Newbie SOA Please help!

Lucyv

Hi, here is my SOA. 1800 is if my husband doesn't have overtime which sometimes he doesn't so we need to try and make it so we can get by without overtime. I've tried to be accurate as I can but we've only just confronted the problem and don't know exactly what we spend the plan from next week is to write everything down

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1800
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 1900

Monthly Expense Details
Mortgage................................ 593
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 31
Mobile phone............................ 112
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 30
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 10
Other insurance......................... 11
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1952


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(593)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card 1..................5000......50........0
Credit card 2..................5000......110.......17.5
Loan...........................0.........170.......0
Overdraft .....................2500.....0.........0
Total unsecured debts..........3500.....330.......-


Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,952
Available for debt repayments........... -52
Monthly UNsecured debt repayments....... 330
Amount short for making debt repayments. -382

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -35,000
Net Assets.............................. -34,000

R_P_W

25k overdraft? is that correct?

112 for mobile phone - how many phones?

You need to cut your food shopping down and also you cannot afford to spend 100 a month on clothes.

rising_from_the_ashes

Hi Lucy, well done for getting it all written down.

A spending diary is a brilliant idea - you need to write everything down .... even if it's 30p for a newspaper for it to really work.

Few thoughts on your SOA from me ....

Lucyv wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0 Could you get an evening job when DH could look after kids?
Partners monthly income after tax....... 1800
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 1900

Monthly Expense Details
Mortgage................................ 593 You have nearly 1/3 of your income going on your mortgage which is going to be really difficult to sustain .....
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 over 12 months or 10? Switch to 12 if not already
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 31 Incl b/band? Check comparison sites to see if you can get a deal & then haggle with supplier;)
Mobile phone............................ 112 Wow! Sorry but this is HUGE - phone & ask to downgrade & cancel as soon as contracts are up & switch to PAYG. Needs to be max of £10 / phone
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 Should be able to 1/2 this:) Try the Grocery Challenge on the Old Style board. Friendly bunch, loads of tips & great recipes
Clothing................................ 100 Cut to £20
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 50 Check comparison sites
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 What are these?
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 30
Buildings insurance..................... 11
Contents insurance...................... 11
Life assurance ......................... 10
Other insurance......................... 11
Presents (birthday, christmas etc)...... 50 Cut to £20
Haircuts................................ 10
Entertainment........................... 0 Need figure in here - even just £20
Holiday................................. 0 Never? No extra costs in school hols etc?
Emergency fund.......................... 0 Need figure in here to replace things that break down
Total monthly expenses.................. 1952


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(593)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card 1..................5000......50........0
Credit card 2..................5000......110.......17.5
Loan...........................0.........170.......0
Overdraft .....................25000.....0.........0
Total unsecured debts..........35000.....330.......-


Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,952
Available for debt repayments........... -52
Monthly UNsecured debt repayments....... 330
Amount short for making debt repayments. -382

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -35,000
Net Assets.............................. -34,000

So .... it's not as bad as you may think - you are overspending just now but there's some pretty easy savings to be made

Mobile phone............................ 112 Saving £80+
Groceries .......................... 400 Saving £200
Clothing................................ 100 Saving £80
Presents (birthday, christmas etc)...... 50 Saving £20

Even if you use the £80 saving from Clothing (appreciate the mobiles might not be possible immediately) for:

Entertainment........................... 25
Holiday................................. 25
Emergency fund.......................... 30

This still leaves a saving of around £300 / month :T

As much as poss wants to go towards the debts with the highest interest rate (cc2 from your list - are the others really 0% APR?)

However, the biggest long term issue is that nearly 1/3 of your income is going on your mortgage which is really too high to sustain and this really needs to be addressed.

Do you have a room you could rent out? £4,250 / year tax free ..... https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

Best of luck

Lucyv

Thanks for replying. It was meant to be £2500 overdraft, I've edited it now. £112 is for 3 contracts. My husband took out an extra contract :mad:. I think oe of his ends in the spring which will bring that down a bit. I'm working on getting the food shopping down as of last week. Which board is it that they do cheap meal plans and recipies?

unimaginative_user_name

Hi Lucy. The old style money saving board is the one you want.

Good luck. The others have already given you good advice for reducing your expenditure. Are the benefits correct? Child benefit fod two children should be higher.

McKneff

No one needs to spend £100 on clothes per month.

Have a look round the charity shops if and only if you need to replace anything.

Do you have any local intenet auctions to sell unwanted/grown out of clothes etc.

rising_from_the_ashes

Lucyv wrote: »

Which board is it that they do cheap meal plans and recipies?

Link to OS board http://forums.moneysavingexpert.com/forumdisplay.php?f=33

And link to December's Grocery Challenge https://forums.moneysavingexpert.com/discussion/4295813

McKneff

Could you OH sell one of his phones and use the proceeds to pay off the contract.

Is there any particular reason why you cant look for a job.

Lucyv

Thanks for your pointers it's really good to have a second opinion. I am a qualified hairdresser and do occasionally do mobile hairdressing my youngest baby is now 7 months old so it's about time I started doing a bit more. I do do hair to swap for babysitting occasionally.

The home phone cost is for the land line and broadband we never use the house phone just internet I will see if I can get this cheaper. One of the mobile contracts will be ending in the spring which will not need to be replaced with anything.

I will defiantly join the grocery challenge and cut food costs. Child related costs is an estimate for things like swimming lessons, music lessons, nappies, wipes, baby milk, clothes and other bits that always seem to crop up.

Entertainment is rare with 2 young children but you are right £20 per month will cover it and I will edit it.

We haven't been on holiday for a long time because we had 2 babies close together but we are planning on going camping next year, we already have a tent and want to go in this country so I need to look in to what it will cost.

What would you save for emergencies?

Thanks so much for the tips

sistafromanothermista

£20 pm for emergencies if you can afford it.

I personally would cut the swimming and music until you are DF.

I could do with a mobile hairdresser i haven't had my hair cut for 18 months or more.....:)

Lucyv

The main problem I have with getting a proper job is my husband works random shifts, Nursery for 2 children would cost more than I would earn and I have no family near by. I do the odd persons hair but it's normally swapping favors with friends it doesn't really make me rich!