updated SOA APRIL 2011

curlytop12

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 840
Partners monthly income after tax....... 0
Benefits................................ 340
Other income............................ 478
Total monthly income.................... 1658

Monthly Expense Details
Mortgage................................ 350
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 89(over 10 months,but i like the 2 free after xmas)
Electricity............................. 34
Gas..................................... 34
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 25(includes internet and calls)
Mobile phone............................ 15(300 mins and unlimited texts)
TV Licence.............................. 12
Satellite/Cable TV...................... 0(freesat)
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0(comes out of groceries)
Petrol/diesel........................... 180(can't do anything about this)
Road tax................................ 10
Car Insurance........................... 58
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0(included in buildings)
Life assurance ......................... 10
Other insurance......................... 19(boiler)
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 80
CC overpayments......................... 120
child savings.......................... 20
Total monthly expenses.................. 1469

Assets
Cash.................................... 300
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 113300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 59900....(350)......4.99
Total secured & HP debts...... 59900.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
egg CC.........................1700......35........0(until feb 2012)
nationwide CC..................1450......35........0(until aug 2012)
Total unsecured debts..........3150......70........-

Monthly Budget Summary
Total monthly income.................... 1,658
Expenses (including HP & secured debts). 1,469
Available for debt repayments........... 189
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 119

Personal Balance Sheet Summary
Total assets (things you own)........... 113,300
Total HP & Secured debt................. -59,900
Total Unsecured debt.................... -3,150
Net Assets.............................. 50,250

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

just an update,mainly for myself.using different" pots" is definately helping!so is managing to get all CC debt onto 0%.
still need to budget(or rather,stick to it)as that surplus cash could be paid towards CC too.tried spending diary-am rubbish,wondering if i could somehow use my mobile as a diary.:)

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 840
Benefits................................ 340
Other income............................ 478
Total monthly income.................... 1658

Monthly Expense Details
Mortgage................................ 350
Council tax............................. 89 (over 10 months,but i like the 2 free after xmas)
Electricity............................. 34 I'm assuming that you've checked somewhere like Uswitch to ensure that you are on the cheapest tariff, if not do so, and even if you do it's a good idead to check it every 6 months or so (and if switching is cheaper go through one of the cashback sites for incentives (Quidco,onepoll, topcashback etc)
Gas..................................... 34 as above
Water rates............................. 23
Telephone (land line)................... 25 (includes internet and calls)
Mobile phone............................ 15 (300 mins and unlimited texts)
TV Licence.............................. 12
Satellite/Cable TV...................... 0 (freesat)
Internet Services....................... 0
Groceries etc. ......................... 300 for two this could probably be reduced if you wanted (we spend less than half of that for two including lunches and we eat very well - drop brands, meal plan batch cook, try lidl/aldi etc - check the old style board for cost cutting inspiration here)
Clothing................................ 0 (comes out of groceries)
Petrol/diesel........................... 180 (can't do anything about this)
Road tax................................ 10
Car Insurance........................... 58
Car maintenance (including MOT)......... 25
Other child related expenses............ 20
Buildings insurance..................... 15
Contents insurance...................... 0 (included in buildings)
Life assurance ......................... 10
Other insurance......................... 19 (boiler)
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0 never? Is this realistic?
Emergency fund.......................... 80
CC overpayments......................... 120 how is this split 50/50 between the two cards, or are you currently saving this in a savings account until 0% ends (perhapse look at regular savers). £120*11 (when the first car's 0% runs out=1320(+interest if in savings account)
child savings.......................... 20
Total monthly expenses.................. 1469

Assets
Cash.................................... 300
House value (Gross)..................... 110000
Car(s).................................. 3000
Total Assets............................ 113300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 59900....(350)......4.99
Total secured & HP debts...... 59900.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
egg CC.........................1700......35........0 (until feb 2012) - at this rate of £35pm you'll have paid £385 by next Feb, leaving £1315 to pay
Nationwide CC..................1450......35........0 (until aug 2012) On this one you will have paid £595 paid, and leaving £855 still to pay
Total unsecured debts..........3150......70........-

Monthly Budget Summary
Total monthly income.................... 1,658
Expenses (including HP & secured debts). 1,469
Available for debt repayments........... 189
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 119

Personal Balance Sheet Summary
Total assets (things you own)........... 113,300
Total HP & Secured debt................. -59,900
Total Unsecured debt.................... -3,150
Net Assets.............................. 50,250

This might be what you are already doing, but if not I'll make the following suggestion:

Pay the £120 each month that you have down in your SOA as cc overpayments into the highest rate savings account that you can find (have a look here: http://www.moneysavingexpert.com/banking/

(make sure that you can access it when you want though)

If you pay the £120 each month into the savings account, in Feb 2012 you will have enough to pay off the balance of the egg card with £5 left over (plus the interest that you earned).

Then between Feb 2012 and Aug 2012 continue to save the £120 each month, (120*6=£720), plus what you were previously paying each month to egg (£35*6=£210) This will total £930 (+all the interest you have earned)

This way you will be taking full advantage of the 0% deal on your cc, and also be completly debt free by the time the 0%s end.

HTH

D9

curlytop12

flipping heck!thats a fab idea!will def look into that,was under the impression i'd just switch to another 0% bal until paid off but i like your idea sooo much better,thankyou.
ps.entertainment comes out of groceries budget,but looking at my surplus i could have another "pot" for this and clothing etc.
have switched recently for gas and elec-forgot cashback-doh!
just got £30 cashback with my house insurance though.
off to look at savings accounts now
thanks again

curlytop12

that link doesn't exist!am sure i'll find my way on main site though,cheers.G

[Deleted User]

gem68 wrote: »

that link doesn't exist!am sure i'll find my way on main site though,cheers.G

The link works now - glad to help.

D9

curlytop12

The link works now - glad to help.

well,took advise,just applied for savings acc:instant access,no penalty for withrawals,3%.
thankyou.