My SOA can I shave anything off?

Charityworker

I've got my finances more or less sorted but lets see if any of you think I can save anywhere:

Theres me, my husband and 2 teenagers living in the house.

Monthly Income-
Wages - £389.12
Child Tax Credit - £433.16
Working Tax Credit - £296.24
Housing Benefit - £376.28
Council Tax Benefit - £81.76

Total - £1576.56

Monthly Outgoings -
Rent - £388.00
Council Tax - £84.00
Food, cleaning stuff and toiletries - £130.00
Water - £25.00
Electric - £30.00
Gas - £25.00
TV Licence - £12.00
Insurance (contents) - £4.00
Telephone and internet - £15.00
Daughters Bus fayre to college - £34.20 (got half price bus pass)

Monthly Loan repayments -
£394.84.

Total monthly outgoings - £1142.04

Total left over - £424.52

Can anyone see anything I may have missed out?

rising_from_the_ashes

Hi Charityworker

Hope you don't mind if I make a wee suggestion - I'd redo your SOA in the "mse format" http://www.makesenseofcards.com/soacalc.html as it'll be a lot easier to see if there's anything missing and for others to be able to see if there's any obvious savings anywhere.

Charityworker

Aaaaagh, I did it and then something went wrong. How do you get it on this board?

bottleofred

You should just have to complete it and then post it.(I think!)

Cat2011

Once it's filled in click the format for MSE button, and then copy and paste.

Charityworker

OK, I've done it now:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 389.12
Partners monthly income after tax....... 0
Benefits................................ 1187.44
Other income............................ 13.6
Total monthly income.................... 1590.16
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 241
Rent.................................... 388
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 30
Gas..................................... 25
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 130
Clothing................................ 5
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 34.2
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Caravan site fees....................... 166.66
Total monthly expenses.................. 1199.86

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 14000....(241)......1.2
Total secured & HP debts...... 14000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,590.16
Expenses (including HP & secured debts). 1,199.86
Available for debt repayments........... 390.3
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 390.3
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -14,000
Total Unsecured debt.................... -0
Net Assets.............................. -14,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

XXSCOTSLASSXX

Charityworker wrote: »

OK, I've done it now:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 389.12
Partners monthly income after tax....... 0
Benefits................................ 1187.44
Other income............................ 13.6
Total monthly income.................... 1590.16
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 241
Rent.................................... 388
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 30
Gas..................................... 25
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 130
Clothing................................ 5
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 34.2
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Caravan site fees....................... 166.66
Total monthly expenses.................. 1199.86

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 14000....(241)......1.2
Total secured & HP debts...... 14000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,590.16
Expenses (including HP & secured debts). 1,199.86
Available for debt repayments........... 390.3
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 390.3
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -14,000
Total Unsecured debt.................... -0
Net Assets.............................. -14,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Monthly Income-
Wages - £389.12
Child Tax Credit - £433.16
Working Tax Credit - £296.24
Housing Benefit - £376.28
Council Tax Benefit - £81.76

sorry to be dim ... do neither of you receive jsa etc or personal benefits if thats a run down of the income/benefits you receive?

Monthly Loan repayments -
£394.84.

ur loan repayments on soa are only £241 instead of the £394 initially put down?

Food, cleaning stuff and toiletries - £130.00 wow this is fantastic for family of 4 for the month am impressed x

Charityworker

XXSCOTSLASSXX wrote: »

Monthly Income-
Wages - £389.12
Child Tax Credit - £433.16
Working Tax Credit - £296.24
Housing Benefit - £376.28
Council Tax Benefit - £81.76

sorry to be dim ... do neither of you receive jsa etc or personal benefits if thats a run down of the income/benefits you receive?

Monthly Loan repayments -
£394.84.

ur loan repayments on soa are only £241 instead of the £394 initially put down?

We receive working tax credit, child tax credit, housing benefit and council tax benefit. My husband was told he could sign on but he would not receive any money but would still be expected to take part in all their schemes which he hates.

The lone repayment is £241.00 a month. The original post I put the site fees in with it which in my mind is the same thing as it's all about the caravan.

XXSCOTSLASSXX

Charityworker wrote: »

My husband was told he could sign on but he would not receive any money .

Thats shocking do they expect him to live on fresh air :eek:

another thing i noticed ....no child benefit?? x

XXSCOTSLASSXX

the only i could really say is the caravan and site fees are costing over a 3rd of our useable income... (minus the housing benefit and council tax benefit) thats a lot really....do you use it often?

Charityworker

Oh thanks. I forgot the child benefit. That's £134 ish a month. Not very good at this am I? Yeh I know the caravan costs a lot. I bought it 2 years ago when the finances were a lot better than they are now. I could sell it but I probably wouldn't get as much as I paid for it as it's like a car = goes down in value instead of up. And yes we do use it quite a lot. Every weekend and in the school hols.

The other option is to let it out for holidays. I've never looked deep into it but I bet it affects your benefit.