My SOA, pointers please

happytails

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.................... 1

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 0 (SAHM expecting 2nd child, not able to go out to work)
Benefits................................ 120
Other income............................ 200 - Overtime. This is average, sometimes its higher
Total monthly income.................... 1670

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130 (spread over 12 months)
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 50 (company will not reduce this - we are on meter)
Telephone (land line)................... 22 (contract with BT for calls and landline until mid 2011)
Mobile phone............................ 18 (fixed until mar 2011)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 250 (OH on high protein diet not sure how to reduce this!)
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 3.5
Car Insurance........................... 63
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 30 (this is dog and reptile food only as seperate from groceries, and annual dog vac)
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 30
Haircuts................................ 5
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 20
Car loan ............................... 150 (fixed until Dec 2012 no lump sum to pay at end)
Total monthly expenses.................. 1548.5


Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 115000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82800....(500)......5.99
Total secured & HP debts...... 82800.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................1600......35........18.28 -monthly amount is to cover fees
O/d 2 (£1 a day fee)...........1250......30........0 - monthly amount is to cover fees
O/d 3 (0% til mar 11)..........250.......0.........0
Family.........................340.......0.........0 - need to pay £40 a month to keep Dad happy
Friends........................2700......0.........0 - need to pay £100 a month as previously agreed but this has stopped for now
Total unsecured debts..........6140......65........-


Monthly Budget Summary
Total monthly income.................... 1,670
Expenses (including HP & secured debts). 1,548.5
Available for debt repayments........... 121.5
Monthly UNsecured debt repayments....... 65
Amount left after debt repayments....... 56.5

Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total HP & Secured debt................. -82,800
Total Unsecured debt.................... -6,140
Net Assets.............................. 26,060

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Any tips/ideas welcome especially the groceries area



Thanks everyone!
Sarah x

Marisco

Hi Sarah, at first glance you're SOA doesn't look too bad. What sticks out though is water:eek: That seems very high!! Have you shopped around for car ins as this also looks high. Maybe shave off £10 on presents and entertainment and would your dad accept £20 instead of £40 'till you get a bit more sorted? The groceries seem reasonable to me;) Does your oh need high protein for health reasons? If not maybe you could cut a bit there.

happytails

Marisco wrote: »

Hi Sarah, at first glance you're SOA doesn't look too bad. What sticks out though is water:eek: That seems very high!! Have you shopped around for car ins as this also looks high. Maybe shave off £10 on presents and entertainment and would your dad accept £20 instead of £40 'till you get a bit more sorted? The groceries seem reasonable to me;) Does your oh need high protein for health reasons? If not maybe you could cut a bit there.

Hi, thanks for the reply!!

Car insurance is lowest quote for me and OH together (last year was £1200 :eek:, both 21 with a crash on record )

Water is high, i agree but the company wont lower the DD (may have to push this further), we have an Eco shower and an eco washing machine and we are careful with what we use so no idea why its so hight :mad:

Dad would probably accept £20 a month, especially as christmas is creeping up.

OH is classed as obese and has been advised to cut back on Carbs and eat alot of protein (mainly), lean meats, mince, chicken, turkey, tuna etc (all plain, no sauces/dressing) and alot of fresh veg and nuts etc. No bread, pasta etc and 1 serving of rice and potatoes a week :eek: So not only is the food he eats costing us a fortune its not suitable for a pregnant lady and an 18m old to live on but hopefully it wont be long until he is eating pastas and such in moderation

We have 14 birthdays (mostly immediate family) in the run up to christmas too :eek: not feeling very positive at the moment about those

Sarah

tallyhoh

Was the high protein diet recommended from qualified medical advise or otherwise? I cant see why it should really cost more as its the stuff we eat. Maybe you are using the expensive protein meals like steaks & stuff. Have a google or look at the OS board for ideas. Maybe less protein & more veg?

dancingfairy

You could see whether your mortgage would let you have a few months break or whether they would let you go interest only for a short while? You would need to check this with them and work out how much extra it would cost in the long run and make sure this was only for a short time though.
Maybe a clear out of stuff via ebay/car boots if you fancy to boost the coffers?
df

iamana1ias

Hmmmmmm. Your car loan isn't listed under secured or unsecured debts.

Do you really not have a TV license?

Your car tax is £42 a year? Really?

You have money coming out for presents and emergencies (£50 per month) but no cash or savings listed?

As for birthdays and Xmas, cut right back. A bottle of wine or homemade cake/biscuits (with help for your little one?) and only token gifts for everyone (including your own kids) at Xmas.

iamana1ias

By the way, high protein diets don't have to be expensive. Check out the thread on here for ideas.

talana

Car loan ............................... 150 (fixed until Dec 2012 no lump sum to pay at end)

This should be below under secured or unsecured debts depending on the details, not under monthly expenses.

Unsecured Debts
Description....................Debt......Monthly.. .APR
Overdraft 1....................1600......35........18.28
O/d 2 (£1 a day fee)...........1250......30........0
O/d 3 (0% til mar 11)..........250.......0.........0
Family.........................340.......0........ .0
Friends........................2700......0........ .0

What are your agreed limits on the 3 overdrafts?
I'm wondering if you can shuffle things around.

