Advice on my SOA

fizzy702

Right have now done an SOA.........

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.................... 2
Monthly Income Details
Monthly income after tax................ 20
Partners monthly income after tax....... 1356
Benefits................................ 0
Other income............................ 26
Total monthly income.................... 1402
Monthly Expense Details
Mortgage................................ 453.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 40
Gas..................................... 41
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 20.17
Mobile phone............................ 65
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 15.31
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 21
Car Insurance........................... 56
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 38.69
Buildings insurance..................... 10
Contents insurance...................... 6
Life assurance ......................... 34.17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1350.08

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 225000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(453.2)....0
Total secured & HP debts...... 121000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Card...........................9000......195.......0
Card...........................2800......55........0
Card...........................11600.....200.......0
Total unsecured debts..........23400.....450.......-

Monthly Budget Summary
Total monthly income.................... 1,402
Expenses (including HP & secured debts). 1,350.08
Available for debt repayments........... 51.92
Monthly UNsecured debt repayments....... 450
Amount short for making debt repayments. -398.08
Personal Balance Sheet Summary
Total assets (things you own)........... 225,000
Total HP & Secured debt................. -121,000
Total Unsecured debt.................... -23,400
Net Assets.............................. 80,600



Any tips advice would be great thank you:)

Rock_Cakes

Didn't want to read and run. I am sure there will somebody infinitely more wiser than me come and give you some great advice. The only things I could see that you could cut down would be your mobiles and petrol. I understand that this might be commuting to a job but could you lift share?

Is there anyway you could earn some more money?

Good luck on your DFW adventure.

xx

fizzy702

Thanks Rock_Cakes

I know petrol is high but thats mainly OH to and from work and he cant car share as he goes so early and there is no one from this area that goes that way !!!! As for mobiles I have swapped my plan so it has gone fro £45 a month to £20 a month just waiting for OH to swap his call plan !!!!!!

Superbiatch

Are you not entitled to any benefits with two children?

rubywhatashmoo

fizzy702 wrote: »

Right have now done an SOA.........

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.................... 2 Do you need both cars?
Monthly Income Details
Monthly income after tax................ 20 Is this right?
Partners monthly income after tax....... 1356
Benefits................................ 0
Other income............................ 26 What's this from?
Total monthly income.................... 1402
Monthly Expense Details
Mortgage................................ 453.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 40 Have you checked lately if you could get this cheaper from another provider?
Gas..................................... 41
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 20.17 Just for line rental or average for calls as well?
Mobile phone............................ 65 Even though you've reduced yours are you on the cheapest plan you could be? Definitely check your OH's as well!
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 15.31 Could you get a cheaper supplier?
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 21
Car Insurance........................... 56
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 38.69 How many pets do you have?
Buildings insurance..................... 10
Contents insurance...................... 6
Life assurance ......................... 34.17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1350.08

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 225000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(453.2)....0
Total secured & HP debts...... 121000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Card...........................9000......195.......0
Card...........................2800......55........0
Card...........................11600.....200.......0
Total unsecured debts..........23400.....450.......-

Monthly Budget Summary
Total monthly income.................... 1,402
Expenses (including HP & secured debts). 1,350.08
Available for debt repayments........... 51.92
Monthly UNsecured debt repayments....... 450
Amount short for making debt repayments. -398.08
Personal Balance Sheet Summary
Total assets (things you own)........... 225,000
Total HP & Secured debt................. -121,000
Total Unsecured debt.................... -23,400
Net Assets.............................. 80,600



Any tips advice would be great thank you:)

Just a few notes, I don't drive so I've no idea about what you're paying for those bits, although £250 a month on petrol is massive, is there anyway at all you could cut this?

sparkleisshopping

Well done on getting your grocery budget so low for a family of four!

I agree with Rock Cakes - is there any way you could bring in any extra money (ebay, avon, mystery shopping) as the shortfall is quite high and I don't think you can trim the budget much more.

Do you need to run two cars or could you get rid of one to save money there?

Good luck on your debt free journey!

fizzy702

Ok I have 2 cats and 2 dogs thats why the insurance is high !!!! OH uses most of the petrol its a 40 mile round trip to work 5 days a week !!!!!! I only use about £10 a week in petrol we need both cars as we live in a village and public transport is awful and OH is a musican so does gigs every now and then the income of which I have not included in my SOA as it can be very hit and miss ... I have looked into changing internet and phone to just one provider and could save about £8.00 a month but just waiting for OH to ok it as he is worried about lossing his internet !!!!!!!! Other income is from my Dad as he pays for the girls dancing bless him.... as for the gas and electric I am on a duel fuel plan which is £81 a month in total as for my income I only work part time as a relief mid day assistant so I can earn up to £70 a month but it just depends how oftern I an needed I know in April I will only earn about £28 because of the holidays . I am looking for a part time job but not a lot about . I do have a shop on Ebay so I think my challenge next week will be get back to listing in my shop !!!!

fizzy702

Ohhhh what a donut I do get child tax credit !!!!! which is about £339 a month !!!!!! forgot to add that in.

rubywhatashmoo

Ah right that makes more sense! The other income £26 probably shouldn't be included then as you haven't included the fees it covers - it makes it look as if you have it as an extra £26 a month, when if you use it to pay for dancing you don't

fizzy702

Well yeah forgot that !!!!!! I also didnt add in bank charges which at the mo are about £150 a month so really need to work on bring that down !!!!!! also there is another payment that goes out which is £120 a month which I have just remembered !!!! i really think I need to re do my SOA at this rate !!!!!!!!!

fizzy702

Ok Have re done my SOA taking in to account all help so far Thank you

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.................... 2
Monthly Income Details
Monthly income after tax................ 30
Partners monthly income after tax....... 1356.33
Benefits................................ 339
Other income............................ 295
Total monthly income.................... 2020.33
Monthly Expense Details
Mortgage................................ 453.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 40
Gas..................................... 41
Oil..................................... 0
Water rates............................. 36.41
Telephone (land line)................... 20.17
Mobile phone............................ 65
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 15.31
Groceries etc. ......................... 433
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 44
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 38.69
Buildings insurance..................... 9
Contents insurance...................... 5
Life assurance ......................... 34.17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1718.49

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 225000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 120000...(453.2)....0
Total secured & HP debts...... 120000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Card...........................9000......195.5.....0
Card...........................2800......55........0
Card...........................10600.....200.......0
Bank charges...................0.........150.......0
T Car..........................3000......130.......0
Total unsecured debts..........25400.....730.5.....-

Monthly Budget Summary
Total monthly income.................... 2,020.33
Expenses (including HP & secured debts). 1,718.49
Available for debt repayments........... 301.84
Monthly UNsecured debt repayments....... 730.5
Amount short for making debt repayments. -428.66
Personal Balance Sheet Summary
Total assets (things you own)........... 225,000
Total HP & Secured debt................. -120,000
Total Unsecured debt.................... -25,400
Net Assets.............................. 79,600