My SOA

glittermonster

This is our joint SOA - quick summary - I own the house, my OH lives here and our baby is due in November - I've been on a major debt drive since Jan and haven't done too badly!
One baby comes I'm going to try and see everything as OUR money rather than his and mine.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... a bump due 18/11
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1350

Total monthly income.................... 3150

Monthly Expense Details
Mortgage................................ 545.7
Secured/HP loan repayments.............. 485
Management charge (leasehold property).. 5
Council tax............................. 89
Electricity............................. 130 - DD is currently £107 but overpaying to help for when I'm off work - we have electric ceiling heating
Water rates............................. 29.25
Telephone (land line)................... 14
Mobile phone............................ 33 this is for my iPhone £23/m and his £10top up
TV Licence.............................. 12.37
Satellite/Cable TV...................... 31
Internet Services....................... 9.5
Groceries etc. ......................... 240
Clothing................................ 0 mainly use birthday/christmas money or tesco clubcard vouchers, don't spend a great deal
Petrol/diesel........................... 190 i use £120 a month getting to work mainly
Road tax................................ 25 for 2 cars
Car Insurance........................... 90 for 2 cars - I reduced mine by £10/month to £40 a month by shopping around - will do the same for OHs renewal in August.
Car maintenance (including MOT)......... 25 for OHs car, I get petrol money from work which pays for mine
Medical (prescriptions, dentist etc).... 50 OHs prescriptions and painkillers
Pet insurance/vet bills................. 15 2 lots of cat insurance
Buildings insurance..................... 20 controlled by management agency
Contents insurance...................... 9
Life assurance ......................... 22.28 just mine life and critical illness, will get OH some before baby comes
Presents (birthday, christmas etc)...... 80 we don't save this at the moment
Haircuts................................ 5 i've not had mine cut in a year, waxing i now do myself, OH does his own
Entertainment........................... 20 one takeaway a month, tend to have friends over
Holiday................................. 0
Emergency fund.......................... 0 we need to add something here
Cat Jabs................................ 5
Bank account fees (non standard a/c).... 17
My Work Insurance....................... 7.6
Shared Misc Money....................... 100
OH - mob internet, lottery, cineworld... 50 cut lottery and cineworld
OH Work Food............................ 90 he works 7 x 12 hours shifts
OH Smokes............................... 105 he will give up before baby comes

Total monthly expenses.................. 2549.7


Assets
House value (Gross)..................... 160000
Car(s).................................. 7000
Total Assets............................ 167000[/b]


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(545.7)....3.5 - fixed til June 2012
Secured Debt.................. 8000.....(150)......9 - OHs car
Hire Purchase (HP) debt ...... 900......(42).......0 - OHs laptop
Tesco Loan.....................13823....(293)......7.8 - end April 2015
Total secured & HP debts...... 122723....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Bed............................428.......26.75.....0
Tesco Visa - 0%-Jan............1030......10........0
Tesco Visa.....................2350......62........17.9
have guessed the interest rates and min payment - £1,030 interest free til Jan
Working Tax Credits............375.......20........0
Santander .....................500.......20........17.9
Santander - 0%-Nov.............1050......10........0have guessed the interest rates and min payment - £1,050 interest free til Jan
Total unsecured debts..........5733......148.75....-
I'm trying to pay £450 a month off credit cards, but lately OHs car service got in the way.


Monthly Budget Summary
Total monthly income.................... 3,150
Expenses (including HP & secured debts). 2,549.7
Available for debt repayments........... 600.3
Monthly UNsecured debt repayments....... 148.75
Amount left after debt repayments....... 451.55

i know we could cut down on food, same on OHs work food and I am trying but.....

There are things we need to re-assess when I'm on ML and SMP, I'll be off from Nov 4th and back Feb 28th all being well.

