1st SOA? Done it right or wrong?

Goldfinger09

I've tried to fill in our 1st ever SOA to the best of our abilities, as I want to look into doing overpayments on either - or both the secured loan and our mortgage..


But according to the SOA, we have a surplus of £1100 a month?


I'd like some advice about just how to be WAY more accurate when filling it in please, e.g groceries etc, as we don't want to 'sell ourselves short' somewhere down the form?


Some weeks we can spend very little, and other weeks we can spend quite a bit on groceries. We're not the ones that need to buy the same thing week in - week out, it varies week to week.


Some help / pointers would be gratefully received thanks.


Chris.

[Deleted User]

For anything that varies a lot, average it out, and put that amount in the SOA.

mum2one

would look at what is yearly (divide by 12)
Holidays - add the holiday, spending money and account for extra petrol etc if needed0
House Ins
Contents Ins
Car Ins
car tax
breakdown cover
Household ins - gas servicing, electric cover etc
Water rates
Tv Licence - £144
Christmas and Birthday - list the people you need, allocate a sum of money then divide lot by 12
Christmas cards/paper/tags/birthday paper etc - £40

Three monthly ( x 4 then / by 12)
Gas
Electricity
landline

Monthly
Council tax
Broadband
Mobile Phone

Weekly (x by 52/12)
Petrol
Food -

I would go for an average, - your winter bills are going to be higher than summer but if you estimate them and spread out over the yr saves a big bill one time.

---
I don't know your household - ours 3 bed semi detached, 3 adults, 1 child, 1 dog
General figures for us
Council tax - £1100 (yr)
Electricity - £800 (yr)
Gas - £800 (yr)
gas ins - £350
elec and water ins - £125
breakdown car - £250
car ins x 2 cars £600
car tax - depend on the car
servicing, mot, wear and tear - £1000 (for 2 cars)

Monthly
Sky - £48
Phone/broadband £50
Mobiles - £40 (5 phones)

Weekly
Petrol - 2 cars - £40 a week sometimes less but carry forward the remainder for holidays etc
Food - average £135 week

One - offs
Prescriptions - £8 an item - allow 12 per yr
Dentist - Nhs check up £15, scale + polish £50 - average 2 visits a month

Hope that helps to give you an idea xx

mum2one

http://www.stoozing.com/calculator/soa.php

theres a link to the soa that gets used on here, just click mse format at the bottom xx

tiger_eyes

To find out what you actually spend, as opposed to an optimistic guess as to what you spend go back over a few months' bank statements. I think it's easy to assume that you spend a certain amount on something when it's actually two or even three times as much, which across a whole budget can lead to wildly underestimating spending.

mum2one

The other I would suggest is keep a spending diary, - list everything even if it is 50p for a pack of chewing gum it all has to be allocated somewhere, this way it will give you an idea of where the money is going x

Goldfinger09

If I've under estimated our calculations, can I go back and adjust them....?


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.................... 2
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1032
Benefits................................ 0
Other income............................ 134
Total monthly income.................... 2566
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 104
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 18
Mobile phone............................ 46
TV Licence.............................. 13
Satellite/Cable TV...................... 18
Internet Services....................... 18
Groceries etc. ......................... 280
Clothing................................ 40
Petrol/diesel........................... 100
Road tax................................ 25
Car Insurance........................... 48
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 12
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 23
Other insurance......................... 3
Presents (birthday, christmas etc)...... 34
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1464

Assets
Cash.................................... 0
House value (Gross)..................... 146000
Shares and bonds........................ 0
Car(s).................................. 2400
Other assets............................ 0
Total Assets............................ 148400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(325)......0
Secured Debt.................. 10666....(104)......0
Total secured & HP debts...... 125666....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,566
Expenses (including HP & secured debts). 1,464
Available for debt repayments........... 1,102
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,102
Personal Balance Sheet Summary
Total assets (things you own)........... 148,400
Total HP & Secured debt................. -125,666
Total Unsecured debt.................... -0
Net Assets.............................. 22,734


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


This is what I came up with..... so far

mary_hinge

Goldfinger09 wrote: »

If I've under estimated our calculations, can I go back and adjust them....?


