Attempt at SOA

randomer

See previous post. Sorry not really a computer bod.

randomer

mmm where is it???

randomer

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 350
Partners monthly income after tax....... 2600
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 3031.2

Monthly Expense Details
Mortgage................................ 664.4
Secured/HP loan repayments.............. 260
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0.112
Electricity............................. 0.5
Gas..................................... 0.5
Oil..................................... 0
Water rates............................. 0.27
Telephone (land line)................... 0.24
Mobile phone............................ 0.58
TV Licence.............................. 0.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 35.66
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0.2
Childcare/nursery....................... 0
Other child related expenses............ 0.2
Medical (prescriptions, dentist etc).... 0.3
Pet insurance/vet bills................. 0
Buildings insurance..................... 19.5
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0.2
Haircuts................................ 0.5
Entertainment........................... 0.5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1793.78


Assets
Cash.................................... 0
House value (Gross)..................... 160
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1160


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70.......(664.4)....0
Secured Debt.................. 17.......(260)......0
Total secured & HP debts...... 87........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Card...........................800.......30........0
Total unsecured debts..........800.......30........-


Monthly Budget Summary
Total monthly income.................... 3,031.2
Expenses (including HP & secured debts). 1,793.78
Available for debt repayments........... 1,237.42
Monthly UNsecured debt repayments....... 30
Amount left after debt repayments....... 1,207.42

Personal Balance Sheet Summary
Total assets (things you own)........... 1,160
Total HP & Secured debt................. -87
Total Unsecured debt.................... -800
Net Assets.............................. 273

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

Tixy

Hi

Some of your costs appear to be wrong - your monthly council tax / utilties etc. These are presumably why it looks like you have such a large surplus each month (which I guess you don't actually have).

And once redone it would probably be useful if you could expand on who the other adults are and whether they contribute to costs etc - are these just your share of costs or you and your partner, or all 4 adults?

Also you've missed off the overdraft you mentioned on the previous thread. Whatever the balance is before payday is the amount of overdraft you should include in the debt list (along with what it costs you etc).

randomer

Gas and Electricity is £100. Council tax £112. The adults are myself,partner 17 yr old and 15 yr old. I counted them as adults because they eat like adults.;)

randomer

O/D is about £800-£1000 every month.

Sorry I am making a bit of a mess of this .

tiny_courageous

randomer wrote: »

Gas and Electricity is £100. Council tax £112. The adults are myself,partner 17 yr old and 15 yr old. I counted them as adults because they eat like adults.;)

On your SOA the way you've entered these figures
Council tax............................. 0.112
Electricity............................. 0.5
Gas..................................... 0.5
Oil..................................... 0
Water rates............................. 0.27
Telephone (land line)................... 0.24
Mobile phone............................ 0.58
TV Licence.............................. 0.12

is in pence rather than pounds. If you can, go back into the SOA calculator, edit and re-post so the experts have a better idea of what they need to work with. Most important thing though, don't panic! it's scary getting it all down on paper (or screen, as it were!)

Just on a brief look, the obvious places to cut down are groceries and clothes. The old style board is good for cutting down on groceries, and if you're spending £100 a month on clothes there must be plenty in all your wardrobes to keep you going for a while!

backinbusiness

Don't fret randomer - take your time - it's worth getting it right then the clever mse lot can advise properly.

Tixy

Don't worry it takes time to get it right, nobody gets it right first time. But its worth redo-ing so you can really see how much you should have for debt repayments. Does 17yo work? do they pay some of their own costs?

So if all the costs starting with 0. are actually £s then it looks like your real outgoings are around 2311.4 not 1793.78, so according to that you should still have £720 to put towards debts. If you don't then you need a spending diary for you both for at least a month to work out where else your money is going.

If you can find that money and use it to clear your debts then you don't need to worry about making savings in your other listed outgoings. But if you can't then there are definitely some places you could try to reduce costs - principally I would say groceries and clothing.

£500 is a very high grocery figure even for 4 adults. Have you looked at the oldstyle board for tips on trying to reduce this down? Many on there can manage on around £250 a month for a family of 4. Maybe you could try to drop to £400 or even £350 as a starting point

chesky369

In fact, anyone under 18 is classed as children if they're in fulltime education. Even if they eat like locusts.

theoretica

How accurate do you think that SOA is? I suggest you get the last few months of bank statements and go through deciding which category each payment or withdrawal falls into (you may need to add 'cash, unknown') and add them up to see if you are spending more or less than you think on some things.

In your other thread you mention your partner pays a lot in fares, but you only have £20 in other travel. Is this right? As mentioned your grocery bill is the obvioud target.

You could probably cut down on the £50 hair cuts. Some cuts can be done at home, others less frequently at cheap or training venues.