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... a bump due 18/11
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1350

Total monthly income.................... 3150

Monthly Expense Details
Mortgage................................ 545.7
Secured/HP loan repayments.............. 485
Management charge (leasehold property).. 5
Council tax............................. 89
Electricity............................. 130 - DD is currently £107 but overpaying to help for when I'm off work - we have electric ceiling heating £107 is still very high, are you in arrears? If not then shop around and compare companies. Turn things off instead of on standby, turn the thermostat down a degree or two etc
Water rates............................. 29.25 are you on a meter or standard payment?
Telephone (land line)................... 14 see if combining with internet would be cheaper
Mobile phone............................ 33 this is for my iPhone £23/m and his £10top up when does the contract end? Switch to sim only/PAYG then
TV Licence.............................. 12.37
Satellite/Cable TV...................... 31 switch to freevire or freesat
Internet Services....................... 9.5 as above
Groceries etc. ......................... 240
Clothing................................ 0 mainly use birthday/christmas money or tesco clubcard vouchers, don't spend a great deal
Petrol/diesel........................... 190 i use £120 a month getting to work mainly I assume this will go doen dramatically when you're on maternity leave then
Road tax................................ 25 for 2 cars
Car Insurance........................... 90 for 2 cars - I reduced mine by £10/month to £40 a month by shopping around - will do the same for OHs renewal in August.
Car maintenance (including MOT)......... 25 for OHs car, I get petrol money from work which pays for mine
Medical (prescriptions, dentist etc).... 50 OHs prescriptions and painkillers for prescriptions see if a pre-paid certificate would work out cheaper
Pet insurance/vet bills................. 15 2 lots of cat insurance
Buildings insurance..................... 20 controlled by management agency
Contents insurance...................... 9
Life assurance ......................... 22.28 just mine life and critical illness, will get OH some before baby comes
Presents (birthday, christmas etc)...... 80 we don't save this at the moment monthly this is very high, buy things in sales, look at the grad it board, stc - could halve this
Haircuts................................ 5 i've not had mine cut in a year, waxing i now do myself, OH does his own
Entertainment........................... 20 one takeaway a month, tend to have friends over
Holiday................................. 0
Emergency fund.......................... 0 we need to add something here
Cat Jabs................................ 5
Bank account fees (non standard a/c).... 17 switch to a non-fee paying account - this is a lot of money - if you do actually use the "perks" you recieve on the account, shop around and see if you can get the same/similat for cheaper elsewhere
My Work Insurance....................... 7.6 should work not pay for this?
Shared Misc Money....................... 100 you need to identify what this covers
OH - mob internet, lottery, cineworld... 50 cut lottery and cineworld You need to show the breakdown for each of these, I assume cineworld and lottery could be cut
OH Work Food............................ 90 he works 7 x 12 hours shifts Making packed lunches will work out much cheaper - leftovers, sandwiches, homemade soups etc
OH Smokes............................... 105 he will give up before baby comes OH should quit sooner, it will benifit him, you and the baby - he will get free assistance from his local NHS stop smoking service

Total monthly expenses.................. 2549.7


Assets
House value (Gross)..................... 160000
Car(s).................................. 7000
Total Assets............................ 167000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(545.7)....3.5 - fixed til June 2012
Secured Debt.................. 8000.....(150)......9 - OHs car can he return or trade in and get a cheaper car?
Hire Purchase (HP) debt ...... 900......(42).......0 - OHs laptop when will this be fully paid?
Tesco Loan.....................13823....(293)......7.8 - end April 2015
Total secured & HP debts...... 122723....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Bed............................428.......26.75.....0
Tesco Visa - 0%-Jan............1030......10........0
Tesco Visa.....................2350......62........17.9 this and the santander below appear to be charging you the highest interest each month, and therefore should be your priorities for overpayments when you can find any spare cash in your SOA
have guessed the interest rates and min payment - £1,030 interest free til Jan you need to check your bank statements and see how much you really pay towards this every month
Working Tax Credits............375.......20........0
Santander .....................500.......20........17.9
Santander - 0%-Nov.............1050......10........0have guessed the interest rates and min payment - £1,050 interest free til Jan again check your bank statements
Total unsecured debts..........5733......148.75....-
I'm trying to pay £450 a month off credit cards, but lately OHs car service got in the way.


