My S.O.A please advise!

lambda

Hi All,

Here's my SOA. This is based on my own income, although it's possible my partner will very soon be in full time work also. I need to mention that my student loan comes out of my salary (so this is not included here), I also have a pension coming out of my salary automatically as well.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1707
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1707

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 125
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 63
Gas..................................... 63
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 10.42
Car Insurance........................... 26.67
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..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 22
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1295.09


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3540.....(125)......14
Total secured & HP debts...... 3540......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................1248......156.......6.5
Credit Card....................1296......50........0
Overdraft......................1800......200.......19
Total unsecured debts..........4344......406.......-


Monthly Budget Summary
Total monthly income.................... 1,707
Expenses (including HP & secured debts). 1,295.09
Available for debt repayments........... 411.91
Monthly UNsecured debt repayments....... 406
Amount left after debt repayments....... 5.91

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -3,540
Total Unsecured debt.................... -4,344
Net Assets.............................. -4,884

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

At the moment I don't save for car tax/insurance. I usually pay my car tax when it's due (it's due in May) and pay insurance monthly. However, my car insurance is due for renewal on the 20th April, so I was thinking of avoiding their 30% APR charges by putting it on my credit card instead. At the same time I was thinking about opening a basic savings account to save for future car tax and insurance.

I don't need to pay any outgoings for MOT or car maintenance: the car has 2 years of MOTs and services left, as well as a warranty. This also includes breakdown cover.

Does my SOA look bad? or manageable? I wanted the debt cleared by the end of this year, but not sure if that is totally doable. My loan (balance of 1248) will end in December this year.

I should mention that my water rates are included in the council tax.

Hope people can help!

mboro

Well I can't advise you on anything regarding your SOA as you have been helping me with mine lol, and for that I thank you once more.

Horace

You could easily cut down on your grocery bill because £200 is a lot for one person so look at the oldstyle moneysaving board for tips on mealplanning.

Look at cashback sites such as quidco or topcashback for your car insurance as you may just get it cheaper and get some cash back at the same time.

lambda

Sorry forgot to mention:

The grocery bill is for 2 adults: myself and my partner. We meal plan, and cook everything fresh from scratch. We normally spend 30 - 40 pounds a week on food tops but I though I would give myself a grace buffer for food.

Actually, more precisely: I pay 350 pounds into a separate budget account that we use to buy everything each month: food, petrol, clothes, incidental stuff, (groceries, petrol, entertainment).

CH27

Does your partner not get any income at all?

lambda

At the moment she gets 130 pounds a month (only just got her first pay check yesterday!). There's a good chance this will increase quite substantially with a potential FT position, however.

hanfrangipane

lambda wrote: »

Hi All,

Here's my SOA. This is based on my own income, although it's possible my partner will very soon be in full time work also. I need to mention that my student loan comes out of my salary (so this is not included here), I also have a pension coming out of my salary automatically as well.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1707
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1707

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 125
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 63
Your gas an electric seem incredibly high, myself and my boyfriend live in a 2 bed flat and pay 51 per month for both together. Is there any way you could reduce this? Are you in credit with your suppliers at all?
Gas..................................... 63
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 10.42
Car Insurance........................... 26.67
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..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 22
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1295.09


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3540.....(125)......14
Total secured & HP debts...... 3540......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................1248......156.......6.5
Credit Card....................1296......50........0
Overdraft......................1800......200.......19
Total unsecured debts..........4344......406.......-


Monthly Budget Summary
Total monthly income.................... 1,707
Expenses (including HP & secured debts). 1,295.09
Available for debt repayments........... 411.91
Monthly UNsecured debt repayments....... 406
Amount left after debt repayments....... 5.91

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -3,540
Total Unsecured debt.................... -4,344
Net Assets.............................. -4,884

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

At the moment I don't save for car tax/insurance. I usually pay my car tax when it's due (it's due in May) and pay insurance monthly. However, my car insurance is due for renewal on the 20th April, so I was thinking of avoiding their 30% APR charges by putting it on my credit card instead. At the same time I was thinking about opening a basic savings account to save for future car tax and insurance.

I don't need to pay any outgoings for MOT or car maintenance: the car has 2 years of MOTs and services left, as well as a warranty. This also includes breakdown cover.

Does my SOA look bad? or manageable? I wanted the debt cleared by the end of this year, but not sure if that is totally doable. My loan (balance of 1248) will end in December this year.

I should mention that my water rates are included in the council tax.

Hope people can help!

By my calculation if you want to have the all the unsecured debt repaid by the end of the year then you're about £700 short.

That's assuming your SOA balances were post March payments? So that's your monthly payments to unsecured debt of 406 x 9 of £3,654. Your debts o/s now are £4,344 as above.

The £130 per month your partner gets - is that for her alone or will this be getting put into the SOA you've already posted, ie you'll have a further surplus of £130 per month that could go towards debts?

lambda

Hi,

I was paying 44 pounds a month for elec and gaas combined. Just got my bill through for last quarter and the DD has jumped from 44 to 127 pounds a month! We are now 400 pounds Debit with Scottish Power. It was a very cold winter!

My partner's income is her own. Once she works FT then she will probably give me some money to put towards bills and we will probably pay for groceries in equal shares. This will save a bit of cash. I can't ask her to pay for my debts though. They are my debts, not hers!

It may be a little much to pay off all this debt by end of 2011. However, if my loan is finished and my overdraft cleared, that's 350 pounds extra a month to clear remainder of CC bill, so it won't take long (2 months).

hanfrangipane

Yeah, I thought that may be the case with your partner. The reason i'm wanting to clear all mine by August is that's when my partner will graduate and start work so from that point he won't be contributing towards my debts and we can base our contributions towards household expenses/rent on our ability to pay. He'll be earning more than me!

Hopefully she will get FT soon and can then contribute a bit towards living expenses so you won't be so tight for cash.

I think December is a great target for getting rid of loans and then Feb 2011 as an entirely debt free date. Then you can start enjoying that £406 a month for yourself!

lambda

The first thing I am doing when I am debt free is opening an ISA and setting up a nice standing order into it. I want to start saving for a house, but there's no point saving if you have debt (something I learned about on here).

I think once my partner is earning more money, then I will get more money for bills and groceries from her, so the burden won't be so heavy on my one salary. Could even be the case that extra wage will help me clear the debt much faster than I hope! Having no money is not as bad as it seems though: money doesn't buy health and happiness! It just means we have to avoid going out for meals/go to the pub/etc. But, it's only finite, I keep reminding myself.