SOA - want to pay off debt asap

Mammy0f4

Hi!

Does this seem like a healthy SOA to you guys? Are there any areas that I could save on to pay debt off sooner? :

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1761
Benefits................................ 728
Other income............................ 0
Total monthly income.................... 2489

Monthly Expense Details
Mortgage................................ 514.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 64
Gas..................................... 64
Oil..................................... 0
Water rates............................. 21.33
Telephone (land line)................... 21.47
Mobile phone............................ 11.52
TV Licence.............................. 12.18
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 433.33
Clothing................................ 100
Petrol/diesel........................... 60
Road tax................................ 16.67
Car Insurance........................... 30.67
Car maintenance (including MOT)......... 29.17
Car parking............................. 3
Other travel............................ 0
Childcare/nursery....................... 97.5
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3.58
Pet insurance/vet bills................. 0
Buildings insurance..................... 12.37
Contents insurance...................... 0
Life assurance ......................... 8.59
Other insurance......................... 0
Presents (birthday, christmas etc)...... 94.17
Haircuts................................ 2
Entertainment........................... 9.99
Holiday................................. 50
Emergency fund.......................... 50
(Unnamed monthly expense)............... 0
lottery................................. 4.33
xbox live subscription.................. 3
boiler service.......................... 4.17
Shop- medicines, cleaning, etc.......... 30
Union................................... 12.61
Extra off Credit Cards.................. 160
Window Cleaners......................... 6.5
Treat Money............................. 20
Kids Savings............................ 30
Kids Money (Parties, etc.).............. 20
Individual Spending Money............... 20
Swimming Lessons........................ 46.38
Total monthly expenses.................. 2153.83


Assets
Cash.................................... 100
House value (Gross)..................... 92978
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 98078


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76356.4..(514.3)....3.94
Total secured & HP debts...... 76356.4...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................3801.65...150.......0
student loan...................12166.5...0.........1.5
car loan.......................3264.9....142.6.....2.7
Total unsecured debts..........19233.05..292.6.....-


Monthly Budget Summary
Total monthly income.................... 2,489
Expenses (including HP & secured debts). 2,153.83
Available for debt repayments........... 335.17
Monthly UNsecured debt repayments....... 292.6
Amount left after debt repayments....... 42.57

Personal Balance Sheet Summary
Total assets (things you own)........... 98,078
Total HP & Secured debt................. -76,356.4
Total Unsecured debt.................... -19,233.05
Net Assets.............................. 2,488.55

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

sistafromanothermista

Mammy0f4 wrote: »

Hi!

Does this seem like a healthy SOA to you guys? Are there any areas that I could save on to pay debt off sooner? :

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1761
Benefits................................ 728
Other income............................ 0
Total monthly income.................... 2489

Monthly Expense Details
Mortgage................................ 514.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 64
Gas..................................... 64
Oil..................................... 0
Water rates............................. 21.33
Telephone (land line)................... 21.47
Mobile phone............................ 11.52
TV Licence.............................. 12.18
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 433.33
Clothing................................ 100 PER MONTH??? THIS SEEMS HIGH
Petrol/diesel........................... 60
Road tax................................ 16.67
Car Insurance........................... 30.67
Car maintenance (including MOT)......... 29.17
Car parking............................. 3
Other travel............................ 0
Childcare/nursery....................... 97.5 WHAT IS THIS FOR? IT LOOKS IN YOUR SOA THAT YOU DON'T WORK. WHY CHILDCARE?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3.58
Pet insurance/vet bills................. 0
Buildings insurance..................... 12.37
Contents insurance...................... 0
Life assurance ......................... 8.59
Other insurance......................... 0
Presents (birthday, christmas etc)...... 94.17 THIS COULD EASILY BE CUT
Haircuts................................ 2
Entertainment........................... 9.99 WHAT'S THIS FOR?
Holiday................................. 50 YOU CAN'T AFFORD HOLIDAYS WITH THIS AMOUNT OF DEBT-CUT THIS
Emergency fund.......................... 50
(Unnamed monthly expense)............... 0
lottery................................. 4.33 THIS IS A LUXURY CUT THIS AND SAVE £52 PA
xbox live subscription.................. 3
boiler service.......................... 4.17
Shop- medicines, cleaning, etc.......... 30
Union................................... 12.61
Extra off Credit Cards.................. 160
Window Cleaners......................... 6.5 CLEAN THEM YOURSELF AGAIN REFER TO THE PREVIOUS COMMENT RE; WORK
Treat Money............................. 20
Kids Savings............................ 30--YOU CANNOT AFFORD THIS
Kids Money (Parties, etc.).............. 20=---YOU CANNOT AFFORD THIS
Individual Spending Money............... 20---YOU CANNOT AFFORD THIS
Swimming Lessons........................ 46.38----YOU CANNOT AFFORD THIS THIS IS £556 PER YEAR!
Total monthly expenses.................. 2153.83


Assets
Cash.................................... 100
House value (Gross)..................... 92978
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 98078


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76356.4..(514.3)....3.94
Total secured & HP debts...... 76356.4...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................3801.65...150.......0
student loan...................12166.5...0.........1.5
car loan.......................3264.9....142.6.....2.7
Total unsecured debts..........19233.05..292.6.....-


Monthly Budget Summary
Total monthly income.................... 2,489
Expenses (including HP & secured debts). 2,153.83
Available for debt repayments........... 335.17
Monthly UNsecured debt repayments....... 292.6
Amount left after debt repayments....... 42.57

Personal Balance Sheet Summary
Total assets (things you own)........... 98,078
Total HP & Secured debt................. -76,356.4
Total Unsecured debt.................... -19,233.05
Net Assets.............................. 2,488.55

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

See my comments above...

bargainbetty

Mammy0f4 wrote: »

Hi!

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1Total monthly income.................... 2489

Monthly Expense Details
Groceries etc. ......................... 433.33 Even with six in the household, you could look at bringing this down by menu planning and batch cooking, also cutting out shop-bought snack foods.
Clothing................................ 100 This seems high on a monthly basis.
Childcare/nursery....................... 97.5 If one of you doesn't work, why are you paying for childcare?
Presents (birthday, christmas etc)...... 94.17 This is very high. Reduce your spends to external family at least!
Extra off Credit Cards.................. 160 How are you applying this? You might be better off saving it up to throw at the car loan while you are on 0% with the card.
Window Cleaners......................... 6.5
Treat Money............................. 20 Whose treat? You already have spending money
Individual Spending Money............... 20
Swimming Lessons........................ 46.38 How long before your kids can all swim? Can you not teach them yourself? It's quite fun.
Total monthly expenses.................. 2153.83

Why have you included your student loan in here? Was it a career development loan, or one that you pay back via salary? If it is that, then it's not terrible debt, and you can rest a bit. Your debt is really closer to £7k that way, and manageable on what you are doing. You could make some savings, but you are already overpaying.

Good luck

Tixy

Your unsecured debts (aside from the student loan) are not massive and are low interest, with your current additional payments of £160, plus potentially the additionally £40 surplus on your statement of affairs it will only take you just over a year to clear the debts.

I think there are a few cut backs you could make to your spending, but in your position I don't think its an absolute necessity given your debts will be cleared soon anyway.

Will the cards remain 0% for the next year or so it will take to clear them?

kerri_gt

Usual advise on top of what the others have suggested, but to raise a bit of extra cash have you looked at ebaying items you don't need or doing a car boot. With 4 kids I'm sure there's toys / books / clothes they have grown out of or simply don't use (or perhaps need?). Kids stuff goes well at car boots - whilst you might not make a kings ransom, every little helps.