My SOE... At last..!

nickbrat

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 572
Secured/HP loan repayments.............. 169.29
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 69
Gas..................................... 52
Oil..................................... 0
Water rates............................. 20.29
Telephone (land line)................... 0
Mobile phone............................ 62
TV Licence.............................. 12.12
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 180
Clothing................................ 30
Petrol/diesel........................... 220
Road tax................................ 6.6
Car Insurance........................... 24
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 31.25
Contents insurance...................... 0
Life assurance ......................... 0.1
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 8
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1638.91

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 122000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 73314....(572)......5.28
Hire Purchase (HP) debt ...... 433.62...(169.3)....15.9
Total secured & HP debts...... 73747.62..-.........

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax One C/C................951.19....11.78.....22.9
Santander C/C..................3100......60.82.....21.9
Total unsecured debts..........4051.19...72.6......

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,638.91
Available for debt repayments........... -238.91
Monthly UNsecured debt repayments....... 72.6
Amount short for making debt repayments. -311.51

Personal Balance Sheet Summary
Total assets (things you own)........... 122,000
Total HP & Secured debt................. -73,747.62
Total Unsecured debt.................... -4,051.19
Net Assets.............................. 44,201.19


I'm just about surviving each month. However i am managing to save £200 a month in my company saving scheme. I transdfer this to my normal account each month to make ends meet so i have no savings.

I've finished paying for the car in May which will free up that amount plus my son joins the marines on the 30th of April and at the moment im paying his gym membership £37 and his phone bill £28 so there is more money available in the next couple of months...

I'm curently overdrawn by £1,124. I have an available balance of £874... after the bills are paid and food and petrol are obught i'll have a deficit of around £30...... whoops..!

I need a dose of discipline........ keep smiling though.

rising_from_the_ashes

Well done for getting it all down - it's awful doing it but I do believe it helps to see it in black & white and see where savings can be made.

Some comments from me below - some may seem harsh but intended to provide food for thought .........

nickbrat wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 572
Secured/HP loan repayments.............. 169.29
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 69 This is huge - more than I pay for both gas & elec - check your readings against bills, check your use & also look at comparison sites
Gas..................................... 52 As above
Oil..................................... 0
Water rates............................. 20.29
Telephone (land line)................... 0
Mobile phone............................ 62 Sorry but far too high :eek: - downgrade ASAP & switch to PAYG once contract is up
TV Licence.............................. 12.12
Satellite/Cable TV...................... 55 Sorry but you can't afford this if you can't make the budget balance - switch to FreeSat
Internet Services....................... 0
Groceries etc. ......................... 180 Too high for one ..... try to cut at least £50 off this
Clothing................................ 30 Cut off £10
Petrol/diesel........................... 220 All essential journeys? Could you car share?
Road tax................................ 6.6
Car Insurance........................... 24
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Need something in here - even £5
Pet insurance/vet bills................. 0
Buildings insurance..................... 31.25 High - check comparison sites .... as a comparison I pay less than 1/2 this
Contents insurance...................... 0
Life assurance ......................... 0.1 ?????
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 8
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 Need something in here to cover new appliances etc when they break down - to avoid having to take on more debt - suggest £40
Total monthly expenses.................. 1638.91

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 122000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 73314....(572)......5.28
Hire Purchase (HP) debt ...... 433.62...(169.3)....15.9
Total secured & HP debts...... 73747.62..-.........

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax One C/C................951.19....11.78.....22.9
Santander C/C..................3100......60.82.....21.9
Total unsecured debts..........4051.19...72.6......

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,638.91
Available for debt repayments........... -238.91
Monthly UNsecured debt repayments....... 72.6
Amount short for making debt repayments. -311.51

Personal Balance Sheet Summary
Total assets (things you own)........... 122,000
Total HP & Secured debt................. -73,747.62
Total Unsecured debt.................... -4,051.19
Net Assets.............................. 44,201.19


I'm just about surviving each month. However i am managing to save £200 a month in my company saving scheme. I transdfer this to my normal account each month to make ends meet so i have no savings.

