my SOA- any advice thanks

pania

efesbaby 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................ 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 ask the council if you can pay this over 12 months rather than 10. you dont get the 2 months off the tax but it helps to lower the monthly outgoing
Electricity............................. 22
Gas..................................... 34.5
both of these are ripe for a review, try the comparrison websites, maybe give your companies a call and see if you have a surplus that they can refund back to you or use to lower your payments for now?
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 18
Mobile phone............................ 60
ouch!!! what tariff is this and what does it give you? do you sue all the free minutes texts etc that you get with these phones? if you dont maybe contact your provder and see if you can lower your tariff.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 17
Groceries etc. ......................... 250
another ouch!!!! This could dramatically be reduced, have a look at the old style board, meal plan, bulk cook and freeze ready for future use. I have a feeling you could slash this by a minimum of £50 with a little attention
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 15
Car Insurance........................... 93
again, have a look at the comparrison sites. if your OH is having to use his for company use should they not be paying an expense for this?
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

hiya hon hope you are ok.

Have had a look above and i have a feeling you could make about £120-140 of cutbacks very easily from your outgoings, the bulk being from your grocery bill.
Throw yourself into the DFW world, adopt old style, meal plan like it is going out of fashion. you WILL get there! good luck xx