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SOA - no debt yet but please help

Hello

I'm not sure if this is the right place to post this and apologise if it is the wrong place, feel free to move.

We aren't in debt at the moment (have been in the past but paid it all off and try hard to save for things before we buy).

At present we have enough to pay all the bills and we pay ourselves "pocket money" each week to spend as we wish but has to cover, phone credit, entertainment and clothes. We also have £200 per month deducted from salary into a savings scheme which we can access as and when we need to, which we tend to use for holidays, car maintenance etc. We do have about £1500 in that account at the moment. We do salary sacrifice for childcare, £55 per week and just pay the extra £14 cash hence the low childcare amount. i haven't included the savings or childcare in the salary as it is deducted before we receive it.

The problem we have is we are constantly trying to save, keep food bills down etc but seem to be using more and more of our savings each money (we spend on a TESCO cashback credit card and pay in full each month) to cover the credit card bill as what we put away is never enough. Although we have the money to do this I just feel before long we'll have no savings left.

Anyway I've waffled on here is my SOA:

Statement of Affairs and Personal Balance Sheet
Household Information

Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details

Monthly income after tax................ 803
Partners monthly income after tax....... 1143.8
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2106.8

Monthly Expense Details

Mortgage................................ 349
Secured/HP loan repayments.............. 0
Rent.................................... 214.27
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 12
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 380
Clothing................................ 20
Petrol/diesel........................... 250
Road tax................................ 30
Car Insurance........................... 45
Car maintenance (including MOT)......... 17
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60.2
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21.8
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 18.99
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1761.63


Assets

Cash.................................... 3000
House value (Gross)..................... 51000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 56500


Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 40552....(349)......6.69
Total secured & HP debts...... 40552.....-.........-

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


Monthly Budget Summary

Total monthly income.................... 2,106.8
Expenses (including HP & secured debts). 1,761.63
Available for debt repayments........... 345.17
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 345.17

Personal Balance Sheet Summary
Total assets (things you own)........... 56,500
Total HP & Secured debt................. -40,552
Total Unsecured debt.................... -0
Net Assets.............................. 15,948

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


Hope this makes sense and hopes someone can make any suggestions to save any money, BTW we are shared ownership hence the rent and mortgage, TIA :money:
«1

Comments

  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    Your SOA says you should have £345 left over each month. Do you? I suspect not since you're using your savings so do you know where it's going?

    Others will comment, I'm sure, but you could easily cut your grocery bill by at least £100.
  • robin
    robin Posts: 43 Forumite
    Thanks for your reply, no not really, i think it is eaten up by our pocket money and putting money towards the credit card bill. I think the shopping bill could be reduced and some weeks we'll be really good, today was £62 for the 3 of us and the dog but then went elsewhere and spent £10 on nappies although I am pretty well stocked on nappies now but last week we spent £90 on shopping! Must try harder - we do meal plan but I'm a sucker for offers, the cupboards and freezer is full.

    Thanks
  • robin
    robin Posts: 43 Forumite
    Thank you.

    We're on a water meter and try to save as much as we can but do admit I find it difficult to save water, we have a water butt for the garden but I am a bit of a clean freak.

    The gas and electric is very high and I was quite shocked at the last bill although we did get a tumble dryer last year and obviously used it too much, although it is nice! Also if I'm honest I don't understand the gas & elcetric comparison sites, must look into this in more detail as we've never switched, any recommendations for a good comparison site!!

    We do both need a car due to where we live, hours we work and both working in opposite directions. Would love to get rid of a car but not possible sadly. We must think about wasted journeys though.

    Entertainment costs come out of our "pocket money" and birthdays/xmas just go on the credit card and then that's paid out of the surplus or our savings.

    Really think I need to be more organised re food and actually putting money away for things such as cars, birthdays etc. Sometimes I think we're really good and buy things for the present box, food when it's on offer etc but other times just feel like I spend more money by doing this.

    Thanks everyone for your advice so far

    We take lunch to work or picnis on days out (or eat at home)
  • MFWannabe
    MFWannabe Posts: 2,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    robin wrote: »
    Hello

    I'm not sure if this is the right place to post this and apologise if it is the wrong place, feel free to move.

    We aren't in debt at the moment (have been in the past but paid it all off and try hard to save for things before we buy).

    At present we have enough to pay all the bills and we pay ourselves "pocket money" each week to spend as we wish but has to cover, phone credit, entertainment and clothes. We also have £200 per month deducted from salary into a savings scheme which we can access as and when we need to, which we tend to use for holidays, car maintenance etc. We do have about £1500 in that account at the moment. We do salary sacrifice for childcare, £55 per week and just pay the extra £14 cash hence the low childcare amount. i haven't included the savings or childcare in the salary as it is deducted before we receive it.

