My SoA

CKhalvashi

Can anyone tell me where to find the SoA for MSE?

I’m not in debt, but was planning to bung one up for you guys to dissect!

CK

Hovel_lady

Here it is...

http://makesenseofcards.com/soacalc.html

CKhalvashi

Thank you!


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.................... 3

Monthly Income Details
Monthly income after tax................ 4173 PAYE + dividends (c.£30k after tax this year)
Partners monthly income after tax....... 622 PAYE + dividends (c.£40k after tax this year)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4795

Monthly Expense Details
Mortgage................................ 0 (MF)
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 414 (£4951/year)
Electricity............................. 150
Gas..................................... 75
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50
Mobile phone............................ 200 (2 x heavy use + international calls)
TV Licence.............................. 12
Satellite/Cable TV...................... 108
Internet Services....................... 25
Groceries etc. ......................... 600
Clothing................................ 300
Petrol/diesel........................... 600
Road tax................................ 39
Car Insurance........................... 191
Car maintenance (including MOT)......... 125
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300
Medical (prescriptions, dentist etc).... 60
Pet insurance/vet bills................. 0
Buildings insurance..................... 21
Contents insurance...................... 103
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 200
Haircuts................................ 25
Entertainment........................... 400
Holiday................................. 500
Emergency fund.......................... 0
Total monthly expenses.................. 4524


Assets
Cash.................................... 26486
House value (Gross)..................... 600000
Shares and bonds........................ 160000
Car(s).................................. 70000-ish
Other assets............................ 100000
Total Assets............................ 956486

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 4,795
Expenses (including HP & secured debts). 4,524
Available for debt repayments........... 221
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 221

Personal Balance Sheet Summary
Total assets (things you own)........... 956,486
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 956,486

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

Any ideas on cutting this down?

CK

Shovel_Lad

While I am sure people will be able to help you cut your spending I do think it's a little insensitive to post this on the debt free board when you have assets of close to £1million and a substantial income.

welshone27

CKhalvashi wrote: »

Thank you!


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.................... 3 - why 3? can you sell one?

Monthly Income Details
Monthly income after tax................ 4173 PAYE + dividends (c.£30k after tax this year)
Partners monthly income after tax....... 622 PAYE + dividends (c.£40k after tax this year)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4795

Monthly Expense Details
Mortgage................................ 0 (MF)
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 414 (£4951/year)
Electricity............................. 150
Gas..................................... 75
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50
Mobile phone............................ 200 (2 x heavy use + international calls)
TV Licence.............................. 12
Satellite/Cable TV...................... 108 - really really high.
Internet Services....................... 25
Groceries etc. ......................... 600 - again really high, you could easily half this.
Clothing................................ 300 - really? can't you make do with what you have or cut by a third?
Petrol/diesel........................... 600 - I assume you travel alot for work.
Road tax................................ 39
Car Insurance........................... 191
Car maintenance (including MOT)......... 125
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300 - whats this?
Medical (prescriptions, dentist etc).... 60
Pet insurance/vet bills................. 0
Buildings insurance..................... 21
Contents insurance...................... 103
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 200
Haircuts................................ 25
Entertainment........................... 400 - again very high.
Holiday................................. 500 - a month? thats also very high.
Emergency fund.......................... 0
Total monthly expenses.................. 4524


Assets
Cash.................................... 26486
House value (Gross)..................... 600000
Shares and bonds........................ 160000
Car(s).................................. 70000-ish
Other assets............................ 100000
Total Assets............................ 956486

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 4,795
Expenses (including HP & secured debts). 4,524
Available for debt repayments........... 221
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 221

Personal Balance Sheet Summary
Total assets (things you own)........... 956,486
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 956,486

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

Any ideas on cutting this down?

CK

You can save yourself so much money very easily. I appriciate you have a good amount of money coming in each month and everyone lives to their means, but your SOA sugests you spend fgor the sake of it. You could have a huge amount of savings very quickly if you cut back. Even with the cut back you'd still be living a comfatable lifestyle.

piglet39

Shovel_Lad wrote: »

While I am sure people will be able to help you cut your spending I do think it's a little insensitive to post this on the debt free board when you have assets of close to £1million and a substantial income.

OMG here goes.... Quote on another thread from the OP:

"At the same time, if my earnings were to halve (which they probably will next year as I’m not standing for re-election on one council) then we’d severely struggle, and this is without having a mortgage/any debt to worry about.

OP hasn’t come for judgement, but to get genuine help."

