Homers SOA - please rip apart!

Homershairdo

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.................... 2
Monthly Income Details
Monthly income after tax................ 2007
Partners monthly income after tax....... 900
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 3087
Monthly Expense Details
Mortgage................................ 775
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 60
Gas..................................... 52
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 10
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 12
Groceries etc. ......................... 350
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 110
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 50
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 45
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2073

Assets
Cash.................................... 2500
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 175500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 160000...(775)......4
Total secured & HP debts...... 160000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zopa...........................13000.....355.......15.9
Virgin.........................4000......67........19.9
Natwest........................3250......67........0
Halifax........................3250......30........0
HSBC...........................4000......90........0
Lloyds.........................6000......117.......19.9
Total unsecured debts..........33500.....726.......-

Monthly Budget Summary
Total monthly income.................... 3,087
Expenses (including HP & secured debts). 2,073
Available for debt repayments........... 1,014
Monthly UNsecured debt repayments....... 726
Amount left after debt repayments....... 288
Personal Balance Sheet Summary
Total assets (things you own)........... 175,500
Total HP & Secured debt................. -160,000
Total Unsecured debt.................... -33,500
Net Assets.............................. -18,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

HappyMJ

Why rip apart you have £288 left after all the expenses and debts have been paid. Unless....you don't.

podperson

Monthly Expense Details
Mortgage................................ 775
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 -is this over 12 months or 10? Could either spread out or use the 2 free months to go towards the debts
Electricity............................. 60 - gas and electric seem a bit high, check comparison sites and make things aren't left on standy-by etc.
Gas..................................... 52
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 10
Mobile phone............................ 70 -very high, assume this is for 2 but even then!! can you at least drop a package if not go on PAYE
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 12
Groceries etc. ......................... 350 - could be reduced, check the old style for lots of good ideas on this
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 110
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 50
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 45 what's this?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 30 - this may be under-budgeted, with two kids am assuming you have days out etc and the odd night out, not saying to spend loads but should be realistic so you can stick to it
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2073

Assets
Cash.................................... 2500
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 175500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 160000...(775)......4
Total secured & HP debts...... 160000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Zopa...........................13000.....355...... .15.9
Virgin.........................4000......67....... .19.9
Natwest........................3250......67....... .0
Halifax........................3250......30....... .0
HSBC...........................4000......90....... .0
Lloyds.........................6000......117...... .19.9
Total unsecured debts..........33500.....726.......-

Monthly Budget Summary
Total monthly income.................... 3,087
Expenses (including HP & secured debts). 2,073
Available for debt repayments........... 1,014
Monthly UNsecured debt repayments....... 726
Amount left after debt repayments....... 288 - this is great but do you actually see it? If not need to start a spending diary to see what it's going to.

Overall is really not bad, could make a few cut-backs to save extra but you are already showing a surplus at the end of the month. Try and pay extra off the high interest debts first - the snowball calculator in the link at the top is very useful.

pennypusher

Spread your council tax over 12 months if you can. Concentrate on cutting down your gas and electricity bills ie don't use a tumble drier when the sun shines, draw the curtains when it is dark, cut down the heating by a degree and have the timer on for a shorter period. Go PAYG on your mobiles and cut down usage to £10 per month each. You can also get rid of satellite tv.

Possibly cut down on the grocery bill depending on how old your children are. Check on a comparison site for Insurances, Gas, Electricity etc.

Can you transfer any of your debt onto the 0% interest accounts that might save a lot of money.

Maybe rent out a room in your house if you have a spare bedroom as well. Hope these ideas help.

themull1

£10.00 a month for birthdays/christmas? you should be able to cut buildings/contents a bit. Mobiles too high.

MFWannabe

Homershairdo 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.................... 2
Monthly Income Details
Monthly income after tax................ 2007
Partners monthly income after tax....... 900
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 3087
Monthly Expense Details
Mortgage................................ 775
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 60
Gas..................................... 52
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 10
Mobile phone............................ 70 - This is high; drop package or go payg
TV Licence.............................. 12
Satellite/Cable TV...................... 30 - Get rid and go payg
Internet Services....................... 12
Groceries etc. ......................... 350 - you could drop this by at least £50
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 110 - this is high; check comparison sites to see if you can get cheaper
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 50
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 45 - What is this for?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2073

Assets
Cash.................................... 2500
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 175500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 160000...(775)......4
Total secured & HP debts...... 160000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Zopa...........................13000.....355.......15.9
Virgin.........................4000......67........19.9
Natwest........................3250......67........0
Halifax........................3250......30........0
HSBC...........................4000......90........0
Lloyds.........................6000......117.......19.9
Total unsecured debts..........33500.....726.......-

Monthly Budget Summary
Total monthly income.................... 3,087
Expenses (including HP & secured debts). 2,073
Available for debt repayments........... 1,014
Monthly UNsecured debt repayments....... 726
Amount left after debt repayments....... 288
Personal Balance Sheet Summary
Total assets (things you own)........... 175,500
Total HP & Secured debt................. -160,000
Total Unsecured debt.................... -33,500
Net Assets.............................. -18,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi
I've added some comments above. You also list having £2500 in cash; you should pay this off the virgin card to cut down the amount owing; then use the excess you have each month to clear this card; then move on to the next highet APR
Are the ones listed with no APR really 0% or have you not entered anything as you don't know what the APR is? If they are 0% do you have any remaining balance to be able to move some of the other debt?
If you don't have the excess left over each month you need to find out where it's going