I've finished paying for the car in May which will free up that amount plus my son joins the marines on the 30th of April and at the moment im paying his gym membership £37 and his phone bill £28 so there is more money available in the next couple of months... sorry you can't afford to do this - many councils have gyms which are a fraction of the cost of private ones

I'm curently overdrawn by £1,124. I have an available balance of £874... after the bills are paid and food and petrol are obught i'll have a deficit of around £30...... whoops..!

I need a dose of discipline........ keep smiling though.

I'm a bit confused - you've said 1 adult / 0 children at the top but you seem to be paying things for your son - does he live at home?

If so, he should contribute to the household costs (assume he is an adult if he's going into the army)

If so, this would affect the grocery comments - but you should still be able to get by on £130 for 2 of you with careful planning. Have a look at the Grocery Challenge on the Old Style board.

I can't see the gym payment in the SOA?

I've suggested some cuts (eg £50 off groceries, £55 satellite/cable, £50 off gas & elec etc) but you're still going to have a shortfall unless other things are really reduced (eg the mobile bill).

Is the car the £433 payment? If so, this will make a huge difference so you just need to hang in another couple of months.

Tixy

Hi

You say you are just about surviving , but this SoA shows a shortfall of over £300, how are you managing that?
Is the income your figure after they've already taken £200 from you? so the £200 is going towards the £311?
Have you been falling into your overdraft each month by around £100?

nickbrat wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400 before or after the £200 savings? if after then bring the £200 into other income.
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 572
Secured/HP loan repayments.............. 169.29
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103 is there just you living at home? do you claim the 25% discount?
Electricity............................. 69 this looks very high, do you have arrears? have you tried shopping around for a cheaper tariff and reducing yoru usage.
Gas..................................... 52 also looks a little high, again have you tried shopping around?
Oil..................................... 0
Water rates............................. 20.29
Telephone (land line)................... 0
Mobile phone............................ 62 is this you & sons?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 55 maybe consider reducing to a cheaper package? or ditching for freeview?
Internet Services....................... 0
Groceries etc. ......................... 180 this is quite high for 1 person, you could try cutting £50 off this and still eat well if you want to tackle your debts quicker.
Clothing................................ 30
Petrol/diesel........................... 220
Road tax................................ 6.6
Car Insurance........................... 24
Car maintenance (including MOT)......... 30 is this enough for tyres, servicing, mot etc given the mileage you do?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 31.25 this looks quite high for B&C compared to your house value, try shopping around at renewal
Contents insurance...................... 0
Life assurance ......................... 0.1
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 8
Entertainment........................... 0 is this realistic long term? where is the cost of sons gym that you are paying?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1638.91

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 122000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 73314....(572)......5.28 is this a fixed APR? if so how soon until it ends?
Hire Purchase (HP) debt ...... 433.62...(169.3)....15.9
Total secured & HP debts...... 73747.62..-.........

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax One C/C................951.19....11.78.....22.9
Santander C/C..................3100......60.82.....21.9
Overdraft and cost should be listed here as well
Total unsecured debts..........4051.19...72.6......

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,638.91
Available for debt repayments........... -238.91
Monthly UNsecured debt repayments....... 72.6
Amount short for making debt repayments. -311.51

Personal Balance Sheet Summary
Total assets (things you own)........... 122,000
Total HP & Secured debt................. -73,747.62
Total Unsecured debt.................... -4,051.19
Net Assets.............................. 44,201.19

Good that the car will soon be finished, but I would look to see if you can make some savings so that you can not only meet minimum payments, but actually pay more off so that you can tackle your debts.

19lottie82

Satellite/Cable TV...................... 55
Get Rid of This.

Electricity............................. 69
Gas..................................... 52
This seem pretty expensive? Why?


Mobile phone............................ 62
I take it this is for you and your sons mobiles? If so, yours is still coming in @ £25 a month, are you stuck in a contract? If not, cancel and get a payg - Giffgaff do 250 mins = txts = data for 310 a month

my son joins the marines on the 30th of April and at the moment im paying his gym membership £37 and his phone bill £28 so there is more money available in the next couple of months...
Why are you paying for these if you can't afford it? I know it's nice to be able to treat your kids, but it's not worth getting yourself in to debt over. If he's old enough to join the Marines then he's old enough to pay for these things himself.

nickbrat

19lottie82 wrote: »

Satellite/Cable TV...................... 55
Get Rid of This.