I don't personally find it insensitive. Yeah sure I'd love to have that income but surely whatever your income it's good to keep a handle on things isn't it....? Let's get some facts first.

CKhalvashi - got to ask - you mentioned in another post (quoted above) about your income potentially halving next year. Is this why you have posted?

If so... lot's of potential savings to be made but I'm guessing it's not that straightforward. You mention 're-election' - do you need to keep a residence in the area that you work in? You have assets - can you downsize? I think its a question of adjusting to not being able to simply shop/go out/holiday when you wish because even if your income were to halve you could still afford to remain where you are and pay for your essential living costs.



More info please!

meer53

Shovel_Lad wrote: »

While I am sure people will be able to help you cut your spending I do think it's a little insensitive to post this on the debt free board when you have assets of close to £1million and a substantial income.

I agree. Posting an SOA like this on DFW board is entirely unneccessary. The OP isn't a newbie, you wouldn't need to be a rocket scientist to see where the cuts can be made.

They haven't even given a reason for posting it !

pleasedelete

I assume that the ops partner doesn't really work. It looks like they are paid a salary and dividend from a limited company. All above board and legal but as a result if one salary goes so does the other. The op is basically using their partners tax allowance to pay less tax themselves.

Each person has a personal tax allowance plus £35k odd in dividends tax free (company pays tax not individual). So in reality partner has no independent income and op is a higher earner. This makes them very vulnerable if they lose a contract or work.

HappyMJ

CKhalvashi wrote: »

Thank you!


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.................... 3

Monthly Income Details
Monthly income after tax................ 4173 PAYE + dividends (c.£30k after tax this year)
Partners monthly income after tax....... 622 PAYE + dividends (c.£40k after tax this year)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4795

Monthly Expense Details
Mortgage................................ 0 (MF)
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 414 (£4951/year)
Electricity............................. 150
Gas..................................... 75
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50
[STRIKE]Mobile phone............................ 200 (2 x heavy use + international calls)[/STRIKE]Replace with T-Mobile's £36 unlimited plan and use the landline and 18185 for international calls.
TV Licence.............................. 12
[STRIKE]Satellite/Cable TV...................... 108[/STRIKE]Not required if you are not working.
Internet Services....................... 25[STRIKE]
Groceries etc. ......................... 600[/STRIKE]Can be halved if you don't work. cook from scratch more often to start.[STRIKE]
Clothing................................ 300[/STRIKE]Not required..Maybe £20 a month to replace worn out stuff.[STRIKE]
Petrol/diesel........................... 600
Road tax................................ 39
Car Insurance........................... 191
Car maintenance (including MOT)......... 125[/STRIKE]If you aren't working then the car's can be SORN'ed insurance cancelled and car's not driven anywhere.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0[STRIKE]
Other child related expenses............ 300[/STRIKE]This is what? Childcare? If you aren't working this is not required.
Medical (prescriptions, dentist etc).... 60
Pet insurance/vet bills................. 0
Buildings insurance..................... 21[STRIKE]
Contents insurance...................... 103[/STRIKE]This can easily be halved.
Life assurance ......................... 0
Other insurance......................... 0[STRIKE]
Presents (birthday, christmas etc)...... 200
Haircuts................................ 25
Entertainment........................... 400
Holiday................................. 500[/STRIKE]All these are luxuries and if you find your contracts cancelled then these expenses must be cancelled too.
Emergency fund.......................... 0
Total monthly expenses.................. 4524


Assets
Cash.................................... 26486
House value (Gross)..................... 600000
Shares and bonds........................ 160000
Car(s).................................. 70000-ish
Other assets............................ 100000
Total Assets............................ 956486

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 4,795
Expenses (including HP & secured debts). 4,524
Available for debt repayments........... 221
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 221

Personal Balance Sheet Summary
Total assets (things you own)........... 956,486
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 956,486

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

Any ideas on cutting this down?

CK

It's amazing how little one actually "NEEDS" to survive. If you were to both lose your contracts you would need to cut down significantly. I've made some suggestions above.

DVardysShadow

CKhalvashi wrote: »

Any ideas on cutting this down?

sell your possessions on eBay and give it all to the poor, and you will have treasure in heaven. Then go and follow Jesus.

but it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God

mrsb83_2

meer53 wrote: »

Posting an SOA like this on DFW board is entirely unneccessary. The OP isn't a newbie, you wouldn't need to be a rocket scientist to see where the cuts can be made.

They haven't even given a reason for posting it !

I totally agree with this. The immediate cuts are totally obvious.