Help me with my SOA please

Wkdwill

Im trying to budget properly after spending month by month not knowing where our money is going. I have never put money aside for birthdays, christmas, emergencies, car mot/repairs or even haircuts, I have done my SOA and noticed we have 313 surplus which I would like help deciding where to put it for the best.

We have some debts, at the moment I am consentrating on getting the small ones paid (most in the next few months) and then once they are paid that money will go ostraight to the big debt, the debt collector dealing with the big debt is atm happy with the payments I am making.

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................ 0
Partners monthly income after tax....... 880
Benefits................................ 834
Other income............................ 0
Total monthly income.................... 1714

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 355.24
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 30 recently reduced from 70 a month for 2 mobiles
TV Licence.............................. 13
Satellite/Cable TV...................... 22 this is part of a bundle with phone and internet.contract ends in 6 months
Internet Services....................... 22
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 16.5
Car Insurance........................... 65
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1118.74


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................95........9.........0
Provident......................964.5.....200.......0
BT.............................73.99.....20........0
Fairfax........................12000.....53........0
British Gas....................545.......0.........0
Scottish Power.................45........0.........0
Total unsecured debts..........13723.49..282.......-


Monthly Budget Summary
Total monthly income.................... 1,714
Expenses (including HP & secured debts). 1,118.74
Available for debt repayments........... 595.26
Monthly UNsecured debt repayments....... 282
Amount left after debt repayments....... 313.26

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,723.49
Net Assets.............................. -12,823.49

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

Thanks for any replies

nicnoo99

Didn't want to read and run. Your SOA looks positive, but I'm not sure your budgetting is right. Nothing at all for presents, entertainment, haircuts, child-related expenses? Never? Also, no contents or life insurance?

Looks like you've got some small debts, and you're right to focus on getting rid of them, especially with the utility companies - you need them to leave the lights on!

Looking up and recording APR rates might help you focus on the most expensive debt as well.

Good luck!

HappyMJ

If you are doing that many miles in a year to require £120 per month fuel you must put something aside for maintenance or at the very least the MOT fees every year.

Wkdwill

nicnoo99 wrote: »

Didn't want to read and run. Your SOA looks positive, but I'm not sure your budgetting is right. Nothing at all for presents, entertainment, haircuts, child-related expenses? Never? Also, no contents or life insurance?

Looks like you've got some small debts, and you're right to focus on getting rid of them, especially with the utility companies - you need them to leave the lights on!

Looking up and recording APR rates might help you focus on the most expensive debt as well.

Good luck!

I know ive been bad not budgeting, ive just been taking each month as it comes lately as DH hours at work went way down over the school holidays and all the surplus was no where to be seen, ciggys and booze I think (DH likes a drink) but im happy to say we are stopping smoking which accounts for a whopping 140 a month. Over the last few days its worried me how we are going to pay for xmas and the car mot next year and ive decided I need to start doing things properly.

Im also looking into contents insurance for the house, ive never had life insurance but may have to look into it.

The biggest debt was sold on years ago to a debt collector so I dont know how the APR rates would help me, they have been happily accepting 53 a month for the last 6 months, which I will be increasing as each of the smaller debts are paid off.

Wkdwill

HappyMJ wrote: »

If you are doing that many miles in a year to require £120 per month fuel you must put something aside for maintenance or at the very least the MOT fees every year.

I know, which is why im here to ask what people think I should put aside for each thing, we have always been a bit stupid and never saved for things and then let it hit us when something needs doing, which is why im not sure what to put aside each month.

If you would like to suggest an amount I would be very greatful.

Thanks

HappyMJ

Sure...
£20 for MOT
£20 for childrens pocket money and their activities
£30 for Entertainment
£15 for Life Insurance (Maybe less maybe more - £10 is the minimum premium)
£10 for Contents Insurance
£20 for Haircuts
£40 for a very modest UK Holiday (at least a few day trips)
£40 for Clothing
£10 for Medical (although you might be covered by NHS low income scheme)
£10 for Presents Birthday and Christmas expenses possibly a bit more.

Wkdwill

HappyMJ wrote: »

Sure...
£20 for MOT
£20 for childrens pocket money and their activities
£30 for Entertainment
£15 for Life Insurance (Maybe less maybe more - £10 is the minimum premium)
£10 for Contents Insurance
£20 for Haircuts
£40 for a very modest UK Holiday (at least a few day trips)
£40 for Clothing
£10 for Medical (although you might be covered by NHS low income scheme)
£10 for Presents Birthday and Christmas expenses possibly a bit more.

Thank you that was just what I was looking for, Medical wise, we get tax credit exemption certificate anyway so should be covered there.

dancingfairy

Some things will have to best guesses- no one knows exactly how much their car is likely to repair unless they have taken average over the last few years so it might need a bit of tweaking here and there but it's a good starting point for you.
Also as Christmas is only 3 months away you might want to save a bit more for the next 3 months than you would normally have to. Also start looking for reduced/discount things now - for some people in my famly I got them 2011 calenders when WHSmiths had 10% off a few weeks ago, for example.
Also you might find some end of line stuff which is the same thing but without the new fancy christmas packaging and half the price.

Good Luck

df

superpete

Hey

cant post link however, i just googled "guidelines income & expenditure" and it came up with how much you can get away with. (If one wanted to cheat)