left out of the equation as your mortgage is a 'good' debt.

Well done for coming on the boards; keeping posting and you will find lots of inspiration, help and advice from the wonderful people on this site.