updated SOA

savingcaz

Hi all,

Not done one of these since i had LBM just over a year ago so thought i'd do another to see how i can trim a bit more off!

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.................... 2

Monthly Income Details
Monthly income after tax................ 500 this is an estimate, as it changes every month, so it's just an average bit frustrating really)
Partners monthly income after tax....... 1950
Benefits................................ 122
Other income............................ 0
Total monthly income.................... 2572

Monthly Expense Details
Mortgage................................ 711
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 73.5 (includes arrears)
Gas..................................... 73.5 (includes arrears)
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 50 (includes, tv, internet, and all day calls)
Mobile phone............................ 35 (2 phones)
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0 (including above)
Internet Services....................... 0
Groceries etc. ......................... 200 currently on GC
Clothing................................ 20 - estimate don't put anything away currently but planning on doing this from next month)
Petrol/diesel........................... 250 - work quite away from home
Road tax................................ 20 (don't put anything away currently but planning on doing this from next month)
Car Insurance........................... 64.2 (2 cars)
Car maintenance (including MOT)......... 10 (don't put anything away currently but planning on doing this from next month)
Car parking............................. 0 (normally take mum shopping etc so use disabled badge)
Other travel............................ 0
Childcare/nursery....................... 250 (rest is taken at source before tax etc)
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.20
Pet insurance/vet bills................. 8.93
Buildings insurance..................... 20.20 (free contents included)
Contents insurance...................... 0
Life assurance ......................... 44
Other insurance......................... 10 - contact lenses
Presents (birthday, christmas etc)...... 15 (don't put anything away currently but planning on doing this from next month)
Haircuts................................ 7.50 - (have my hair done 2-3 times a year max)
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1999.4


Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 127500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(711)......5.92
Total secured & HP debts...... 125000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................5855.18...154.......25.9
Marks and Spencer..............2879.32...84.48.....23.9
AA.............................3550.46...55.26.....16.9
Overdrafts.....................3065.22...50........0
Total unsecured debts..........15350.18..343.74....-


Monthly Budget Summary
Total monthly income.................... 2,572
Expenses (including HP & secured debts). 1,999.4
Available for debt repayments........... 572.6
Monthly UNsecured debt repayments....... 343.74
Amount left after debt repayments....... 228.86

Personal Balance Sheet Summary
Total assets (things you own)........... 127,500
Total HP & Secured debt................. -125,000
Total Unsecured debt.................... -15,350.18
Net Assets.............................. -12,850.18


not looking much better really is it but at least were not living hand to mouth each month. we pay more off our debts each month which isn't giving any spare cash but getting them down quicker!!

beanielou

Hi
At least you dont have a defecit every month.
Life assurance seems high.
Your petrol budget is very high.
Any way that you can cut this at all?

pennypusher

Hi have you checked to see if you are entitled to Child Tax Credit or Working Tax Credit? You are paying £85 per month for your phones, can you reduce your packages at all? Do you need all day calls if you are out working? Can you car share to cut down your fuel costs?

I would think you need more than £10 per month for car maintenance and MOT given that MOTs are around £50 each plus you will need tyres etc.

Check all your Insurances and see if you can get them cheaper when they are due for renewal.

Have you thought of getting a 0% Credit Card, this might cut down on your interest charges. If not pay off the debt with the highest interest first. If you can't do that and have room on the AA card perhaps you could transfer some of the HSBC debt onto that to reduce your interest paid.