My first SOA - Any ideas/advice please

toby_puppy

Just found the SOA tool as want to make 2014 the year when I actually start saving properly!

I've based the figures on myself only - ie. the expenses include everything for our house, my salary is my own wages and the partners salary is his contribution to the household bills. He has his own salary but most of what is left of his is used up after paying his share of bills to me and it will probably be a couple of years before he is an a position to start saving. So, I just wanted to see what I could do based on purely my income/expenses.

I've noted which outgoings are due to end soon, so the situation will improve again by this time next year.

I am mainly concerned about starting to save for retirement
(26 years away yet). I started a pension but only have a fund of £1900 as I stopped paying into it when a previous relationship broke down and I had to buy my own place. The annuity forecast is £100 per annum I think, so may as well say I have no provision yet.

I am worried about the way the monthly contributions escalate as my wages don't increase very much each year, ie. 2011 was a £10 per week net pay increase and no rise for 2012-13 as yet. Employer doesn't have an auto enrol scheme as of yet. I feel I might be better starting to save into ISA's or something as they are more flexible.

My main question is would I be better off making mortgage overpayments before I start saving, so I can reduce the mortgage term? At the moment there is 16 years to go on the mortgage but it's currently fixed at 2.84% until January 2018. A few people have said they wouldn't bother due to the low rate.

There is no interest accruing on the MBNA as it will be paid off before the interest free period ends. The loan is an interest free family loan. The wedding savings will end in May 2014. The Argos card will also be paid off before the interest free period ends.

Ideas and tips would be most welcome. Thanks!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1595
Partners monthly income after tax....... 480
Benefits................................ 0
Other income............................ 9
Total monthly income.................... 2084

Monthly Expense Details
Mortgage................................ 335
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 31
Gas..................................... 31
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 27
Mobile phone............................ 11
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 110
Road tax................................ 15
Car Insurance........................... 19
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 23
Pet insurance/vet bills................. 23
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 100
Wedding ................................ 110
Pet Food Grooming Vets.................. 25
Argos finishes March 2014............... 60
MBNA finishes July 2014................. 50
Magazine Subscription................... 1.25
My Loan (reduces to £60 May 2014)....... 100
Battersea Charity....................... 2
Total monthly expenses.................. 1743.25


Assets
Cash.................................... 3200
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 1000
Total Assets............................ 109700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 51429.7..(335)......2.84
Total secured & HP debts...... 51429.7...-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,084
Expenses (including HP & secured debts). 1,743.25
Available for debt repayments........... 340.75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 340.75

Personal Balance Sheet Summary
Total assets (things you own)........... 109,700
Total HP & Secured debt................. -51,429.7
Total Unsecured debt.................... -0
Net Assets.............................. 58,270.3

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

retepetsir

Looks like you're doing well to me

That mortgage cost is pretty low so I don't see a problem with saving more each month.

You could possibly cut back on the grocery bill each month?

I'd try and pay back the cards as soon as possible as that'll free up some more funds too.

mum2one

toby_puppy wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1595
Partners monthly income after tax....... 480
Benefits................................ 0
Other income............................ 9
Total monthly income.................... 2084

Monthly Expense Details
Mortgage................................ 335
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 31
Gas..................................... 31
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 27
Mobile phone............................ 11
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 0 - is that tied in with anything?
Groceries etc. ......................... 300 - [COLOR="rgb(65, 105, 225)"]for 2 of you, that is high, maybe downgrade a brand, meal planning[/COLOR]
Clothing................................ 50
Petrol/diesel........................... 110
Road tax................................ 15
Car Insurance........................... 19
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 23
Pet insurance/vet bills................. 23
Buildings insurance..................... 13 - [COLOR="rgb(65, 105, 225)"]could you shop around at renewal and see if you can get a better deal (same for contents)[/COLOR]
Contents insurance...................... 13
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - [COLOR="rgb(65, 105, 225)"]that could be high, look at Jan sales, [/COLOR]
Haircuts................................ 10
Entertainment........................... 0 -[COLOR="rgb(65, 105, 225)"] Is there anything you normally do whether trip to cinema, pub etc
[/COLOR]Holiday................................. 20 - [COLOR="rgb(65, 105, 225)"]low amount compared to bday and xmas etc [/COLOR]
Emergency fund.......................... 100
Wedding ................................ 110 - [COLOR="rgb(65, 105, 225)"]congratulations [/COLOR]
Pet Food Grooming Vets.................. 25
Argos finishes March 2014............... 60 -[COLOR="rgb(65, 105, 225)"] good going [/COLOR]
MBNA finishes July 2014................. 50 - [COLOR="rgb(65, 105, 225)"]ditto[/COLOR]
Magazine Subscription................... 1.25
My Loan (reduces to £60 May 2014)....... 100 [COLOR="rgb(65, 105, 225)"]good reduction -then how long at £60[/COLOR]
Battersea Charity....................... 2
Total monthly expenses.................. 1743.25


