My SoA

indesisiv

Get rid of one car? 2 adults and 3 cars ... easy save.

tallyhoh

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.

totally disagree. My total income is £900 per month for 3 adults, that includes everything.

I have seen SOA's on here for people with an income of £2000 per month, which to me would be vast riches. Its all relative really, where do you draw the line??:D

thehappybutterfly

What a bloody insensitive post - talk about gloating. OP - read the forum title and familiarise yourself with the real dilemmas some of us are facing - eviction, families breaking up, loss of dignity, self-respect etc etc. I'm sure rich people have their own set of problems and are entitled to ask for advice but not on this forum.

talana

Agree with previous poster.
I'm not even sure what the OP was expecting to hear.
There are so many potential savings on that soa that a child could spot them.

Severely struggle if your earnings halve?? Come on....

Googlewhacker

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 disagree, the OP wanted help on cutting back...no harm in that. Maybe those that are now debt free should never post on this board again???

somethingcorporate

Looks like bragging to me.

Incredibly insensitive post to make in this forum where people are facing real hardships.

And a forum entitled "Debt-free wannabe" which is about being debt free, not waving their massive wang infront of people that are struggling.

It may be over the top but I have reported this thread.

Googlewhacker

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.................... 3Sell one of these

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)Very nice!
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 414 (£4951/year)
Electricity............................. 150Very high
Gas..................................... 75Still a bit high
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50 Still to high
Mobile phone............................ 200 (2 x heavy use + international calls)Use skype for international calls...aim to halve this, if not down to 80 total
TV Licence.............................. 12
Satellite/Cable TV...................... 108
Internet Services....................... 25
Groceries etc. ......................... 600Cut this in half
Clothing................................ 300 You spend £3600 on clothing a year??? Cut this to £1000 total
Petrol/diesel........................... 600Between you you do 6000ish miles? Any pointless journeys?
Road tax................................ 39
Car Insurance........................... 191
Car maintenance (including MOT)......... 125Nice to see this being budgeted for
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300 What are they? If they are hobbies could you not cut back a little to say £200
Medical (prescriptions, dentist etc).... 60
Pet insurance/vet bills................. 0
Buildings insurance..................... 21
Contents insurance...................... 103IS this really a month? Wow! have you shopped around?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 200A month seems quite high, look to maybe half again?
Haircuts................................ 25
Entertainment........................... 400Entertainment doesn't need to be expensive
Holiday................................. 500Again half this, you can have a great holiday for 3k a year!
Emergency fund.......................... 0Build something into this
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

I think its good you are looking well ahead personally, even if some people on here are a bit green eyed!

Plenty to cut down on as I have put up there and if you know ur income is halving then start trying to live within the new budget earlier so its not so much of a shock.

Googlewhacker

somethingcorporate wrote: »

Looks like bragging to me.

Incredibly insensitive post to make in this forum where people are facing real hardships.

And a forum entitled "Debt-free wannabe" which is about being debt free, not waving their massive wang infront of people that are struggling.

It may be over the top but I have reported this thread.

Your posts are normally great to read but I have to disagree with you on this, just because you are not in debt doesn't make you not want to be a debt free wannabe.

Its called forward thinking and starting preventative action and well done to the OP for doing this and allowing their SOA to be disected.

wyebird

Not sure I can really get my head around this one.....

Yes, there are loads of people on here in debt, who earn alot more than me but still have debt and need advice to sort it out. Similarly, there are people who take home half what I do and have managed it far better than I did previously..

Here though are a family taking home just short of £5k a month with an additional 70k of dividends per annum (if I am reading that right?) without mortgage or debts and with substantial assets; bricks and mortar / cash / shares / cars. I really don't see how someone obviously clever enough with such a good job, would need us to tell him that you can get a holiday cheaper than £6K , don't need to spend £300 a month on clothes etc. But if you want to and can afford it then that's your business not anybody elses
I would be more convinced if he had posted on other boards asking if he could get a better mobile / utilities deal etc...

Frozenace

Education for the children can also be quite expensive.

Maybe one day I'll have such a nice SOA as well, haha.