New to board - Statement of Affairs

Rach1980

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 947
Partners monthly income after tax....... 1301
Benefits................................ 346
Other income............................ 0
Total monthly income.................... 2594

Monthly Expense Details
Mortgage................................ 296
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 137
Electricity............................. 42.5
Gas..................................... 42.5
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 27
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10.5
Car Insurance........................... 17
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 429
Other child related expenses............ 6.5
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 11
Contents insurance...................... 0
Life assurance ......................... 35.5
Other insurance......................... 76
Presents (birthday, christmas etc)...... 88
Haircuts................................ 5
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 37
Charity................................. 3
Total monthly expenses.................. 1804.62

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 159000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 126000...(296)......5.44
Total secured & HP debts...... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Zopa Loan (Car)................4620......97.36.....11.3
Virgin Card....................4584.06...137.......0
B&Q loan.......................1818......75........0
Total unsecured debts..........11022.06..309.36....-

Monthly Budget Summary
Total monthly income.................... 2,594
Expenses (including HP & secured debts). 1,804.62
Available for debt repayments........... 789.38
Monthly UNsecured debt repayments....... 309.36
Amount left after debt repayments....... 480.02
Personal Balance Sheet Summary
Total assets (things you own)........... 159,000
Total HP & Secured debt................. -126,000
Total Unsecured debt.................... -11,022.06
Net Assets.............................. 21,977.94

Numpty_Monkey

Hi rach :hello:
can use this SOA calc http://www.makesenseofcards.com/soacalc.html
it just makes it easier for us as we get a fuller picture :cool:
people in the home, debts APRs;)
I know it seems like we are asking you to do a hard job twice

but a quick scan over the numbers
Your gas and electric are look very high
Insurance costs look high

We are the good people:A

Rach1980

Many thanks for the tip - I've edited above using the calculator now :-)

MFWannabe

Rach1980 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 947
Partners monthly income after tax....... 1301
Benefits................................ 346
Other income............................ 0
Total monthly income.................... 2594

Monthly Expense Details
Mortgage................................ 296
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 137
Electricity............................. 42.5
Gas..................................... 42.5
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 27
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10.5
Car Insurance........................... 17
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 429
Other child related expenses............ 6.5
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 11
Contents insurance...................... 0
Life assurance ......................... 35.5
Other insurance......................... 76 - What is this?
Presents (birthday, christmas etc)...... 88 - this is a lot! Perhaps cut by at least half while you are paying off your debts
Haircuts................................ 5
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 37 - you need to try and give up
Charity................................. 3
Total monthly expenses.................. 1804.62

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 159000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 126000...(296)......5.44
Total secured & HP debts...... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Zopa Loan (Car)................4620......97.36.....11.3
Virgin Card....................4584.06...137.......0 Is this a 0% card?
B&Q loan.......................1818......75........0 Is this 0%?
Total unsecured debts..........11022.06..309.36....-

Monthly Budget Summary
Total monthly income.................... 2,594
Expenses (including HP & secured debts). 1,804.62
Available for debt repayments........... 789.38
Monthly UNsecured debt repayments....... 309.36
Amount left after debt repayments....... 480.02
Personal Balance Sheet Summary
Total assets (things you own)........... 159,000
Total HP & Secured debt................. -126,000
Total Unsecured debt.................... -11,022.06
Net Assets.............................. 21,977.94

Hi
Welcome to the board. I have added some comments above; your soa is not too bad though apart from these few things. You have nothing for internet so i'm guessing that's included in satellite tv?

Numpty_Monkey

Rach1980 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 947
Partners monthly income after tax....... 1301
Benefits................................ 346
Other income............................ 0
Total monthly income.................... 2594

Monthly Expense Details
Mortgage................................ 296
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 137 is this arears? ask to pay over 12 months
Electricity............................. 42.5 Check the comparrison sites
Gas..................................... 42.5 http://www.moneysavingexpert.com/utilities/
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 27
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10.5
Car Insurance........................... 17
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 429
Other child related expenses............ 6.5
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 11
Contents insurance...................... 0
Life assurance ......................... 35.5 is this in with the mortgage?
Other insurance......................... 76 can you get cheaper ? http://www.moneysavingexpert.com/insurance/
Presents (birthday, christmas etc)...... 88 reduce to £20
Haircuts................................ 5
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 37
Charity................................. 3 this begins at home
Total monthly expenses.................. 1804.62

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 159000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 126000...(296)......5.44
Total secured & HP debts...... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Zopa Loan (Car)................4620......97.36.....11.3
Virgin Card....................4584.06...137.......0 how long 0%
B&Q loan.......................1818......75........0 how long 0%
Total unsecured debts..........11022.06..309.36....-

Monthly Budget Summary
Total monthly income.................... 2,594
Expenses (including HP & secured debts). 1,804.62
Available for debt repayments........... 789.38
Monthly UNsecured debt repayments....... 309.36
Amount left after debt repayments....... 480.02 Where does this go?
Personal Balance Sheet Summary
Total assets (things you own)........... 159,000
Total HP & Secured debt................. -126,000
Total Unsecured debt.................... -11,022.06
Net Assets.............................. 21,977.94

Thanks for redoing it:o
I've left a few comments and ideas on there
I would sugguest keeeping a spending Diary, to find out where the surplus is going :A
use the links to find better deals

HTH:A

incher

Your monthly mortgage amount doesn't seem right - £126000 at 5.44% would be at least £500, even on interest only. Or am I reading this wrong?

ERICS_MUM

I agree that you should keep a spending diary and be really strict with yourselves - record everything regardless of how little it costs e.g. a newspaper, cup of coffee etc. Over a month you will be surprised ( or :eek:) at the amount of money wasted. So you could be saving a couple of hundred from month 2 !

Good luck :T


Linda

Rach1980

Hi Thanks for posting.

Yes the Virgin Card is 0% until Sept 2011 and the B&Q loan is also 0% so both ok.

You are right - the ciggies have to go (this has been a very eye-opening exercise so that's first on the list to go and after realising that we spend on average £600 on everyone for Christmas and even just those closest for birthdays this really looks extravagant!!

The other insurance costs are a 'unemployment policy' for my husband which is £35 a month and a British gas policy that is £30 a month to cover the boiler, electrical and plumbing problems (in fairness the electrical and plumbing could probably go) and £10 for swimming lessons (put this in the wrong place).

The Council tax is our usual monthly payment for the 10 months of the year that we pay it - not in arrears thankfully.

The life insurance is definitely seperate from the mortgage.

As for the surplus, for many many months/years I have always tried to pay as much extra off the debts as I could but I have realised that i have omitted the weekly cash I get out for things such as bread/milk etc which is £130 a month on average.

The rest of it is careless spending I would admit - the trip to tesco for bread ends up with a basket full of shopping which ends up costing up to £10 which I hand my card over for if we have spent our weekly cash allowance. Need more discipline or a more realistic cash budget for the week/month.

I appreciate your comments so far thank you.

Rach1980

incher wrote: »

Your monthly mortgage amount doesn't seem right - £126000 at 5.44% would be at least £500, even on interest only. Or am I reading this wrong?

Hi I think I've entered the rate for the additional borrowing which was £8000 (taken in April 09) which took our total mortgage to £126000 - apologies I'll get the proper rate asap but we are on interest only so all the more reason to get rid of this debt so we can actually start saving to pay off mortgage (in many years time).