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.................... 2
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1032
Benefits................................ 0 no child benefit?
Other income............................ 134
Total monthly income.................... 2566
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 104
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 18
Mobile phone............................ 46
TV Licence.............................. 13
Satellite/Cable TV...................... 18
Internet Services....................... 18
Groceries etc. ......................... 280this seems low for 4 of you, fantastic if you are actually spending only this
Clothing................................ 40
Petrol/diesel........................... 100
Road tax................................ 25
Car Insurance........................... 48
Car maintenance (including MOT)......... 5£60 per year wouldnt buy me more then 1 tyre
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 12
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 23
Other insurance......................... 3
Presents (birthday, christmas etc)...... 34
Haircuts................................ 0
Entertainment........................... 0no day trips out? Need something here
Holiday................................. 60
Emergency fund.......................... 0need something here
Total monthly expenses.................. 1464

Assets
Cash.................................... 0
House value (Gross)..................... 146000
Shares and bonds........................ 0
Car(s).................................. 2400
Other assets............................ 0
Total Assets............................ 148400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(325)......0
Secured Debt.................. 10666....(104)......0
Total secured & HP debts...... 125666....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,566
Expenses (including HP & secured debts). 1,464
Available for debt repayments........... 1,102
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,102
Personal Balance Sheet Summary
Total assets (things you own)........... 148,400
Total HP & Secured debt................. -125,666
Total Unsecured debt.................... -0
Net Assets.............................. 22,734


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


This is what I came up with..... so far

Any school trips? Dance lessons/swimming etc......

Gym memberships? Lottery syndicates?

[Deleted User]

Goldfinger09 wrote: »

If I've under estimated our calculations, can I go back and adjust them....?

Yes, provided you clicked the "Save data" button.

If you really have over £1,100 left each month, and no unsecured debts, then I'd say you were in a pretty stable financial situation.

You do need to have an Emergency Fund, and doubly so since you are a home owner, rather than a tenant.

A few thousand wouldn't be excessive.

I did notice a couple of 0s where I would normally expect to see something, eg. haircuts and entertainment. Are you quite sure you don't spend anything on them?

Do you never travel by bus, train or taxi?

Goldfinger09

Child benefit.. We owe THEM due to THIER !!!! ups*! :mad:


We have no un secured debts now as of November last year, we were in a DMP that finished then.


So as for emergency funds, we're just starting to make one.


Car maintenance, I do my own as much as possible. So far nothing outside my abilities has gone wrong.


Tyres? I go to Camskill.co.uk - good brands CHEAPEST I found anywhere! All you need to do if find someone to fit them. It's been a while since I bought tyres so can't think of a figure to put in there...


Maybe I should re-jig the car figures to include oils / filters / parts etc.


And increase groceries. People take the pee out of Aldi etc, but that's where 97% of our shopping comes from. The other big four I just can't stand!


*You just reminded me to add that to our monthly D/D's.

mum2one

Goldfinger09 wrote: »

If I've under estimated our calculations, can I go back and adjust them....?


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.................... 2
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1032
Benefits................................ 0
Other income............................ 134
Total monthly income.................... 2566
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 104 - have you got long left on these payments?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 18
Mobile phone............................ 46
TV Licence.............................. 13
Satellite/Cable TV...................... 18
Internet Services....................... 18
Groceries etc. ......................... 280 - for 4 of you that is brilliant
Clothing................................ 40 - that seems low for 4 of u, not saying that you need to spend every month, but I would say £100
Petrol/diesel........................... 100
Road tax................................ 25
Car Insurance........................... 48
Car maintenance (including MOT)......... 5 - I would increase this to £50 - better to have some in the pot in case of emergency
Car parking............................. 0 - you never pay to park anywhere - I would put £10 up (again in case of emergency, we just had a hospital app, and paid £3.50 for 1 hr parking)
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 - with 2 children - pocket money, clubs, school trips - need some money in here
Medical (prescriptions, dentist etc).... 10 - I'd increase to £20
Pet insurance/vet bills................. 12
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 23
Other insurance......................... 3
Presents (birthday, christmas etc)...... 34 - for 4 of u, I would say allow £50
Haircuts................................ 0 - theres usually money needed for this I would average £50 for the 4 of u
Entertainment........................... 0 - no cinema, days out etc - need £50 in here
Holiday................................. 60
Emergency fund.......................... 0 - need to put £50 a month into here
Total monthly expenses.................. 1464

Assets
Cash.................................... 0
House value (Gross)..................... 146000
Shares and bonds........................ 0
Car(s).................................. 2400
Other assets............................ 0
Total Assets............................ 148400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(325)......0
Secured Debt.................. 10666....(104)......0
Total secured & HP debts...... 125666....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........- That is brilliant x

Monthly Budget Summary
Total monthly income.................... 2,566
Expenses (including HP & secured debts). 1,464
Available for debt repayments........... 1,102
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,102 - with a sum like that your world is your oyster
Personal Balance Sheet Summary
Total assets (things you own)........... 148,400
Total HP & Secured debt................. -125,666
Total Unsecured debt.................... -0
Net Assets.............................. 22,734


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


This is what I came up with..... so far

I've popped a few thoughts in as gone through, what I would suggest is keep a spending diary for a month and lest everything whether it is £5 for a magazine or 50p for a chewing gum - and see in a months time what the difference is.

(if you dont have this as saved - all you need to do is paste and copy to a spreadsheet then put in your new figures, and see where you go up or down and then go from there xx