Assets
Cash.................................... 3200
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 1000
Total Assets............................ 109700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 51429.7..(335)......2.84
Total secured & HP debts...... 51429.7...-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,084
Expenses (including HP & secured debts). 1,743.25
Available for debt repayments........... 340.75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 340.75

Personal Balance Sheet Summary
Total assets (things you own)........... 109,700
Total HP & Secured debt................. -51,429.7
Total Unsecured debt.................... -0
Net Assets.............................. 58,270.3

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

Wow - that is one impressive SOA, I've made a couple of thoughts, as for the mortgage, put the money up safe then if your rate goes higher, your then in a position to pay some extra off. x

[Deleted User]

toby_puppy wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1595
Partners monthly income after tax....... 480
Other income............................ 9
Total monthly income.................... 2084

Monthly Expense Details
Mortgage................................ 335
Council tax............................. 105 Is this over 10 or 12 months
Electricity............................. 31check at least yearly that you are on the cheapest tariff for your area
Gas..................................... 31as above
Water rates............................. 30Is this metered or a standard charge, if standard consider if a meter would be cheaper
Telephone (land line)................... 27What does this include internet as well - if both combined seems reasonable, if phone only you could prob get for cheaper
Mobile phone............................ 11
TV Licence.............................. 12
Satellite/Cable TV...................... 30 do you use the pay for TV, if not cancel/reduce package. If you do then consider if another provider would be cheaper (SKY, Virgin etc), or if there's a cheaper comparable alternative - Love film etc
Internet Services....................... 0
Groceries etc. ......................... 300Does this include eating out and alcohol, if not then I think that you can cut this back
Clothing................................ 50
Petrol/diesel........................... 110
Road tax................................ 15
Car Insurance........................... 19
Car maintenance (including MOT)......... 15If your car is only worth £500 is it likely that it will need repairs at next MOT, will this be enough to cover it?
Car parking............................. 5
Medical (prescriptions, dentist etc).... 23If this is prescription costs, consider if a pre-paid certificate would be cheaper
Pet insurance/vet bills................. 23
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 17
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 0never? Is that realistic? cinema, meal out, gig, drinks out, hobbies?
Holiday................................. 20
Emergency fund.......................... 100
Wedding ................................ 110
Pet Food Grooming Vets.................. 25
Argos finishes March 2014............... 60
MBNA finishes July 2014................. 50
Magazine Subscription................... 1.25
My Loan (reduces to £60 May 2014)....... 100 When will this be fully repaid?)
Battersea Charity....................... 2
Total monthly expenses.................. 1743.25


Assets
Cash.................................... 3200
House value (Gross)..................... 105000
Car(s).................................. 500
Other assets............................ 1000what is this?
Total Assets............................ 109700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 51429.7..(335)......2.84If you can save at a higher rate than this (after tax/in an ISA wrapper) then it doesn't make sense to overpay here instead of saving. If you can't save at a rate above this, then consider switching savings to overpayments
Total secured & HP debts...... 51429.7...-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,084
Expenses (including HP & secured debts). 1,743.25
Available for debt repayments........... 340.75
Amount left after debt repayments....... 340.75[/b]Do you actually have this left at the end of every month? If so, where does it go? If not where does it go? Keep a spending diary for a few weeks to see. Once you know where you're spending your money, you can decide if you think it's necessary, nice to have, maintain, reduce or cut out?

Personal Balance Sheet Summary
Total assets (things you own)........... 109,700
Total HP & Secured debt................. -51,429.7
Total Unsecured debt.................... -0
Net Assets.............................. 58,270.3

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

Will your employer not be required to provide a pension fund for you to pay into?

