Our SOA

ntb1

Morning all, here is our SOA, this is a new account but I’ve been posting on this forum for 5 years or so but can be identified by friends hence the new a/c

Our situation isn't bad but it’s possible that my OH job is being made redundant next year, we will have plenty of notice. So we are posting our SOA with an aim of clearing our debts before her job goes.


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.................... 1

Monthly Income Details
Monthly income after tax................ 1896
Partners monthly income after tax....... 1037
Benefits................................ 134.8
Other income............................ 45.41
Total monthly income.................... 3113.21

Monthly Expense Details
Mortgage................................ 118
Secured/HP loan repayments.............. 227.2
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 156
Electricity............................. 30
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 35
Mobile phone............................ 5
TV Licence.............................. 12.43
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 340
Clothing................................ 100
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 22
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
School Dinners............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 33
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Cash (kids trips. spends etc)........... 160
Christmas Fund.......................... 70
Dental Cover (DD1 &2 /OH)............... 33
Pension ................................ 52
Union................................... 19.56
DD2 Savings (PO)........................ 100
DD1 Savings (CIS)....................... 101
Endowmrnt 2............................. 55.55
Endowment 1............................. 60.51
Plumb Cover............................. 10
Gas Cover............................... 20
Total monthly expenses.................. 2102.25


Assets
Cash.................................... 2800
House value (Gross)..................... 250000
Shares and bonds........................ 21000
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 274300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 77000....(118)......1.6
Total secured & HP debts...... 77000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................2900......30........0
CC2............................1800......35........0
Car loan.......................1363......227.2.....8.8
Total unsecured debts..........6063......292.2.....-


Monthly Budget Summary
Total monthly income.................... 3,113.21
Expenses (including HP & secured debts). 2,102.25
Available for debt repayments........... 1,010.96
Monthly UNsecured debt repayments....... 65
Amount left after debt repayments....... 945.96

Personal Balance Sheet Summary
Total assets (things you own)........... 274,300
Total HP & Secured debt................. -78,363
Total Unsecured debt.................... -4,700
Net Assets.............................. 191,237


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

mildred1978

£1920 per year going into emergency fund but no cash?

£900+ money "spare" per month but paying minimum payments on CCs and no cash?

£2400 into savings accounts for kids per month but no cash?

£60 per month on hairdressing? Really?

£1560 per year on presents and Christmas?! Really?

ntb1

£1920 per year going into emergency fund but no cash?

£900+ money "spare" per month but paying minimum payments on CCs and no cash? - this is our new SOA, taking out holidays

£2400 into savings accounts for kids per month but no cash? its in long term savings plans & cis policys

£60 per month on hairdressing? Really? oops that should be £33.00 but thats means we missed one thing off will edit

£1560 per year on presents and Christmas?! Really? yep think thats fairly realistic but could be cut if needed.


this is very much a first step in terms of trying to use that 900 to pay of our debts in the next 6 months.

we have had a number of short holidays and other trips over the last couple of years which i think is where most of the over spend has gone

thanks for your reply

mildred1978

ntb1 wrote: »

£1920 per year going into emergency fund but no cash?

£900+ money "spare" per month but paying minimum payments on CCs and no cash? - this is our new SOA, taking out holidays

£2400 into savings accounts for kids per month but no cash? its in long term savings plans & cis policys

£60 per month on hairdressing? Really? oops that should be £33.00 but thats means we missed one thing off will edit

£1560 per year on presents and Christmas?! Really? yep think thats fairly realistic but could be cut if needed.


this is very much a first step in terms of trying to use that 900 to pay of our debts in the next 6 months.

we have had a number of short holidays and other trips over the last couple of years which i think is where most of the over spend has gone

thanks for your reply

the savings plans need to be listed under assets as cash

ntb1

mildred1978 wrote: »

the savings plans need to be listed under assets as cash

added the value

curlytop12

ntb1 wrote: »

morning all, here is our soa, this is a new account but i’ve been posting on this forum for 5 years or so but can be identified by friends hence the new a/c

our situation isn't bad but it’s possible that my oh job is being made redundant next year, we will have plenty of notice. So we are posting our soa with an aim of clearing our debts before her job goes.


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.................... 1

monthly income details
monthly income after tax................ 1896
partners monthly income after tax....... 1037
benefits................................ 134.8
other income............................ 45.41
total monthly income.................... 3113.21

