Our SOA

ntb1

to no spend days -we've taken the child benefit and hoping to live on that for the rest of this month

ntb1

good news today that oh job is safe till at least 2013, will loose 20% time & pay, but we can live with that, things may well change in the interim anyway.

Thanks for your help, our plan is still to stick to the soa and clear the debt by april/may

sugarcube84

great news, good luck!

ntb1

Just to update, we've managed to pay 500.00 of each of our cards this month. have looked into paying off the load early but won't save us anything so will concentrate on clearing the cards.

christmas all done and paid for which is great, and off to MILs on the day this year so only need to take cheese board.

anh1904

You appear to be in a very healthy financial position, and small changes you make now protect you against any uncertainty in the future.
If you can indeed manage on the one salary, why not use the entire other to put away as rainy day money - if you manage to get used to living without it, you should look to be mortgage free too, which would take away huge amounts of stress if circumstances might change while the economy stays down in the doldrums.

ntb1

anh1904 wrote: »

You appear to be in a very healthy financial position, and small changes you make now protect you against any uncertainty in the future.
If you can indeed manage on the one salary, why not use the entire other to put away as rainy day money - if you manage to get used to living without it, you should look to be mortgage free too, which would take away huge amounts of stress if circumstances might change while the economy stays down in the doldrums.

Thanks we are hoping to live off one salary for the time being. I should get a bonus in march which we will use for a holiday if it comes in

I have also checked wether we would be better off with a water metre I doesn't look like we would be better off moving to a metre

MFWannabe

ntb1 wrote: »

Just to update, we've managed to pay 500.00 of each of our cards this month. have looked into paying off the load early but won't save us anything so will concentrate on clearing the cards.

christmas all done and paid for which is great, and off to MILs on the day this year so only need to take cheese board.

With reference to the loan; although it won't save you anything in interest payments probably it will free up an extra £220 per month that you could put towards the cards. You could pay this off in one month and then that's one of your debts gone out of the way. As the cards are 0% anyway it wouldn't hurt to do this

ntb1

maybe look at the for jan.

Thanks

ntb1

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.............. 0
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
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 55.55
Other insurance......................... 60.51
Presents (birthday, christmas etc)...... 60
Haircuts................................ 33
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Gas Cover............................... 0
Plumb Cover............................. 10
DD1 Savings CIS......................... 101
DD2 Savings............................. 100
Total monthly expenses.................. 1520.49


Assets
Cash.................................... 2800
House value (Gross)..................... 250000
Shares and bonds........................ 21000
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 278800


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

Unsecured Debts
Description....................Debt......Monthly...APR
Car Loan.......................1135......227.2.....8.8
CC1............................2400......30........0
CC2............................1300......35........0
Total unsecured debts..........4835......292.2.....-


Monthly Budget Summary
Total monthly income.................... 3,113.21
Expenses (including HP & secured debts). 1,520.49
Available for debt repayments........... 1,592.72
Monthly UNsecured debt repayments....... 292.2
Amount left after debt repayments....... 1,300.52

Personal Balance Sheet Summary
Total assets (things you own)........... 278,800
Total HP & Secured debt................. -77,000
Total Unsecured debt.................... -4,835
Net Assets.............................. 196,965

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

Updated SOA to keep track

curlytop12

well done,so glad about OH's job.:)