Statement of Affairs - Outgoings Your Thoughts please

simbamk1

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 979
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2079
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 210
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 28
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 300
Clothing................................ 100
Petrol/diesel........................... 30
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 60
Total monthly expenses.................. 2035

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 150
Other assets............................ 0
Total Assets............................ 150

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

Monthly Budget Summary
Total monthly income.................... 2,079
Expenses (including HP & secured debts). 2,035
Available for debt repayments........... 44
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 44
Personal Balance Sheet Summary
Total assets (things you own)........... 150
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 150
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Tixy

Hi. Is it right that you have no unsecured debts or overdraft etc? I assume you are still hoping to cut back on your finances?

Ah - I think you are meaning this to be a bankruptcy SoA - in which case you've accidentally posted on DFW and might get some odd answers aimed at what you could cut back not what is ok for bankruptcy limits etc.

If you did intend to post on here then will look again and comment.

Horace

Some things are glaringly obvious to me eg. £300 a month on food for two people - this can easily be halved at least and you can still eat well. Most folks on here would aim for £60 a month per person. Drop a brand in the supermarket, make your own lunches, cook from scratch - making shopping lists of what you need rather than what your eyes tell you that you need when you are in the supermarket. Look at the moneysaving oldstyle board for tips.

Clothes - £100 a month is excessive - shop from your wardrobe and only buy new underwear when needed.

Keep a spending diary too that will help.

HamsterWheel_3

simbamk1 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 979
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2079
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 210
Electricity............................. 65 this is quite high and can be dropped if your both out working, check lightbulbs minimise washing loads etc
Gas..................................... 65 as above this is high are you paying some debt on this?
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 45 are you able to drop your tarriff as you could get a good sim only deal if necessary for about £10 a month
TV Licence.............................. 28
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 300 for 2 of you with no pets no kids no nappies etc you can EASILY cut this down by £100 at the vest least
Clothing................................ 100 EVERY MONTH??? whoa sell some things you dont have and use that money to buy newer stuff but this really is extreme when you are trying to cut down
Petrol/diesel........................... 30 only £30 a month on fuel??
Road tax................................ 15
Car Insurance........................... 60 go and have a look at some comparison sites as unless its a rolls royce and you have umpteen points £700 a year for insurance is well high
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30 is this always the same every month can you get a repeat prescription reduction?
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 cut this down and only buy for special family/friends
Haircuts................................ 15 every month? go to a college and see if any discounts
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 60 " maybe reduce this for a while and put it towards paying off some debts
Total monthly expenses.................. 2035

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 150
Other assets............................ 0
Total Assets............................ 150

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

Monthly Budget Summary
Total monthly income.................... 2,079
Expenses (including HP & secured debts). 2,035
Available for debt repayments........... 44
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 44
Personal Balance Sheet Summary
Total assets (things you own)........... 150
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 150
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

By no means am i an expert like many others on here but looking through your soa there is a bit of room for improvement
i dont know how genned up on things you are but if you do any insurance or buying make sure you look on https://www.quidco.com first sign up there and earn some cashback, Also plenty of challenges on the forums to gee you into saving more, have a big ebay clear out you will be surprised at how much people do want what you think is clutter/junk etc xxx