my SOA- any advice thanks

efesbaby

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................ 1300
Partners monthly income after tax....... 1120
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2500
Monthly Expense Details
Mortgage................................ 661
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 22
Gas..................................... 34.5
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 18
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 17
Groceries etc. ......................... 250
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 15
Car Insurance........................... 93
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 9
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 200
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1873.5

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 139000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(661)......7
Total secured & HP debts...... 139000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds loan me.................9800......336.......7.5
lloyds loan him................5200......230.......8.4
Total unsecured debts..........15000.....566.......-

Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,873.5
Available for debt repayments........... 626.5
Monthly UNsecured debt repayments....... 566
Amount left after debt repayments....... 60.5
Personal Balance Sheet Summary
Total assets (things you own)........... 139,000
Total HP & Secured debt................. -139,000
Total Unsecured debt.................... -15,000
Net Assets.............................. -15,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

The £200 for entertainmetn is in fact saving towards our wedding as we get married in November.

Thanks

piccalilli_2

Hi and welcome!

Someone will be along soon I'm sure with comments - good start with the SOA!

Hannah_10

Unless I'm reading it wrongly, you're expenses are predominantly normal (car insurance and petrol are high but I expect you were already aware of that and your mobile phone costs are ripe for pruning). You're meeting all your debt repayments and you've got money left over at the end of the month. Short of saying put that £60.50 towards his loan to get it cleared a bit quicker or suggesting you downsize the cars for cheaper ones and use the excess to clear some I'm not sure how we can be of much further assistance. Was there something you specifically wanted to know?

efesbaby

I know we are being quite strict with money at the moment, i just wanted to see if anybody could see something that i was blind to.

Thanks for your responses

Hannah_10

Thanks for letting us know, it's not strictly a money saving thing but are you banking at Lloyds? If you are then I suggest you move your accounts elsewhere as they can dip thier grubby little paws into your account any time they like. Stealing? You'd have thought so, sadly though it is legal and they call it setting off. You probably already knew about it but if not then have a look HERE. They don't usually do it unless the loan isn't being paid, but "don't usually" and "don't ever" aren't the same and on such a tight budget you're too close to the wire to risk it.

spike2012

A few simple things, like car sharing? is it available in your area for any trips? Even the shops?

Plan your route well

remove items from the car to make it lighter, using less fuel, check tyre pressures etc.

Could you provide some mobile phone plan details? Same for internet services etc etc. All you hear is about switch to this and switch to that, but a £20 a month difference would always help!

slummymummyof3

Are you on a fixed rate with your mortgage??? Can you switch to something more competitive?

You also need life insurance with a child! Sorry I know you are looking to reduce outgoings, but this is a necessity!!!!

neverdespairgirl

You cars are costing you £368 a month, which is an awful lot. Can you use just one? Cut down on mileage?

kingfisherblue

I'm assuming that the benefits are child benefit - don't you get any child tax credits?

Groceries and mobiles are quite high and can be trimmed. Petrol is very high - is there any way you can reduce this? Entertainment is also high.

Don't you ever buy presents? I think you need an amount here.

efesbaby

thanks for all your replies, the petrol is high because my mum who lives in a village at the other side of the city to me, has my daughter every day, she also gets the £40 a month CTC, to cover basics. We both need cars as our jobs stipulate that we have to have them, he does get mileage for some of this, but i put that away to pay for car tax and mot. Mine is just part of my salary,

i know we need life insurace it desperatly worries me, but because i am over weight i cant get a cheap enough price at the moment.

I am keeping a spending diary for August to see if i can cut back anywhere, i already plan most of our meals, but I am going to see if we can reduce the amount of money.

Presents! i have stack loads of them always looking at bargains and i have presents for everything under the sun. Even daughters xmas presents are bought with vouchers i get from work.

Its the two loans that really mess us up, the sooner they are gone the better.

Thanks

oh and the entertainment £200 is savings for my wedding.
:j

slummymummyof3

efesbaby wrote: »

i know we need life insurace it desperatly worries me, but because i am over weight i cant get a cheap enough price at the moment.

Still think you need to take some out, regardless! You would be shafted i something happened to either one of you.