My SOA--hope i've done this correctly :)

sistafromanothermista

After my post last night someone recommended i do an SOA so here it is:D

EDITED



out of date now

merlot123

sistafromanothermista wrote: »

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.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1080
Benefits................................ 0 - Child Benefit?
Other income............................ 270
Total monthly income.................... 3150

Monthly Expense Details
Mortgage................................ 1118
Secured/HP loan repayments.............. 30
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 110
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 50
Mobile phone............................ 60
TV Licence.............................. 11
Satellite/Cable TV...................... 35 _reduce
Internet Services....................... 0
Groceries etc. ......................... 150 - Is this correct for 4 people, if so, very well done.
Clothing................................ 0 - You must buy some clothing
Petrol/diesel........................... 30
Road tax................................ 0 You need something here
Car Insurance........................... 61
Car maintenance (including MOT)......... 0 Again, you need something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 22 - does this include buildings? If, not you really do need buildings insurance
Life assurance ......................... 0 - Don't you have any life insurance, you should consider this if you are married or have children
Other insurance......................... 13
Presents (birthday, christmas etc)...... 0 again something here
Haircuts................................ 0 You need something here
Entertainment........................... 38
Holiday................................. 0
Emergency fund.......................... 0 You need something here
Total monthly expenses.................. 1944


Assets
Cash.................................... 1500 What's this?
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 900 What's this?
Total Assets............................ 189400


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 174543...(1118).....6.38
Hire Purchase (HP) debt ...... 800......(30).......0
Total secured & HP debts...... 175343....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CREDIT CARD1...................8264......206.6.....0
CREDIT CARD 2..................6844......69........0
CREDIT CARD 3..................4800......48........0
VERY...........................60........20........0
NEXT CARD......................315.82....30........29.9
Total unsecured debts..........20283.82..373.6.....-


Monthly Budget Summary
Total monthly income.................... 3,150
Expenses (including HP & secured debts). 1,944
Available for debt repayments........... 1,206
Monthly UNsecured debt repayments....... 373.6
Amount left after debt repayments....... 832.4

Personal Balance Sheet Summary
Total assets (things you own)........... 189,400
Total HP & Secured debt................. -175,343
Total Unsecured debt.................... -20,283.82
Net Assets.............................. -6,226.82

I have added comments in above, you need to edit it and fill in the missing details.

Well done for posting your SOA, Its never an easy thing to do.

merlot123

merlot123

Just noticed you have edited your SOA. I suggest keeping a spending diary and see where the surplus is going.

May I suggest too, you go through your bank statements and add up the cash withdrawals and the trips to the supermarket for the past month, it may just shock you if you are everything like me. Every penny adds up and before you know it you've spent the surplus each month and more.

Do you have an overdraft, if so, this needs to be added to the unsecured debt.

merlot123

freshstart11

sistafromanothermista wrote: »

After my post last night someone recommended i do an SOA so here it is:D



Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1080
Benefits................................ 0
Other income............................ 270
Total monthly income.................... 3150

Monthly Expense Details
Mortgage................................ 1118
Secured/HP loan repayments.............. 30
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134 10 months or 12?
Electricity............................. 110 this usage or arrears?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40 metered?
Telephone (land line)................... 50
Mobile phone............................ 60 can you reduce tariff
TV Licence.............................. 11
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 600 family of 4 should be able to reduce by a fair bit, maybe aim for 460-500 next month
Clothing................................ 0 really nothing? Uniforms?
Petrol/diesel........................... 30
Road tax................................ 0
Car Insurance........................... 61 for both cars?
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 22 quite high - have your compared?
Life assurance ......................... 0
Other insurance......................... 13
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 38
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2394


Assets
Cash.................................... 1500
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 900
Total Assets............................ 189400


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 174543...(1118).....6.38
Hire Purchase (HP) debt ...... 800......(30).......0
Total secured & HP debts...... 175343.

