New SOA

TDMum

So, finally we have almost made it to the other side. At the end of June 4 of the 5 remaining debts/payment plans will be cleared leaving only £1000 left :T I have recently started working part time too which is adding a little extra every month so I thought I would do a new SOA and see if there's anything I've missed out or anything I'm paying far too much for. I've pre-empted a few questions I thought may crop up but if there's anything else let me know (Please be gentle!:o)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 329
Partners monthly income after tax....... 1721
Benefits................................ 288.4
Other income............................ 0
Total monthly income.................... 2338.4

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750 (looking for somewhere cheaper for when our lease ends)
Management charge (leasehold property).. 0
Council tax............................. 224 (This should reduce if we find somewhere cheaper as we are living in an expensive area)
Electricity............................. 80 (Seems expensive but we've checked it out)
Gas..................................... 80 (ditto above)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 37 (includes broadband, locked in for 2 years due to moving twice mid way through a 12 month contract)
Mobile phone............................ 25 (2 x PAYG)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 130
Road tax................................ 0
Car Insurance........................... 39.64
Car maintenance (including MOT)......... 50 (includes car tax)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 18.88 (Insurance and petplan with the vets to get "freebies" and discounts)
Buildings insurance..................... 0
Contents insurance...................... 4.49
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 100 (general spending money for the whole family for the month)
Holiday................................. 0
Emergency fund.......................... 40
Netflix................................. 5.99 (We use this a lot so it's worth it for us)
kids savings............................ 30
ISA..................................... 250 (This will be used from Aug-Nov to pay off the final £1000 owing then it will be being put into an ISA)
Total monthly expenses.................. 2337.12


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,338.4
Expenses (including HP & secured debts). 2,337.12
Available for debt repayments........... 1.28
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1.28

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

pennypusher

Hi I think you should allow more for car maintenance. You will need tyres at some time and also things like a service, even if you do it yourselves you will still need to buy parts.

I would suggest you get an energy monitor to see why your energy usage is high. Maybe your energy company will send you a free one if you ask. Have you checked to make sure you are with the cheapest supplier - if not it may be worth changing.
You can google to see ways to cut your energy usage so perhaps worth checking that out.

Maybe you need to put something in for Dentists visits and also for prescriptions if you pay for them.

I think your clothing allowance is very low for 5 of you. If you think about how many different items of clothes you buy in a year it will cost considerably more unless you manage to get them from friends or charity shops. You will also need to allow for new Shoes for the children so maybe you need to recalculate this amount.

Well done for getting rid of the debts so far.

TDMum

pennypusher wrote: »

Hi I think you should allow more for car maintenance. You will need tyres at some time and also things like a service, even if you do it yourselves you will still need to buy parts.
Happily we get free tyres from my husbands work. He also does most of the work on the car and gets parts for cheap

I would suggest you get an energy monitor to see why your energy usage is high. Maybe your energy company will send you a free one if you ask. Have you checked to make sure you are with the cheapest supplier - if not it may be worth changing. Good idea about the monitor! We have just changed supplier and this is what they suggest is "average". I've spoken to my friends and those in a similar sized property use approx the same. My downfall is the tumble drier! I know I shouldn't use it so much but I do. I will definitely make a conscious effort not to use it so much!.
You can google to see ways to cut your energy usage so perhaps worth checking that out. Will do, thank you!

Maybe you need to put something in for Dentists visits and also for prescriptions if you pay for them.
Prescriptions are free in Scotland but you're right about the dentist. We normally just pay as and when from our spending money but it would be sensible to budget for it!

I think your clothing allowance is very low for 5 of you. If you think about how many different items of clothes you buy in a year it will cost considerably more unless you manage to get them from friends or charity shops. You will also need to allow for new Shoes for the children so maybe you need to recalculate this amount. To be honest we rarely buy clothes and if we do they're always on sale or from primark or charity shops. My 2 eldest wear the same size clothes so they just share everything which makes things much easier! (just to add we did used to buy separately but they always swap so all clothes are now in one wardrobe and they pick what they want.) My Inlaw's and sister always buy the kids clothes. Plus we do get hand me downs from friends. My husband has a uniform provided by his work, as do I. We honestly don't spend much on clothes at all.

Well done for getting rid of the debts so far.

Thanks for all of the suggestions!! Will definitely look into the dental money and gas/electric.

dawnybabes

The payg seems expensive / ave you looked at giff gaff as an alternative ?

Newyorkdreams

I think your doing great and well doing for doing part time work. That's ace - it will help with social aspect too for you and your own development, not just economic benefits. I can't offer any good advice like others on here but with 3 kids I think you are doing really well!!!

NYD x

TDMum

dawnybabes wrote: »

The payg seems expensive / ave you looked at giff gaff as an alternative ?

I'm £10 and get mins,internet etc which lasts 45 days. I also buy an add on which lasts a further 30 days (unless I use it all up before that) plus £5 credit left over to use when the add on runs out. Hubby is £15 every month. If worked out exactly I probably only top up every other month so the cost is more like £20 a month. I just like to overestimate just in case
I had a look at giffgaff last night, thanks for the recommendation, but from the looks of it we wouldn't be any better off for the tarrifs we need. Hubby needs unlimited data allowance as at work he uses streaming for 12 hours which would be £12 and I would be £7.50. Will keep an eye on their tarrifs though and see if we can cut down at any point.

TDMum

Newyorkdreams wrote: »

I think your doing great and well doing for doing part time work. That's ace - it will help with social aspect too for you and your own development, not just economic benefits. I can't offer any good advice like others on here but with 3 kids I think you are doing really well!!!

NYD x

Thank you. I have to say actually getting out of the house and speaking to real people has been great. As much as I love my little sproglets it's nice to be able to talk about something other than their bowel movements, or how Grandad pig is naughty.