Need you to pull my new SOA apart

happytails

Re-checked everything, made some changes and some provisional changes. Would like to see what else we may be able to cut back on.

**Before i post up - the 'other income' is overtime at £500 as this is OHs aim per calendar month. See 'Overdraft 2' payment is set at £430 (£30 interest, £400 overpayment) - the £400 overpayment will only be paid if OH reaches his £500 overtime figure**

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................ 1368
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 500
Total monthly income.................... 1988

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 151.60000000000002
Rent.................................... 0
Management charge (leasehold property).. 0.42
Council tax............................. 87
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 21
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 175
Clothing................................ 5
Petrol/diesel........................... 60
Road tax................................ 1.66
Car Insurance........................... 63
Car maintenance (including MOT)......... 12.08
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.07
Contents insurance...................... 12.16
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Pet food................................ 20
Accountant.............................. 40
Server.................................. 50
Phone ins 2 (to cancel)................. 7
Phone ins............................... 7
Total monthly expenses.................. 1466.99


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 105000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82800....(500)......5.99
Secured Debt.................. 3600.....(151.6)....13.1
Total secured & HP debts...... 86400.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft 1....................250.......0.........0
Overdraft 2 (£30 int)..........1250......430.......0
Overdraft 3....................1600......25........18.28
Friends........................2700......0.........0
Dad............................300.......20........0
Total unsecured debts..........6100......475.......-


Monthly Budget Summary
Total monthly income.................... 1,988
Expenses (including HP & secured debts). 1,466.99
Available for debt repayments........... 521.01
Monthly UNsecured debt repayments....... 475
Amount left after debt repayments....... 46.01

Personal Balance Sheet Summary
Total assets (things you own)........... 105,000
Total HP & Secured debt................. -86,400
Total Unsecured debt.................... -6,100
Net Assets.............................. 12,500

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

Thanks in advance,

Sarah

KingElvis

You seem to already be running a tight ship. Not much I can see to save on there.

The first things I look for on these lists are pointless tat like sky tv, iphone contracts and other rubbish like phone and sky box insurance. It always seems to be the people who can least afford them that have this shizzle. Also high car insurance and fuel costs means that people are spending beyond their means.

Elvis

happytails

KingElvis wrote: »

You seem to already be running a tight ship. Not much I can see to save on there.

The first things I look for on these lists are pointless tat like sky tv, iphone contracts and other rubbish like phone and sky box insurance. It always seems to be the people who can least afford them that have this shizzle. Also high car insurance and fuel costs means that people are spending beyond their means.

Elvis

Thanks Elvis,

toying with the idea of cancelling my phone insurance its £7 a month but i have claimed on it twice in 18months :eek: Phone contract doesnt end until march so something tells me to keep it until then (having a toddler who likes to run off with it doesnt help!).

Groceries, we are trying to get to £150 a month - first month keeping track of it so will report back on 1st Oct

just want all of this debt gone

Sarah

KingElvis

On the groceries thing, we used to snigger at people who used places like Iceland and Netto and now we virtually live out of them. It's amazing the amount of stuff you can get in these places for at least half the cost of Asda.

Little kids do like things like mobile phones, probably because adults virtually live with them so it rubs off on the kids. My boy ate one of my older Nokias years ago LOL

happytails

KingElvis wrote: »

Little kids do like things like mobile phones, probably because adults virtually live with them so it rubs off on the kids. My boy ate one of my older Nokias years ago LOL

DD threw mine in the loo a few months ago :eek:

meg72

You do seem to be doing remarkable well already. I did wonder who your landline and internet were with as its comes to £48 a month. I am with BT and mine comes to £32 a month. Thats
with anytime calls. Maybe worth a look for you, £12 a month saving is worth having.

I see you plan to cut the groceries by £25 a month and think you will find this is acheivable have a look at some the grocery challenges. I find these great fun and every so often just do a use up week only buying what is absolutely necessary. One week I actually bought nothing in, was I thrilled or what, mind you I did have the flu and couldnt go out .

