My S.O.A

braddy970

I think I might start writing down everything we spend as I don't seem to have the £650 left at the end of the month lol but we don't go out spending so not sure where that is going, I'm sure I've written everything down

asparagus1968

good to see yout update.
definitely start the spending diary and try and find that 650!
looks like you are doing extremely well, and keeping your positive attitude, good luck

sanfrancisco

You are doing so brilliantly.

Your positive attitude shines through!

You are an asset and credit to your family.

x

AlexLK

braddy970 wrote: »

Here is my new S.O.A - tried to be as honest as possible etc

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................ 600
Partners monthly income after tax....... 1740Is this every month, you said your husband sometimes did overtime?
Benefits................................ 183.8
Other income............................ 0
Total monthly income.................... 2523.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 80Doesn't cost me this much and I'm at home most days.
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45.52 (this is weekly £11.38, I believe I get a few months break)Seems high.
Telephone (land line)................... 45 (This is for unlimited broadband, line rental, and a tv service which was £10 that my partner wanted, I rang up when my contract ended as I was paying nearly £60 for just linerental and u/l broadband so they gave me a discount)
Mobile phone............................ 27.5 (This is for 2 mobile phones just sim cards now a big reduction from before.. My partners is £12.50 and mine is £15)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160 (Just under £40 per week at ALDI, with nappies, wipes lunches etc everything .) Wow, I'm impressed.
Clothing................................ 10 (this goes into savings)You CANNOT clothe a family of four on £10 per month.
Petrol/diesel........................... 160Seems low.
Road tax................................ 20
Car Insurance........................... 125.66 Seems ridiculously high.
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6.66
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 40( very frugal atm, we don't spend this but I have put £40 down as £10 a week but we havn't been out in weeks/months so I could say it is £10 for the telly that the kids watch for the movies:)
Holiday................................. 0
Emergency fund.......................... 250
Total monthly expenses.................. 1772.46


Assets
Cash.................................... 900
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000 - around this amount with the tyres and all the work it's had done.
Other assets............................ 1000 - A classic car and a tractor
Total Assets............................ 2900
(I have alot around the house, 2 laptops for work,1 main and one spare.. my old laptop that the son uses and lots of other things that could make a fair bit)

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
mbna...........................3099.99...55........0 (I know this has gone up since my last s.o.a but it was needed at the time and got us out of a sticky hole so I am trying to send a fair chunk each month to this.)
halifax........................847.......45........0
Total unsecured debts..........3946.99...100.......-


Monthly Budget Summary
Total monthly income.................... 2,523.8
Expenses (including HP & secured debts). 1,772.46
Available for debt repayments........... 751.34
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 651.34

Personal Balance Sheet Summary
Total assets (things you own)........... 2,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,946.99
Net Assets.............................. -1,046.99

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

Comments marked in red "ink".

spudsofa

Hi OP....out of curiosity, I take it you live in a rural area. The rent , would it be better to move to a 2 bed house/flat and save the money up ? BTW good job on trimming a lot of the excess fat off.

Also....how many miles does your partner drive ? I believe if he does less than 8k and he states that on the insurance, he can get a discount. Or, not too sure about this, give the car to his dad, insurance himself on the classic car ( should be cheaper ) and drive the 4 x 4 with 3rd party from the classic car insurance.

W

braddy970

Quote:
Originally Posted by braddy970 View Post
Here is my new S.O.A - tried to be as honest as possible etc

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................ 600
Partners monthly income after tax....... 1740Is this every month, you said your husband sometimes did overtime?
Benefits................................ 183.8
Other income............................ 0
Total monthly income.................... 2523.8