Unsecured Debts
Description....................Debt......Monthly...APR
CREDIT CARD1...................8264......206.6.....0
CREDIT CARD 2..................6844......69........0
CREDIT CARD 3..................4800......48........0
VERY...........................60........20........0
NEXT CARD......................315.82....30........29.9
Total unsecured debts..........20283.82..373.6.....-


Monthly Budget Summary
Total monthly income.................... 3,150
Expenses (including HP & secured debts). 2,394
Available for debt repayments........... 756
Monthly UNsecured debt repayments....... 373.6
Amount left after debt repayments....... 382.4

Personal Balance Sheet Summary
Total assets (things you own)........... 189,400
Total HP & Secured debt................. -175,343
Total Unsecured debt.................... -20,283.82
Net Assets.............................. -6,226.82

Heya

Well done in posting your SOA. I hope this site really helps you to get this. asked a few questions just to get a better idea really x

sistafromanothermista

Sorry i had to re-do it as some of the figures were slightly wrong:o
Don't but anything new on a monthly basis just once yearly.
Car tax and MOT is done yearly shall i just divide by 4 and enter amount?
Haircuts are once every 3 months not every month
Figure includes buildings and contents insurance
Can't afford life insurance at time we took out mortgage..

mildred1978

sistafromanothermista wrote: »

After my post last night someone recommended i do an SOA so here it is:D





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

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1080
Benefits................................ 0
Other income............................ 270
Total monthly income.................... 3150

Monthly Expense Details
Mortgage................................ 1118
Secured/HP loan repayments.............. 30
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 110
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 50
Mobile phone............................ 60
TV Licence.............................. 11
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 0
Petrol/diesel........................... 300
Road tax................................ 0
Car Insurance........................... 61
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 22
Life assurance ......................... 0
Other insurance......................... 13
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 38
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2664


Assets
Cash.................................... 1500
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 900
Total Assets............................ 189400


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 174543...(1118).....6.38
Hire Purchase (HP) debt ...... 800......(30).......0
Total secured & HP debts...... 175343....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CREDIT CARD1...................8264......206.6.....0
CREDIT CARD 2..................6844......69........0
CREDIT CARD 3..................4800......48........0
VERY...........................60........20........0
NEXT CARD......................315.82....30........29.9
Total unsecured debts..........20283.82..373.6..


Monthly Budget Summary
Total monthly income.................... 3,150
Expenses (including HP & secured debts). 2,664
Available for debt repayments........... 486
Monthly UNsecured debt repayments....... 373.6
Amount left after debt repayments....... 112.4

Personal Balance Sheet Summary
Total assets (things you own)........... 189,400
Total HP & Secured debt................. -175,343
Total Unsecured debt.................... -20,283.82
Net Assets.............................. -6,226.82

Assume you multiplied the £150 by 4 to get your groceries? If so, that's wrong. Should be £650. And that's way over the top for 4 people. Should be more like £350.

Mobiles are high, and you've no buildings insurance?

sistafromanothermista

merlot123 wrote: »

Just noticed you have edited your SOA. I suggest keeping a spending diary and see where the surplus is going.

May I suggest too, you go through your bank statements and add up the cash withdrawals and the trips to the supermarket for the past month, it may just shock you if you are everything like me. Every penny adds up and before you know it you've spent the surplus each month and more.

Do you have an overdraft, if so, this needs to be added to the unsecured debt.

merlot123

Hi, no overdraft luckily great idea going back through receipts and statements though i'll do that

merlot123

Life insurance is far far far more important than sky or a mobile phone in my honest opinion.

You wouldn't not have buildings or contents insurance would you? So why is Life insurance any different, I do think you should look into it.

Do you not receive child benefit?

freshstart11

sistafromanothermista wrote: »

Sorry i had to re-do it as some of the figures were slightly wrong:o
Don't but anything new on a monthly basis just once yearly.
Car tax and MOT is done yearly shall i just divide by 4 and enter amount?
Haircuts are once every 3 months not every month
Figure includes buildings and contents insurance
Can't afford life insurance at time we took out mortgage..

