First Tim Poster Long Time Lurker

Sobewannabe

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1931.55
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1931.55
Monthly Expense Details
Mortgage................................ 757.4
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 86
Electricity............................. 20
Gas..................................... 24
Oil..................................... 0
Water rates............................. 15.1
Telephone (land line)................... 14
Mobile phone............................ 20
TV Licence.............................. 12.37
Satellite/Cable TV...................... 29.5
Internet Services....................... 7.5
Groceries etc. ......................... 125
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 40
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..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1375.87

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 28270
Car(s).................................. 15000
Other assets............................ 10000
Total Assets............................ 203270

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111000...(757.4)....5.39
Total secured & HP debts...... 111000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Car Loan.......................14000.....288.1.....7.7
Sainsburys ....................4192......95........0
Santander .....................4635......100.......0
Total unsecured debts..........22827.....483.1.....-

Monthly Budget Summary
Total monthly income.................... 1,931.55
Expenses (including HP & secured debts). 1,375.87
Available for debt repayments........... 555.68
Monthly UNsecured debt repayments....... 483.1
Amount left after debt repayments....... 72.58
Personal Balance Sheet Summary
Total assets (things you own)........... 203,270
Total HP & Secured debt................. -111,000
Total Unsecured debt.................... -22,827
Net Assets.............................. 69,443
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi Guys Im a long long time lurker and never posted as I felt I had a good grip on my finances. I've posted my statement of affairs for you to see if you can work some magic on this and provide me with some inspiration.

All credit card debt is on 0% cards and I shift quite easily to new 0% cards and pay a set amount of each card each month so that the total debt reduces.

The Shares that I have I'm not in a position to sell them at the moment as I will take a hit on them and I am reluctant to make a loss on them.

I also have £5,500 overpaid on my mortgage which has 22 yrs left to run Im on a Nationwide fix until May 2011 when it will revert to the BMR of 2% plus base.

I also having savings approx £5,100 in an ISA and £2,000 in an instant access account.

My Water is on a meter and I have the basic sky package 2 mixes with HD.

Many Thanks

Richard

talana

I don't think you have a lot to worry about.
Monthly expenses seem pretty reasonable, not a lot to quibble with there (nothing for entertainment though?)
And importantly, if it ever came to the crunch, your assets more than cover your debts.

Although your cards are 0%, you're gradually paying them off and reducing your debt exposure.
Is the car loan flexible at all? ie does it allow overpayments and the like?

RAS

Hi

if you got a lodger, in two years you could pay off the cards completely. It is tax-free up to about £370 permonth, but you need to think about the cost of extra utilities and CT.

Tixy

Are you managing to pay more than the minimums on your debts? You show a surplus of £72 per month. Do you know where this goes?

If you don't have that much spare or want to reduce the debts quicker there may be a few areas you could look at.

Sobewannabe wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1931.55
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1931.55
Monthly Expense Details
Mortgage................................ 757.4
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 86
Electricity............................. 20 these both look okay. But worth checking once a year or so that you are with the best suppliers and cheapest tariff.
Gas..................................... 24
Oil..................................... 0
Water rates............................. 15.1
Telephone (land line)................... 14
Mobile phone............................ 20
TV Licence.............................. 12.37
Satellite/Cable TV...................... 29.5 could possibly drop a package here if you need to .
Internet Services....................... 7.5
Groceries etc. ......................... 125 could reduce this a little. Maybe try for £100.
Clothing................................ 0 might need to budget a little here.
Petrol/diesel........................... 100 do you fill up at the cheapest garage? drive 'fuel efficently'?
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 40
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..................... 15
Contents insurance...................... 15 might be able to get B&C a little cheaper than this based on your house value. Shop around at renewal and read the tips on earning cashback if you switch.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 do you not need something here?
Haircuts................................ 0 do you do this at home? if not budget for it?
Entertainment........................... 0 need to budget a little bit here I would imagine.
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1375.87

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 28270
Car(s).................................. 15000
Other assets............................ 10000
Total Assets............................ 203270

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111000...(757.4)....5.39
Total secured & HP debts...... 111000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Car Loan.......................14000.....288.1.....7.7
Sainsburys ....................4192......95........0
Santander .....................4635......100.......0
Total unsecured debts..........22827.....483.1.....-

Monthly Budget Summary
Total monthly income.................... 1,931.55
Expenses (including HP & secured debts). 1,375.87
Available for debt repayments........... 555.68
Monthly UNsecured debt repayments....... 483.1
Amount left after debt repayments....... 72.58
Personal Balance Sheet Summary
Total assets (things you own)........... 203,270
Total HP & Secured debt................. -111,000
Total Unsecured debt.................... -22,827
Net Assets.............................. 69,443
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi Guys Im a long long time lurker and never posted as I felt I had a good grip on my finances. I've posted my statement of affairs for you to see if you can work some magic on this and provide me with some inspiration.

All credit card debt is on 0% cards and I shift quite easily to new 0% cards and pay a set amount of each card each month so that the total debt reduces. Good that you are reducing them as well. It is getting harder to get new deals so always good to reduce them just in case you can't get one.

The Shares that I have I'm not in a position to sell them at the moment as I will take a hit on them and I am reluctant to make a loss on them.

I also have £5,500 overpaid on my mortgage which has 22 yrs left to run Im on a Nationwide fix until May 2011 when it will revert to the BMR of 2% plus base.

I also having savings approx £5,100 in an ISA and £2,000 in an instant access account. is this the other assets figure of £10k?
If you should struggle to get a 0% deal on the cards presume you would use some of this towards repayments?

My Water is on a meter and I have the basic sky package 2 mixes with HD.

Many Thanks

Richard

I'd say generally things look pretty good for you.