New SOA - have handed my notice in at work...

LittleBit_2

Hi,

Any advice/suggestions on our SOA would be appreciated. We are a family of 2 adults and 2 children (1 and 3yrs old) and we have another baby due in June.

I have just handed my notice in at work as I would have been working for practically nothing after paying for childcare for 3 of them...

We need to try and make cuts where ever we can as we have our house up for sale and are trying to save some money to go towards our moving fees etc.

Thanks



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....... 1750
Benefits................................ 188.4
Other income............................ 0
Total monthly income.................... 1938.4
Monthly Expense Details
Mortgage................................ 683.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 60
Gas..................................... 50
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 17.5
Mobile phone............................ 48
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 7.5
Car Insurance........................... 46
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 48
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 29.7
Buildings insurance..................... 12.5
Contents insurance...................... 13.5
Life assurance ......................... 7.8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 7.5
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 50
Motorbike fuel.......................... 8
Motorbike Insurance.................... 17.3
Total monthly expenses.................. 1897.97

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 188000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 171900...(683.3)....5.79
Total secured & HP debts...... 171900....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................4200......0.........0
Total unsecured debts..........4200......0.........-

Monthly Budget Summary
Total monthly income.................... 1,938.4
Expenses (including HP & secured debts). 1,897.97
Available for debt repayments........... 40.43
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 40.43
Personal Balance Sheet Summary
Total assets (things you own)........... 188,000
Total HP & Secured debt................. -171,900
Total Unsecured debt.................... -4,200
Net Assets.............................. 11,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

CH27

Hi

Why aren't you paying anything off the credit card?

Have you checked to see if you are entitled to any more benefits when you finish work?

Ask Council Tax if you spread your payments over 12months instead of 10.
Have you applied for Council Tax Benefit?

Congrats on the baby:)

LittleBit_2

CH27 wrote: »

Hi

Why aren't you paying anything off the credit card?

Have you checked to see if you are entitled to any more benefits when you finish work?

Ask Council Tax if you spread your payments over 12months instead of 10.
Have you applied for Council Tax Benefit?

Congrats on the baby:)

I forgot to put that on there. We are paying £50 a month. Will go and add it on now

curlytop12

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....... 1750
Benefits................................ 188.4
Other income............................ 0 CHECK ANY OTHER BENEFITS YOU MAY BE ENTITLED TO WHEN YOU ARE NOT EARNING
Total monthly income.................... 1938.4
Monthly Expense Details
Mortgage................................ 683.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 60 GAS AND ELEC-CHECK COMPARISON SITES FOR BEST DEALS/RING YOUR SUPPLIER AND SEE IF THEY CAN GIVE YOU BETTER DEAL
Gas..................................... 50
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 17.5
Mobile phone............................ 48 PAYG?LOWER TARIFF
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 7.5
Car Insurance........................... 46
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 48 WHAT IS THIS?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 29.7 LOOK FOR CHEAPER INSURANCE?
Buildings insurance..................... 12.5
Contents insurance...................... 13.5
Life assurance ......................... 7.8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 7.5
Entertainment........................... 100
Holiday................................. 50 PUT TOWARDS CC UNTIL PAID OFF
Emergency fund.......................... 50
Motorbike fuel.......................... 8
Motorbike Insurance.................... 17.3
Total monthly expenses.................. 1897.97

Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 188000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 171900...(683.3)....5.79
Total secured & HP debts...... 171900....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................4200......0.........0
Total unsecured debts..........4200......0.........-

Monthly Budget Summary
Total monthly income.................... 1,938.4
Expenses (including HP & secured debts). 1,897.97
Available for debt repayments........... 40.43
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 40.43
Personal Balance Sheet Summary
Total assets (things you own)........... 188,000
Total HP & Secured debt................. -171,900
Total Unsecured debt.................... -4,200
Net Assets.............................. 11,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/QUOTE]
GOOD LUCK ,HOPE ALL GOES WELL FOR YOU:)

russthemink

Change to a tesco free sim with triple credit - me and the wife were on contract paying £50 per month between us, now we spend approx 50p per month - yes that is correct.

[Deleted User]

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
Partners monthly income after tax....... 1750
Benefits................................ 188.4 (Check you will be getting all that you will be entitled to)
Total monthly income.................... 1938.4