Electricity............................. 69
Gas..................................... 52
This seem pretty expensive? Why?


Mobile phone............................ 62
I take it this is for you and your sons mobiles? If so, yours is still coming in @ £25 a month, are you stuck in a contract? If not, cancel and get a payg - Giffgaff do 250 mins = txts = data for 310 a month

my son joins the marines on the 30th of April and at the moment im paying his gym membership £37 and his phone bill £28 so there is more money available in the next couple of months...
Why are you paying for these if you can't afford it? I know it's nice to be able to treat your kids, but it's not worth getting yourself in to debt over. If he's old enough to join the Marines then he's old enough to pay for these things himself.

The TV has to go...

I've got rid of my old boiler and been in touch with eon, apparently these figures are correct and both of the meters are working fine. [EMAIL="I@ll"]I'll[/EMAIL] do a comparison and try to get that down. I also now have one of those uasge things and i can see things getting much better already. hopefully in the next few months this will drop.

Sadly im stuck in my contract with Orange. My son's phone is the other art of the cost and as i said as soon as he leaves then he will be picking up the bill. I'll Stick with the gym membership for him as i only have one more payment to make and then thats it.

Sadly since leaving college he hasnt been able to find any work so no money coming in..

nickbrat

Tixy wrote: »

Hi

You say you are just about surviving , but this SoA shows a shortfall of over £300, how are you managing that?
Is the income your figure after they've already taken £200 from you? so the £200 is going towards the £311?
Have you been falling into your overdraft each month by around £100?



Good that the car will soon be finished, but I would look to see if you can make some savings so that you can not only meet minimum payments, but actually pay more off so that you can tackle your debts.

My £200 comes out of my wages before im paid, its simlply another deduction however i halways transfer it within a couple of days

19lottie82

Good luck OP, you should be able to breathe a bit more easily when you're not paying for the car and your sons gym / phone.

Have another look at your utilities though, they seem so high!
Are you pretty carefree when it comes to leaving lights on etc or having the GCH on full pelt? How big is your home?

I live in a 2 bed flat and my electricity is about £30 pcm, I can't understand why yours is more than double that!

de1amo

i am amazed how high the mortgage payment is for 77k!

nickbrat

19lottie82 wrote: »

Good luck OP, you should be able to breathe a bit more easily when you're not paying for the car and your sons gym / phone.

Have another look at your utilities though, they seem so high!
Are you pretty carefree when it comes to leaving lights on etc or having the GCH on full pelt? How big is your home?

I live in a 2 bed flat and my electricity is about £30 pcm, I can't understand why yours is more than double that!

I'm thinking the same. Once he joins up then the food bill will drop like a stone as he is training for a career in the Royal Marines.. imagine how much it costs to feed him!!! When i shop for myself i can manage comfortably on £30 a week.

Plus he is home during the day which will always boost the utility bills.

I have already complained to EON however they insist the bill is correct. Then i realised that i had an extra freezer and fridge booming away so they have now gone. My boiler was 20 years old and they reckon that with the new one i'll save about 30% on my bills. I'm mad about power saving now and eventually all these things must take effect...

nickbrat

de1amo wrote: »

i am amazed how high the mortgage payment is for 77k!

I'd love to reduce this payment in some way....

Tixy

nickbrat wrote: »

I'd love to reduce this payment in some way....

Are you on a fixed apr? if so when does it end? it does seem quite a high APR, if on fixed do you know what rate it will go to when it ends?

At a guess your remaining mortgage terms is quite a bit shorter than 25years, which is why your mortgage payment would look higher than someone owing that much but still over 20years left to repay.

You could potentially extend the term of your mortgage, but I wouldn't consider based on there being other reductions you can make, and that the car & son costs will be reducing soon. and that there are other savings that would be better than increasing the term of your mortgage.