Good luck with your quest I am sure you will make it.

Good luck with this

happytails

meg72 wrote: »

You do seem to be doing remarkable well already. I did wonder who your landline and internet were with as its comes to £48 a month. I am with BT and mine comes to £32 a month. Thats
with anytime calls. Maybe worth a look for you, £12 a month saving is worth having.

Internet is with best provider, fastest speed and biggest download which is essential for DP to be able to do overtime from home in his field of work. Phone is with BT but it was an 18m contract when we got our phone line installed (no up front £122.50 for phone line, added to monthly cost) - ends April i think so should go down to about £18 i predict.:o

sarah x

pennypusher

Hi Happytails, are you claiming Child Tax Credit and Working Tax credit as well as Child Benefit? Can your partner get any work, even a few hours a week would increase your income?

See if you can bring your Gas and Electricity bill down by switching everything off and not leaving anything on stndby. Turn thermomostats down. Draw curtains as soon as it gets dark, do everything you can to save on these. Look to see if you can get a cheaper provider.

Go PAYG for your mobile and save money on that if you can, you should be able to get that down.

Check out comparison sites to see if you can get buildings and contents insurance cheaper and possibly go through Quidco and get some money back.

I think you need to allow more for maintenance for your car - by the time you pay for the MOT that's most of your allowance gone. Presumably you will need tyres sometime and a service for your car or spare parts.

I think you need to look at your speding for each item and see if you can get the same thing for less money. You can probably shave a little off several things which may make a large amount at the end. You could also consider selling your car and buying an older one and freeing up some cash to pay off your debts. Good luck hope it goes well for you.

happytails

Hi pennypusher, will add my bits in red as reply

pennypusher wrote: »

Hi Happytails, are you claiming Child Tax Credit and Working Tax credit as well as Child Benefit? Can your partner get any work, even a few hours a week would increase your income?
We get CTC and CB but not WTC because of income its me that doesnt work, i am a stay at home mum to our 18m daughter and 25 weeks pregnant so not able to work at present


See if you can bring your Gas and Electricity bill down by switching everything off and not leaving anything on stndby. Turn thermomostats down. Draw curtains as soon as it gets dark, do everything you can to save on these. Look to see if you can get a cheaper provider.
Will look into a cheaper provider, we are with British gas on their eco tariff atm


Go PAYG for your mobile and save money on that if you can, you should be able to get that down.
Stuck in contract until March but this is cheaper now at £20pm than whenever i was on PAYG, might look for a cheaper contract when the time comes


Check out comparison sites to see if you can get buildings and contents insurance cheaper and possibly go through Quidco and get some money back.
i think this is doable


I think you need to allow more for maintenance for your car - by the time you pay for the MOT that's most of your allowance gone. Presumably you will need tyres sometime and a service for your car or spare parts.
Mot and service is included in the allowance. OTher car bits will come out of house maintenance (we are covered for warranty until end of Jan)


I think you need to look at your speding for each item and see if you can get the same thing for less money. You can probably shave a little off several things which may make a large amount at the end. You could also consider selling your car and buying an older one and freeing up some cash to pay off your debts. Good luck hope it goes well for you.
Just managed to downgrade internet to £14 a month as opposed to £22 :j which shouldnt affect OHs work need too much and Landline from £26 to £21 :j

The car on the other hand is a wee eco Toyota Aygo, its cheaper to run and insure for us than most cars (we are both 21 with a crash under our belts ), i should know, ive had 9 cars in 4 years, plus the security of a newer car (56 plate), knowing its less likely to break is nice now we have children. Believe it or not, the £150 we fork out each month for it has been recouped from Tax, petrol and insurance we have saved in comparison to our previous car

Sarah

happytails

Updated first post (SOA) to reflect changes in Landline and internet costs

Landline was £26pm Now £21 :j
Internet was £22pm Now £14 :j

Sarah x

happytails

bumping for fresh eyes to see!:o