SOA help?

randomer

It's not complete and I'm struggling with technology.
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 200
Partners monthly income after tax....... 2300
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2660

Monthly Expense Details
Mortgage................................ 635
Secured/HP loan repayments.............. 260
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 25
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 300
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 28
Car maintenance (including MOT)......... 12
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 60
Entertainment........................... 20
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 2479


Assets
Cash.................................... 0
House value (Gross)..................... 90
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1590


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 75.......(635)......4.74
Secured Debt.................. 15.......(260)......8
Total secured & HP debts...... 90........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,660
Expenses (including HP & secured debts). 2,479
Available for debt repayments........... 181
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 181

Personal Balance Sheet Summary
Total assets (things you own)........... 1,590
Total HP & Secured debt................. -90
Total Unsecured debt.................... -0
Net Assets.............................. 1,500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Tixy

Hi
Is it right that you have no unsecured debts? overdrafts or anything?

I've put a few comments on it, although if you don't have debts and do have the surplus you may not need to make changes.

randomer wrote: »

It's not complete and I'm struggling with technology.
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4 who are the other 2 adults? are they grown up kids? do they contribute to the house at all?
Number of children in household......... 2 how old are they?
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 200 could you increase your hours? (depending on the age of the kids)
Partners monthly income after tax....... 2300
Benefits................................ 160 - do you get everything you can? www.entitledto.co.uk
Other income............................ 0
Total monthly income.................... 2660

Monthly Expense Details
Mortgage................................ 635
Secured/HP loan repayments.............. 260
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 50 not bad at all for 6 people but still check you are with the cheapest supplier for gas & elec
Gas..................................... 50
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 25
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 300 seems very high for every month? surely this could be reduced a bit if you need?
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 28
Car maintenance (including MOT)......... 12
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 60
Entertainment........................... 20
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 2479


Assets
Cash.................................... 0
House value (Gross)..................... 90,000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 91500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 75000.......(635)......4.74
Secured Debt.................. 15000.......(260)......8 is this secured on the house?
Total secured & HP debts...... 90........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,660
Expenses (including HP & secured debts). 2,479
Available for debt repayments........... 181 do you have this money spare each month?
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 181

Personal Balance Sheet Summary
Total assets (things you own)........... 91,500
Total HP & Secured debt................. 90,000
Total Unsecured debt.................... -0
Net Assets.............................. 1,500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

savingwannabe

Can you find a cheaper hairdresser to save on haircuts?

Can you ebay some unwanted things to clear space and bring in cash?

Burlesque_Babe

clothing is incredibly high, try to cut to nothing for the next few months and wear what is in the wardrobe unless it is a real emergency.

Haircuts is also very high every month. Use local hairdressing college/adult learning. I have mine done at work and they are great. £7.50 for a cut and blow dry and it's only £2 for kids.

randomer

Thankyou so much for replies. There are 2 adults living here......typo!

Re. clothes both teenagers have recently had birthdays so I factored a bit in for birthday clothes. Shoes for teens seem costly. Husband and myself spend little on clothes. I use charity shops and am quite happy to do that. Husband wears a uniform to work so not a big spender.

Hair is a bit expensive I agree. It's my luxury I suppose.

I earn very little as an hourly paid support assistant and also it'll wind down soon due to college holiday.

I conveniently forgot about unsecured debts i.e. an overdraft. This always hovers round the £800 mark and I cannot shift the bloody thing:mad:. One real pain is the main salary goes in every 4 weeks not a fixed pay day. I cannot get my pea sized brain round this for some reason.

Re selling on ebay in all honesty there is nothing to sell.

I'm going to have another good look at things:D

Burlesque_Babe

with 2 adults and 2 children then, there should be some savings to be made with the grocery bill each month.

Seriously look at using the trainee hairdressers. They are supervised all the time and you will be booked with someone who has done what you want doing. They are slower than being in a salon but that is because the tutor is helping/checking them. Is it because you are having it coloured? Home colours are just as good and there are always some great deals in the supermarket.

Re: ebay. How about clothing that isn't worn/grown out of? CDs which are never played? Any old phones around? Old console games which are gathering dust? Books go well on Amazon.

theoretica

If there are only four people in your house than you could probably cut on the grocery bill- even with teenager appetites! The old style board on these forums has lots of tips.

Have you considered giving your teenagers control and responsibility for their own clothes buying? You could ask them to open a clothes bank account each, pay in a sensible sum each month (£15?) and help them learn to budget. They might still ask for clothes for presents, but they too might start looking in charity shops!

randomer

slightly sad selection of CD'S which may raise a few quid. I'll look into the hair thing.
I go through phases with grocery shopping. The most successful being...plan a week of meals take out say £60 and stick to it.

Then stuff:(happens and I get fed up The system goes out the window and I'm back and forwards over spending.

Burlesque_Babe

have a look at music magpie for the CDs. You get a price for each - probably not a lot but they add up if they aren't going to sell that well on ebay and then package them up and you get a cheque back. I got £29 for about 30 CDs.

Numpty_Monkey

randomer wrote: »

It's not complete and I'm struggling with technology.
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 200
Partners monthly income after tax....... 2300
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2660

Monthly Expense Details
Mortgage................................ 635
Secured/HP loan repayments.............. 260
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116 ask to pay over 12 months
Electricity............................. 50 check out martins guide,turn things off(not standby) are you in credit?
Gas..................................... 50 turn heating down, off when not in, check you are on the cheapest tarrif, if swapping use cashback sites
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 25
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500 check out Old Style MoneySaving they'll knock £200 off that
Clothing................................ 300 wear what you have, sell what you don't need
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 28checkout comparrison and cashback sites for any insurance
Car maintenance (including MOT)......... 12
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 60 great advice from BB
Entertainment........................... 20
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 2479


Assets
Cash.................................... 0
House value (Gross)..................... 90
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1590


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 75.......(635)......4.74
Secured Debt.................. 15.......(260)......8 this a priority debt
Total secured & HP debts...... 90........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,660
Expenses (including HP & secured debts). 2,479
Available for debt repayments........... 181
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 181

Personal Balance Sheet Summary
Total assets (things you own)........... 1,590
Total HP & Secured debt................. -90
Total Unsecured debt.................... -0
Net Assets.............................. 1,500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

I've left a few comments , you need to make sure that the secured debt is paid,
As for the overdraft, open a new non linked (not connected with the overdraft bank bank)bank account, get salleries paid into the new one, and pay back the overdraft as a debt
Keep a spending diary, find out where that £181 extra pounds is going,

hth:A

randomer

that is very good advice re the overdraft. I have a very basic acccount at a non-overdraft bank. I could change from overdraft bank(whom I detest anyway). I wonder if it's difficult to change?
Then I could pay off O/D with a standing order.

Thanks