D9

toby_puppy

Internet Services....................... 0 - is that tied in with anything?
sorry, yes that is included with the phone bill which also includes unlimited broadband, line rental, anytime calls and 1000 minutes a month to any mobile.

Groceries etc. ......................... 300 for 2 of you, that is high, maybe downgrade a brand, meal planning
Yes, good idea. Am not a natural at cooking so don't tend to plan enough in advance but have recently bought a slow cooker so am trying.


Contents insurance...................... 13 Buildings insurance..................... 13 - could you shop around at renewal and see if you can get a better deal (same for contents)
I've tended to stick with Halifax as I get £50 a year cashback for no claims made, I included that in the £9 a month income (£50 a year Halifax insurance cashback and £60 per year from reward current account)

Presents (birthday, christmas etc)...... 50 high, look at Jan sales,
Good idea, Next sale on boxing day, might be worth stocking up!

Entertainment........................... 0 Is there anything you normally do whether trip to cinema, pub etc
Good point, do like cinema and meals out, should probably add £50 to this section.:eek:


Holiday................................. 20 - low amount compared to bday and xmas etc
fiances dad lives in Cyprus so we get free holiday accommodation, just the flights to pay for between the two of us.

Wedding ................................ 110 congratulations
Thank you :)date was set for May 2014 but had to postpone for a year as my Mum is undergoing treatment for cancer, but hopefully will be recovered by 2015. Gives us a bit longer to save too.


My Loan (reduces to £60 May 2014)....... 100 good reduction -then how long at £60
About another year.

Wow - that is one impressive SOA, I've made a couple of thoughts, as for the mortgage, put the money up safe then if your rate goes higher, your then in a position to pay some extra off. x
Brilliant idea, thank you.

AlexLK

toby_puppy wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1595
Partners monthly income after tax....... 480
Benefits................................ 0
Other income............................ 9
Total monthly income.................... 2084

Monthly Expense Details
Mortgage................................ 335
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 31
Gas..................................... 31
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 27
Mobile phone............................ 11
TV Licence.............................. 12
Satellite/Cable TV...................... 30Consider whether or not you really want this.
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 110Doy ou do very few miles?
Road tax................................ 15
Car Insurance........................... 19
Car maintenance (including MOT)......... 15Doe £15 per month really cover all the maintenance?
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 23
Pet insurance/vet bills................. 23
Buildings insurance..................... 13
Contents insurance...................... 13
Life assurance ......................... 17
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 100
Wedding ................................ 110
Pet Food Grooming Vets.................. 25
Argos finishes March 2014............... 60
MBNA finishes July 2014................. 50
Magazine Subscription................... 1.25
My Loan (reduces to £60 May 2014)....... 100
Battersea Charity....................... 2
Total monthly expenses.................. 1743.25


Assets
Cash.................................... 3200
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 1000
Total Assets............................ 109700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 51429.7..(335)......2.84
Total secured & HP debts...... 51429.7...-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,084
Expenses (including HP & secured debts). 1,743.25
Available for debt repayments........... 340.75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 340.75

Personal Balance Sheet Summary
Total assets (things you own)........... 109,700
Total HP & Secured debt................. -51,429.7
Total Unsecured debt.................... -0
Net Assets.............................. 58,270.3

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

Comments marked in red "ink". Personally, in your situation I would be aiming to pay my mortgage off or to be investing in a second (BTL) property.

Property makes very good sense as a retirement investment too.

toby_puppy

Council tax............................. 105 Is this over 10 or 12 months
ah, I didn't think of that - it's 105 x 10 so I should save the extra 2 months into my savings account.
Electricity............................. 31check at least yearly that you are on the cheapest tariff for your area
Gas..................................... 31as above
Good idea.
Water rates............................. 30Is this metered or a standard charge, if standard consider if a meter would be cheaper
Yes, it's on a meter but rarely much less than £30 a month, maybe £25.
Telephone (land line)................... 27What does this include internet as well - if both combined seems reasonable, if phone only you could prob get for cheaper
Yes includes unlimited broadband.

Satellite/Cable TV...................... 30 do you use the pay for TV, if not cancel/reduce package. If you do then consider if another provider would be cheaper (SKY, Virgin etc), or if there's a cheaper comparable alternative - Love film etc
It's with Sky, a pretty basic package but I love Dicovery and Animal Planet so I'd have to keep those. Also it increased slightly recently due to us taking out the catch up tv option.