Monthly Expense Details
Mortgage................................ 683.3
Council tax............................. 115 (Are you paying over 10 months, see if you can pay over 12)
Electricity............................. 60 (Gas and electricity are both on the high side - check USwitch to see if moving to another compay or tariff would be cheaper - often duel fuel and online tariffs are cheaper)
Gas..................................... 50 (as above)
Water rates............................. 44
Telephone (land line)................... 17.5 (Does this include internet?)
Mobile phone............................ 48 (This is high especially as you have a house phone too, if in contracts drop down a tariff if you can, if out of contract look at SIM only deals, PAYG - and definately chekcout russthemink's advice above about tesco mobile, I definately will be)
TV Licence.............................. 12.37
Internet Services....................... 0 (Included in home phone)
Groceries etc. ......................... 200
Clothing................................ 30 (drop to essentials only for now)
Petrol/diesel........................... 160 (will this drop as well when you finish work? Or is this all OH?)
Road tax................................ 7.5
Car Insurance........................... 46 (Quite high - when you renew check comparison sites)
Car maintenance (including MOT)......... 40
Other child related expenses............ 48 (What does this include?)
Pet insurance/vet bills................. 29.7 (This is high? - What/how many does this cover? If you are not currently claiming on it, then when you can shop around)
Buildings insurance..................... 12.5
Contents insurance...................... 13.5
Life assurance ......................... 7.8
Presents (birthday, christmas etc)...... 40 (Maybe cut a little? to £30)
Haircuts................................ 7.5
Entertainment........................... 100 (This is quite high, what does this cover? And can you reduce it?)
Holiday................................. 50 (Perhapse cut this out for now. Have you booked already?)
Emergency fund.......................... 50 (Do you actually save this? I can't see any cash savings below)
Motorbike fuel.......................... 8
Motorbike Insurance.................... 17.3
Total monthly expenses.................. 1897.97

Assets
Cash.................................... 0 (Where are your emergency savings?)
House value (Gross)..................... 185000
Car(s).................................. 3000
Total Assets............................ 188000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 171900...(683.3)....5.79
Total secured & HP debts...... 171900....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................4200......50.........0 (is this really 0%, if not what's the APR? If so, when does the 0% end? And what will the APR be?)
Total unsecured debts..........4200......0.........-

Monthly Budget Summary
Total monthly income.................... 1,938.4
Expenses (including HP & secured debts). 1,897.97
Available for debt repayments........... 40.43
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 40.43 (It's good that you have a surplus here - and there's some room in your SOA for a few more cutbacks, which will increase this? Have you worked out or estimated how much you will need for your moving costs?)

Personal Balance Sheet Summary
Total assets (things you own)........... 188,000
Total HP & Secured debt................. -171,900
Total Unsecured debt.................... -4,200
Net Assets.............................. 11,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi,

I have made some comments above - hopefully some of them will be helpfull.

D9

LittleBit_2

Thanks everyone for your comments. I think we 'may' be entitled to some more tax credit when baby number 3 arrives, but as I'm not really sure what we will get until he is here, I'm reluctant to assume we will get anything extra.

1) re the gas and electric, yes this is pretty high, but we live in a 3 bed detatched which is pretty big, so it does cost quite a lot to heat/run. Our actual dd is £40 a month, but I like to put a bit extra to one side for when the quarterly bill comes as we usually end up owing something extra.

2) The other child related expenses is taking DS1 to a gymnastics class, and I am also hoping to take DS2 to a little music class for a while when DS1 starts preschool.

3) Pet insurance. This is the cheapest we can find, but I realise it does seem very expensive! It's for 2 cats and a German Shepherd.

4) Mobile. This price is for both me and my hubby. It is a lot, but we are both on 18 month iPhone tariffs. As soon as the tariff is up we will definitely be moving to cheaper ones.

5) Landline, yes this includes the internet.

6) Clothing. I will have to keep this at £30 (at least) as I have had to buy maternity clothes for me, which I keep growing out of! Plus, we got rid of all the boys baby clothes, so will need to buy baby clothes as he is growing - happy to buy at car boot sales etc though...

7) This is mostly OHs mileage, as we work at the same place, so car share.

8) Car insurance - I know this is high, and OH has 11yrs no claims, but it was the cheapest we could find!

9) Entertainment and presents - I haven't actually evaluated these properly, I've just put a rough estimate of the amount I 'think' we spend. From when our wages go into the bank next week I will write down EVERY penny we spend, and we will see where the money is going!

Thanks for all your advice x

loveGSDs

hi there

i notice you (or your OH) have a motorbike. since you are leaving your job would it not be cheaper to take the bike to work instead of the car? it will cut your fuel costs right down and the tax etc is also way cheaper.

are you planning on getting another job after the baby?

congratulations on the little 'un.

xx

lauzellen

Will you not be entitled to Maternity Allowance if not in work? To be entitled you need to have worked at least 26 weeks in your 'test period' (66 weeks up to and including the week before the week your baby is due). Part weeks count as full weeks. It is paid at the rate of 90% of weekly earnings or £124.88 per week which ever is less. More info and how to apply http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Expectingorbringingupchildren/DG_10018869

LittleBit_2

Thanks - yes I will be getting maternity pay, but as I'm leaving the company I will get it all in one go. The plan is to try and pay a large amount off the credit card and stick a bit to one side for moving fees. So I thought rather than rely on the money, we would act as though we didn't have it IYKWIM.

LittleBit_2

Yes OH has a motorbike. He will use this all through the summer, so yes the fuel costs should hopefully come right down...

I'm not sure yet if I plan to get a job once baby arrives. I guess we will see how we do moneywise. Also, I'm hoping to do a college course part-time so would obviously need to work a job around that. I'm definitely not averse to getting one though.