soa - help please

stopthespends

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 303
Secured/HP loan repayments.............. 20
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 24
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 12
Car Insurance........................... 26
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..................... 8
Contents insurance...................... 8
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 812


Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 170000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 84000....(303)......5.1
Hire Purchase (HP) debt ...... 400......(20).......0
Total secured & HP debts...... 84400.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
cap............................1800......60........0
virgin.........................560.......25........0
yorkshire......................1900......60........0
Total unsecured debts..........4260......145.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 812
Available for debt repayments........... 988
Monthly UNsecured debt repayments....... 145
Amount left after debt repayments....... 843

Personal Balance Sheet Summary
Total assets (things you own)........... 170,000
Total HP & Secured debt................. -84,400
Total Unsecured debt.................... -4,260
Net Assets.............................. 81,340

tealady

Hi
You must be underestimating what you spend as you appear to have a surplus. I would keep a spending diary to see where the money really goes.

BLT_2

Not quite sure why the OP is asking for help as she or he seems to have a healthy surplus.

One thing I would say is that this highlights the iniquities of the benefits system. The fact that an individual with a disposal income of circa 425 pounds a week and a surplus income of 800 pounds per month can get 100 pounds a month in benefits.

It doesn't take much to work out why the welfare system is groaning under the strain.

Given that the state believe that a pensioner can live on 90 pounds a week, can someone explain to me the justification behind handing over money to an individual with this sort of income?


PS. Not a dig at the OP, merely the ludicrous system this SOA highlights.

Geebee

BLT wrote: »

Not quite sure why the OP is asking for help as she or he seems to have a healthy surplus.

One thing I would say is that this highlights the iniquities of the benefits system. The fact that an individual with a disposal income of circa 425 pounds a week and a surplus income of 800 pounds per month can get 100 pounds a month in benefits.

It doesn't take much to work out why the welfare system is groaning under the strain.

Given that the state believe that a pensioner can live on 90 pounds a week, can someone explain to me the justification behind handing over money to an individual with this sort of income?


PS. Not a dig at the OP, merely the ludicrous system this SOA highlights.

This £100 could be child benefit, and that is NOT means tested. However, even at the rate for the first child its high. As far as i know its only £20.30 per week for the eldest or only child. £13.40 per week for any other children.

Geebee

stopthespends wrote: »

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details
Mortgage................................ 303
Secured/HP loan repayments.............. 20
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 24
Mobile phone............................ 45 This is high.
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0 Nothing?
Groceries etc. ......................... 100 I think other people may be able to get by on this but personally, i spend more than this in a week, never mind a month, are you sure its correct?.
Clothing................................ 0 Nothing at all?.
Petrol/diesel........................... 40
Road tax................................ 12
Car Insurance........................... 26
Car maintenance (including MOT)......... 0 Nothing here?. You need to budget for MOT and any maintenance
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..................... 8
Contents insurance...................... 8
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Nothing?.
Haircuts................................ 0 Nothing?..
Entertainment........................... 0 Nothing?.
Holiday................................. 0
Emergency fund.......................... 0 Need to put something by regularly.
Total monthly expenses.................. 812


Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 170000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 84000....(303)......5.1
Hire Purchase (HP) debt ...... 400......(20).......0
Total secured & HP debts...... 84400.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
cap............................1800......60........0
virgin.........................560.......25........0
yorkshire......................1900......60........0
Total unsecured debts..........4260......145.......-


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 812
Available for debt repayments........... 988
Monthly UNsecured debt repayments....... 145
Amount left after debt repayments....... 843

Personal Balance Sheet Summary
Total assets (things you own)........... 170,000
Total HP & Secured debt................. -84,400
Total Unsecured debt.................... -4,260
Net Assets.............................. 81,340

OP, i'm not at all good with these things but i have added some initial comments.

As suggested by Tealady, a spending diary would be the best way to see where your money is going, as looking at the figures, you do have spare cash. Perhaps all the 'little things' are adding up but as theyre all little, they're not noticed.

I'm not sure how old the child in the household is, but surely some money would be spent in some way, clothing, haircuts, Presents?.

GB

Triggles

stopthespends - did you perhaps miss part of the stuff on your SOA? I don't see anything for things such as childcare, car maintenance/MOT, maybe breakdown cover, birthdays/christmas, other misc child expenses? The fact that your SOA shows over £800 free and clear after your budgeted expenses and debts makes me think something's missing....

stopthespends

hi all thanks for the replies. i will look at it again later as i did it early hours this morning so could have missed some thing.

also the £100pm is family allowence and 36pounds tax credit per month.

stopthespends

just notivced missed off my 2 loans! = 284 + 240......

izzybusy23

stopthespends wrote: »

hi all thanks for the replies. i will look at it again later as i did it early hours this morning so could have missed some thing.

also the £100pm is family allowence and 36pounds tax credit per month.

Then you need to adjust your benefit figure to £114 - 119 (child benefit is approx £81 four weekly or £86 monthly; all dependent on how you work it out for your SOA)