SOA any advice?

pinknfluffy0

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.................... 2

Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 1800
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 2332

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 360
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 80
Gas..................................... 48
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 70
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 30
Petrol/diesel........................... 250
Road tax................................ 50
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
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)...... 0
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 200
Total monthly expenses.................. 1856


Assets
Cash.................................... 200
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................3000......160.......0
Total unsecured debts..........3000......160.......-


Monthly Budget Summary
Total monthly income.................... 2,332
Expenses (including HP & secured debts). 1,856
Available for debt repayments........... 476
Monthly UNsecured debt repayments....... 160
Amount left after debt repayments....... 316

Personal Balance Sheet Summary
Total assets (things you own)........... 3,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,000
Net Assets.............................. 200

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

Odette

pinknfluffy0 wrote: »

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.................... 2

Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 1800
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 2332

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 360
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 80this is high!
Gas..................................... 48
Oil..................................... 0
Water rates............................. 60also high!
Telephone (land line)................... 70 very high! is anything included in this like internet etc? if you go with bt get free weekend calls and just use the phone then
Mobile phone............................ 50 just for one? or two?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350this is high, check out old style board, me and my partner can do about £100 a month between us
Clothing................................ 30
Petrol/diesel........................... 250 do you both drive for work? no way of getting public trans, this is ALOT!
Road tax................................ 50
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50sounds fair, but whats it for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0 shouldnt you have this? i dont have kids so im not sure!
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0never buy presents? jehovas witnesses?
Haircuts................................ 0never get your hair cut?!
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 200 could this be reduced for a little? if you rent your never going to have to replace a boiler or anything drastic like that...
Total monthly expenses.................. 1856


Assets
Cash.................................... 200
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................3000......160.......0
Total unsecured debts..........3000......160.......-


Monthly Budget Summary
Total monthly income.................... 2,332
Expenses (including HP & secured debts). 1,856
Available for debt repayments........... 476
Monthly UNsecured debt repayments....... 160
Amount left after debt repayments....... 316

Personal Balance Sheet Summary
Total assets (things you own)........... 3,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,000
Net Assets.............................. 200

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

Someone will be along who knows better than I do soon! But there's a brief look at some savings to be made! You spend more than 10% of your income on petrol alone!

Where do you live? The rent you pay is amazing!

Tixy

pinknfluffy0 wrote: »

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.................... 2

Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 1800
Benefits................................ 132 is this everything you are entitled to? can you get tax credits as well?
Other income............................ 0
Total monthly income.................... 2332

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 360
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 80 this looks really high, are you paying off arrears? can you reduce your usage and use comparison sites to see if you can finder a cheaper supplier & tariff for gas & elec?
Gas..................................... 48
Oil..................................... 0
Water rates............................. 60 is this metered or unmeasured? might be worth looking if a meter would save you money
Telephone (land line)................... 70 this is really high, who are you calling for it to be so much?, look for a cheaper alternative.
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0 is this in with landline?
Groceries etc. ......................... 350 you could reduce this if you needed to. Try meal planning for the week before you go shopping.
Clothing................................ 30
Petrol/diesel........................... 250 looks very high, is it all essential? do you drive efficently?
Road tax................................ 50
Car Insurance........................... 65 do you shop around at renewal time?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 do you not have this? you can get it really cheap.
Life assurance ......................... 0 unless your partner has death in service cover through work I would really consider getting life insurance
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 need to budget something here (1/12 of estimated annual cost)
Haircuts................................ 0 do you never pay for any?
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 200 are you saving this each month?
Total monthly expenses.................. 1856


Assets
Cash.................................... 200
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................3000......160.......0 is this the minimum payment? is it interest free at the moment? how soon does that offer expire and do you know what the standard APR is?
Total unsecured debts..........3000......160.......-


Monthly Budget Summary
Total monthly income.................... 2,332
Expenses (including HP & secured debts). 1,856
Available for debt repayments........... 476
Monthly UNsecured debt repayments....... 160
Amount left after debt repayments....... 316 Do you have thhis spare each month? and if so what do you spend this on?

Personal Balance Sheet Summary
Total assets (things you own)........... 3,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,000
Net Assets.............................. 200

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

Hi,
I've put a few comments in where I think you could save money to pay off your card quicker.

pinknfluffy0

My husband has to travel to work, I try not to use my car when I dont have to.

I live in Coventry its a housing association 3 bed house.

Odette

What do you use your car for though? Maybe getting rid might be an idea?

pinknfluffy0

The benifits I included in my wage.
Electisity and water I am paying a back log off too
phone, that broadband and sky too as i pay it together. I have gotten rid of the tumble drier to try and help.
I meal plan and cook everything from scratch, my kids just eat loads.
The petrol is my husband as he has to drive far to get to work
Insurance yes I shop round, its for 2 cars
I am a hairdresser so hair cuts are free

I try and save that a month but I have had to use most of my savings right now as we have had loads go wrong

pinknfluffy0

I am a mobile hairdresser so need my car just starting up

pinknfluffy0

I dont have that spare, it tends to get taken up with the kids or stuff needing replacing, Im not really that sure where it does go. My husband gets paid weekly so im finding it hard to work it all out monthly

Tixy

Sounds like it might be a good idea for you both to keep spending diaries for a couple of months, where you write down everything you spend (even a newspaper or can of pop). That way you can compare what you think you spend to what you actually do and track down that 'missing' spare money, this should help you see if you can eliminate any spends.

If you want tips on reducing your spending on groceries then the oldstyle money saving board might help. But many people on here feed a family of 4/5 on £200-250 a month so it can be done!

Good luck

pinknfluffy0

the money diary is a great idea as I know we are spending more than we should.

where are the old style boards? I would like to drop the shopping if i could

Tixy

Here is the link
http://forums.moneysavingexpert.com/forumdisplay.php?f=33

They have a monthly grocery challenge which is popular I know. Its another very friendly board, like DFW.

For a spending diary some people just carry a note book with them, others use spreadsheets to help them keep track, or there is www.spendingdiary.com which does a similar thing and allows you to categorise your expenses.