Groceries etc. ......................... 300Does this include eating out and alcohol, if not then I think that you can cut this back
This is just mainly eating in and we aren't greedy but often don't plan ahead enough -like running out of bread and then paying a lot more for a loaf at the local shop. Need to focus on this area.

Car maintenance (including MOT)......... 15If your car is only worth £500 is it likely that it will need repairs at next MOT, will this be enough to cover it?
Good point.

Medical (prescriptions, dentist etc).... 23If this is prescription costs, consider if a pre-paid certificate would be cheaper
This £20 a month for Boots contact lenses includes eye tests and half price glasses and £3 per month NHS dentist for annual check up, fortunately zero fillings and zero extractions so far!

Entertainment........................... 0never? Is that realistic? cinema, meal out, gig, drinks out, hobbies
Oops, should put £50 a month there, we do like cinema, bowling etc.

My Loan (reduces to £60 May 2014)....... 100 When will this be fully repaid?)One year approx.

Other assets............................ 1000what is this?
a collection of Wade ornaments
If you can save at a higher rate than this (after tax/in an ISA wrapper) then it doesn't make sense to overpay here instead of saving. If you can't save at a rate above this, then consider switching savings to overpayments
Will check out my ISA rate, already have ISA with Halifax so won't be able to switch somewhere else would I?

340.75[/b]Do you actually have this left at the end of every month? If so, where does it go? If not where does it go? Keep a spending diary for a few weeks to see. Once you know where you're spending your money, you can decide if you think it's necessary, nice to have, maintain, reduce or cut out?
Yes, I agree. I think it's getting a bit frittered as I don't seem to accumulate as much as this. At the moment it has been eaten up with Christmas presents but should be able to get back on track come January.Will start the diary, it's easy to "forget" the bits and pieces that add up.

Thanks for the good ideas.

toby_puppy

AlexLK wrote: »

Comments marked in red "ink". Personally, in your situation I would be aiming to pay my mortgage off or to be investing in a second (BTL) property.

Property makes very good sense as a retirement investment too.

Thank you, yes I have thought about the property route but then again I'd have to get together a largish deposit for a buy to let, but wouldn't completely rule it out.

Yes to keeping the Sky TV.

Yes I do around 150 miles per week on £25 petrol.

Car maint. - based on previous years figure - tyre £40, service £100, MOT £40. I've had the car 3 years, it's only a 2001 VW polo but that's all I've spent each year on it approximately.

Thanks for the ideas, very helpful.

AlexLK

toby_puppy wrote: »

Thank you, yes I have thought about the property route but then again I'd have to get together a largish deposit for a buy to let, but wouldn't completely rule it out.

Yes to keeping the Sky TV.

Yes I do around 150 miles per week on £25 petrol.

Car maint. - based on previous years figure - tyre £40, service £100, MOT £40. I've had the car 3 years, it's only a 2001 VW polo but that's all I've spent each year on it approximately.

Thanks for the ideas, very helpful.

I'd say it depends on how much you wish to be involved. My parents have 12 BTLs, they bought in before it was a very common thing to do. Anyhow, if I recall correctly the money they ended up putting down was equivalent to buying 3 or 4 properties. Firstly the tenants paid the mortgages, then gave them an income on top of their pensions. I could be wrong though, as it's a lot of years ago and at the time I was just a child. However, I think that was how it worked. Talking about money to my parents is a very sore point for them as until recently I've been the biggest waster ever so far as money is concerned.

Fair enough re. the Sky TV, we all have to have our luxuries / vices.

150 miles on £25.00 petrol sounds very cheap, check your calculations.

Fair enough re. maintenance. However, be aware the car is getting to an age where it will likely start to need a little more than just general consumables.

toby_puppy

thanks Alex and well done to your savvy parents. :T

I'm sure we all make mistakes with money but as long as we try to rectify things, then nobody should be judgemental, I've always found MSE forums to be a great way to gain advice and support.

the only reason I know my petrol consumption is that I reset my trip meter when I put fuel in and it always lasts that long, maybe I'm too much of a Sunday driver, :rotfl:

AlexLK

toby: To be honest if you were in my parents' position, you'd probably be judgemental too! I do not blame them in the slightest.

As for the support on here, this likely sounds ridiculous but doing a debt free diary on here has changed my life and outlook in so many ways.

Lastly, glad the petrol figure was accurate.