**confuzzled**

happytails 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.................... 1

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 0 (SAHM expecting 2nd child, not able to go out to work)
Benefits................................ 120
Other income............................ 200 - Overtime. This is average, sometimes its higher Budget £100 here to soak up household expenses and then anything over can be thrown at debts..this is what we do and it's working a treat:D
Total monthly income.................... 1670

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130 (spread over 12 months)
Electricity............................. 30
Gas..................................... 50 Gas is high for summer! is this in arrears? have you checked other tariffs?? if you do swap don't forget cashback sites
Oil..................................... 0
Water rates............................. 50 (company will not reduce this - we are on meter) check the house for dripping taps/pipes etc and keep your little ones bath low...or start chucking them in the shower(depending on age) have a look at energy saving trust for a free toilet floater thing...helps reduce the amount of water used when you flush;)
Telephone (land line)................... 22 (contract with BT for calls and landline until mid 2011)
Mobile phone............................ 18 (fixed until mar 2011)
TV Licence.............................. 0 You need this!
Satellite/Cable TV...................... 0
Internet Services....................... 20 Can you combine with BT phone? If you can get a deal under £38p/m your onto a winner:D
Groceries etc. ......................... 250 (OH on high protein diet not sure how to reduce this!)Check the Old Style board there's masses of info there;)
Clothing................................ 10 Is this necessary? Whats wrong with what you've got? If really desperate nearer xmas ask for vouchers or clothes as a present:)
Petrol/diesel........................... 60
Road tax................................ 3.5
Car Insurance........................... 63 Very good considering ages & history:T
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 whats this? Is it necessary?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 30 (this is dog and reptile food only as seperate from groceries, and annual dog vac) have you looked to see if you can get it cheaper online? via cashback sites will be even better
Buildings insurance..................... 15
Contents insurance...................... 15 £30p/m on insurance?? look around for better deals. Mines half this for a 3 bed semi!
Life assurance ......................... 0
Other insurance......................... 7 whats this?
Presents (birthday, christmas etc)...... 30 halve it and get creative...tonnes of fab ideas on the celebrations board, I've managed to halve our xmas budget also look at sites like www.halfcost.co.uk
Haircuts................................ 5
Entertainment........................... 30 can this be cut down?
Holiday................................. 0
Emergency fund.......................... 20
Car loan ............................... 150 (fixed until Dec 2012 no lump sum to pay at end)
Total monthly expenses.................. 1548.5


Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 115000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82800....(500)......5.99
Total secured & HP debts...... 82800.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................1600......35........18.28 -monthly amount is to cover fees
O/d 2 (£1 a day fee)...........1250......30........0 - monthly amount is to cover fees
O/d 3 (0% til mar 11)..........250.......0.........0
Family.........................340.......0.........0 - need to pay £40 a month to keep Dad happy
Friends........................2700......0.........0 - need to pay £100 a month as previously agreed but this has stopped for now
Total unsecured debts..........6140......65........-


Monthly Budget Summary
Total monthly income.................... 1,670
Expenses (including HP & secured debts). 1,548.5
Available for debt repayments........... 121.5
Monthly UNsecured debt repayments....... 65
Amount left after debt repayments....... 56.5 do you actually have this left??? If not start a spending diary, amazing how the odd pint of milk becomes a mag/chocolate/treat for little one;):)

Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total HP & Secured debt................. -82,800
Total Unsecured debt.................... -6,140
Net Assets.............................. 26,060

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Hi I've commented above in red..hope it helps a little:)

ETA: seeing as your a SAHM with internet access...have you looked at the survey sites like lightspeed and Ipsos?? Think there's a thread about them somewhere they're fabby:D I signed up this time last year and have so far made around £100 on them, you get your rewards in vouchers and they're great for helping towards xmas and general expenses and treats:) Admittedly the surveys can get boring and repetitive but it's better than sitting at the pc doing nothing productive

misscousinitt

Hi

Not much to add after confuzzled's comprehensive analysis, except maybe could you move o/d 1 to o/d 3 and throw the £35 you would have been paying in fees towards it and split any other surplus you have (if you do have it left) plus any savings you can make on the household bills (including food).

Your £20 emergency fund could go to your Dad - you are in an emergency now.

Any other savings you can make - eg presents, entertainment etc... could go as a token gesture (say £20) towards the money you owe to your friends, just so they don't think you have forgotten them.

Good luck.

iris

OH is classed as obese and has been advised to cut back on Carbs and eat alot of protein (mainly), lean meats, mince, chicken, turkey, tuna etc (all plain, no sauces/dressing) and alot of fresh veg and nuts etc. No bread, pasta etc and 1 serving of rice and potatoes a week

Being on this type of diet need not be expensive. I started my healthy eating on 4 January 2010. My DH does not need to lose weight, but we haved worked round this. There are just the two of us and we spend about £40 pw on food/toiletries etc.

My typical meals for the day are as follows:

Breakfast - Porridge (every day) made with half water and half semi-skimmed milk.
Lunch - Cottage cheese or slice of chicken/ham, half large tomato, beetroot and any salad that I fancy also large slice fresh pineapple (99p in Lidls) or grapes, really whatever is on offer (I purchase a lot of my salad stuff from Lidls)
Dinner - Roast chicken and ratatouille (home made in slow cooker - I make lots and left-overs are used the following day with pasta. I just have ratatouille and pasta, but DH has chicken as well.

Drinks - Tea, coffee and water. On a Saturday I have a treat of one glass of wine.

I eat pasta and rice once a week. I do not eat bread. I only eat new potatoes (2 small). I always weigh my pasta and rice, as portion size is important.

Treats - in an evening I eat dried sultanas (I buy the cheapest from Sainsburys or Tescos at 64p for 500 grms which lasts 5 nights (helps with your 5 a day fruit and veg).

I have now lost 3.1/2 stones and my BMI is down to 23.

I hope this helps with the diet.

I think you can reduce your BT bill. We are with BT and I recently phoned them and reduced our monthly outgoings to £9.99 for BB (Option l) and £12.79 for phone line (free evening and weekend calls). I also got a credit of £35.