just got our first house!

obay

Hi!

We just got our first house and my OH is worried about money. At the moment we're in a sheard accomadation with 4 other people so we do not pay much rent or contribuate much to the food as it gets put on the table by the other(S).

Now, I've got my statement of affaires listed with the rent of the new home, can anyone help me to see if we can afford it before we move in?

Thanks.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 780
Partners monthly income after tax....... 910
Benefits................................ 0
Other income............................ 400
Total monthly income.................... 2090

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 20
Council tax............................. 119
Electricity............................. 15
Gas..................................... 15
Oil..................................... 15
Water rates............................. 15
Telephone (land line)................... 2.5
Mobile phone............................ 80
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 2.5
Groceries etc. ......................... 75
Clothing................................ 17.5
Petrol/diesel........................... 42
Road tax................................ 10
Car Insurance........................... 150
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 500
Total monthly expenses.................. 1826


Assets
Cash.................................... 200
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 2100

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclay card ..................1249......24........27.9
Total unsecured debts..........1249......24........-


Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 1,826
Available for debt repayments........... 264
Monthly UNsecured debt repayments....... 24
Amount left after debt repayments....... 240

Personal Balance Sheet Summary
Total assets (things you own)........... 2,100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,249
Net Assets.............................. 851

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

ormus

you can probably cut down your total house insurance by half if you shop around.
and your car insurance seems a bit high?
try and change your mobile phone for PAYG.
your food shopping is way too cheap. we spend that every week.

obay

the car is very high.. i know i can't do anything else about that. the fact that we both work 2 minutes up the road is very good.. so i may start biking..

food shopping is per month, also my dad own's a resturant.. so we will be getting food from there too :P

ormus

sell the car then.

lazer

obay wrote: »

Hi!

We just got our first house and my OH is worried about money. At the moment we're in a sheard accomadation with 4 other people so we do not pay much rent or contribuate much to the food as it gets put on the table by the other(S).

Now, I've got my statement of affaires listed with the rent of the new home, can anyone help me to see if we can afford it before we move in?

Thanks.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 780
Partners monthly income after tax....... 910
Benefits................................ 0
Other income............................ 400
Total monthly income.................... 2090

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 20
Council tax............................. 119
Electricity............................. 15
Gas..................................... 15
Oil..................................... 15
Water rates............................. 15
Telephone (land line)................... 2.5 - how have you got this so cheap - is this definatley per month? £5 a month landline and internet - very good deal!
Mobile phone............................ 80 - Very high - if you needed to save money I'm sure this could be reduced, 2 £40 a month contracts - when does the current deals end?
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 2.5
Groceries etc. ......................... 75 - Does seem low for 2 people, At least £10 a week per person seems to be the minimum, i would recommend at least £15!
Clothing................................ 17.5
Petrol/diesel........................... 42
Road tax................................ 10
Car Insurance........................... 150
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 - Why are you paying buildings insurance on a rental - should only need contents?
Contents insurance...................... 25 - still seems high - use cashback deals etc to get a better deal, you can easily get decenet contents insurance for £100 a year
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 10 - again, seems low for 2 people - do you never go out, or have any hobbies, this is just over a £1 a week each
Holiday................................. 0
Emergency fund.......................... 500 - Too high, as you have debt - use to pay off the debt instead, reduce to £200 a month max until debt paid
Total monthly expenses.................. 1826


Assets
Cash.................................... 200
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 2100

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclay card ..................1249......24........27.9
Total unsecured debts..........1249......24........-


Monthly Budget Summary
Total monthly income.................... 2,090
Expenses (including HP & secured debts). 1,826
Available for debt repayments........... 264
Monthly UNsecured debt repayments....... 24
Amount left after debt repayments....... 240

Personal Balance Sheet Summary
Total assets (things you own)........... 2,100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,249
Net Assets.............................. 851

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

See comments above - I think you can easily the afford the new rent - although you need to be realistic about some of the costs!

obay

lazer wrote: »

See comments above - I think you can easily the afford the new rent - although you need to be realistic about some of the costs!

Hi!

Thank you very much for this. Building insurence - Didn't mean to put this in.

Yes, Internet for £5.. My father got us the deal. Very impressed with this.

The emergency fund, well we have £8k now saved just in case anything drastic happens. the Entatainment, yes indeed it is hardly anything I know. I work weekends as well as week days, she works weekdays only. The only entatainment I think is working with my family...

The food is per month, my perents are quite nice and give us some dry meat and food they do not need.

Now, we've just claimed back an amazing £14,540.23 from PPI. so this will (when the check comes) will clear out that debt.

bluesnake

this is affordable. To be more affordable got a spare room you want to rent?

Does one really need contents insurance? High crime rate there, are the neighbours arsonists? By the time they pay, you would probably have already got essentials including a new bed, kettle, tv.

Your management charge is cheap.

Emergency fund - Cash isa?????

Heating in winter, plus drying of clothes may push up your bills a bit.

that credit card - switch it to 0%, or even better pay it off , do it sooner rather than later.

obay

she dont want to move it to a 0% rate card, I know.

It is a cash ISA.

we're very excitted. They're isn't a high crime rate however there is a few youths hanging around outside. But the area we're moving into is quite posh, the rent is 3xbedrooms, 2x bathrooms kitchen, lounge, dinner room, gardan, a shead, and a conseratry. for £625 monthly, £119 poll tax.... and the rest..

the car insurence, we can't change... it's close to my renewal.. but it's high, I got one years no claim. I am young too..

She's older and got a learners license.