Budget advice

quintwins

hanes wrote: »

Paid annually

i have given up on the SOA seems harder to use than the budget planner i have here.

http://www.moneyadviceservice.org.uk/yourmoney/interactive/budget_planner.aspx

you still need to include it as it will still need paid, what if your situation lasts longer than 12 months, or maybe you paid it a few months ago then you'll be stuck trying to find £145 at a moments notice (well a months notice from when you recieve a letter)

the soa is easy enough to use just keep at it then maybe check it against your budget planner to make sure you have included everything

cleggie

If you can, bear with the SOA as you could get some great advice from the people on here.

cutestkids

hanes wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1217.66
Partners monthly income after tax....... 983.58
Benefits................................ 357
Other income............................ 0
Total monthly income.................... 2558.24
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 42
Gas..................................... 45
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 52 This is high what does it include
Mobile phone............................ 58 Again this is very high should reduce tariff or PAYG and only use for emergency
TV Licence.............................. 0 you need to put something here should be about £12.00 month
Satellite/Cable TV...................... 0
Internet Services....................... 0 is this included in the phone
Groceries etc. ......................... 286
Clothing................................ 0
Petrol/diesel........................... 86
Road tax................................ 9.16
Car Insurance........................... 0 need something here
Car maintenance (including MOT)......... 0 need something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 689 do you not get any tax credit or childcare vouchers
Other child related expenses............ 217 what is this for
Medical (prescriptions, dentist etc).... 0 you need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 best to have this
Life assurance ......................... 0 this is something you really should have if you have children
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 you need to put something here
Haircuts................................ 0 again do you never use barber or salon
Entertainment........................... 0 nothing at all?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2110.16

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 You should put the value of the car
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 100.9....(0)........0 is this actually on o%
Total secured & HP debts...... 100.9.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital one....................474.......23.75.....0is this actually on o%
Car finance....................9144......254.5.....0is this actually on o%
Hsbc Loan......................0.........144.9.....0is this actually on o%
Total unsecured debts..........9618......423.15....-

Monthly Budget Summary
Total monthly income.................... 2,558.24
Expenses (including HP & secured debts). 2,110.16
Available for debt repayments........... 448.08
Monthly UNsecured debt repayments....... 423.15
Amount left after debt repayments....... 24.93
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -100.9
Total Unsecured debt.................... -9,618
Net Assets.............................. -9,718.9
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Third time Editing

There are quite a few essentials missing from you SOA which you need to fill in to give a true picture of your outgoings

rising_from_the_ashes

hanes wrote: »

Ok so im hoping this is the final draft

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1217
Partners monthly income after tax....... 983
Benefits................................ 356
Other income............................ 0
Total monthly income.................... 2556
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 130 See if you can pay over 12 months instead of 10
Electricity............................. 42 Check comparison sites as on the high side
Gas..................................... 45 as above
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 0
Mobile phone............................ 58 When do the contracts end?
TV Licence.............................. 0 Need £12.12 in here
Satellite/Cable TV...................... 52 Not essential - switch to Freesat
Internet Services....................... 0
Groceries etc. ......................... 286 Try the Grocery Challenge on the Old Style board - you should be able to get this down by around £100 with some planning etc
Clothing................................ 0
Petrol/diesel........................... 82
Road tax................................ 9.16
Car Insurance........................... 74 Very high for 1 car - check comparison sites
Car maintenance (including MOT)......... 0 Need something in here - at least £20 but prob more depending on age of car
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 689
Other child related expenses............ 217
Medical (prescriptions, dentist etc).... 0 Need something in here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Need to get this ASAP
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Need something in here
Haircuts................................ 32 To high each month - try an extra few weeks between cuts / student nights etc
Entertainment........................... 0 Need something in here - even £20
Holiday................................. 0
Emergency fund.......................... 0 Need something in here
Total monthly expenses.................. 2212.16

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 Need to add your car in here
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 100.9....(0)........0
Total secured & HP debts...... 100.9.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................474.......23.74.....0
Car finance....................9144......254.5.....0
Bank Loan......................0.........144.9.....0
Total unsecured debts..........9618......423.14....-

Monthly Budget Summary
Total monthly income.................... 2,556
Expenses (including HP & secured debts). 2,212.16
Available for debt repayments........... 343.84
Monthly UNsecured debt repayments....... 423.14
Amount short for making debt repayments. -79.3
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -100.9
Total Unsecured debt.................... -9,618
Net Assets.............................. -9,718.9
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Your shortfall is more than the £80ish showing above as there's still a lot missing from the SOA - although you may try to find money for these things as they're needed, you really need to put money aside each month to cover them ....

Sky needs to go (sorry but it's a non-essential) and the haircuts etc reduced.

When do the mobile contracts finish? I'm afraid you need this money to balance the books.

Unsure why you're paying a Bank Loan monthly but there's no outstanding amount?

Sorry but don't think your idea is a good one - taking into account that there are other things that need to be added to the SOA, it will really only be adding to the problem.

sharronej

Stick with it Hanes, I know the SOA is hard to do and a bit of a pain but hopefully you'll be pointed in the right direction for a live-able debt free future. How long does your Car and Bank loan have left to run? How's your credit rating? Could you get any 0% cards or do you have any cards you can do a shuffle on?

McKneff

Im a smoker too

Is this for cigarettes, try roll ups, if you cant do it by hand you can buy a rolly tin cheap on ebay.

Much cheaper than cigs.

hanes

sharronej wrote: »

Stick with it Hanes, I know the SOA is hard to do and a bit of a pain but hopefully you'll be pointed in the right direction for a live-able debt free future. How long does your Car and Bank loan have left to run? How's your credit rating? Could you get any 0% cards or do you have any cards you can do a shuffle on?

There are 14 payments left on the loan.

and 34 remaining on car payments

credit rating is no good for 0% i believe

hanes

Well we went shopping today and purchased items enough to make a few meals and freeze them which should last us another 2 weeks once the usual food has run out. £43.88 is what it all came to, hopefully it will last us a fortnight as our daughter returns to nursery where she gets her meals over the course of day.

so its halved our shopping budget hopefully and now £60 p/m better off if it works as hoped.

now if i try and quit the smokes that will be another £121 which added to the shopping budget cut down is enough to hopefully cut a debt down by 6 months.

i'll come back to update but im determined to have that extra £144 from HSBC added to the other savings, means we will actually have a little to put aside as the car will need new tyres barely on the legal limit :eek:

BitterAndTwisted

If you really must continue smoking try Bayside rolling tobacco from Asda. At £8 for 50 grammes that should last you about a week compared to about 40-odd quid a week for packets of fags.