Monthly Budget Summary
Total monthly income.................... 3,150
Expenses (including HP & secured debts). 2,549.7
Available for debt repayments........... 600.3
Monthly UNsecured debt repayments....... 148.75
Amount left after debt repayments....... 451.55 This and any further savings that you can make in your SOA should go towards your higest charging debts each month - I would start with your Santander debt (£500), as this will be gone in 1 month with a few cutbacks (then close the account), after this then pay all this surpul towards Tesco visa until gone (your basic surplus before cutbacks will be £471.55 after first Santander debt is fully paid), so will be fully repaid after a further 5 months.

Essentially your most expensive debts could be gone in 6 months.

You should play around with the snowball calculator (it's at the end of the page where you filled in your SOA) - this will help you prioritise your overpayments of your debts ensuring that you pay in the most cost effective manner - paying the highest charging to the lowest charging until all are gone.

I have made some comments above, hope at lestsome of them help,

D9

Tixy

Hi

Can you get landline/TV/internet cheaper by getting an all in deal? or consider ditching sky or dropping to lowest tariff?
Can OH start trying to give up cigs now to save costs?

As you say food could be reduced, especially given OHs work meals you should be able to get groceries below £200 (providing you are not having very expensive cravings!!)

What do you get for the fee paying bank account? unless its a free OD (which I can't see on your debt list) then probably not worth paying for and you would be better with a standard account.

Not sure about the heating/elec costs, is this an expensive form of heating? it sounds it, is it variable in terms of temp/how hot each room is at etc? can you turn right down in bedrooms and unused rooms? hopefully you are not using much heating at all at the moment anyway? How is your water heated? if a tank is heated by an imersion heater have you made sure its not on anymore than you need? Have you shopped around for a cheaper elec supplier?

Are you overpaying all of the £450 towards your debts?

glittermonster

HEATING
- this is the cheapest I can get at the moment, we barely use it unless its very cold - this is the only fuel we have so for cooking and water too, things are off and we don't use the ceiling heating downstairs (bedrooms) at all - we have oil heaters.

WATER
this isn't meterest

PHONE
It could save me £5 a month but OH downloads a lot and there would

MOBILE
Mine ends in a month I think but I have the cheapest contract possible for my iPhone - we have 'friends and family' which means all calls to and from 5 o2 numbers (mine and OH are on o2 are free) which makesit worthwhile - I think

SKY
we are currently tied in until March 2012 when we can stop one service saving £10 a month, just cut off sky movies

PETROL - mine will drop to virtually nothing wile I'm not working yes.

PRESCRIPTIONS - have left this with OH to sort, and he hasn't - it would be slightly cheaper but a lot of the cost are painkillers which aren't on prescription - cos those ones don't work

Presents - indeed we need to look at this - i've bought 1 present for december in the sale

Bank account fees - we both make use of our benefits - car break down - interest free OD (mine - forgot to put it in debts) - OH can't change his account - tho could reasses the level of his account - thanks

My Work Insurance - No they can't pay if they want to sue me (!!) they can't be paying for the cover - conflict of interests Shared Misc Money - is for OHs trips to Nero, beers and misc little spends like our deodrants that I don't put inthe shopping basket we pay for our own.

OH - mob internet, lottery, cineworld... - lottery is £20/m, cineworld is £13.50 and mobile internet is £15 a month - yes lottery and cineworld are facing the axe

OH Work Food - he already takes packed lunches and leftovers

OH Smokes - I'd like him to quit asap and I know he should but i can't put too much pressure on someone to quit or it wont happen, needs to do it in his own time

OHs car can he return or trade in and get a cheaper car? - I doubt very much he would do that.

