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Completing a SOA
WORZEL
Posts: 5 Forumite
My wife is on maternity leave, so I am going to compile an SOA as a budgeting exercise.....to see what income she might need to get on her return to work. 
Is the a guide as to what you would expect to put in the expenses? Things such as clothing, etc.
Cheers
Is the a guide as to what you would expect to put in the expenses? Things such as clothing, etc.
Cheers
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Comments
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It depends what the purpose is. Put the highest figure you can get away with then it gives you an aim of earning more to keep your lifestyle. Or put the lowest figure you can get away with and pay debts off quicker if you have any.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Thats a good idea. The best thing to do is to be as honest with yourself as possible. The last thing you want to do is underestimate then find out down the line that you're no better off when your wife returns to work.0
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Hi Worzel (Gummage?!)
Welcome to MSE!!
Here's a link to the SOA you can fill out as it might help you with things you might not think about!
http://www.makesenseofcards.com/soacalc.htmlStarted PADdin' 13/04/09 paid £7486.66 - CC free 02/11/10
Aim for 2011 - pay off car loan £260.00 saved
Nerd No. 1173! :j
Made by God...Improved by the The Devil
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If you are asking what sorts of things to include in your SOA, you can use the one here http://www.makesenseofcards.com/soacalc.html and just enter your figures.
It will help if you have paperwork to hand regarding APRs of any CCs or loans you might have.YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
Snap Angelic Mary!!
YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
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If you want an idea on the average spending for a family of your size, then going throught the CCCS plan might give you an idea (you don't have to speak to them or do anything with it other than have it for your own info, if you don't want to) as they calcualte what they think the average spend is for your situation.
That might be a way of helping figure out if your spending in certain areas is higher than could be the case.
The hardcore way would be to get out your bank statements for the last year and see exactly where your pennies were going. Though granted, that is likely to change as soon as bambino arrives!
Good on you for being so proactive! And good luck Jan10: 28,315.81 Jan11: 18,015.32 Jan12: 7,682.58 Jan13: 2,987.73 Current debt: 1,225.55
HFC [STRIKE]1896.10. [/STRIKE] 225.55 SLC2 [STRIKE]5123.34[/STRIKE] 0 Others [STRIKE]2085[/STRIKE] 1000 Bcard [STRIKE]1172.60[/STRIKE] 0
Mike's Mob0
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