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SOA Help Please
Comments
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Sounds like you have made lots of progress already well done!
If you redo your SOA might be easier to see what is going on?:rotfl:0 -
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....................
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 400
Benefits................................ 280
Other income............................ 85
Total monthly income.................... 1765
Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 550
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 40
Gas..................................... 45
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 12
Mobile phone............................ 35
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 7.5
Groceries etc. ......................... 220
Clothing................................ 5
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 80
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 35
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 9.72
Other insurance......................... 30.86
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1901.2
Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 121500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81000....(525)......0
Secured Debt.................. 32000....(550)......0
Total secured & HP debts...... 113000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cc hsbc........................2500......70........0
cc santander...................2750......30........0
This is my projected SOA when my fixed term contract ends and I start my new job. So as you can see it looks fairly dire:( Unless a miracle happens and OH secures a half decent job this is how we are going to be very soon.....0 -
Couple of quick things - def don't change your pet insurance if it's likely that you may need it again as a new company wouldn't cover any existing conditions.
Re your car costs - totally get where you're coming from but.... I see your parking costs are going to rise from £0 to £80 at a time when things are going to be even tighter.
Is there a park & ride near where you're going to work that you could use? They're usually a lot cheaper (the ones near us offer free parking & only £1.20 into city centre).Grocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
When do the 0%'s runout on the CC's? What rate will they go to then? And is your credit file good enough to transfer yo further 0% deals?
You have mentioed that Granny will take the little one after April to save you the £280/month, could granny start this sooner so at lease you can makee some over payments
towards your debts before your income drops?
maybe granny has other commitments before then?0 -
Yes granny could start straight away but with working tax credit as it is at the moment I am only paying £10 per week from my own pocket for nursery, when I advise WTC that de has stopped going the money will stop anyway so I'll only be £40 ish per month better off there
I've checked on park and ride and it's non existent in my city, I still need the car as otherwise getting son to grannys would not be possible but I can get bus from near her house to city which would be £88 per month. So I wouldn't save on parking but should save alot on fuel.0 -
I think the top and bottom of it is we are chuffed when my existing job ends pretty much!0
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My suggestions -
scrap the Sky (or just keep the landline & internet if you can) alternatively you could get a BT landline for £11/mth + calls & plusnet internet for £6.50/mth
water rates are really high - you would almost certainly save money by going to a meter - your water bill could be £25-30/mth
groceries - for 2 adults & one child this could be £150-180/mth with some planning and more home-cooking, shopping in places like Lidl and getting special offers. Own brand *are* as good as brand names.
car - although your petrol cost is low would it be worth downsizing to a smaller engined car? Your tax & petrol would be even lower.
pet insurance/vet - this is a HUGE amount - how many pets is this for? Have you ever used it? can you get a better deal or arrange payment by instalments with your vet?
Electric is high if you already have gas. Are you on the best price tariff? If you're organised enough & confident using the internet why not get an online price plan?
Use shopping cashback sites for online purchases
Have a good sort through at home and ebay stuff - from old magazines to kid's toys, it sells!
Cut back on gifts & presents & recycle new items for gifts if you have them at home.
Allow a little for 'entertainment' even if it's just an Orange BOGOF movie once a month!
I reckon if you can do all the above you could recoup a minimum of £230 per month, plus make some on the side by ebaying etc.
mobile phone - is this for 2 phones? even so there are good deals around, especially if you've been with your provider a while. I currently get 300min & unlimited texts for £6 a month!
clothes - just buy essentials like underwear & children's shoes for a while, or if your child is growing fast try clothes swaps with other families.0 -
Thanks for the suggestions , I'll look into water meter aswell and see if we would benefit from changing.
Mobile is contract and is tied in for ages yet, mine is already payg
Pet insurance has paid out way more that I've put in due to one hypochondriac dog, I know ts alot but if I changed new policy wouldn't cover ears, stomach or lumps all of which have been claimed for in last couple of years0 -
Randomly I've just worked out it's cheaper to pay daily for the train than but a monthly ticket as it's £88 per month for pass or £3.80 per day which works out at £82.33 per month and the bus is £4.30 a day! And takes 30 mins longer than the train! This is what sleep deprivation does for you0
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Does Granny have a car? If so, could she collect your son, or mind him at your house.
Your car is costing you too much each month and is the only way i can see you balancing the books at this moment.0
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