Advice on my SOA

Superbiatch

What are the bank charges for? Unauthorised overdraft maybe? If so, might it help to change your dd dates to coincide with pay days - just a thought

fizzy702

the bank charges are for me and OH going over over-draft into reserve !!!! to be honest I am in my reserve most of the time..........

Superbiatch

So are you paying something ridiculous like £5 per day? It might help to jig things about a bit so you're not in there so long.

fizzy702

as soon as I go into my reserve I get charged £22 but they can only charge this some many times a month !!!!!! we dont have a joint bank account so OH gets charged on his as well but most of the DD come out of his account really need to get some money in and then NOT to spend it !!!!!!!!

eschaton

sparkleisshopping wrote: »

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

Take that back - it's gone from £100 to £433...... in just over 1 hour!

Nixxx

fizzy702 wrote: »

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 - Can you do anything to up your income? I'm assuming you are a teacher so perhaps some tutoring? Exam marking etc?
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 - Would you consider going onto a meter?
Telephone (land line)................... 20.17 your internet and telephone is £35, this can be reduced, please shop around. I pay less than £20 for both
Mobile phone............................ 65 Get your OH to call ASAP.
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 15.31 see telephone
Groceries etc. ......................... 433 - :eek: This needs to be reduced, aim for £250. Please visit the old style board on this forum for tips on meal planning and being thrifty.
Clothing................................ 10 - Is it possible to cut this out until you are sorted?
Petrol/diesel........................... 250 [COLOR="Magenta)"]- Is your car economical? Is it possible/worth switching to a more economical car?[/COLOR]
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 - Is this the cheapest deal available? Use comparison websites to make sure you are on the best value policy for you.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10 - How much do you have in your emergency fund?
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 are these really all on 0% APRs? If not can you please give exact totals and figures?
Card...........................2800......55........0
Card...........................10600.....200.......0
Bank charges...................0.........150.......0 -:eek: [COLOR="Magenta)"]Why are you paying this? Are bills bouncing or over your agreed overdraft? This needs sorting pronto.[/COLOR]
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 How are you funding this so far? Is it overdrafts?
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

Some comments and questions above.

snookey

Hi sorry if Iv missed it but have you included the child benefit in your tax credits.

themull1

Can your husband not get a job and do music/gigs on the side? If the music side is very sporadic might be worth thinking about?

themull1

Ignore last post, i didnt read op's soa properly!!

fizzy702

Thanks Nixxx
In answer to your questions the short fall is overdrafts and up until 10 days ago things where going on the cards!!!! 2 of the cards are 0% and then 1 card is 16.9% & 6.9% & 0% there is nothing in the emergency fund at present, the water is on a meter already !!!!! OH will be changing his mobile when his contract runs out in 2 weeks and I have looked at cheaper internet found one that works out £8 cheaper a month but waitting for OH to ok switch !!!!!! I will have a look at life insurance as for the grocery shopping I will look at other boards it would be fab if I could get that down . Clothing I dont tend to buy to be honest I just added it in incase and I am job hunting but as yet nothing !!!! I am a relief mid day assistant but would love to do TA. I do get a bit extra some times with the cakes I make but thats not regular I also have a shop on Ebay but I have had such a crap month Ive not been able to get motivated to list any thing !!!!!! Thats my next challenge!!!
The SOA aboveif I had done that 10 days ago it would have been much worse but in the last 10 days I have made savings of over £200 which I am pleased with....