    The problem we have is we are constantly trying to save, keep food bills down etc but seem to be using more and more of our savings each money (we spend on a TESCO cashback credit card and pay in full each month) to cover the credit card bill as what we put away is never enough. Although we have the money to do this I just feel before long we'll have no savings left.

    Anyway I've waffled on here is my SOA:

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 2
    Monthly Income Details
    Monthly income after tax................ 803
    Partners monthly income after tax....... 1143.8
    Benefits................................ 160
    Other income............................ 0
    Total monthly income.................... 2106.8
    Monthly Expense Details
    Mortgage................................ 349
    Secured/HP loan repayments.............. 0
    Rent.................................... 214.27
    Management charge (leasehold property).. 0
    Council tax............................. 129
    Electricity............................. 60 - this is very high; do check comparison sites
    Gas..................................... 60 - this is very high; do check comparison sites
    Oil..................................... 0
    Water rates............................. 52
    Telephone (land line)................... 12
    Mobile phone............................ 0 - you need to put a figure in here
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 13
    Groceries etc. ......................... 380 - you could knock some off here
    Clothing................................ 20
    Petrol/diesel........................... 250
    Road tax................................ 30
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 17
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 60.2
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 21.8 - what is this for? If it's prescriptions then you can get yearly much cheaper
    Pet insurance/vet bills................. 5
    Buildings insurance..................... 0
    Contents insurance...................... 12
    Life assurance ......................... 18.99
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0 - you need to put a figure in here
    Haircuts................................ 0 - you need to put a figure in here
    Entertainment........................... 0 - you need to put a figure in here
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1761.63

    Assets
    Cash.................................... 3000
    House value (Gross)..................... 51000
    Shares and bonds........................ 0
    Car(s).................................. 2500
    Other assets............................ 0
    Total Assets............................ 56500

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 40552....(349)......6.69
    Total secured & HP debts...... 40552.....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-

    Monthly Budget Summary
    Total monthly income.................... 2,106.8
    Expenses (including HP & secured debts). 1,761.63
    Available for debt repayments........... 345.17
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 345.17
    Personal Balance Sheet Summary
    Total assets (things you own)........... 56,500
    Total HP & Secured debt................. -40,552
    Total Unsecured debt.................... -0
    Net Assets.............................. 15,948
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.

    Hope this makes sense and hopes someone can make any suggestions to save any money, BTW we are shared ownership hence the rent and mortgage, TIA :money:

    Hi
    I've made some suggestions above where you could make some savings. I think you need to redo your soa and include the figures that are missing for entertainment etc. You may be very surprised how much you are actually spending on these when you think your 'pocket money' each week is enough to cover. You haven't said how much you are currently spending in pocket money?
    Also using a cashback credit card is a good idea if you can control your spending; but be careful sometimes you can spend more using a card; perhaps not thinking about purchases so much as you would if it was real cash
    Hope this helps
    MFW 2025 #50: £259.20/£6000


    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    27/12/24: Debt: £0 🥳😁
    27/12/24: Savings: £12,000

  • lvm
    lvm Posts: 1,544 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Hi,

    I have found the following helped me when I was planning my budget and may be useful for you and your partner:

    - Make sure all your direct debits and regular payments are taken out on or very shortly after your pay day so you can quickly see how much money you have left for the rest of the month (I didn't like the thought of spending all my money then getting to a week before payday before remembering another bill was due).

    - Work out exactly how much money you have after all your fixed direct debits/standing orders and decide how much pocket money you and your partner need. I personally would take out your pocket money in cash so you always know exactly what you are spending and once the money is gone, it's gone. Although you are earning cashback on your credit card, it doesn't appear to be helping you budget so maybe not worthwhile.

    It may be worth thinking about a prepaid credit card so that, even though you don't get cashback, you will have the credit card protection for your purchases and you can set up a standing order for a set amount to you and your partner every month so you can't spend money you don't have on it and you can roll money over to the next month...

    Hope that helps!
  • FWIW I think you're doing great, you're not on the best of salaries but manage to make ends meet (even if its tight at times). I'm sure with a little tweaking here and there you'll have it sorted in no time :)
    LBM: 22.12.2010 :j Self-managed DMP start 29.1.2011
    DMP Mutual Support Thread No: 413
  • robin wrote: »
    Hello


    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 2 Are two cars necessary? If not then consider selling one, in addition to the money you recieve selling it you'd also save on tax, insurance, maintenance, MOT, parking, petrol

