My SOA - please be gentle!

7roland8

Hope I've done this correctly!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Both husband and I home ill - we get his works pension, Incapacity Benefit, Income Support and I get DLA mobility
Not included anything for son as he has grant for uni and when home just buys his own food
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 806.32
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 806.32
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
I have kept this as zero as we get full benefit so do not have to pay anything
Electricity............................. 96
Gas..................................... 0
Oil..................................... 0
Water rates............................. 11.49
Telephone (land line)................... 22.5
This includes all calls up to 1hr - useful as I don't get out and can chat to friends
Mobile phone............................ 0
Have a pay as you go but hardly ever use
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 29.2
This is sorted by my son to get the download capacity he needs - he pays £10 towards this
Groceries etc. ......................... 240
This is just for two of us plus three cats (son gets his own stuff). Seems high but hubby not well, doesn't get out and his only hobby is messing about cooking and trying things out and likes spices etc - I do my own cooking which is very cheap - this includes all toiletries etc.
Clothing................................ 6
Petrol/diesel........................... 0
Road tax................................ 0
ours is free with mobility, the one for the other car is paid by son.
Car Insurance........................... 20.6
our car insurance and AA. Not included the 2nd car insurance as son pays it.
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..................... 17.81
combined with contents
Contents insurance...................... 0
Life assurance ......................... 11.4
hubby's quarterly one - had for yrs and due out in a few yrs
Other insurance......................... 6
my insurance with AXA
Presents (birthday, christmas etc)...... 4
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 477.37

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 250800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................4200.18...100.......0
trying to pay this off first
Capital 1......................3270......98........0
Amazon bank of usa.............988.42....25........0
P.O.finace.....................89.56.....5.........0
Total unsecured debts..........8548.16...228.......-

Monthly Budget Summary
Total monthly income.................... 806.32
Expenses (including HP & secured debts). 477.37
Available for debt repayments........... 328.95
Monthly UNsecured debt repayments....... 228
Amount left after debt repayments....... 100.95
Forgot to add in coal which is often £80-100 a month, has been more i the snow - have a log burner/stove which runs heating - due to convert to oil in March with grant
Personal Balance Sheet Summary
Total assets (things you own)........... 250,800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,548.16
Net Assets.............................. 242,251.84
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

beanielou

You SOA is quite tight.
Cant really see many ways for you to cut down to be honest other than shaving a wee bit from the food budget.
Any way that you could maybe sell some bits n bobs on ebay & get enough to the PO finance?

7roland8

Hi - yes have been doing that before (with ebay - that's how I bought cord carpets a few yrs ago!).

Always try and get food shopping down as I do it online with Tescos.

Have combned the house/contents etc and cancelled what I thought I could.

We don't actualy go anywhere to use petrol etc now.

I also have a tax bill of £550 which will take 3yrs to pay off starting in April - we were one of those 6 million put on wrong code for hubby's pension!

Thanks for the input - nice to know I seem to be doing what I can - did major overhaul in Sept - not sure why electric so high but its coming down slowly - and when son here he uses all the gadgets etc.

Anything left at the end of the month goes off the cards - I also try and put £1 a day away (not one a week as I have shown above).

I had to pay about £455 a few weeks ago towards our heating conversion (but we will get a tank of oil for that) - so I seem to be paying the cards off a bit and then its MOT, exhaust or something else and we have to use them again.

I did work out I could perhaps clear the cards in 3yrs - not counting what interest would be adding up during that time. But that is if I don't use them at all - and often I have to top up for the groceries etc with a little from the card - not a good idea I know. I never use the other three - just the Barclaycard.

Mikazaru

Who is your phone line/internet with? I pay £28 for both and get free calls at the weekend and a generous download limit.

7roland8

Well phone is just the regular BT option 3 which is free anytime calls.
Son sets up internet and it was £19 - not even sure who its with - ADSL internet showing on my statements. Then he upgraded for download space or speed and now pays the extra £10.

patman99

All looks good until you factor-in the coal. As you have a wood-burner, have you thought about making you own logs using all the paper you normally put-out for recycling?. You can pick-up a log-press quite cheaply these days. Failing that, keep an eye on freecycle or see if there are any companies in your locality that work with wood and have bags of off-cuts to get rid off.

Oil is very pricey at the moment, and there is a great deal of heating-oil thefts across the UK because of this.

You mentioned that your son arranged the broadband due to the download speed. What sort of speed does it run at and who is your provider?. It may be possible to change provider without compromising on the speed.

7roland8

You mentioned that your son arranged the broadband due to the download speed. What sort of speed does it run at and who is your provider?. It may be possible to change provider without compromising on the speed.

No idea for either I am afraid - son and his brother sort it all out and put the hub in etc - I just leave them get on with it - but perhaps now I ought to see if we can economise a bit here.

Yes we got the grant to convert to oil as I have ME and hubby been in hosp and due to go in again and I was finding it all just too much. I know oil expensive but I was paying a lot for coal too - and having all the work and mess and having to get son to carry it in etc. I will be being very careful with the heating and washing etc. but at least it will be at the flick of a switch. the logburner would have been good if hubby was still well enough to get logs for free. We will still be keeping it as a back up for heating in power cuts etc but it won't be connected to the hot water as it is now.

No point looking on freecycle for wood as I'm not well enough to drive and get it. But thanks for all your suggestions - most welcome.

Mikazaru

I'd defininetly change the internet if you can, if you go with BT you could save around £20 a month and get cashback through Quidco etc

digitalphase

Just wondering if you could sell your house, pay off your debts, then buy somewhere else cheaper?

harry7075

Just be careful that you aren't into an 18 month contract or something! We changed over to talk Talk and was informed that they would cancel all phone and internet providers. BT phone no problem but supanet internet still paying that on top.

7roland8

Just wondering if you could sell your house, pay off your debts, then buy somewhere else cheaper?

Not viable for lots of reasons - not a sellers market - would have to find somewhere else - and way too much stress to even contemplate.

Just asked son and he said the internet is a good package (from his point of view anyway!). Anyhow it was elder son who sorts out the 'best' deal so will have to speak to him.