monthly expense details
mortgage................................ 118
secured/hp loan repayments.............. 227.2
rent.................................... 0
management charge (leasehold property).. 0
council tax............................. 156
electricity............................. 30 check prices on comparison sites and also if poss use cashback sites
gas..................................... 60 as above
oil..................................... 0
water rates............................. 30
telephone (land line)................... 35 is this a bundle with tv/internet?if not,try and reduce usage
mobile phone............................ 5
tv licence.............................. 12.43
satellite/cable tv...................... 0
internet services....................... 0
groceries etc. ......................... 340
clothing................................ 100 reduce to £50,put other £50 to debt
petrol/diesel........................... 40
road tax................................ 15
car insurance........................... 22
car maintenance (including mot)......... 25
car parking............................. 0
other travel............................ 0
childcare/nursery....................... 0
school dinners............ 60 would pack lunches work for you?
medical (prescriptions, dentist etc).... 0
pet insurance/vet bills................. 0
buildings insurance..................... 12
contents insurance...................... 0 you really need this
life assurance ......................... 0 having kids you should have this too.if one of you died how would the other manage financially-one wage,2 kids?
other insurance......................... 0
presents (birthday, christmas etc)...... 60
haircuts................................ 33
entertainment........................... 40
holiday................................. 0
emergency fund.......................... 0
cash (kids trips. Spends etc)........... 160 reduce,keep spending diary so you know where this is going,its prob just "fritter money"
christmas fund.......................... 70
dental cover (dd1 &2 /oh)............... 33
pension ................................ 52
union................................... 19.56
dd2 savings (po)........................ 100
dd1 savings (cis)....................... 101
endowmrnt 2............................. 55.55
endowment 1............................. 60.51
plumb cover............................. 10 check comparison sites(british gas boiler and plumbing £18.99 a month)
gas cover............................... 20 as above
total monthly expenses.................. 2102.25


assets
cash.................................... 2800
house value (gross)..................... 250000
shares and bonds........................ 21000
car(s).................................. 500
other assets............................ 0
total assets............................ 274300


secured & hp debts
description....................debt......monthly...apr
mortgage...................... 77000....(118)......1.6
total secured & hp debts...... 77000.....-.........-

unsecured debts
description....................debt......monthly...apr
cc1............................2900......30........0
cc2............................1800......35........0
car loan.......................1363......227.2.....8.8 this is in your "hp/secuered loan" bit at the top,which is correct please?
total unsecured debts..........6063......292.2.....-


monthly budget summary
total monthly income.................... 3,113.21
expenses (including hp & secured debts). 2,102.25
available for debt repayments........... 1,010.96
monthly unsecured debt repayments....... 65
amount left after debt repayments....... 945.96

personal balance sheet summary
total assets (things you own)........... 274,300
total hp & secured debt................. -78,363
total unsecured debt.................... -4,700
net assets.............................. 191,237


created using the soa calculator at makesenseofcards.com
reproduced on moneysavingexpert with permission, using firefox browser.

think you should pay car loan off completely with the cash you have.
Spending diary definately.
Good luck.

LittleMissGiggles123

Gas seems high. Also £100 per month on clothes is high, even with children.

Groceries is also high, you could cut this down to about £250 if you plan meals, batch cook, swap brand names for supermarket brands, go to cheaper supermarkets.

[Deleted User]

ntb1 wrote: »

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.................... 1

Monthly Income Details
Monthly income after tax................ 1896 Any way to increase over-time/second job
Partners monthly income after tax....... 1037 If you know that your OH will be getting redundancy can they start looking at future employment/retraining oportunities now? Try working out an SOA for what the new financial situation excluding this income and see how you would manage
Benefits................................ 134.8 Is this the benifits that you currently recieve? How would the redundancy affect this - try an new SOA with what this would be, and see how you could manage
Other income............................ 45.41 what's this? Any way to increase?
Total monthly income.................... 3113.21

Monthly Expense Details
Mortgage................................ 118
Secured/HP loan repayments.............. 227.2
Council tax............................. 156 If only one of you was earning, you would get 25% discount here - not sure about any benefit
Electricity............................. 30 This seems okay, but Gas seems high - do a comparison and see if you can get a cheaper deal (often online and duel fuel is cheaper), also go through cashback sites (eg Quidco, topcashback) and see if there are any incentives to switch
Gas..................................... 60 see above, also, switch the thermostat on your boiler and heating down a degree or two - you will never notice, don't leave things on standby, energy saving bulbs, switch off lights in empty rooms etc
Water rates............................. 30 seems reasonable, are you on a meter, if not consider if this would be cheaper
Telephone (land line)................... 35 what does this include? Internet, home phone and pay-for TV? If so get rid of the pay-for TV and you should be able to get home phone and internet for around £20 per month
Mobile phone............................ 5
TV Licence.............................. 12.43
Satellite/Cable TV...................... 0??
Internet Services....................... 0??
Groceries etc. ......................... 340 I think that you can make savings here - meal plan, batch cook, drop brands, try lidl/aldi, only buy what you need and make a list before you go
Clothing................................ 100 this is very high, stick to essentials only - buy in sales, when offers are on, keep and eye on the "grab it" board for especially good offers
Petrol/diesel........................... this seems low - do you really need a car?
Road tax................................ 15
Car Insurance........................... 22
Car maintenance (including MOT)......... 25 do you actually save this somewhere for when it's needed?
School Dinners............ 60 pack lunches are likely to be cheaper
Medical (prescriptions, dentist etc).... 0 never?
Buildings insurance..................... 12 does this include contents? if not consider if it is worth getting
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 you can probably cut this back, buy throughout the year when things are on offer, only buy for close family
Haircuts................................ 33 go an extra week or two in between cuts, look at the local college to see if they offer cuts with trainees for very cheap
Entertainment........................... 40 what does this get spent on? Is it good value? can you get the same or similar cheaper elsewhere?
Holiday................................. 0
Emergency fund.......................... 0
Cash (kids trips. spends etc)........... 160 this seems a lot? what does it get spent on? Use vouchers. deals and offers like groupon for days out/meals out
Christmas Fund.......................... 70 in addition to the presents above? This is again a lot!
Dental Cover (DD1 &2 /OH)............... 33
Pension ................................ 52
Union................................... 19.56 is this necessary?
DD2 Savings (PO)........................ 100 perhapse reduce for now
DD1 Savings (CIS)....................... 101 as above
Endowmrnt 2............................. 55.55
Endowment 1............................. 60.51
Plumb Cover............................. 10
Gas Cover............................... 20
Total monthly expenses.................. 2102.25