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 80Doesn't cost me this much and I'm at home most days.
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45.52 (this is weekly £11.38, I believe I get a few months break)Seems high.
Telephone (land line)................... 45 (This is for unlimited broadband, line rental, and a tv service which was £10 that my partner wanted, I rang up when my contract ended as I was paying nearly £60 for just linerental and u/l broadband so they gave me a discount)
Mobile phone............................ 27.5 (This is for 2 mobile phones just sim cards now a big reduction from before.. My partners is £12.50 and mine is £15)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160 (Just under £40 per week at ALDI, with nappies, wipes lunches etc everything .) Wow, I'm impressed.
Clothing................................ 10 (this goes into savings)You CANNOT clothe a family of four on £10 per month.
Petrol/diesel........................... 160Seems low.
Road tax................................ 20
Car Insurance........................... 125.66 Seems ridiculously high.
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6.66
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 40( very frugal atm, we don't spend this but I have put £40 down as £10 a week but we havn't been out in weeks/months so I could say it is £10 for the telly that the kids watch for the movies
Holiday................................. 0
Emergency fund.......................... 250
Total monthly expenses.................. 1772.46


Assets
Cash.................................... 900
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000 - around this amount with the tyres and all the work it's had done.
Other assets............................ 1000 - A classic car and a tractor
Total Assets............................ 2900
(I have alot around the house, 2 laptops for work,1 main and one spare.. my old laptop that the son uses and lots of other things that could make a fair bit)

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
mbna...........................3099.99...55....... .0 (I know this has gone up since my last s.o.a but it was needed at the time and got us out of a sticky hole so I am trying to send a fair chunk each month to this.)
halifax........................847.......45....... .0
Total unsecured debts..........3946.99...100.......-


Monthly Budget Summary
Total monthly income.................... 2,523.8
Expenses (including HP & secured debts). 1,772.46
Available for debt repayments........... 751.34
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 651.34

Personal Balance Sheet Summary
Total assets (things you own)........... 2,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,946.99
Net Assets.............................. -1,046.99

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Comments marked in red "ink".

Hi Alex, on a basic week he earns £393 after tax, some weeks like this he has earnt £487.. and some weeks when he does saturday and sunday it is £550 so I went for 2 weeks basic and 2 weeks at £487 for my total for him.
ii) The £80 a month electric is for top up meter I always make sure it is over £10 then I never go below incase it goes off while i'm working, done that in the past never again lol, it has been more recently with the kids having a radiator on in their room at night to take the chill off.
iii) I'm not sure how they work it out I know it's in the region of £400-£450 a year for water rates at £11.38 a week and then I think we get some weeks off, I will have to find the leter I got last year.
iiii) We never need to buy clothes, both children get lots at christmas and my eldests clothes get put to one side ready for the little one, I havn't bought anything since summer which was the eldests school uniform. Me and my partner have enough clothes to last a few years so I would say £10 a month is correct, even less to be honest.
iiiii) Yes car insurance has always been high, he is 23 now, been driving since he was 17. No crashes, no claims, but still well over £1400 but he needs the car for work.

Thanks for input

braddy970

spudsofa wrote: »

Hi OP....out of curiosity, I take it you live in a rural area. The rent , would it be better to move to a 2 bed house/flat and save the money up ? BTW good job on trimming a lot of the excess fat off.

Also....how many miles does your partner drive ? I believe if he does less than 8k and he states that on the insurance, he can get a discount. Or, not too sure about this, give the car to his dad, insurance himself on the classic car ( should be cheaper ) and drive the 4 x 4 with 3rd party from the classic car insurance.

W

Hi spudsofa, yes we live in a very rural area, the renting prices are silly. The house next door to us is up for let and it is at £675, that is for 3 bedroom, ours is only 2. I don't think a flat would be a very good idea right now, with the £550 we get a big garden, drive way, a garage, 2 bedrooms, 2 reception rooms, kitchen bathroom and under stairs toilet so I think it is good value for money, we wouldn't get another like this for this price, believe me we've looked and the prices are shocking.

He does on average 10,000 miles per year, the classic car would need alot of work doing before it could be put on the road, tax,mot, insurance and all the parts etc, it's mainly use for the steam shows we take it to, his insurance this year doesn't let him drive any other car, last year it did. His last insurance payment is on 2nd december and then his renewal is 2nd March so we get a few months where no payments are needed to be made, like wise with the gap from council tax and water rates, I should be able to make good way paying off some of the overdraft fingers crossed.
Thanks for your input x