    Monthly Income Details
    Monthly income after tax................ 803 Any way to increase? Overtime? Second job?
    Partners monthly income after tax....... 1143.8 as above?
    Benefits................................ 160 Are you claiming all that you are entitled to?
    Other income............................ 0 Any way to put something here? (Take a look at the "up your income" board, perhapse you could make money from a hobby, or do some Mystery Shopping, Avon, Virgin Vie or similar? http://forums.moneysavingexpert.com/forumdisplay.php?f=145
    Total monthly income.................... 2106.8

    Monthly Expense Details
    Mortgage................................ 349Rent.................................... 214.27
    Council tax............................. 129 is this what you pay each month, or is this what you pay over 10 months of the year? - If the latter, ask your council if you can pay over 12 months.
    Electricity............................. 60 both this and below seem high? Are you in arrears? If not, are you in a lot of credit with them (if so claim this back). And if neither then shop around by comparing companies (e.g. USwitch) but also be aware of any current/future rate rises (see Martin's pages: http://www.moneysavingexpert.com/utilities/?tab=14 and even if staying with the same company is cheaper check to see if duel fuel, online tariff, paying by DD, or by doing paperless billing will save)
    Gas..................................... 60 As above
    Water rates............................. 52 Are you metered, or is this a standard payment? If not metered, consider if this would work out cheaper for you as you would then have more control, and only pay for what you use.
    Telephone (land line)................... 12
    Mobile phone............................ 0 none?
    TV Licence.............................. 12.37
    Internet Services....................... 13
    Groceries etc. ......................... 380 This seems high for 3 of you - try dropping brands, meal planning batch cooking, try cheaper supermarkets like Lidl or Aldi, only but what you need (make a list and stick to it)- take a trip over to here: http://forums.moneysavingexpert.com/forumdisplay.php?f=175,
    Also for some cheap nutritious meals and menu plans for feeding a family of four on £100 pm take a look here: (to feed 3 instead of four, divide quantities by four then multiply by 3: http://www.cheap-family-recipes.org.uk/
    Clothing................................ 20
    Petrol/diesel........................... 250 This seems high - Is there anyway to reduce?
    Road tax................................ 30
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 17 is this enough for two cars?
    Other travel............................ 0 would this be cheaper than having one of the cars?
    Childcare/nursery....................... 60.2
    Medical (prescriptions, dentist etc).... 21.8 If this is prescriptions see if a pre-paid certificate https://www.ppa.org.uk/ppa/ppcdd/patient.do would be cheaper, if it's contact lenses see if purchasing them online would be cheaper than in store
    Pet insurance/vet bills................. 5
    Contents insurance...................... 12
    Life assurance ......................... 18.99
    Presents (birthday, christmas etc)...... 0 might be better to budget here instead of taking from pocket money
    Haircuts................................ 0 and here
    Entertainment........................... 0 and here
    Holiday................................. 0 and here
    Emergency fund.......................... 0 and didn't you say you put £200 here?
    Total monthly expenses.................. 1761.63

    Assets
    Cash.................................... 3000
    House value (Gross)..................... 51000
    Car(s).................................. 2500
    Total Assets............................ 56500

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 40552....(349)......6.69 Your APR seems on the high side, are you in a fix and if so see if you can get a lower APR when you renew.
    Total secured & HP debts...... 40552.....-.........-

    Monthly Budget Summary
    Total monthly income.................... 2,106.8
    Expenses (including HP & secured debts). 1,761.63
    Available for debt repayments........... 345.17

    Amount left after debt repayments....... 345.17 So what needs to come out of this? Pocket money? Holiday? savings? emergency fund? mobiles? entertainment? - you might be better budgeting for these individually as then you will be able to see exactly what gets spend where, and make savings if necessary

    Personal Balance Sheet Summary
    Total assets (things you own)........... 56,500
    Total HP & Secured debt................. -40,552
    Total Unsecured debt.................... -0
    Net Assets.............................. 15,948
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.

    Hi,

    I have made some comments above, I hope that at least some of them will be of use to you.

    D9
  • CH27
    CH27 Posts: 5,531 Forumite
    Keep a detailed spending diary & you will soon see where your money is being frittered away.
    Try to be a rainbow in someone's cloud.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    How much do you give yourselves for pocket money? Because at the moment, you have only £345 to cover £200 into savings and £145 for pocket money and I imagine you're spending more than that. Is the amount of pocket money fixed? I think you need to complete a full SOA to understand where your money is going.
  • MrsTinks
    MrsTinks Posts: 15,239 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Name Dropper
    You say the excess goes to paying the credit card... so what are you buying on the credit card? The things you buy on it should already be accounted for in your SOA so that £345 should be real excess... I think you both need to do a spending diary :) You HAVE to work out where the money goes because £345 is a lot to "loose" into nothing :)
    DFW Nerd #025
    DFW no more! Officially debt free 2017 - now joining the MFW's! :)

    My DFW Diary - blah- mildly funny stuff about my journey
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