Assets
Cash.................................... 2800 what is this to cover? once you remove MOT, Xmas and other accounted for spends is tere anything left? If so overpay the most expensive debt
House value (Gross)..................... 250000
Shares and bonds........................ 21000 Is it worth cashing these in?
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 274300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 77000....(118)......1.6 Very low! Lucky you!
Total secured & HP debts...... 77000.....-.........-

Unsecured Debts
Description........ - have you stopped spending on the cards, if not do so now so as they can get paid off ............Debt......Monthly...APR
CC1............................2900......30........0 Is this a 0% deal, and if so when does it end, and what will the APR be then?
CC2............................1800......35........0 As above
Car loan.......................1363......227.2.....8.8 Are you allowed to make penalty free overpayments here?
Total unsecured debts..........6063......292.2.....-


Monthly Budget Summary
Total monthly income.................... 3,113.21
Expenses (including HP & secured debts). 2,102.25
Available for debt repayments........... 1,010.96
Monthly UNsecured debt repayments....... 65
Amount left after debt repayments....... 945.96 Do you know where this goes? If not keep a spending dairy and note down all your spends form the bigger things like HP and mortgage to the small things like a carton of milk and a newspaper - after a month or two you will know exactly where it goes.

I think that you are in a great position to be debt free in a matter of a few months, do you know when your OH is likely to be made redundant? If you make a few cut backs in your SOA, you could be debt free in 6 months or even less.

Personal Balance Sheet Summary
Total assets (things you own)........... 274,300
Total HP & Secured debt................. -78,363
Total Unsecured debt.................... -4,700
Net Assets.............................. 191,237


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

I have made some comments above, you are in a very good position if you are careful.

HTH,

D9

mildred1978

Domino9 wrote: »

Council tax............................. 156 If only one of you was earning, you would get 25% discount here - not sure about any benefit

I don't think that is true.

maginot

Well done for thinking to the future and controlling debts now, as often people leve it too late and use credit to pay credit before deciding they need to cut back.

It is probably a good idea to just get rid of all the unsecured debt as soon as possible.

Cut back on the spending on treats, birthdays and savings for the children. No point having money in a savings account and paying credit cards.

Once you have all those debts gone you will find you already have extra cash, it shouldn't take too long with your incomes. Although need to start looking for other work if being made redundant!

Mikazaru

ntb1 wrote: »

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.................... 1

Monthly Income Details
Monthly income after tax................ 1896
Partners monthly income after tax....... 1037
Benefits................................ 134.8
Other income............................ 45.41
Total monthly income.................... 3113.21

Monthly Expense Details
Mortgage................................ 118
Secured/HP loan repayments.............. 227.2
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 156
Electricity............................. 30
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 35
Mobile phone............................ 5
TV Licence.............................. 12.43
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 340 Could probably be cut, have a look at the Old Style board for tips.
Clothing................................ 100 Only buy essentials for now
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 22
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
School Dinners............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 Seems high, especially with the other christmas fund.
Haircuts................................ 33
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Cash (kids trips. spends etc)........... 160
Christmas Fund.......................... 70
Dental Cover (DD1 &2 /OH)............... 33
Pension ................................ 52
Union................................... 19.56
DD2 Savings (PO)........................ 100
DD1 Savings (CIS)....................... 101
Endowmrnt 2............................. 55.55
Endowment 1............................. 60.51
Plumb Cover............................. 10
Gas Cover............................... 20
Total monthly expenses.................. 2102.25


Assets
Cash.................................... 2800
House value (Gross)..................... 250000
Shares and bonds........................ 21000
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 274300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 77000....(118)......1.6
Total secured & HP debts...... 77000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................2900......30........0
CC2............................1800......35........0
Car loan.......................1363......227.2.....8.8
Total unsecured debts..........6063......292.2.....-


Monthly Budget Summary
Total monthly income.................... 3,113.21
Expenses (including HP & secured debts). 2,102.25
Available for debt repayments........... 1,010.96
Monthly UNsecured debt repayments....... 65
Amount left after debt repayments....... 945.96

Personal Balance Sheet Summary
Total assets (things you own)........... 274,300
Total HP & Secured debt................. -78,363
Total Unsecured debt.................... -4,700
Net Assets.............................. 191,237


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

Have you counted the secured loan payments twice? If so you should have about £1100 a month left over which would clear your credit cards within 5 months by which time the secured loan would be almost paid off.