can someone look over my soa?

keyser_soze1

trying to start regular saving (again), produced my soa and wondered how realistic it all looks? thanks

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 360
Total monthly income.................... 1560

Monthly Expense Details
Mortgage................................ 388
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 18
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 70
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 95
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1079


Assets
Cash.................................... 1800
House value (Gross)..................... 85000
Shares and bonds........................ 350
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 88150


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 55000....(388)......0
Total secured & HP debts...... 55000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,560
Expenses (including HP & secured debts). 1,079
Available for debt repayments........... 481
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 481

Personal Balance Sheet Summary
Total assets (things you own)........... 88,150
Total HP & Secured debt................. -55,000
Total Unsecured debt.................... -0
Net Assets.............................. 33,150

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

camuk81

keyser_soze1 wrote: »

trying to start regular saving (again), produced my soa and wondered how realistic it all looks? thanks

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 360
Total monthly income.................... 1560

Monthly Expense Details
Mortgage................................ 388
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 44 Could this reduced with a water meter
Telephone (land line)................... 18
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 70
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 95 What does this include?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1079


Assets
Cash.................................... 1800
House value (Gross)..................... 85000
Shares and bonds........................ 350
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 88150


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 55000....(388)......0
Total secured & HP debts...... 55000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,560
Expenses (including HP & secured debts). 1,079
Available for debt repayments........... 481
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 481

Personal Balance Sheet Summary
Total assets (things you own)........... 88,150
Total HP & Secured debt................. -55,000
Total Unsecured debt.................... -0
Net Assets.............................. 33,150

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

Ok so income shows £481 afterwards, what are you looking to deal with on this SOA

quintwins

imo your soa looks pretty good, if you don't acually have £481 a month left try a spending diary, good luck saving

HappyMJ

Looks good. I would put something down for Clothing even if it's only £10 per month. Your electric seems high and your gas seems low. I guess they are estimated figures. Water rates are quite high. How about a meter? As you have a car I would budget something for annual maintenance even just the MOT. I'd guess a minimum of £20 per month for a newish and/or reliable car.

keyser_soze1

camuk81 wrote: »

Ok so income shows £481 afterwards, what are you looking to deal with on this SOA

new year new start really, i havent budgeted in a proper way since i moved out away from family, with them saving was a very strict thing and i was justifying every single penny to my dad, which when you are in your mid 20s and not in debt can be quite humiliating, luckily since i moved out we are on much better terms.

no idea if my bills are high or low, got a new job starting next week, moved sectors so no huge potential bonuses (taking home £1200 a year in bonuses was normal) so just seeing if anyone can give a fresh perspective

J4mes

Welcome!

SOA looks pretty good, couple of points:

Other travel is quite high.

Entertainment seems very low, is this accurate??

Also is the mortgage interest rate correct??

James.

keyser_soze1

HappyMJ wrote: »

Looks good. I would put something down for Clothing even if it's only £10 per month. Your electric seems high and your gas seems low. I guess they are estimated figures. Water rates are quite high. How about a meter? As you have a car I would budget something for annual maintenance even just the MOT. I'd guess a minimum of £20 per month for a newish and/or reliable car.

we cook on electric if that helps make sense of figures?
we changed provider about 6 months ago and are on prepayment so not had a statement yet, those were roughly what we paid before but our saving came at about £5 a month each so it wasnt huge.

clothing and car havent been budgeted yet for 2 reasons:
1. clothing i have no idea about as i start a new job next week and no idea if i have enough clothes/more than enough etc, if i have as much as i think i do i will have masses, will have to meet my new manager on monday and see what she says

2. car is a tough one to work out, will try and economise on other areas as much as possible without cutting back noticeably if that makes sense, no idea how much outside of the money that is transferred in is my partner's contribution to things like food so if it adds to the contingency all the better.
starting doing cashback again if possible, quidco p-d me off a couple of years back and i gave up totally

keyser_soze1

J4mes wrote: »

Welcome!

SOA looks pretty good, couple of points:

Other travel is quite high.

Entertainment seems very low, is this accurate??

Also is the mortgage interest rate correct??

James.

mortgage is linked to boe base rate so changes in 2 months when my ftb deal ends, i'll budget for what i pay now and put the extra away seperately (it goes down about £100 a month)

entertainment is low as most of our friends (including us) are saving for weddings, we get free tickets for things too

other travel is my railcard to new job

Pollycat

What is the £360 under 'Other income'?
Some sort of benefit maybe?

Any chance your partner could get work, even part-time?

I'd closely check your grocery bill as (to me) £100 per month is quite low.
Add up not only what you spend on your weekly/monthly shop but also those odd bits, like milk & bread, and if it's not covered elsewhere you should include cleaning products, shampoo etc.

keyser_soze1

my partner does work, the £360 a month is what she pays towards the bills, we both work full time.

partner has loans she is dealing with, i am sorting out the stuff with the house because i lived here first and everything is in my name and through my account

Pollycat

Ah, I see.

It's always harder to comment on a 'part' SOA rather than when we're seeing the whole picture.

Are there any other bits of your SOA where you're girlfriend is contributing?

Do you not pay car tax?
Any contingencies for car repairs?

Do you not buy anyone presents? Not even each other?

What do you do for lunches when you're both at work?
Take sandwiches from home?
Pop into Greggs for a pasty?

To put things into perspective, £100 per month on groceries works out at £3.30 between you per day.

So, if you're buying a coffee from Starbucks that will bust your daily food budget straight away - before you start thinking about what to have for tea and buying loo rolls.

I'd also start to keep a spending diary and both of you write down every penny you spend that isn't included in your SOA.