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macka09_2
macka09_2 Posts: 34 Forumite
in Debt-free wannabe
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,596.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 280.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Monthly Expense Details

In Your Home

Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.00
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170.00
Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500.00
Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Payment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.83
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 390.00
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Motoring & Public Transport

Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173.33
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.00
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.00

Debt Repayments

Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.00
Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
lisa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Savings & Investments

Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Family

Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Entertainment

Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Clothes, Health & Beauty

Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.67
Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare Cashplans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Medical Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Education & Courses

University Tuition Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Big One Offs

Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.83

Odds & Sods

Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00


Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,876.00


Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,824.67

Comments

  • downnotout
    downnotout Posts: 606 Forumite
    Internet 52 quid? Seriously! You have far too many £0 no birthdays ect? The ska is also In the wrong format for this site.
    TOTAL AT START £13606.90 27/03/2018
    TOTAL CURRENT £13445.90 29/03/2018
  • rising_from_the_ashes
    rising_from_the_ashes Posts: 12,433 Forumite
    10,000 Posts Combo Breaker Home Insurance Hacker! Debt-free and Proud!
    Could you put it onto this http://www.stoozing.com/msoc/soacalc.php as you'll get much better advice as it's the "usual MSE" SOA - eg things like groceries, cleaning stuff, nappies, drinks for house etc come under one heading so we need to know the overall spend.

    First glance - you're spending £82 on landline & internet which is way too high (comparison, I pay under £20!) and I've never seen anyone with their water at only £5?
    Grocery Challenge £211/£455 (01/01-31/03)
    2016 Sell: £125/£250
    £1,000 Emergency Fund Challenge #78 £3.96 / £1,000
    Vet Fund: £410.93 / £1,000
    Debt free & determined to stay that way!
  • beanielou
    beanielou Posts: 98,245 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Your internet is way too high.
    Is it just you?
    If so,£390 for grocceries is way too high.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger.
    One debt remaining. Home improvement loan. 21 months left.
  • macka09_2
    macka09_2 Posts: 34 Forumite
    I have put my internet and phone as 82 because its a sky package including my tv. the water charge is correct
  • macka09_2
    macka09_2 Posts: 34 Forumite
    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.................... 1

    Monthly Income Details
    Monthly income after tax................ 1030
    Partners monthly income after tax....... 563
    Benefits................................ 280
    Other income............................ 0
    Total monthly income.................... 1873

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 500
    Management charge (leasehold property).. 0
    Council tax............................. 170
    Electricity............................. 33
    Gas..................................... 33
    Oil..................................... 0
    Water rates............................. 5
    Telephone (land line)................... 32
    Mobile phone............................ 35
    TV Licence.............................. 11
    Satellite/Cable TV...................... 25
    Internet Services....................... 25
    Groceries etc. ......................... 340
    Clothing................................ 0
    Petrol/diesel........................... 160
    Road tax................................ 10
    Car Insurance........................... 72
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 50
    Medical (prescriptions, dentist etc).... 4
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 5.5
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 45
    Haircuts................................ 20
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1575.5


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

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    bank loan......................1500......72........0
    money borrowed.................700.......100.......0
    Total unsecured debts..........2200......172.......-


    Monthly Budget Summary
    Total monthly income.................... 1,873
    Expenses (including HP & secured debts). 1,575.5
    Available for debt repayments........... 297.5
    Monthly UNsecured debt repayments....... 172
    Amount left after debt repayments....... 125.5

    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,200
    Net Assets.............................. -200

    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
  • beanielou
    beanielou Posts: 98,245 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    So at least in 7 months the money you borrowed from family/friend will be paid off and you will only have the bank loan.
    How long til the bank loan is paid?

    The SOA is now much easier to read which is great.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger.
    One debt remaining. Home improvement loan. 21 months left.
  • Heffi1
    Heffi1 Posts: 1,291 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Is it right you are paying £107 per month on telephone and internet, this is one area you can make a drastic saving.
    :) Been here for a long time and don't often post
  • rising_from_the_ashes
    rising_from_the_ashes Posts: 12,433 Forumite
    10,000 Posts Combo Breaker Home Insurance Hacker! Debt-free and Proud!
    macka09 wrote: »
    I have put my internet and phone as 82 because its a sky package including my tv. the water charge is correct

    Sorry but that's the first thing that needs to go ..... it's not an essential and you can get landline & broadband for under £20 / month so that's over £60 / month saved!
    macka09 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.................... 1

    Monthly Income Details
    Monthly income after tax................ 1030
    Partners monthly income after tax....... 563
    Benefits................................ 280
    Other income............................ 0
    Total monthly income.................... 1873

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 500
    Management charge (leasehold property).. 0
    Council tax............................. 170 Switch to 12 months if currently paying over 10
    Electricity............................. 33
    Gas..................................... 33
    Oil..................................... 0
    Water rates............................. 5
    Telephone (land line)................... 32 Too high - see comments above
    Mobile phone............................ 35     Too high - how many phones / when can you get out the contracts? Switch to PAYG asap & use for emergencies only
    TV Licence.............................. 11
    Satellite/Cable TV...................... 25     Too high - see comments above
    Internet Services....................... 25 Too high - see comments above
    Groceries etc. ......................... 340 Sorry but this is very high - should be able to get to £200 (or less). Try the grocery challenge on the old style board
    Clothing................................ 0 Never?
    Petrol/diesel........................... 160
    Road tax................................ 10
    Car Insurance........................... 72 Check comparison sites
    Car maintenance (including MOT)......... 0 Need figure in here
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 50
    Medical (prescriptions, dentist etc).... 4
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0    Need figure in here
    Life assurance ......................... 5.5
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 45 Too high - cut to £10
    Haircuts................................ 20 Cut to £10
    Entertainment........................... 0 Never?
    Holiday................................. 0
    Emergency fund.......................... 0 Need figure in here
    Total monthly expenses.................. 1575.5


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

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    bank loan......................1500......72........0
    money borrowed.................700.......100.......0
    Total unsecured debts..........2200......172.......-


    Monthly Budget Summary
    Total monthly income.................... 1,873
    Expenses (including HP & secured debts). 1,575.5
    Available for debt repayments........... 297.5
    Monthly UNsecured debt repayments....... 172
    Amount left after debt repayments....... 125.5

    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,200
    Net Assets.............................. -200

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.

    Well the good news is that you do - on paper - have money left after your debt repayments.

    You do need to get figures incl for those missing things though and put it aside so it's there when needed.

    If you get rid of Sky (hard I know but it's not essential) and cut £140+ off your grocery shop .... that's another £200 you could put towards the debt repayments each month!

    And ..... with a frugal 6 months or so, you could be rid of all your debts and IMHO ..... well worth it! Best of luck
    Grocery Challenge £211/£455 (01/01-31/03)
    2016 Sell: £125/£250
    £1,000 Emergency Fund Challenge #78 £3.96 / £1,000
    Vet Fund: £410.93 / £1,000
    Debt free & determined to stay that way!
  • macka09_2
    macka09_2 Posts: 34 Forumite
    Thanks for all your advice guys. Unfortunately we do not have an emergency fund put aside we also very rarely go out now especially with our 1st child not long being born. I'm unsure how long the loan has left but we will look into it. Also we have agreed our next weekly shop will be downgraded to see if the branded items dissimilar to the cheaper brands. Our internet, tv and land line are a bundle from Sky which is roughly £52 a month but obviously we are making thirty pound a month in calls so we need to keep a check on this.
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