Def worth getting my life insurance isnt that high and even though I don't own I wouldnt be without it. As you own and have children it is an expense you need

Tixy

Hi

Well done for starting and posting it up.

At the moment it seems to say you have £380 left on top of your minimum payments a month - does that feel about right? do you know where its going - are you making additional payments towards your debts

If you don't have that much spare then there must be costs missing from your SoA.

Some suggestions below

sistafromanothermista wrote: »

After my post last night someone recommended i do an SOA so here it is:D



Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1080
Benefits................................ 0 should get some child benefit to put in here?
Other income............................ 270
Total monthly income.................... 3150

Monthly Expense Details
Mortgage................................ 1118
Secured/HP loan repayments.............. 30
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 110
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 50 have you tried shopping around to see if you can find cheaper? does this include broadband?
Mobile phone............................ 60
TV Licence.............................. 11
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 600 this is fairly high. Some on here can manage a family of 4 with pets on around £250. If you could try cutting even to £400 that would be an extra £200 you could put towards your debts each month, which will make a big differnce to how long it wil ltake to pay them off.
Clothing................................ 0 You need to budget for this. Estimate the annual spend for all of you for clothes/shoes etc and divide by 12
Petrol/diesel........................... 30 Is this right? just £30 a month on fuel? maybe consider if both cars are really required if that is all the mileage you are doing?
Road tax................................ 0 Budget for this (1/12 of annual cost)
Car Insurance........................... 61
Car maintenance (including MOT)......... 0 You need to budget for this - for servicing, MOTs, tyres etc on both cars.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 Is that realistic? not pocket money or hobbies/clubs etc?
Medical (prescriptions, dentist etc).... 24
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 22 Is this both Building & contents?
Life assurance ......................... 0 Do you have any life insurance at all? have you considered it or what you would do if one of you passed away? particularly if it was the high earner?
Other insurance......................... 13
Presents (birthday, christmas etc)...... 0 you need to budget for this - again 1/2 of annual
Haircuts................................ 0 is this realistic for a year?
Entertainment........................... 38
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2394


Assets
Cash.................................... 1500 what is this for? what APR is it earning?
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 900
Total Assets............................ 189400


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 174543...(1118).....6.38
Hire Purchase (HP) debt ...... 800......(30).......0
Total secured & HP debts...... 175343.

Unsecured Debts
Description....................Debt......Monthly...APR are these all 0%? how long until the promos finish?
CREDIT CARD1...................8264......206.6.....0
CREDIT CARD 2..................6844......69........0
CREDIT CARD 3..................4800......48........0
VERY...........................60........20........0
NEXT CARD......................315.82....30........29.9
Total unsecured debts..........20283.82..373.6.....-


Monthly Budget Summary
Total monthly income.................... 3,150
Expenses (including HP & secured debts). 2,394
Available for debt repayments........... 756
Monthly UNsecured debt repayments....... 373.6
Amount left after debt repayments....... 382.4

Personal Balance Sheet Summary
Total assets (things you own)........... 189,400
Total HP & Secured debt................. -175,343
Total Unsecured debt.................... -20,283.82
Net Assets.............................. -6,226.82

Looks like you are showing a surplus because you haven't budgeted for costs that don't happen every month, maybe try re doing it so you can see what you should have spare after taking these into account.

sistafromanothermista

freshstart11 wrote: »

Heya

Well done in posting your SOA. I hope this site really helps you to get this. asked a few questions just to get a better idea really x

Hi, nothing on uniforms £61 is for both cars 29 for me and 32 hubby. Contents insurance includes buildings insurance too through nationwide.
I agree about the shopping and this is what we're working to reduce, never realised we spent so much to be honest :eek: