SOA - Newbie (have I done this right)

Hoo_2

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[b)

Monthly Income Details[/b]
Monthly income after tax................ 1174
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1174

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 14
Gas..................................... 41
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 18
TV Licence.............................. 10
Satellite/Cable TV...................... 26
Internet Services....................... 10
Groceries etc. ......................... 130
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1078


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly
Credit Card....................2300......49
Credit Card....................1080......32
Credit Card....................812.......16
Total unsecured debts..........4192......97 [/b]


Monthly Budget Summary
Total monthly income.................... 1,174
Expenses (including HP & secured debts). 1,078
Available for debt repayments........... 96
Monthly UNsecured debt repayments....... 97
Amount short for making debt repayments. -1

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,192
Net Assets.............................. -1,692


Total: £992

McKneff

Do you have Sky, you could combine your broadband and telephone for free.

Time the other half got a job. Do they not claim JSA or anything.

You really, really should have contents insurance...............

Hoo_2

Hi McKneff

Thanks for replying so quickly.

Already got the Sky combined package - just did it that way because of the way the form was laid out

He has been looking, it's really hard to find anything at the moment. Forgot to put that we get working family tax credit about £59 a month

I know, we were talking about it the other day, looking into it now.

Thanks again McKneff

McKneff

If you already have the package including SKY talk, you should just be paying BT around £12 a month for line rental so I am a bit confused. If you only try to make calls on a weekend and after 7pm, all your calls should be free.

Your intenet servce in the package is free for the basic so where is the £10 coming from.

So to sum up

You can have SKY, broadband and skytalk for £18 a month. Plus any day time telephone calls.
BT - you should be only paying line rental to them.

Or is this not the package you are talking about.

zarazara

Hoo 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[b)

Monthly Income Details[/b]
Monthly income after tax................ 1174
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1174

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500---is it possible to move to a smaller/cheaper property?
Management charge (leasehold property).. 0
Council tax............................. 130

---

what band is this? If its above band A try looking at Band A properties to rent.
Electricity............................. 14
Gas..................................... 41
Oil..................................... 0
Water rates............................. 0---I think there should be something here.
Telephone (land line)................... 22
Mobile phone............................ 18----is it possible to reduce here by using less?
TV Licence.............................. 10
Satellite/Cable TV...................... 26

---

cancel.
Internet Services....................... 10
Groceries etc. ......................... 130----seems cheap.
Clothing................................ 0

---

there should be something here.
Petrol/diesel........................... 120

---

could you walk/cycle more,perhaps move closer to work
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 0

---

there should be something here.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0----no contents insurance?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20----reduce to £10
Haircuts................................ 0

---

????
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0----there should be something here
Total monthly expenses.................. 1078


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly
Credit Card....................2300......49
Credit Card....................1080......32
Credit Card....................812.......16
Total unsecured debts..........4192......97 [/b]


Monthly Budget Summary
Total monthly income.................... 1,174
Expenses (including HP & secured debts). 1,078
Available for debt repayments........... 96
Monthly UNsecured debt repayments....... 97
Amount short for making debt repayments. -1

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,192
Net Assets.............................. -1,692


Total: £992

I've made some comments to your SOA, hope they are helpful.

Tixy

Hi and welcome

Hoo 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[b)

Monthly Income Details[/b]
Monthly income after tax................ 1174
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1174

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 14
Gas..................................... 41
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 18
TV Licence.............................. 10
Satellite/Cable TV...................... 26
Internet Services....................... 10
Groceries etc. ......................... 130
Clothing................................ 0 is it realistic to never buy anything? better to budget a little for it than have to buy on plastic.
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 0 you need to budget for MOT, service, new tyres etc
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 look into getting this (can be got for just a few quid a month with the tips on this site and cashback etc)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 do you never have these?
Entertainment........................... 0 is it realistic to have zero here?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1078


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly
Credit Card....................2300......49
Credit Card....................1080......32
Credit Card....................812.......16
Total unsecured debts..........4192......97 you need to find out the APRs for al these so you know which to target first.
[/b]


Monthly Budget Summary
Total monthly income.................... 1,174
Expenses (including HP & secured debts). 1,078
Available for debt repayments........... 96
Monthly UNsecured debt repayments....... 97
Amount short for making debt repayments. -1 whilst this is better than a large negative, I think you could be missing a few costs and ideally you need to be paying more than the minimums, otherwise it can take literally decades to pay off your debts.

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,192
Net Assets.............................. -1,692


Total: £992

Do you have anything you could sell to raise money? car boot or ebay or anything?
How long has OH been out of work? As his benefits are low even a part time job would improve your finances. Hopefully if you redo with his benefits you will be able to cover some of those costs you haven't built into the SoA.
Might also be worth looking at the snowball calculator to give you an idea how long it will take out the current rates of repayments.
Can you do any overtime at work? or any chance of a second job at evenings/weekends?

TUS

Are you claiming all the benefits you are entitled to?
Check on entitledto.co.uk

Housing Benefit?

Get rid of sky. Look at getting a broadband only service (no tel line or TV) or a PAYG dongle. Try to reduce the petrol. Reduce presents allowance for a bit.

Is your gas/elec the cheapest it can be? Elec seems OK, but gas is high.

Work through reducing your outgoings in small chunks. Start keeping a spending diary.