New here! My SOA...

mrsh2012

Hi everyone

Learning2Budget

Hello and welcome. Are the apr's on all your debts 0%? L2B.x

Learning2Budget

And do you have that much spare at the end reach month? If not keep a spending diary to see where your money is going. If you do that's a huge bonus and you can start making in roads in your debt quickly.
Good luck and enjoy your wedding. L2B.x

Mikazaru

mrsh2012 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1429
Partners monthly income after tax....... 1122
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2631

Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 65 This is high, are you on a meter? If not it may be cheaper to go on a meter.
Telephone (land line)................... 10
Mobile phone............................ 80 This is high, even for two, can you drop a tariff?
TV Licence.............................. 13
Satellite/Cable TV...................... 25
Internet Services....................... 19
Groceries etc. ......................... 250
Clothing................................ 80
Petrol/diesel........................... 250
Road tax................................ 2
Car Insurance........................... 48
Car maintenance (including MOT)......... 20 This is very low for two cars.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0 Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 You really should have this?
Contents insurance...................... 0 As above.
Life assurance ......................... 0 As above.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 20
Entertainment........................... 125
Holiday................................. 0
Emergency fund.......................... 0 Should be saving something here
Total monthly expenses.................. 1680


Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 149000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(400)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds cc......................1250......35........0
Capital One cc.................300.......8.........0
Argos..........................550.......22........0
Overdraft......................250.......0.........0
Very 2.........................200.......26........0
Studio.........................245.......30........0
New look.......................180.......10........0
Very...........................573.......26........0
Littlewoods....................754.......195.......0
Next...........................1200......110.......0
Total unsecured debts..........5502......462.......-


Monthly Budget Summary
Total monthly income.................... 2,631
Expenses (including HP & secured debts). 1,680
Available for debt repayments........... 951
Monthly UNsecured debt repayments....... 462
Amount left after debt repayments....... 489

Personal Balance Sheet Summary
Total assets (things you own)........... 149,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,502
Net Assets.............................. 143,498

Some comments above. Your SOA shows a surplus of £489 a month, do you have this left? Can you sell some of the things brought from catalogues etc, to make a dent in them? I would imagine the APRs would be quite high.

blondieliz

Hi ya, at first glance your water rates and electric seem very high, have you shopped around?

Also, are you sticking to 250 groceries a month? I know when I did my first SOA, my figure was an ideal, not a true and honest reflection!

Don't be scared to be totally honest and open, everyone here is here to help!

Ooh, also, do you need a land line and a mobile?

mrsh2012

Learning2Budget wrote: »

Hello and welcome. Are the apr's on all your debts 0%? L2B.x

No. Unfortunately I don't know them right now. Will have to find out ASAP.

Littlewoods, studio and both very accounts are 0%

Capital One is 34%, argos is 29.9%, that is all I can remember from memory.

mrsh2012

Learning2Budget wrote: »

And do you have that much spare at the end reach month? If not keep a spending diary to see where your money is going. If you do that's a huge bonus and you can start making in roads in your debt quickly.
L2B.x

Thank you.

mrsh2012

Mikazaru wrote: »

Some comments above. Your SOA shows a surplus of £489 a month, do you have this left? Can you sell some of the things brought from catalogues etc, to make a dent in them? I would imagine the APRs would be quite high.

Thanks for the notes on the SOA. I will take those into account and fill in any blanks ASAP. And emergency fund is something I really need to start. Wish I had done a long time ago

McKneff

£80 a month on clothes, you could cut this down drastically.

A water meter will definitely be cheaper.

Do you really need to spend £125 a month on entertainment. It sounds an awful lot of money.

mrsh2012

blondieliz wrote: »

Hi ya, at first glance your water rates and electric seem very high, have you shopped around?

Also, are you sticking to 250 groceries a month? I know when I did my first SOA, my figure was an ideal, not a true and honest reflection!

Don't be scared to be totally honest and open, everyone here is here to help!

Ooh, also, do you need a land line and a mobile?

Hi I have a landline just so that we can have broadband. 250 is a rough guess as I've never really kept track of these things. I will have to start a spending diary!

mrsh2012

McKneff wrote: »

£80 a month on clothes, you could cut this down drastically.

A water meter will definitely be cheaper.

Do you really need to spend £125 a month on entertainment. It sounds an awful lot of money.

It is a lot and i will be cutting that down (just started a spending diary