Need you to pull my new SOA apart

**confuzzled**

happytails wrote: »

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 Seriously?? is it not worth just paying up front?:)
Council tax............................. 87
Electricity............................. 30
Gas..................................... 50 this is quite high for this time of year! can you switch provider & have you done all you can to keep the gas down? If you have a combi boiler have you reduced the temp on the water bit so you don't have to add cold water to baths etc
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 is this a joint policy? if not seems high!
Car maintenance (including MOT)......... 12.08
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 what are these? can they be reduced?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0 you should have something here if you have no savings to pay for check ups etc
Buildings insurance..................... 18.07
Contents insurance...................... 12.16 £30 on insurance:eek: we pay £16p/m for b&c insurance on a 3 bed semi
Life assurance ......................... 0 do you not need this for the mortgage?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 can this be cut back?
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 how much do you have? could you use some to pay something off?
Pet food................................ 20 can you get it cheaper elsewhere?
Accountant.............................. 40
Server.................................. 50
Phone ins 2 (to cancel)................. 7
Phone ins............................... 7 if mobiles are not for business use, check they're covered under home insurance and work out if it'd be cheaper to claim that way instead;):)
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

Hi I've put my suggestions in red..I hope they help and don't seem to cruel:o
Hope you went through a cashback website to change your phone package:D
Also the accountant and server..I presume these are for a business, can it not be paid for out of the business account so it is kept seperately from hosuehold expenses??? mixing the 2 together isn't recommended

happytails

**confuzzled** wrote: »

Hi I've put my suggestions in red..I hope they help and don't seem to cruel:o
Hope you went through a cashback website to change your phone package:D
Also the accountant and server..I presume these are for a business, can it not be paid for out of the business account so it is kept seperately from hosuehold expenses??? mixing the 2 together isn't recommended

Hi thanks for your comments - will add my responses in a mo - doesnt seem to want to quote it SOA :mad:

Accountant and server are business related and we are hoping to open a business bank account this weekend.

Phone package was just a downgrade within the company we are with as we are tied in until april

Sarah x

happytails

Management charge (leasehold property).. 0.42 Seriously?? is it not worth just paying up front? We pay £5 annually for this via cheque
Council tax............................. 87
Electricity............................. 30
Gas..................................... 50 this is quite high for this time of year! can you switch provider & have you done all you can to keep the gas down? If you have a combi boiler have you reduced the temp on the water bit so you don't have to add cold water to baths etc
this is the benchmark figure we pay, its technically too much over summer but not enough to cover winter so keeping it here ensures it evens out over the year but we are hoping to cut back a wee bit, but with a baby due in December not sure how realistic that will be
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 is this a joint policy? if not seems high! Joint policy, me and oh are only 21 with a claim against me was best we could get (last year it was £113 a month :eek:
Car maintenance (including MOT)......... 12.08
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 what are these? can they be reduced? Bits and bobs for the baby, cloth nappy purchases, bedding etc
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0 you should have something here if you have no savings to pay for check ups etc Currently (theory is) it would come out of the emergency fund
Buildings insurance..................... 18.07
Contents insurance...................... 12.16 £30 on insurance we pay £16p/m for b&c insurance on a 3 bed semi i think we need to switch, we are with Santander
Life assurance ......................... 0 do you not need this for the mortgage?it was advised we got this but havent gotten round to it yet
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 can this be cut back? currently no, 16 birthdays between now and christmas, £60 budget for that - see what totals come to an will see if can be reduced in future
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 how much do you have? could you use some to pay something off? Currently nothing, this will be from the next payday
Pet food................................ 20 can you get it cheaper elsewhere?Not sure, Dog is on certain food as she has an iffy tummy £14 for 15kg bag, bearded dragon, Crickets are £6 a month - only one shop in area for crickets - yet to find ok food cheaper for dog
Accountant.............................. 40
Server.................................. 50
Phone ins 2 (to cancel)................. 7
Phone ins............................... 7 if mobiles are not for business use, check they're covered under home insurance and work out if it'd be cheaper to claim that way instead phone is for personal use, thinking of cancelling this, not sure it would be wise to add on home ins policy as i think it would bump up premium too much, but shall look into
Total monthly expenses.................. 1466.99
Added responses in purple.

HappyMJ

I really do think you have thought of everything...Life Insurance is £5 per month minimum premium for each of you. I'd go for seperate level term policies myself and then compare providers to see how much you would get. If you can't be bothered then Tesco always seem to be good. You could go for a 15 year policy and it would still cover the mortgage. The likelihood of either of you needing to claim is 1 in a million but always needed especially with a child.

Personally I don't like the idea of an emergency fund only because nobody ever saves it but if you were to put an extra £10 each month aside for the car emergencies under the Car maintenance and also a £10 under the Pet insurance then that should cover those emergencies.

sleepless_saver

happytails wrote: »

Life assurance ......................... 0 do you not need this for the mortgage?it was advised we got this but havent gotten round to it yet

Do it now! You've arranged insurance for your phones in case something happens to them. Is it not more important to arrange life insurance in case something happens to one of you? Insurance would mean the surviving parent and children would be able to continue living in the family home wihtout financial worry if the worst happened.

happytails

sleepless_saver wrote: »

Do it now! You've arranged insurance for your phones in case something happens to them. Is it not more important to arrange life insurance in case something happens to one of you? Insurance would mean the surviving parent and children would be able to continue living in the family home wihtout financial worry if the worst happened.

Will get researching! You are right!! Any recommendations for companies?

happytails

bumpy bumpy

MFWannabe

happytails wrote: »

Management charge (leasehold property).. 0.42 Seriously?? is it not worth just paying up front? We pay £5 annually for this via cheque
Council tax............................. 87
Electricity............................. 30
Gas..................................... 50 this is quite high for this time of year! can you switch provider & have you done all you can to keep the gas down? If you have a combi boiler have you reduced the temp on the water bit so you don't have to add cold water to baths etc
this is the benchmark figure we pay, its technically too much over summer but not enough to cover winter so keeping it here ensures it evens out over the year but we are hoping to cut back a wee bit, but with a baby due in December not sure how realistic that will be
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 21
Mobile phone............................ 20
TV Licence.............................. 0 - you have nothing in here?
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 175
Clothing................................ 5
Petrol/diesel........................... 60
Road tax................................ 1.66
Car Insurance........................... 63 is this a joint policy? if not seems high! Joint policy, me and oh are only 21 with a claim against me was best we could get (last year it was £113 a month :eek:
Car maintenance (including MOT)......... 12.08
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 what are these? can they be reduced? Bits and bobs for the baby, cloth nappy purchases, bedding etc
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0 you should have something here if you have no savings to pay for check ups etc Currently (theory is) it would come out of the emergency fund
Buildings insurance..................... 18.07
Contents insurance...................... 12.16 £30 on insurance we pay £16p/m for b&c insurance on a 3 bed semi i think we need to switch, we are with Santander. This is high; check on comparison sites
Life assurance ......................... 0 do you not need this for the mortgage?it was advised we got this but havent gotten round to it yet As someone else above stated you should have this before phone insurance
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 can this be cut back? currently no, 16 birthdays between now and christmas, £60 budget for that - see what totals come to an will see if can be reduced in future. Do you really need to buy for so many people? What if you explained that it would be cards only from now on? apart from your children and maybe parents?
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 how much do you have? could you use some to pay something off? Currently nothing, this will be from the next payday
Pet food................................ 20 can you get it cheaper elsewhere?Not sure, Dog is on certain food as she has an iffy tummy £14 for 15kg bag, bearded dragon, Crickets are £6 a month - only one shop in area for crickets - yet to find ok food cheaper for dog
What brand is dog currently eating? We may be able to advise similar cheaper brand
Accountant.............................. 40
Server.................................. 50
Phone ins 2 (to cancel)................. 7
Phone ins............................... 7 if mobiles are not for business use, check they're covered under home insurance and work out if it'd be cheaper to claim that way instead phone is for personal use, thinking of cancelling this, not sure it would be wise to add on home ins policy as i think it would bump up premium too much, but shall look into what make of phones are they? It may work out cheaper to just buy cheap handset if something went wrong. This adds up to £84 per year each
Total monthly expenses.................. 1466.99
Added responses in purple.

Hi
I've added some comments above. Your soa is pretty good though so it's quite difficult to advise where you can make savings. In you original soa you stated that you pay over £400 per month to overdraft 2; is this correct? It states that you pay nothing on overdraft 1 but this is only £250; so would it not be best to pay this one off out of the way? It also states that you pay your Dad £20 per month; perhaps your Dad may be prepared to wait for a while? As your soa states that you are not paying anything to your friends?
Well done on the phone and internet reductions

happytails

FREEZ wrote: »

Originally Posted by happytails
Management charge (leasehold property).. 0.42 Seriously?? is it not worth just paying up front? We pay £5 annually for this via cheque
Council tax............................. 87
Electricity............................. 30
Gas..................................... 50 this is quite high for this time of year! can you switch provider & have you done all you can to keep the gas down? If you have a combi boiler have you reduced the temp on the water bit so you don't have to add cold water to baths etc
this is the benchmark figure we pay, its technically too much over summer but not enough to cover winter so keeping it here ensures it evens out over the year but we are hoping to cut back a wee bit, but with a baby due in December not sure how realistic that will be
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 21
Mobile phone............................ 20
TV Licence.............................. 0 - you have nothing in here? no need, no TV
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 175
Clothing................................ 5
Petrol/diesel........................... 60
Road tax................................ 1.66
Car Insurance........................... 63 is this a joint policy? if not seems high! Joint policy, me and oh are only 21 with a claim against me was best we could get (last year it was £113 a month
Car maintenance (including MOT)......... 12.08
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 what are these? can they be reduced? Bits and bobs for the baby, cloth nappy purchases, bedding etc
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0 you should have something here if you have no savings to pay for check ups etc Currently (theory is) it would come out of the emergency fund
Buildings insurance..................... 18.07
Contents insurance...................... 12.16 £30 on insurance we pay £16p/m for b&c insurance on a 3 bed semi i think we need to switch, we are with Santander. This is high; check on comparison sites looking into alternative
Life assurance ......................... 0 do you not need this for the mortgage?it was advised we got this but havent gotten round to it yet As someone else above stated you should have this before phone insurance on this now
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 can this be cut back? currently no, 16 birthdays between now and christmas, £60 budget for that - see what totals come to an will see if can be reduced in future. Do you really need to buy for so many people? What if you explained that it would be cards only from now on? apart from your children and maybe parents? most are kids birthdays up to christmas and very close family, try and do birthdat presents because we only do Xmas for the kids and then its cheap
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20 how much do you have? could you use some to pay something off? Currently nothing, this will be from the next payday
Pet food................................ 20 can you get it cheaper elsewhere?Not sure, Dog is on certain food as she has an iffy tummy £14 for 15kg bag, bearded dragon, Crickets are £6 a month - only one shop in area for crickets - yet to find ok food cheaper for dog
What brand is dog currently eating? We may be able to advise similar cheaper brand - .its Chudleys Adult complete mix dry for working dogs if thats any help. Chappie is ok for her stomach but its dearer and she isnt as fond of it
Accountant.............................. 40
Server.................................. 50
Phone ins 2 (to cancel)................. 7
Phone ins............................... 7 if mobiles are not for business use, check they're covered under home insurance and work out if it'd be cheaper to claim that way instead phone is for personal use, thinking of cancelling this, not sure it would be wise to add on home ins policy as i think it would bump up premium too much, but shall look into what make of phones are they? It may work out cheaper to just buy cheap handset if something went wrong. This adds up to £84 per year each Cancelled first policy above, this comes innto effect in Oct. Other will run until March until my contract is up, easier to pay £7pm for now than the possibility of having to get new handset at present.
Total monthly expenses.................. 1466.99
Added responses in purple.
Hi
I've added some comments above. Your soa is pretty good though so it's quite difficult to advise where you can make savings. In you original soa you stated that you pay over £400 per month to overdraft 2; is this correct? It states that you pay nothing on overdraft 1 but this is only £250; so would it not be best to pay this one off out of the way? It also states that you pay your Dad £20 per month; perhaps your Dad may be prepared to wait for a while? As your soa states that you are not paying anything to your friends?
Well done on the phone and internet reductions
s

Thanks, have added my responses in purple. RE the £400 a month to overdraft - this is provisional (as stated in first post), its predicted overtime, if we get it it goes to Overdraft 2 (highest interest). Overdraft one is £250 but at 0% until March so not bothered about that yet and its still cheaper than o/d 2 and 3 when interest kicks in. Dad used to be £40 but we have compromised at £20 so is the best we can do at the moment there. Not paying a penny back to friend as of yet, spoken to them (a couple) and they are ok about it at the moment, need to get our costly debts under control and then making payments to my friends to get this figure down

Sarah

sleepless_saver

happytails wrote: »

Will get researching! You are right!! Any recommendations for companies?

martin's link to best brokers