Freshair finally posts SOA

freshair_2

Hi All,

I would like some feedback, i have started a diary which may explain the ins and outs a bit better here https://forums.moneysavingexpert.com/discussion/3496503

but have copied my SOA below, please let me know what you think this is the first time :eek: that i have ever had a proper budget, ever since I can remember i have never had money left at the end of the month, not something to be proud of but does explain how I got where I am :eek:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... company car
Monthly Income Details
Monthly income after tax................ 1776
Partners monthly income after tax....... 0
Benefits................................ 81
Other income............................ 21
Total monthly income.................... 1878 i think this is correct now
Monthly Expense Details
Mortgage................................ 645 variable rate atm, i know scary but been advised by mortgage advisor to stay put atm
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 25
Gas..................................... 0
Oil..................................... 40 didn't budget for this before!
Water rates............................. 22
Telephone (land line)................... 10
Mobile phone............................ 25
TV Licence.............................. 24 for first 6 months
Satellite/Cable TV...................... 0 this we would like, but will have to wait a bit
Internet Services....................... 13
Groceries etc. ......................... 200 not sure on this will keep an eye this month
Clothing................................ 50 no budget before!:eek:and I am a recovering shopaholic
Petrol/diesel........................... 0 company car
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 taken before tax
Other child related expenses............ 36 school dinners
Medical (prescriptions, dentist etc).... 10 just started saving for ds orthondontics, crazy saving but i need to, habit forming thing
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 no budget before
Haircuts................................ 10 again no budget before
Entertainment........................... 50 and again
Holiday................................. 100 and again, need to save for this owe ds a holiday as ex OH stopped us going anywhere this year for very selfish reasons
Emergency fund.......................... 40 and again, maybe bit low?
Total monthly expenses.................. 1469

Assets
Cash.................................... 0
House value (Gross)..................... 186000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 186000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 149000...(645)......2.54
Total secured & HP debts...... 149000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
egg............................4977.62...137...... .0
virgin.........................228.37....40....... .0
barclays od....................2200......100.......0
nationwide.....................2202.25...61....... .0
barclaycard....................759.72....16....... .0
Total unsecured debts..........10367.96..354.......-

Monthly Budget Summary
Total monthly income.................... 1,878
Expenses (including HP & secured debts). 1,469
Available for debt repayments........... 409
Monthly UNsecured debt repayments....... 354
Amount left after debt repayments....... 55 never had this:rotfl::rotfl:
Personal Balance Sheet Summary
Total assets (things you own)........... 186,000
Total HP & Secured debt................. -149,000
Total Unsecured debt.................... -10,367.96
Net Assets.............................. 26,632.04
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Ok so it is our SOA, please bear in mind this is the first month with no horse hence the comprehensive budget review, this is also the first month of my stable salary since July, and bucket loads of other factors including moving etc etc

So I guess this month is

1. keep a spending diary
2. actually allocate my 'save for bill money'
3. make sure my budgets are viable
4. start rebuilding my store cupboards, getting there but it will take some squirrelling
5. STOP FORGETTING MY BANKING PASSWORDS ITS GETTING DULL NOW:D:D:D:D

Heres to a new breath of Freshair :beer:

mildredalien

It looks like you've put a lot of thought into it!

£40 for presents might be a bit much? And I'm sure most people would tell you that saving £100 for holidays isn't a great idea when trying to pay off debt... but I'm doing exactly the same thing so I won't be hypocritical!! Gotta stay sane while doing this huh? I'm not really sure about the emergency fund budget, I'm only putting £25 into mine (although that's just for me, no kidlings to look after ) but who knows if it'll be enough!

Do you know the APRs for your cards/loans etc? Which are you intending to pay off first?

Good luck with your new budget!