Soa

Kimberley82

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................ 300
Partners monthly income after tax....... 1600
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2050

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 160
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 89 (paying off back log)
Gas..................................... 30 (paying off back log)
Oil..................................... 0
Water rates............................. 54
Telephone (land line)................... 0
Mobile phone............................ 30 (8 months left on contract)
TV Licence.............................. 13
Satellite/Cable TV...................... 60 (this is with sky, tv net and phone)
Internet Services....................... 0
Groceries etc. ......................... 400 (we make 99% of everything from scratch from fresh foods, I admit i am slightly paranoid about feeding my children well.
Clothing................................ I dont put a certain amount away just buy clothes as we need them
Petrol/diesel........................... 200 (we both have to drive to work)
Road tax................................ 8
Car Insurance........................... 70
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1909


Assets
Cash.................................... 300
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 0
Total Assets............................ 12300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 10000....(160)......0
Total secured & HP debts...... 10000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 1,909
Available for debt repayments........... 141
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 141

Personal Balance Sheet Summary
Total assets (things you own)........... 12,300
Total HP & Secured debt................. -10,000
Total Unsecured debt.................... -0
Net Assets.............................. 2,300

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

This isnt so much for getting rid of my debts just we seem to spend so much on everything, I was wondering if any of you can give me a hand?

NeverAgain_2

I don't think you are doing too badly, £2,000 a month is always going to be quite tight for a family of four.

Some people will say your grocery bill is high, but it only comes to £50 each, and is not too bad if it includes lunches for the workers and children.

I was paying the same as you for the same from Sky.

Worth giving them a ring and grumbling a little bit - they put me on half-price for six months.

Kimberley82

Yes that covers lunches, we do occasionally buy lunch at work but not often, our income and decreased by about £600 a month recently and im finding it hard tbh.

I am only earning a small amount right now even though I am working full time, but I am self employed and trying to get my self set up, though right now I am earning nothing as I have just had my appendix out and am stuck at home.

I will try ringing sky and see if I can get a discount.

t4mof

Hi

I'd say you were doing OK with no unsecured debts and £140 left each month... but do you have this left or is it being spent on other things such as coffees, magazines, odd treat here and there. You get the picture. A spending diary will help.

Can you ring your mobile company and see if they'll drop a tariff for the remainder of your contract?

Do you know what your gas and elec will drop to once the arrears are paid? What is your actual consumption? Once the arrears are paid, there will be extra money in your pocket.

Some people will think £400 on groceries is a lot. Do you have a Lidl/Aldi close by for fruit and veg if you cook from scratch a lot?? I find them a lot cheaper than Tesco. My family is 2 adults, 2 kids and my shopping budget is £66 a week (£264 a month). We do a lot of cooking from scratch too and batch cook to try and keeps costs down.

Car Insurance seems high - did you use the price comparison sites and then go through a cashback site for money back?? I pay £26.48 and my OH £27.97 but these are over 8 months rather than 12 so we'll have 4 months where we pay nothing here.

Hope that helps.

pink_princess

Are your benefits right ? On a combined income of £1900 you should still get ctc as well as child benefit.

Kimberley82

The car insurance I am going to look at as it does seem high, I normally do spend ages comparing, but this year i just renewed as i was so busy.

The food thing, yes we do have other shops but I cant get everything I need from lidle or aldi, and time is very short in our house right now lol.

Kimberley82

pink_princess wrote: »

Are your benefits right ? On a combined income of £1900 you should still get ctc as well as child benefit.

I didnt think we qualified, I will look into that, thank you.

pink_princess

The cut off for ctc is now 40K I believe ,it was 50k until the start of April.Theres a calculator on the tax credits website to see what you are entitled to.

Do you really not have any home & life insurance ? I see these as must haves.

HTH

Kimberley82

pink_princess wrote: »

The cut off for ctc is now 40K I believe ,it was 50k until the start of April.Theres a calculator on the tax credits website to see what you are entitled to.

Do you really not have any home & life insurance ? I see these as must haves.

HTH

I cant get them

tallyhoh

Can't you get contents insurance? it is fairly important. Do you or other half have life insurance from work or can't you get it at all.

pink_princess

Kimberley82 wrote: »

I cant get them

Why ?( message to short )