Help with tweaking SOA

slscarborough

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................ 1322
Partners monthly income after tax....... 0
Benefits................................ 325
Other income............................ 0
Total monthly income.................... 1647
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 393
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 40
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 90
Road tax................................ 20
Car Insurance........................... 46
Car maintenance (including MOT)......... 90
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 45
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 50
Emergency fund.......................... 80
CSA Payments............................ 161
Total monthly expenses.................. 1893

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
littlewoods....................1000......95........0
kays...........................100.......18........0
loan...........................4000......200.......8
Total unsecured debts..........5100......313.......-

Monthly Budget Summary
Total monthly income.................... 1,647
Expenses (including HP & secured debts). 1,893
Available for debt repayments........... -246
Monthly UNsecured debt repayments....... 313
Amount short for making debt repayments. -559
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,100
Net Assets.............................. -1,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

slummymummyof3

slscarborough 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.................... 1
Monthly Income Details
Monthly income after tax................ 1322
Partners monthly income after tax....... 0 Any chance of some part time work?
Benefits................................ 325
Other income............................ 0
Total monthly income.................... 1647
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 393
Management charge (leasehold property).. 0
Council tax............................. 126 This seems high for the rent you pay....any arrears?
Electricity............................. 40
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 400 This seems high - can you try meal planning and try Aldi/Lidl
Clothing................................ 50 Do you really need to spend this monthly?
Petrol/diesel........................... 90
Road tax................................ 20
Car Insurance........................... 46 Are you an inexperienced driver or have penalty points? Look at comparison sites and cash back sites at renewal.
Car maintenance (including MOT)......... 90 This seems rather a lot to put aside monthly for maintenance
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 45 If one of you isn't working, then why do you have childcare/nursery expenses?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0 As you have dependents, you really should have life assurance and should arrange asap!!!
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 Do you really need to spend £1200 per year on presents????
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 50 If you are living beyond your means - is this feasible?
Emergency fund.......................... 80 If you are paying interest on your debts then you should be throwing this towards paying them off first.
CSA Payments............................ 161
Total monthly expenses.................. 1893

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
littlewoods....................1000......95........0
kays...........................100.......18........0
loan...........................4000......200.......8
Total unsecured debts..........5100......313.......-

Monthly Budget Summary
Total monthly income.................... 1,647
Expenses (including HP & secured debts). 1,893
Available for debt repayments........... -246
Monthly UNsecured debt repayments....... 313
Amount short for making debt repayments. -559
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,100
Net Assets.............................. -1,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Some ideas in red for you

bottleofred

Thread Stats

Views:
0


WW Factor
Coming Soon...

Share This Thread:

[URL="http://www.facebook.com/sharer.php?u=https://forums.moneysavingexpert.com/discussion/3067530[/URL]
[URL="http://twitter.com/?status=https://forums.moneysavingexpert.com/discussion/3067530[/URL]

Hi,
I've put my thoughts below.




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................ 1322
Partners monthly income after tax....... 0
Benefits................................ 325
Other income............................ 0
Total monthly income.................... 1647
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 393
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 40Can you look for a new provider or even combine with the gas to make it cheaper?
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15Do you really need this as you have the mobile?
Mobile phone............................ 20Can you get a payg for around £10 per month?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 400Expensive. Look at the boards and take advantage of cooking things from scratch, bogofs and batch freezing etc. This should get the cost down to around £250-£300
Clothing................................ 50Quite a lot each month. Can you reduce this or consider ebay etc?
Petrol/diesel........................... 90
Road tax................................ 20
Car Insurance........................... 46
Car maintenance (including MOT)......... 90quite expensive for a month
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 45
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100can this be reduced to say £50 - £75 per month?
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 50You may want to cancel the holiday for a while until the finances improve
Emergency fund.......................... 80
CSA Payments............................ 161
Total monthly expenses.................. 1893

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
littlewoods....................1000......95....... .0
kays...........................100.......18....... .0
loan...........................4000......200...... .8
Total unsecured debts..........5100......313.......-

Monthly Budget Summary
Total monthly income.................... 1,647
Expenses (including HP & secured debts). 1,893
Available for debt repayments........... -246
Monthly UNsecured debt repayments....... 313
Amount short for making debt repayments. -559
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,100
Net Assets.............................. -1,100

lvm

slscarborough 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.................... 1
Monthly Income Details
Monthly income after tax................ 1322
Partners monthly income after tax....... 0 Can your other half get a job? Or is he/she a stay at home Mum/Dad?
Benefits................................ 325
Other income............................ 0
Total monthly income.................... 1647
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 393
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 40
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 400 This seems a wee bit high - can you try cutting £50 out initially then maybe £100. Meal planning would really help.
Clothing................................ 50 Do you really need £50 a month for clothes? Is this for kids clothes? Try eBay...some really good quality/cheap items
Petrol/diesel........................... 90
Road tax................................ 20
Car Insurance........................... 46
Car maintenance (including MOT)......... 90 This is really high! Does it really cost £1080 a year for car maintenance?
Car parking............................. 10 Can the car be parked a it further away and walk?
Other travel............................ 0
Childcare/nursery....................... 45
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 This is very high. Most people use about £20 a month
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 50
Emergency fund.......................... 80 Your priority is your debt. In the case of an emergency, you have your credit card. Do you really keep this by and save it?
CSA Payments............................ 161
Total monthly expenses.................. 1893

