Need to do something

Charliefiggis

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..................... 0

Monthly Income Details[/b]
Monthly income after tax................ ...1371.14
Partners monthly income after tax....... 0
Benefits......................................... 738.73
Other income.................................. 0
Total monthly income....................... 2109.87

Monthly Expense Details[/b]
Mortgage................................ ........586.1
Secured/HP loan repayments.............. 112
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. .........110
Electricity............................. ..........35.5
Gas............................................... 35.5
Oil................................................. 0
Water rates.................................... 32.4
Telephone (land line)....................... 40.99
Mobile phone.................................. 0
TV Licence................................... 12.12
Satellite/Cable TV...................... ....0 In with landline amount
Internet Services........................... 0 ^^^^^^
Groceries etc. .............................. 350
Clothing........................................ 10
Petrol/diesel.................................. 130
Road tax....................................... 0
Car Insurance................................. 0
Car maintenance (including MOT)....... 0
Car parking............................. .......0
Other travel................................... 0
Childcare/nursery............................ 542.66
Other child related expenses............ .0
Medical (prescriptions, dentist etc).... 20.5
Pet insurance/vet bills................. ....0
Buildings insurance..................... ....12.22
Contents insurance......................... 0 in with buildings
Life assurance .............................. 31.89
Other insurance............................. 0
Presents (birthday, christmas etc).....20.00
Haircuts....................................... 5.00
Entertainment............................... 0
Holiday........................................ 0
Emergency fund............................ 0
Total monthly expenses.................. 2051.88

Assets[/b]
Cash.................................... 1200
House value (Gross).................140000
Shares and bonds................... 0
Car(s)................................... 0
Other assets.......................... 0
Total Assets...........................141200


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115593...(586.1)....0 Will check tonight
Secured Debt.................. 18500....(112)......0
Total secured & HP debts...... 134093....-.........-

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


Monthly Budget Summary
Total monthly income............................2,109.87
Expenses (including HP & secured debts). 2,051.88
Available for debt repayments............... 57.99
Monthly UNsecured debt repayments.......0
Amount left after debt repayments......... 57.99[/b]

Personal Balance Sheet Summary
Total assets (things you own)........... 141,200
Total HP & Secured debt................. -134,093
Total Unsecured debt.................... -0
Net Assets..................................... 7,107

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

Little explanation.

Petrol - I have use of a car that I put fuel in but pay no upkeep and have no claim to it.

OH is self employed. He, up until this year didn't earn very much. For safety sake we budget using just my income and CTC. The figures we give for CTC are always correct or under estimated so we dont end up with an amount to pay back.

We would really like to move but its being able to pay the debt and save more for a better deposit.

Any thoughts?

Karonher

Hi

That does seem to be quite a healthy SOA overall. The only things I noticed were the grocery, petrol and childcare bills being very high.

There is a section of the board were there are recipes that may help you cut down your grocery bill. Is there anyway you can cut down on the other 2 or is there no one to look after the children part time? How long before they go to school? Is the petrol all for work or if not can the car be used less for personal use.

Do you really not need anything for entertainment and £15 for clothes and haircuts? An emergency fund would be a good idea as well.

Charliefiggis

Thanks Karonher,

Cooking is not my forte lol. But OH is fantastic at looking at 5 random things and putting a meal together. I have started to take some recipes following on from the programme on the beeb the other night about budgeting, my aim is to try and shave £10 a week of the grocery bill to start with. This amount does cover all cleaning stuffs and drinks aswell.

Petrol works out at £30 a week, I do 225 miles a week just to work and back. I have been changing my driving style to try and eek it out a bit.

Childcare is the bain of our lives! DS is in school but goes to breakfast club and also holiday clubs as I work 5 days and we cant rely on OH being around to have him. DD is at nursery and school for her 15 hours, but in the holidays its £220 a week for both of them We dont have any family near so have to use care providers for all of it. DD goes next to school fulltime September 2014 so still another 13 months of horrid bills :eek::eek:

OH pays for any trips/days out we have but this is only if he has the money. We need an emergency budget, we have £1,200 in cash if we need money in an emergency but should really think about have a monthly savings too

beanielou

Yes your childcare is horrid but at least it wont last for ever.
At least you dont have any unsecured debt which is great.
How long does your secured debt have to run?

Charliefiggis

I think I have put that wrongly. It wasn't a secured debt. It was an unsecured loan in my name only which we defaulted on due to change in circumstances. We have always paid towards it but they put a charging loan on our jointly owned property .

We pay a set amount monthly and at this rate it will take about 13 years :eek::eek:

[Deleted User]

Your Telephone is high.

Check U-Switch for a better deal.

You could get Phone and Broadband for less than £20pm, and use Freeview/Freesat for the TV.

Also, Life Assurance is quite high.

Charliefiggis

Unfortunately we are in an 18 month contract which we only started about 3 months ago!!

Yes we need to review our life insurances, off to look now

Thanks

[Deleted User]

Any chance you could lose some of the TV package, such as movies or sports?

19lottie82

Charliefiggis wrote: »

OH is self employed. He, up until this year didn't earn very much. For safety sake we budget using just my income and CTC. The figures we give for CTC are always correct or under estimated so we dont end up with an amount to pay back.

Not really an accurate SOA if your partners income isn't included.

If he is still not earning very much, and you are shelling out over £500 a month on childcare, perhaps he should consider looking for other work?

[Deleted User]

19lottie82 wrote: »

If he is still not earning very much, and you are shelling out over £500 a month on childcare, perhaps he should consider looking for other work?

Or, perhaps he could stay at home, and you could save more than his salary, in childcare?

Charliefiggis

But I cant put an accurate figure in if he contributes nothing to our day to day living??

This year I think his profit will probably be double, maybe triple that of the past couple of years. I can see your point, but in a years time it will be a lot less and he would have to start from scratch again