My SOA - Suggestions and recommendations appreciated

Mudd14

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1610
Partners monthly income after tax....... 850
Benefits................................ 165
Other income............................ 100 Family loan repayment
Total monthly income.................... 2725
Monthly Expense Details
Mortgage................................ 714.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 146
Electricity............................. 54
Gas..................................... 31
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 12
Mobile phone............................ 80 Locked into iPhone contracts (mine is being reduced one tarif per month atm)
TV Licence.............................. 12
Satellite/Cable TV...................... 24.25 Locked into Sky until December
Internet Services....................... 16
Groceries etc. ......................... 270
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 58
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 240
Other child related expenses............ 80 Nappied/milk
Medical (prescriptions, dentist etc).... 17.4 Denplan
Pet insurance/vet bills................. 0
Buildings insurance..................... 15 Could I get this cheaper?
Contents insurance...................... 15 As above?
Life assurance ......................... 56.92 As above! I am Diabetic so is a bit higher for me.
Other insurance......................... 32.99 Bolier and washing machine cover
Presents (birthday, christmas etc)...... 65
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Misc Living Costs....................... 295 Money me and my partner live on, work lunch etc
Lottery................................. 10
Total monthly expenses.................. 2526.06

Assets
Cash.................................... 0
House value (Gross)..................... 194000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 198000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 171500...(714.5)....4.99
Total secured & HP debts...... 171500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................0.........61........0
Leeds..........................0.........24........0
Citi ..........................0.........97........0
Loan...........................0.........169.......0
Virgin ........................0.........25........0
Total unsecured debts..........0.........376.......-

Monthly Budget Summary
Total monthly income.................... 2,725
Expenses (including HP & secured debts). 2,526.06
Available for debt repayments........... 198.94
Monthly UNsecured debt repayments....... 376
Amount short for making debt repayments. -177.06
Personal Balance Sheet Summary
Total assets (things you own)........... 198,000
Total HP & Secured debt................. -171,500
Total Unsecured debt.................... -0
Net Assets.............................. 26,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Mudd14

Just to add the trouble with my partners wages is that it is not a set amount every month, she is self employed and 3000 is earnt in one month of the year, so budgetting for those months previous is a struggle.

theoretica

The misc living costs seem high- couldn't you take packed lunches (your grocery budget is not low and should stretch to these) and cut this to practically nothing? What do you really need to spend money on? Also your present budget looks astronomical- can you spend time and effort rather than money?

Mudd14

Yeah the presents shocked me a little as you dont notice it here and there but when you average it over a year. Trouble is between me and my wife we have 8 perants and 8 brothers and sisters!

Misc living costs is as low as I ahve tried to get it, I spend approx 15 pounds on lunchs a week and thats packed. ie Bread, cheese, ham, butter, chrisps, etc

Other half goes to a lot of baby classes as she is currently only working 1 day per week so needs to get out the house. Its not expensive ona daily basis but all adds up I suppose. I cant really not let her go to the classes as i want her to do this things and i want my son to experience it as well.

Im stuck really

pennypusher

You need to get rid of the miscellaneous living costs, all lunch money needs to come out of the grocery budget. Get rid of the lottery it's a total waste of money that you can't afford.

OrkneyStar

Mudd14 wrote: »

Yeah the presents shocked me a little as you dont notice it here and there but when you average it over a year. Trouble is between me and my wife we have 8 perants and 8 brothers and sisters!- small token gifts then, nothing lavish, or kids only ?

Misc living costs is as low as I ahve tried to get it, I spend approx 15 pounds on lunchs a week and thats packed. ie Bread, cheese, ham, butter, chrisps, etc This should be included in your grocery budget...exactly what is the grocery budget going on if you are spending extra on lunches and on so called child expenses such as milk/nappies ?

Other half goes to a lot of baby classes as she is currently only working 1 day per week so needs to get out the house. Take the baby walks, to the park, mother and baby classes (normally not that expensive). Its not expensive ona daily basis but all adds up I suppose. I cant really not let her go to the classes as i want her to do this things and i want my son to experience it as well. I suspect she is spending money on other things while she is out....she can take a picnic with her instead of buying things, avoid routes by shops etc Am speaking from experience.....gave up f/t work to be a SAHM and you have to consciously design your day a lot of the time to avoid random spending here and there as, like you say, it adds up! Does OH know about the money situation ? Perhaps she needs to adapt to having less 'pocket money' ?

Im stuck really

Mudd14 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1610
Partners monthly income after tax....... 850
Benefits................................ 165
Other income............................ 100 Family loan repayment
Total monthly income.................... 2725
Monthly Expense Details
Mortgage................................ 714.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 146
Electricity............................. 54
Gas..................................... 31
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 12
Mobile phone............................ 80 Locked into iPhone contracts (mine is being reduced one tarif per month atm) lesson- think before signing up ?
TV Licence.............................. 12
Satellite/Cable TV...................... 24.25 Locked into Sky until December ditto iphones!
Internet Services....................... 16
Groceries etc. ......................... 270 way too high for 2 adults and 1 child, this (incl the other 'child expenses such as nappies and milk) should be 250pcm max!
Clothing................................ 0
Petrol/diesel........................... 200 really ? is all this necessary driving ?
Road tax................................ 30
Car Insurance........................... 58 high
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 240
Other child related expenses............ 80 Nappied/milk gold plated ones ? Seriously, see groceries section for comment .
Medical (prescriptions, dentist etc).... 17.4 Denplan
Pet insurance/vet bills................. 0
Buildings insurance..................... 15 Could I get this cheaper?
Contents insurance...................... 15 As above?
Life assurance ......................... 56.92 As above! I am Diabetic so is a bit higher for me. Fair enough health issues but still shop around for all insurances!
Other insurance......................... 32.99 Bolier and washing machine cover
Presents (birthday, christmas etc)...... 65 high...need to reduce this by half say
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Misc Living Costs....................... 295 Money me and my partner live on, work lunch etc.....on top of other spending ? Set yourself both a small realistic entertainment and/or family budget...say £100 pcm absolute max (ideally a lot less), make packed lunches, stop frittering (start a spending diary).
Lottery................................. 10 waste of money- scrap it....use the £10 for something more constructive (even if it is eg a treat lunch every so often)
Total monthly expenses.................. 2526.06

Assets
Cash.................................... 0
House value (Gross)..................... 194000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 198000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 171500...(714.5)....4.99
Total secured & HP debts...... 171500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................0.........61........0
Leeds..........................0.........24........0
Citi ..........................0.........97........0
Loan...........................0.........169.......0
Virgin ........................0.........25........0
Total unsecured debts..........0.........376.......-

Monthly Budget Summary
Total monthly income.................... 2,725
Expenses (including HP & secured debts). 2,526.06
Available for debt repayments........... 198.94
Monthly UNsecured debt repayments....... 376
Amount short for making debt repayments. -177.06
Personal Balance Sheet Summary
Total assets (things you own)........... 198,000
Total HP & Secured debt................. -171,500
Total Unsecured debt.................... -0
Net Assets.............................. 26,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Comments in blue.
Main things- check ALL insurances are best you can get pricewise, reduce grocery spending (that plus nappies/milk should be approx £250 pcm), scrap the 'Misc living costs' (no creditor would accept this title anyway, and you are spending way too much)....give yourself/family a much smaller entertainment budget!
hth