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advice please, My SOA

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ice_babe
ice_babe Posts: 335 Forumite
Debt-free and Proud!
edited 25 November 2013 at 2:22PM in Debt-free wannabe
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«134

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  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 22 November 2012 at 4:08PM
    ice_babe 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................ 400
    Partners monthly income after tax....... 1360
    Benefits................................ 81
    Other income............................ 0
    Total monthly income.................... 1841
    Monthly Expense Details
    Mortgage................................ 284 (212 soon)
    CSA..................................... 170 (5 years to go)
    Rent.................................... 33.50 (garage)
    Management charge (leasehold property).. 16
    Council tax............................. 105
    Electricity and Gas..................... 89
    Water rates............................. 54
    land line, cable tv, Internet........... 45 This cheapest you can get it ? Try calling them and threaten to leave (speak to cancellations/customer retentions)

    Mobile phone............................ 38 (3 phones) seems high, yes its for 3 but still high, they contract or payg ? If contract try calling as above
    TV Licence.............................. 12
    Groceries etc. ......................... 300 (guess) Not sure if this is standard amount. Try the reduced sections in the supermaret/s
    Clothing................................ 25
    Petrol/diesel........................... 160 (guess) Only make journeys that are necessary, if you can walk then wak rather than drive (obviously i dont know your location but an idea)
    Road tax................................ 40
    Car Insurance........................... 40 (for 2 cars)
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 12
    Buildings insurance.....................
    Contents insurance...................... 5
    Life assurance ......................... 38
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 50
    Savings for Son.....................................................................20
    Total monthly expenses.................. 1566

    A spending diary would be good.

    Where do you shop ?

    Your sailing quite close to the wind, only £320 between income and spending.
  • Great to know hubby is on board as it'll make a huge difference if you're in it together!

    Few thoughts from me:
    ice_babe 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................ 400
    Partners monthly income after tax....... 1360
    Benefits................................ 81
    Other income............................ 0
    Total monthly income.................... 1841
    Monthly Expense Details
    Mortgage................................ 284 (212 soon) Great:T
    CSA..................................... 170 (5 years to go)
    Rent.................................... 33.50 (garage) Is this essential?
    Management charge (leasehold property).. 16 What's this for?
    Council tax............................. 105 Over 12 months or 10?
    Electricity and Gas..................... 89 Check consumption & readings etc - nothing left on when it shouldn't be and comparison sites to make sure you're getting the best deal
    Water rates............................. 54 This is quite high?
    land line, cable tv, Internet...........
    45
    Mobile phone............................ 38 (3 phones)Pretty good for 3!
    TV Licence.............................. 12
    Groceries etc. ......................... 300 (guess) Keep receipts for a month - bet you're spending more (I nearly fainted when I did this:o)
    Clothing................................ 25
    Petrol/diesel........................... 160 (guess)Keep receipts - you need an accurate figure
    Road tax................................ 40 each month?
    Car Insurance........................... 40 (for 2 cars)
    Car maintenance (including MOT)......... 10 Not enough for 2 cars
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 10 Would be better at £20 (dentists cost a lot!)
    Pet insurance/vet bills................. 12
    Buildings insurance.....................
    Contents insurance...................... 5
    Life assurance ......................... 38
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 0 Need figure in here
    Holiday................................. 0 And here - even if only £10 to cover extra things in school hols
    Emergency fund.......................... 50 Do you have this saved somewhere?
    Savings for Son.....................................................................20
    Total monthly expenses.................. 1566

    Assets
    Cash.................................... 1000
    House value (Gross)..................... 95000
    Shares and bonds........................ 0
    Car(s).................................. 4000
    Other assets............................ 0
    Total Assets............................ 100000

    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 39000...(284)......3.39
    Total secured & HP debts...... 39000....-.........-
    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Sainsnurys Loan................7900.....154.......6.7
    Barclay Card ..................1200.....50........0 Is this really 0% - till when?
    Loan from Mum..................1400.....50........0 As above

    Total unsecured debts..........10500....254.......-

    Monthly Budget Summary
    Total monthly income.................... 1841
    Expenses (including HP & secured debts). 1566
    Available for debt repayments...........
    Monthly UNsecured debt repayments....... 275
    Amount left after debt repayments.......
    Personal Balance Sheet Summary
    Total assets (things you own)........... 100000
    Total HP & Secured debt................. -39000
    Total Unsecured debt.................... -10500
    Net Assets.............................. 50500

    Personally, I'd be using £70ish difference in the mortgage payments to the debts - it's money you've not had so you won't miss is :T Once cleared, you could use this as an overpayment to the mortgage!

    Do you have £275 left each month? If not - try that spending diary again:)

    Car costs seem a bit odd - tax is really high but maintenance is way too low

    Is the b/card is really 0% - then you want to overpay the loan .... providing you can do this?

    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!
  • ice_babe
    ice_babe Posts: 335 Forumite
    Debt-free and Proud!
    the virgin media is on a staff deal. Its ment to be about £70 a month I think.
    the 3 mobiles are on contract.
    Mines £17 a month and Hubbys £10 a month on orange. We never go over as its free to call each other.
    The 3rd contract is my hubbys daughter which is £10 a month capped. As shes nearly 18 once the contract ends we will no longer pay for it
  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    How long until she turns 18? CSA payments should also go down then unless she is still in full-time education.

    Gas electric and water all seem high and should be looked at.

    Do you really need £20 a month for haircuts?

    How much is in your emergency fund? Could you use some to pay off the loan sooner to reduce the interest? Or is there enough in it that you can put the £50 towards the loan for a while instead?

    £160 seems low for fuel for two cars for a month may be cheaper to cut down to one car and use public transport if one of you doesn't travel much.

    Groceries could be better but could be worse but without an accurate amount there's no way to help with cutting back
  • ice_babe
    ice_babe Posts: 335 Forumite
    Debt-free and Proud!
    edited 22 November 2012 at 4:37PM
    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................ 400
    Partners monthly income after tax....... 1360
    Benefits................................ 81
    Other income............................ 0
    Total monthly income.................... 1841
    Monthly Expense Details
    Mortgage................................ 284 (212 soon) Great:T
    CSA..................................... 170 (5 years to go)
    Rent.................................... 33.50 (garage) Is this essential? Hubby has a classic car
    Management charge (leasehold property).. 16 What's this for? Ground rent and insurance through council is £200 a year
    Council tax............................. 105 Over 12 months or 10? 10
    Electricity and Gas..................... 89 Check consumption & readings etc - nothing left on when it shouldn't be and comparison sites to make sure you're getting the best deal Currently changing due to fix ending
    Water rates............................. 54 This is quite high? We only brought place 6 months ago so had to pay for rest of year
    land line, cable tv, Internet...........
    45
    Mobile phone............................ 38 (3 phones)Pretty good for 3!
    TV Licence.............................. 12
    Groceries etc. ......................... 300 (guess) Keep receipts for a month - bet you're spending more (I nearly fainted when I did this:o)
    Clothing................................ 25
    Petrol/diesel........................... 160 (guess)Keep receipts - you need an accurate figure
    Road tax................................ 40 each month? Both cars over £200 each a year
    Car Insurance........................... 40 (for 2 cars)
    Car maintenance (including MOT)......... 10 Not enough for 2 cars Hubbys a Mechanic. Both cars very reliable touch wood
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 10 Would be better at £20 (dentists cost a lot!) Maybe? cost around £50 every 6 months, only ever had 1 filling
    Pet insurance/vet bills................. 12
    Buildings insurance.....................
    Contents insurance...................... 5
    Life assurance ......................... 38
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 0 Need figure in here
    Holiday................................. 0 And here - even if only £10 to cover extra things in school hols
    Emergency fund.......................... 50 Do you have this saved somewhere? Normally hav to dip into saving each month
    Savings for Son............................................... ......................20
    Total monthly expenses.................. 1566

    Assets
    Cash.................................... 1000
    House value (Gross)..................... 95000
    Shares and bonds........................ 0
    Car(s).................................. 4000
    Other assets............................ 0
    Total Assets............................ 100000

    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 39000...(284)......3.39
    Total secured & HP debts...... 39000....-.........-
    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Sainsnurys Loan................7900.....154.......6.7
    Barclay Card ..................1200.....50........0 Is this really 0% - till when? yes till april 2014
    Loan from Mum..................1400.....50........0 As above was paying £30 a month upping to £50 from money saved on mortgage

    Total unsecured debts..........10500....254.......-

    Monthly Budget Summary
    Total monthly income.................... 1841
    Expenses (including HP & secured debts). 1566
    Available for debt repayments...........
    Monthly UNsecured debt repayments....... 275
    Amount left after debt repayments.......
    Personal Balance Sheet Summary
    Total assets (things you own)........... 100000
    Total HP & Secured debt................. -39000
    Total Unsecured debt.................... -10500
    Net Assets.............................. 50500
  • ice_babe
    ice_babe Posts: 335 Forumite
    Debt-free and Proud!
    Fosterdog wrote: »
    How long until she turns 18? CSA payments should also go down then unless she is still in full-time education.

    Gas electric and water all seem high and should be looked at.

    Do you really need £20 a month for haircuts?

    How much is in your emergency fund? Could you use some to pay off the loan sooner to reduce the interest? Or is there enough in it that you can put the £50 towards the loan for a while instead?

    £160 seems low for fuel for two cars for a month may be cheaper to cut down to one car and use public transport if one of you doesn't travel much.

    Groceries could be better but could be worse but without an accurate amount there's no way to help with cutting back

    Hubbys daughter is 13

    Oh doesnt want to go on a meter, currently changing gas and electric

    £20 a month on haircuts might be less. Oh and Son cost £17 for them both every 2-3 months. I pay £35 every 6 months

    Fuels a guess need to check. I do around 4k miles a year and Hubby does around 10k a year. Dont really want to cut down to 1
  • Sorry but I'm really confused about the cars:

    Hubby has a classic car (get the need for the garage now) - is this the car he does 10k miles in?

    If so, is this really cost effective - surely the car costs a lot to run, low mpg etc? Is it not tax exempt?

    The 2nd car is yours but you only do 4k miles?

    Are you in a town / village / near public transport? Honestly, it's hardly worth the running costs for that amount of miles - especially if you have access to another car.....
    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!
  • ice_babe wrote: »
    Hubbys daughter is 13

    Oh doesnt want to go on a meter, currently changing gas and electric

    £20 a month on haircuts might be less. Oh and Son cost £17 for them both every 2-3 months. I pay £35 every 6 months

    Fuels a guess need to check. I do around 4k miles a year and Hubby does around 10k a year. Dont really want to cut down to 1


    This is a worry. When you are in debt and really want to clear it off the 'don't want to' should be 'i will if it means i pay my debt off'
    Are you sure you want to?
    If you do then sacrifices need to be made in order to do it.
    I don't particularly want to buy Aldi crisps (i'm a walkers gal) but at over 16k in the red i HAVE to......
    DEBT FREE AND PROUD:D
    'Better to remain silent and be thought a fool than to speak out and remove all doubt'
  • ice_babe
    ice_babe Posts: 335 Forumite
    Debt-free and Proud!
    Sorry but I'm really confused about the cars:

    Hubby has a classic car (get the need for the garage now) - is this the car he does 10k miles in?

    If so, is this really cost effective - surely the car costs a lot to run, low mpg etc? Is it not tax exempt?

    The 2nd car is yours but you only do 4k miles?

    Are you in a town / village / near public transport? Honestly, it's hardly worth the running costs for that amount of miles - especially if you have access to another car.....

    Let me explain the cars

    We actually have 3 cars
    The classic car we took of the road 4 years ago to save money. We have had arguments in the past over this car (over paying £33.50 a month on garage), But he wont get rid of it as it has a lot of sentimental value

    His car is a 02 Toyota Celica, his pride and Joy ;) We do most miles in this car and he uses it to get to work. Its not too bad on fuel. Hes had this 3 years and its always gone stright through MOTS and in 3 years only thing thats gone worng is radatior which cost us around £100

    My car is a 1999 megane cabroilet. I have thought about changing this however, I have owned this car over 5 years, Its never broken down, Most its cost me in an MOT is a couple of gators (£10 maybe) and last year had to Spend £30 on mid exhaust which hubby fitted to go through mot. Bit annoying as tax is £220 as its an older car and a 1.6 Only do arround 4k a year and its very low millage for the age
  • ice_babe wrote: »

    My car is a 1999 megane cabroilet. I have thought about changing this however, I have owned this car over 5 years, Its never broken down, Most its cost me in an MOT is a couple of gators (£10 maybe) and last year had to Spend £30 on mid exhaust which hubby fitted to go through mot. Bit annoying as tax is £220 as its an older car and a 1.6 Only do arround 4k a year and its very low millage for the age



    I think the point is ice_babe, regardless whether you've owned it for 5 yrs or how much it costs to run, do you really need it if you really only do 4k miles a year????
    DEBT FREE AND PROUD:D
    'Better to remain silent and be thought a fool than to speak out and remove all doubt'
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