Time to grow up

rising_from_the_ashes

sistafromanothermista wrote: »

Did you use this?

http://www.stoozing.com/msoc/soacalc.php

The one used by the OP (and a lot of others) appears on the front page unfortunately - wish they'd change it to the standard MSE one.....

sistafromanothermista

Oh right, wondered where it came from V. hard to read it with all those dotted lines

rising_from_the_ashes

angelkez wrote: »

Statement of Affairs and Personal Balance Sheet

How many people
How many cars
(sorry quite a lot of info is missing from this budget planner)

I've moved a couple of bits around a bit to try to group things as they are done on the standard SOA


Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 2,520.96
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00

Monthly Expense Details

In Your Home

Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.00 How many? How long are the contracts for? Downgrade to PAYG & use for emergencies ASAP
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.46
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.00 On the high side with separate internet
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 ?
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.00
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110.00
Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.07 Check comparison sites @ renewal time
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565.58 Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.85 This seems high - check the insurances board to see if you can reduce cost
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 357.78 How many people? Incl cleaning stuff etc?

Need to add Emergency Fund to cover things breaking down & not having to get into more debt


Motoring & Public Transport

Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260.00 All essential journeys?
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.42
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.79
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 Need figure in here
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104.17 What's this? Anyway to reduce?
Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 Is this realistic - what if you breakdown?

Debt Repayments
We need to know the outstanding amounts / monthly payments & APRs on the debts

Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210.00
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 163.79
Car Loan Repayments . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 165.97

Family

Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.57 Where are the other pet costs included?
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Entertainment

Comes to just under £400 when added together & needs cut to £50!

Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.25
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.98 Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137.50
Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00
cinema treats . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Clothes, Health & Beauty

Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 Need figure in here
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 And here
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.50 Sorry not essential
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.17

Big One Offs

Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.83 Should this be under debts? If so, APR / outstanding amount
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67 Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
These come to over £40 when added - cut to £10
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 Never?

Odds & Sods

lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.67
download. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.67 So is this a holiday?


Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,520.96


Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,874.30

ASSETS?

HOUSE
CAR
CASH etc

Few things noted above - really the entertainment budget & depending on how many people - groceries.

angelkez

redone it now on the right form hopefully

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2520.96
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2520.96

Monthly Expense Details
Mortgage................................ 565.5
Secured/HP loan repayments.............. 165.89999999999998
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 57
Gas..................................... 0
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 17
Mobile phone............................ 68
TV Licence.............................. 12.12
Satellite/Cable TV...................... 21.25
Internet Services....................... 11.46
Groceries etc. ......................... 357.78
Clothing................................ 4.17
Petrol/diesel........................... 260
Road tax................................ 10.42
Car Insurance........................... 46.79
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 104.17
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15.5
Pet insurance/vet bills................. 12.57
Buildings insurance..................... 23.07
Contents insurance...................... 0
Life assurance ......................... 76.85
Other insurance......................... 0
Presents (birthday, christmas etc)...... 41.67
Haircuts................................ 0
Entertainment........................... 367.48
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2365.7


Assets
Cash.................................... 0
House value (Gross)..................... 108000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 116000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86681.8..(565.5)....7.14
Hire Purchase (HP) debt ...... 0........(165.9)....0
Total secured & HP debts...... 86681.8...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card ...................3800......65........24.9
Credit card....................2500......42........0
Credit Card....................3500......62........0
Personal Loan..................8098.93...163.7.....6.3
Total unsecured debts..........17898.93..332.7.....-


Monthly Budget Summary
Total monthly income.................... 2,520.96
Expenses (including HP & secured debts). 2,365.7
Available for debt repayments........... 155.26
Monthly UNsecured debt repayments....... 332.7
Amount short for making debt repayments. -177.44

Personal Balance Sheet Summary
Total assets (things you own)........... 116,000
Total HP & Secured debt................. -86,681.8
Total Unsecured debt.................... -17,898.93
Net Assets.............................. 11,419.27

