my approx SOA

sugarplum10

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1972.93
Partners monthly income after tax....... 0
Benefits................................ 695.6
Other income............................ 0
Total monthly income.................... 2668.53
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 55
Gas..................................... 50
Oil..................................... 0
Water rates............................. 49.76
Telephone (land line)................... 41
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 60
Road tax................................ 17
Car Insurance........................... 56
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 44
Childcare/nursery....................... 0
Other child related expenses............ 48
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 61
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1651.76

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................6000......100.......0
barclays.......................1200......0.........0
vodaphone .....................1000......0.........0
uni fees (old uni).............7000......0.........0
santandare.....................700.......0.........0
Total unsecured debts..........15900.....100.......-

Monthly Budget Summary
Total monthly income.................... 2,668.53
Expenses (including HP & secured debts). 1,651.76
Available for debt repayments........... 1,016.77
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 916.77
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,900
Net Assets.............................. -15,900
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.
i know i have missed things out but i cant put my foot on what???
we dont have tv and internet is paid inclusive of our phone so thats why these are left blank but what else have i missed???:o

zoominatorone

You have your council tax at £0?

ellesbellesxxx

Hi
Is your SOA just a guesstimate or have you gone through bank statements? Worth keeping spending diary perhaps or going through statements to see where that extra is going... it may shock you (popping into shop for one thing and spending 20 quid is something that I have fallen down on) but if you know then you can account for it.

sugarplum10

zoominatorone wrote: »

You have your council tax at £0?

ohhh yes thats 168

crushed00

Is that fair approx lol..... Just kidding we have tried and tried and just can't get it together. All we can figure out for certain is we have about £3000 per month coming in and the same going out.

Paulingtons

Hey all.

Honestly, if you are doing your SOA, don't "guesstimate" it as that really isn't helping you a whole lot as for all you know it could be wildly inaccurate.

My advice to you would be to check your bank statements, preferably online if you use online banking and, most importantly, get you and your spending partner to write down EVERYTHING to do with money in the house and I mean everything, for example:

Cash machine withdrawals.
Money spent and change given back.
Pocket money given.
And everything else.

Honestly, if it involves money, it goes in the book. Every day write the date and then write down anything money related in terms of "Spent this, got <x> in return" and at the end of the day add it all up and rule a line under it, that way at the end of the month you can add the entire book up and use it in combination with your bank statement (for money going in) and things like insurance/bills so you can basically do an "accounts" for the month, the more disciplined and stricter you are with yourself in doing this then the more you will get out of it in the end.

Do that and you will get a proper idea of your finances and so your SOA will be very detailed and of much more use than a "guesstimated" SOA.

Also, where are all the debt repayments? You have listed four debts totaling near-as-makes-no-difference £10,000 and listed absolutely zero repayments, you must be paying something back to pay them off unless you are on a DMP or something?

Will post more when you've clarified things and answered some of the questions people have asked, well done for taking the first step though Sugarplum, the first step is always the hardest. .

Paul.

Sooetie

Ok just had a quick look but it seems the only debt repayment you listed is to HSBC. There are other debts which you must be paying so look again at your outgoings.

Tixy

Hi

Are you not paying anything towards the other debts at the moment?

As you have quite a lot of money you cannot account for I would check you are not underestimating any of the costs you have listed.

E.g £30 on presents is £360 a year - with 5 children christmas & birthdays and anything you buy each other, plus anything you buy for anyone else (christmas, birthday, weddings, new babies etc etc) does £360 really cover all that?

Similarly with clothing - does £600 a year cover clothes/shoes/school uniforms/sports kit etc for the 7 of you?

You've missed out car maintenance - try to work out the annual cost of servicing, MOT, tyres, repairs etc - and budget 1/12 a month.

Other things people often forget to budget for are things like newspapers, magazines, lottery tickets, babysitting costs, pocket money etc

Do the kids have school dinner money? does the 'other child costs' allow for any hobbies / after school activities any of the children go to?

You say you don't have TV - do you mean no TV at all? or just not paid for TV? You haven't included the cost of a TV licence at all.

As suggested you really need to keep a really detailed spending diary for a couple of months to figure out what else is missing from your SoA.

sugarplum10

Tixy wrote: »

Hi

Are you not paying anything towards the other debts at the moment?

As you have quite a lot of money you cannot account for I would check you are not underestimating any of the costs you have listed.

E.g £30 on presents is £360 a year - with 5 children christmas & birthdays and anything you buy each other, plus anything you buy for anyone else (christmas, birthday, weddings, new babies etc etc) does £360 really cover all that?

Similarly with clothing - does £600 a year cover clothes/shoes/school uniforms/sports kit etc for the 7 of you?

You've missed out car maintenance - try to work out the annual cost of servicing, MOT, tyres, repairs etc - and budget 1/12 a month.

Other things people often forget to budget for are things like newspapers, magazines, lottery tickets, babysitting costs, pocket money etc

Do the kids have school dinner money? does the 'other child costs' allow for any hobbies / after school activities any of the children go to?

You say you don't have TV - do you mean no TV at all? or just not paid for TV? You haven't included the cost of a TV licence at all.

As suggested you really need to keep a really detailed spending diary for a couple of months to figure out what else is missing from your SoA.

thanks this is really helpfull, this is not a guesstimate, the figures that i have put are correct. The ones i have put no repayments on are because as of yet i have not repayed anything.
We dont have TV AT ALL!!! we have no TV licence as we simply dont have it.
I forgot car maintenance so i will work that out tonight, I also forgot to add shoes for the kids for school and pe kit and their brownies/ boys brigade fees.
I also forgot that my hubby has a paper etc and i do get coffee at work, thats a good 30 a month!!!:eek::eek:
I will have another look tonight going through the bank statement. This month we have hardly spent anything, bought gas and elec and bought food. We havent used the car and I bought a bus pass, i have purposely left my bank card at home so i couldnt buy lunch/ coffee at work and I have made packed lunch for the kids as school meals are £6.75 per day:eek::eek::eek:
I am going to ask DD to scale down her clubs as she does a club nearly every evening and actually we really need to cut back. I was thinking of keeping them on swimming lessions as we live on the coast so i feel that important and they can do 1 other club/ activity as i can afford all of them.
Do I put the SOA as before ive made these changes or after??
I really am making the cyts so this will be a true reflection of what i will be doing.;)

[Deleted User]

Start by working out exactly what it is that you are currently paying/have coming in - so if you've already cut things out (and therefore no longer paying for them) then you don't need to include them in the SOA any longer.

Also, are all of the debts really charging you 0%? If so, great, if not then you really need to find out what they are charging, and what the minimum payment on each of them out to be.