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
littlewoods....................1000......95........0
kays...........................100.......18........0
loan...........................4000......200.......8
Total unsecured debts..........5100......313.......-

Monthly Budget Summary
Total monthly income.................... 1,647
Expenses (including HP & secured debts). 1,893
Available for debt repayments........... -246
Monthly UNsecured debt repayments....... 313
Amount short for making debt repayments. -559
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,100
Net Assets.............................. -1,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Have put a couple of comments on x

slscarborough

Firstly thanks for all your replies - they are greatfully received.

slummymummyof3

OH is looking for part time work but these are few and far between.
Council Tax does nto include any arrears our home is a housing association prporty so the rent is low.
I am currently trying to reduce my food bill but even with meal planning I can only get it down to about 370 a month.
Clothing I am trying to spend as little as possible. I buy the kids clothes of ebay and mine and OH in the sales.
I only passed my driving test a year ago so this is the cheapest car insurance we could get.
Car Maintainance - I have used the figure we spent last year so not sure we could cut back on this. OH does do alot of the repairs hiself.
The nursery fees are for my 2 year old to go to playgroup. I know we could cut this but I dont want to if it isnt absolutely neccessary. I am looking into childcare vouchers.
I have life insurance in with my company pension scheme.
Presents is definately one area I need to cut back on. I have a huge family though and find it hard. Xmas alone I spent £500 as I had 30 presents to buy.
The holiday I felt we needed this year. We havent had a holiday in 4 years but after this year we will be back to going without.
The emergency fund is also where I included money spent on the house. We moved in only 3 years ago and have yet to decorate or carpet everywhere yet. Have been trying to presuade OH to sell the car and get something cheaper but he says it will just cost more to run.

slscarborough

bottleof red
We already have a dual fuel discount and am trying to use as little as possible. Just changed provider and this is our new deal.
Need to landline for the internet as this saves as alot of money.
Mobile is still currnelty in contract for another year.
I have always cooked from scratch but still need to cut back I know. We do spend a little on alcohol which has now stopped.
I am already buying and selling clothes on ebay. Will try to sell more and spend less!!
The car maintainance is high but that is what it cost us last year.
I am definately going to cut back on presents - think I need to speak to my family and ask thay dont buy us so I dont have to buy for them.
The emergency fund also includes household items such as carpets curtains etc as we are trying to furnish our house.
Am considering cancelling the holiday

slscarborough

lvm

I have such a large family and the presents thing is really getting expensive now but how can you stop this?
It was my eldest sons 16th birthday and it broke my heart to give him £20.00 but that is all I could afford!!
I am currently doign the grocery challenge but am struggling to come in under £400.00.
I dont want to sound like I am making excuses but I am really struggling at the moment.
This month really killed me as I had maintance arrears of 400 to pay - I have had to take a 0% purchases card just to live this month and next month is the same.

slscarborough

I think the only thing I can do is sell the car and pay off the loan. Even that is not enough though !!

jinky67

can you not just agree to not buy Xmas and birthday presents and give some money to a favourite charity instead?

Thats what we have started doing the past few years

janeawej

I have managed to save a lot of money by doing a meal plan and shopping internet shopping every 10 days with 6 of us I can do the shopping easily for £150 (£15 per day or £2.50 per person per day) and that includes £12 on tobacco and £10 on wine (our treats as we dont go out!) and all cleaning, washing and household stuff too, we eat extremely well! I could cut it down even more but I dont really need to, though sometimes I challenge myself to go an extra 2-3 days on the food we have which can lead to some strange meals! I also buy a lage bag of spuds £4 every 3 weeks from a local seller, luckily we love spuds and they are cheap! Working on these figures you should be able to do your shopping for approx £10 per day or £300 per month and still eat extremely well. This week for example we have had; Roast chicken, curry, fish pie, sausage and mash, macaroni cheese, spag bol & jacket potatoes, plus a cheap joint of bacon, cooked and sliced for lunches, and the usual sort of lunch stuff for sandwiches etc, I do cook everything from scratch, we all prefer home cooked food, dont buy any crisps, biscuits etc but we do have home made flapjacks and biccies so dont go without! Hope this helps a bit. x

theoretica

Would some people like home made cakes or sweets as presents?