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

sistafromanothermista

angelkez wrote: »

redone it now on the right form hopefully

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2520.96
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2520.96

Monthly Expense Details
Mortgage................................ 565.5
Secured/HP loan repayments.............. 165.89999999999998
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 57
Gas..................................... 0
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 17
Mobile phone............................ 68
TV Licence.............................. 12.12
Satellite/Cable TV...................... 21.25
Internet Services....................... 11.46
Groceries etc. ......................... 357.78 THIS IS QUITE A LOT
Clothing................................ 4.17
Petrol/diesel........................... 260
Road tax................................ 10.42
Car Insurance........................... 46.79
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 104.17 WHAT IS THIS?Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15.5
Pet insurance/vet bills................. 12.57
Buildings insurance..................... 23.07
Contents insurance...................... 0
Life assurance ......................... 76.85 QUITE PRICEY
Other insurance......................... 0
Presents (birthday, christmas etc)...... 41.67 CAN THIS BE CUT?
Haircuts................................ 0
Entertainment........................... 367.48 WHAT IS THIS FOR?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2365.7


Assets
Cash.................................... 0
House value (Gross)..................... 108000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 116000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86681.8..(565.5)....7.14
Hire Purchase (HP) debt ...... 0........(165.9)....0
Total secured & HP debts...... 86681.8...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card ...................3800......65........24.9
Credit card....................2500......42........0
Credit Card....................3500......62........0
Personal Loan..................8098.93...163.7.....6.3
Total unsecured debts..........17898.93..332.7.....-


Monthly Budget Summary
Total monthly income.................... 2,520.96
Expenses (including HP & secured debts). 2,365.7
Available for debt repayments........... 155.26
Monthly UNsecured debt repayments....... 332.7
Amount short for making debt repayments. -177.44

Personal Balance Sheet Summary
Total assets (things you own)........... 116,000
Total HP & Secured debt................. -86,681.8
Total Unsecured debt.................... -17,898.93
Net Assets.............................. 11,419.27

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

You are in a similar financial position as me So if you're sticking around join the long haulers:)

I've added a few bits in red to try and clarify things a bit

rising_from_the_ashes

1st thing - you can make up the shortfall from the groceries - sorry but that's on the (very) high side for 2!

Try the Grocery Challenge on the Old Style Board - great friendly bunch, fab tips and some great recipes.

As a guide - families of 4 can manage on £200 / month (incl household & cleaning stuff & nappies) and couples on around £120 / month ...... (sorry)

angelkez

in terms of groceries i think our main issue is popping into the shop and spending money without thinking about it, i will certainly be addressing this and heading over to get some idea on things i can do to reduce this

rising_from_the_ashes

Try a spending diary - honestly a real eye opener (believe me!) - those "just popping in for bread / milk" and walking out with £20 here & there really adds up!

You need to write down everything and do it for a good couple of months (if not forever as it's a really good habit to get into & does keep the mind focused) to get a true picture of where it's going!

angelkez

sistafromanothermista wrote: »

You are in a similar financial position as me So if you're sticking around join the long haulers:)

I've added a few bits in red to try and clarify things a bit

Groceries includes all of household stuff, cat food & litter and cigarettes (which will be stopping)

other travel is taxis to work for me, i don't drive and my husband can't take me and bring me back from work due to shifts but i am going to attempt to get as many lifts as possible to avoid this

really need to look at life assurance as we just took out what came with the mortgage but really worried about messing it up

we'll probably re-evaluate birthdays and christmas and i'm already working on making my own gifts

entertainment is mainly travelling to see my mum and sisters who live quite a way away and associated spending, we have cinema cards which we paid yearly upfront so this is not something we are currently paying and eating out is a big expense but we will be working on that

and we are absolutely in it for the long haul

[Deleted User]

Hire Purchase (HP) debt ...... 0........(165.9)....0

Why are you paying off £166 a month, on a non-existent HP debt :huh: