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advice please, My SOA
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ice_babe
Posts: 335 Forumite

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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.0 -
Great to know hubby is on board as it'll make a huge difference if you're in it together!
Few thoughts from me:
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 luckGrocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
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 it0 -
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 back0 -
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.............................. 505000 -
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 10 -
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 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
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'Better to remain silent and be thought a fool than to speak out and remove all doubt'0 -
rising_from_the_ashes wrote: »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 JoyWe 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 age0 -
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'Better to remain silent and be thought a fool than to speak out and remove all doubt'0
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