Any tweaks on my SOA

OrangeFairy

Here is my SOA. We have got it down quite a bit. So i think it is pretty tight. If we can stick to this we should be okay. We are trying to save for our wedding as well as pay off debts at the moment. Kept wedding costs a bit cheaper as getting married abroad.

0% and £0 payments are a limited time only.

Plan at the moment is to clear the wedding debt and pay any other bits that crop up. Need to get bridesmaid dresses and wedding rings. Then we can concentrate on the television amount as interest is incurred on that in nov and then the remaining littlewoods amount which is due interest in Jan 2011. So pleased we are making a lot of headway

Just wondering if my SOA looks tight enough??? The only things i am thinking is maybe moving for cheaper rent and our duel fuel is high for a terraced house. However i just started paying by D/D in april and this included £120 arrears. So £10 a month is paying back that amount. We are trying really hard to cut back on electric. It was £98 a month but after 2 readings has dropped to £89. So real figures would be £79 with out the arrears.


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................ 1185
Partners monthly income after tax....... 617
Benefits................................ 548.4
Other income............................ 0
Total monthly income.................... 2350.4

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 39
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 26.48
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 34
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 25
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 28.88
Car maintenance (including MOT)......... 15
Car parking............................. 2.4
Other travel............................ 0
Childcare/nursery....................... 168
Other child related expenses............ 64
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 20.5
Barry for computer...................... 21.66
Total monthly expenses.................. 1761.42


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 1000
Total Assets............................ 5000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest CC.....................1457......33........0
Lloyds Loan....................6133......215.......10
Littlewoods....................142.......0.........0
Television.....................674.......0.........0
Wedding Debt...................375.......25........34.7
Total unsecured debts..........8781......273.......-


Monthly Budget Summary
Total monthly income.................... 2,350.4
Expenses (including HP & secured debts). 1,761.42
Available for debt repayments........... 588.98
Monthly UNsecured debt repayments....... 273
Amount left after debt repayments....... 315.98

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,781
Net Assets.............................. -3,781

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

Thanks in advance. These forums have helped me soooo much to keep motivated and find cost cutting ideas!

mell242

littlekel wrote: »

Statement of Affairs and Personal Balance SheetMonthly Income Details
Monthly income after tax................ 1185
Partners monthly income after tax....... 617
Benefits................................ 548.4
Other income............................ 0
Total monthly income.................... 2350.4

Hi, I hope you don't mind me asking but how comes your benefits total £548 per month?

Tixy

Doesn't look too bad at all littlekel.

Have you considered looking at landline and satellite tv to see if you can get a better deal, either by combining, switching or threatening to switch?

What price might you pay to rent a different house in the same area? are you paying over the odds compared to current rental prices? If you are and landlord would have to relet cheaper if you moved out then maybe see if he will negotiate a short term reduction in the rent.

mum2one

littlekel wrote: »

Here is my SOA. We have got it down quite a bit. So i think it is pretty tight. If we can stick to this we should be okay. We are trying to save for our wedding as well as pay off debts at the moment. Kept wedding costs a bit cheaper as getting married abroad.

0% and £0 payments are a limited time only.

Plan at the moment is to clear the wedding debt and pay any other bits that crop up. Need to get bridesmaid dresses and wedding rings. Then we can concentrate on the television amount as interest is incurred on that in nov and then the remaining littlewoods amount which is due interest in Jan 2011. So pleased we are making a lot of headway

Just wondering if my SOA looks tight enough??? The only things i am thinking is maybe moving for cheaper rent and our duel fuel is high for a terraced house. However i just started paying by D/D in april and this included £120 arrears. So £10 a month is paying back that amount. We are trying really hard to cut back on electric. It was £98 a month but after 2 readings has dropped to £89. So real figures would be £79 with out the arrears.


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................ 1185
Partners monthly income after tax....... 617
Benefits................................ 548.4
Other income............................ 0
Total monthly income.................... 2350.4

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 39
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 26.48 - look at reducing the line bill, currently I have my bt line £14 pm, but my calls are with my internet package AOL - pay £7.00 pm, all local and national calls included. Or considering using 1899 - not sure of the web address, basically you dial 1899 then the number - you only get charged if the call is connected, was 5p flat charge, that knocked a wack off our bills
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 34- luxury item?
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 25
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 28.88
Car maintenance (including MOT)......... 15
Car parking............................. 2.4
Other travel............................ 0
Childcare/nursery....................... 168
Other child related expenses............ 64
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 20.5
Barry for computer...................... 21.66
Total monthly expenses.................. 1761.42


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 1000
Total Assets............................ 5000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest CC.....................1457......33........0
Lloyds Loan....................6133......215.......10
Littlewoods....................142.......0.........0
Television.....................674.......0.........0
Wedding Debt...................375.......25........34.7
Total unsecured debts..........8781......273.......-


Monthly Budget Summary
Total monthly income.................... 2,350.4
Expenses (including HP & secured debts). 1,761.42
Available for debt repayments........... 588.98
Monthly UNsecured debt repayments....... 273
Amount left after debt repayments....... 315.98

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,781
Net Assets.............................. -3,781

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

Thanks in advance. These forums have helped me soooo much to keep motivated and find cost cutting ideas!

The positive thing is you have a surplus at the end of the month to chuck at the debts, I have highlighted sky as a luxury, but in all honesty its not as thou you arein negative.

Would suggest keeping a spending diary, and see where the money goes, may find you can shave a couple of quid here and there.

Also presents,may be worth having a look at some of the xmas threads, get some ideas on saving money, bargain hunting, + how the little touches make the present look dearer. xx

You've done a brilliant job.

OrangeFairy

mell242 - wages include about £90 of tips and odd cash in hand jobs. OH maintains a few websites for some mates for a bit of money. So tax credits not worked out on all the money. My tax credit figure they gave me covers all but £5 of my childcare costs. These will stop in sept when DD goes to school so my income should stay about the same. They are meant to cover all but £14 of my childcare. But my childcare dropped by £9 a week. I rang to tell them and they said becuase it hasn't gone below £10 a week they wouldn't reduce my payments! Seems strange but fine by me. Our wage has gone up by £600 over the year since they worked out our amount but they said to let them know if our wage increases by more than £1000. Will mean a drop in april but we will be a lot better off by then so shouldnt (fingers crossed) be an issue!

Hoping to pick up extra hours next years so we don't have to claim tax credits at all!! They are a pain in the bum!!! Change constantly!

The telephone is line rental, broadband and calls. This has only just been reduced.

Sky we have the full package for £33 including high def. This is a year offer as OH sells sky. In november will have to make a decision on what to do with it.

It is a luxury but we don't goout too much and really like it for the golf and tennis.

That present figures doesnt include xmas I am attempting to do xmas on money earnt on scratches and surveys and also ebay sales. I have done pretty well this year to cut down on birthdays. I but stuff in advance that is on sale etc.

Our house is about £75 overpriced but it was done up perfectly with new kitchen and bathroom when we moved in. The cheapest house we could rent in our village would be around the £600 mark. I have estate agents looking for me. But very quiet for rental properties around here at the moment. We also don't have a garage with htis property which is a bit cheeky really! They wanted an extra £70 a month for the garage!!! It is only a small terraced house with 2 good bedrooms and a box room. Will keep my eye out.

Thanks for your comments!

Onwards and upwards -hopefully will be debt free and able to start saving for my daughters futures as soon as poss! Also REALLY want to be able to buy our first house! I am sooo sick of renting and having to move all the time!

:D:D

Numpty_Monkey

Have you done the comparrison sites for Gas and Electric, that seems a bit high
Do you use cashback sites?, might help with wedding things.
apart from what the others have mentioned it seems pretty ok