New SOA now started self employed and husband working

Charityworker

Just wondered what you all think of this as I am trying to work out a budget. I work part time and also run a small business as a beautician/nail artist. My husband is working part time in a seasonal job and has been looking for something permanent for ages. I have 2 daughters aged 17 (on the first year of a 2 year full time animal care course with a saturday job as a 'non dangerous stock animal keeper') and 14 (still at school looking for saturday work). No car at all. All walk to work/school/college.

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.................... 0
Monthly Income Details
Monthly income after tax................ 457.92
Partners monthly income after tax....... 384
Benefits................................ 960
Other income............................ 27.2
Total monthly income.................... 1829.12
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 399.92
Management charge (leasehold property).. 0
Council tax............................. 86.2
Electricity............................. 33
Gas..................................... 20
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 11.2
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 37.8
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4.15
Life assurance ......................... 0
Other insurance......................... 3.53
Presents (birthday, christmas etc)...... 23.07
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Caravan Site Fees....................... 300
Total monthly expenses.................. 1172.87

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Caravan........................10000.....241.6.....NaN
Total unsecured debts..........10000.....241.6.....-

Monthly Budget Summary
Total monthly income.................... 1,829.12
Expenses (including HP & secured debts). 1,172.87
Available for debt repayments........... 656.25
Monthly UNsecured debt repayments....... 241.6
Amount left after debt repayments....... 414.65
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,000
Net Assets.............................. -10,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

HappyMJ

Do you live in the caravan? Even if you didnt then it looks very good.

Charityworker

No we live in a house. I own a caravan which I bought when we both had good jobs.

Growurown

Are the caravan site fees £300 every month? That seems a lot.

Charityworker

Growurown wrote: »

Are the caravan site fees £300 every month? That seems a lot.

No but that is the cost of everything. Site fees, water, gas, electric, repairs, insurance etc.

somethingcorporate

Aside from the expensive caravan it seems pretty tight to me!

Good work.

My only suggestion would be to keep a spending diary to make sure this is exactly what you spend and how much of it.

Charityworker

Thanks, I know that the caravan is an unnecessary expense but we don't treat ourselves in any other way ever so I'll keep it unless something terrible happens.

HappyMJ

Charityworker wrote: »

No but that is the cost of everything. Site fees, water, gas, electric, repairs, insurance etc.

How much is the caravan worth? Are the council aware you own this caravan and reduces your claim for housing benefit?

You cannot own a holiday caravan and claim housing benefit on another home without the value of the caravan reducing your benefit or other means tested benefits.

somethingcorporate

It seems that you have the money left over to treat yourselves so I wouldn't worry about it. Just make sure you spend to your SOA (or alter your SOA to reflect what you spend) and make sure this is still manageable.

Charityworker

HappyMJ wrote: »

How much is the caravan worth? Are the council aware you own this caravan and reduces your claim for housing benefit?

You cannot own a holiday caravan and claim housing benefit on another home without the value of the caravan reducing your benefit or other means tested benefits.

I'm not on housing benefit. Thank you :shocked:

But just for the record you can have a caravan and be on HB. It is not counted as a second home as you cannot live in it. It is on a non residential site which is only open 8 months of the year. You are also not allowed to stay in it more than 6 weeks at a time. It would only affect your HB if you were letting it out and gaining an income from it.

XXSCOTSLASSXX

Charityworker wrote: »

I'm not on housing benefit. Thank you :shocked:

eh why the :shocked: face????

going by ur income and benefits of £960 you already receive its very fair to say why that assumption would be made for you to be shocked by that assumption baffles me......

have commented on ur soas previously with regards to your excess every month where does this go u never have any savings/cash accounted for.....apologies unsure always as to what u expect people to comment on ur soa ....