Hire Purchase (HP) debt ...... 900......(42).......0 - OHs laptop when will this be fully paid? I think it will be in 3 1/2 years but we can over pay so when the CC are paid this is my next point of attack

CC - I'm waiting for my latest statements to come through to see the current level of interest with my recent balance transfer
we (I) are making all the overpayments we can and have a clear idea of when this will be done - thank you for the ideas - will look into phone/internet again and bank accounts, and car insurance and the other things raised!!

RAS

HAve you checked what your entitlements will be during nat leave, after bubs is borns and when you go back to work. What are your child care arrangments going to be, cost wise?

glittermonster

RAS wrote: »

HAve you checked what your entitlements will be during nat leave, after bubs is borns and when you go back to work. What are your child care arrangments going to be, cost wise?

Hi - because I have 2 jobs I get 2 lots of smp after 6 weeks at 90% of my salary.

I am a nanny, my 3day job boss will let me take my baby to work with me, my other boss said no to the baby coming, so if I go back and find childcare to fit around my OH shifts we'll be paying £272 a month for childcare.

Once bubba is here we'll get child benefit, I believe £20.80/week.

I don't think we qualify for anything else once bubba is here or while I'm on ML.

toontastic

glittermonster wrote: »

HEATING
MOBILE
Mine ends in a month I think but I have the cheapest contract possible for my iPhone - we have 'friends and family' which means all calls to and from 5 o2 numbers (mine and OH are on o2 are free) which makesit worthwhile - I think

Could you not change to one of these http://shop.o2.co.uk/tariffs/simplicity/1_month I rang them up when my iphone contract ended and I got the standard tariff plans on my iphone so I pay £18.50 a month for 500 mins, unlimited texts and 100mb data usage. Not bothered about the data as I use my phone more within Wifi and the usage amount only slows your internet down if you go over the 100mb it doesn't stop it.

glittermonster

toontastic wrote: »

Could you not change to one of these http://shop.o2.co.uk/tariffs/simplicity/1_month I rang them up when my iphone contract ended and I got the standard tariff plans on my iphone so I pay £18.50 a month for 500 mins, unlimited texts and 100mb data usage. Not bothered about the data as I use my phone more within Wifi and the usage amount only slows your internet down if you go over the 100mb it doesn't stop it.

thanks - I think I'm not far off that tariff - then the friends and family bolt on is added which increases it by £7 I think, but this is well used. I think my original simplicity tariff is £15.

Tebheag

Hi Sorry to ask but does your OH do the same days each week as this could make it hard to find childcare to fit around.
Is it worth over paying your elec when you have debts to pay as you are loosing money paying interest ?
Also are you saving into an account for the baby things as not seen this mentioned for buying pram cot bedding clothes etc ?

glittermonster

Tebheag wrote: »

Hi Sorry to ask but does your OH do the same days each week as this could make it hard to find childcare to fit around.
Is it worth over paying your elec when you have debts to pay as you are loosing money paying interest ?
Also are you saving into an account for the baby things as not seen this mentioned for buying pram cot bedding clothes etc ?

Ho, no he doesn't! It's a 3week rota which I've found 1 nursery and 2 childminders who have said they'd work around it, over 3 weeks we need 2 full days and 3 mornings.

Yes I'm saving £50 a month and from august OHs visa payment will be halved and £100 for baby fund and the rest on visa. We have been really lucky so far with people giving us their cast offs (cot, car seat, bath, monitor, bottles, clothes, Moses basket - loads!) ! All my maternity clothes have come from eBay.

Tebheag

Thats Lucky then I know a lot of people that will not take kids unless on the same days each week. Take everything you can get, my Sister in Law looked at me as if i was mad when i asked her if there was anything that she would like from all my baby stuff as i knew they where trying silly thing as they do not have any money and i bought loads of it before we ended up with disaster after another.
Good Luck