1st SOA? Done it right or wrong?

Goldfinger09

Ok, I think we'll try keep a spending diary for this month and see what happens....


The secured loan...? *cough* 20 odd years left I think...
Back then, I was desperate for one when the kids came along, so signed and sent it thinking it was for 10 years (ish).


Car parking? She's a nurse, so parks in a private one, I work on a farm and park in a field.. :rotfl:


I can see our disposable going down, but by how much, I'll adjust the figures and see....?

FireWyrm

Goldfinger09 wrote: »

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!

I wouldnt. Your figures are about right. I feed a family of 5 on £250, so you are in the right ballpark. Keep it up and I trust you do actually have that £1100 spare a month? Are your figures accurate?

P.S..I've just done 2 weeks grocery shopping in Aldi today and it cost me £77. I went to other stores too...but the bulk of the shop was there. I went to Tesco for a cheap bacon joint and Morrisons for the delicatessan...so hardly counts.

AlexLK

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
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 60Check to see if you can get this and Gas cheaper.
Gas..................................... 60
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 18Combine with your internet and you should get a better deal than £36 total per month.
Mobile phone............................ 46Do you really need to be spending this amount?
TV Licence.............................. 13
Satellite/Cable TV...................... 18Do you REALLY want this?
Internet Services....................... 18See land line
Groceries etc. ......................... 280I don't personally think this is doable, keep a spending diary and reassess.
Clothing................................ 40As above.
Petrol/diesel........................... 100You only spend £100 per month?
Road tax................................ 25
Car Insurance........................... 48
Car maintenance (including MOT)......... 5I do all my own maintenance too and it costs much more than £5 per car.Budget £25 per car.
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 ......................... 23Worth shopping for, my wife's is around the £15 mark.
Other insurance......................... 3
Presents (birthday, christmas etc)...... 34Is this really all you spend?
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

My comments are marked in red "ink".

Get the secured loan cleared.

tiger_eyes

Goldfinger09 wrote: »

The secured loan...? *cough* 20 odd years left I think...
Back then, I was desperate for one when the kids came along, so signed and sent it thinking it was for 10 years (ish).

Noooooooo! I can hear the sound of thousands upon thousands of pounds in interest being poured down the drain. This sounds apocalyptically expensive. I think it might be helpful to sit down and get the exact figures - how much is owed, what interest rate, the exact term of the loan - and work out how much interest you're going to pay if the loan runs its full term. I would suspect that with £1100 a month spare, you could save yourself thousands in the long term (and liberate yourself from debt early) by heavily overpaying this loan.

[Deleted User]

Goldfinger09 wrote: »

If I've under estimated our calculations, can I go back and adjust them....?Can you go through previous bank statements to see what you have spent and where?


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
Council tax............................. 98Is this over 10 or 12 months?
Electricity............................. 60
Gas..................................... 60
Water rates............................. 34
Telephone (land line)................... 18Check you can't get home phone and Internet for cheaper)
Mobile phone............................ 46
TV Licence.............................. 13
Satellite/Cable TV...................... 18
Internet Services....................... 18as above
Groceries etc. ......................... 280does this include all household and grocery spends - cleaning products washing powder etc? Pet food?
Clothing................................ 40seems low with growing children?
Petrol/diesel........................... 100
Road tax................................ 25
Car Insurance........................... 48
Car maintenance (including MOT)......... 5seems low for 2 cars, even if you do most of the actual work yourself
Car parking............................. 0never?
Other travel............................ 0never?
Childcare/nursery....................... 0never?
Other child related expenses............ 0nothing? Ever? football? swimming? clubs? pocket money? out with friends? etc?
Medical (prescriptions, dentist etc).... 10is this enough?
Pet insurance/vet bills................. 12
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 23
Other insurance......................... 3what is this?
Presents (birthday, christmas etc)...... 34Does this include all presents for children's birthdays and Xmas?
Haircuts................................ 0never?
Entertainment........................... 0nothing? ever? dinner out? take away? DVD? cinema? day trips?
Holiday................................. 60 £720/year for 4 people and a pet (dog/cat?)Is this really all you spend?
Emergency fund.......................... 0I'd start to build this if I were you - ultimately aim for 3-6 months income
Total monthly expenses.................. 1464

Assets
Cash.................................... 0start to build this for emergencies
House value (Gross)..................... 146000
Shares and bonds........................ 0
Car(s).................................. 2400for both cars? Are you sure MOT and maintenance will be £5/month?
Other assets............................ 0
Total Assets............................ 148400

Secured & HP Debts
Description....................Debt......Monthly...APRIt depends on what the interest rate being charged on each of these as to whether it would be better to overpay on loan or mortgage - also check if you are allowed to overpay penalty free on either/both before making a decision. Decide which will save you more in the long term by overpaying
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.

If your wife is a registered nurse she will need to pay her nursing registration every year, and she is (possibly) also a member of a union?

Comments above,

HTH,

D9

[Deleted User]

AlexLK wrote: »

Get the secured loan cleared.

Why rush? It's costing nothing.

Surely better to put any spare cash in a savings account.

That way, you are earning interest (albeit not very much), and can use it to clear the secured loan, if circumstances require it.

tiger_eyes

Bedsit_Bob wrote: »

Why rush? It's costing nothing.

I assumed that the secured loan and mortgage were listed at 0% interest because the OP doesn't know the exact rate offhand, not because they genuinely are interest-free.

pmartin86

Quick query about your mortgage, 325 a month on 115k is just over 29 years, not accounting for interest? Is this interest only with an endowment you haven't mentioned?

Goldfinger09

We feel 'stuck' on our interest only mortgage ATM, the broker* that got us it years ago said 'that's all there is because of your circumstances'!! (I was self employed at the time).


Now due to the recession and house prices not knowing what to do, us just coming out of a DMP and being given "£$%^& advice in the past, we're nervous on what to do at the moment....?


*That's now gone BUST!!! Says a lot on how good he was.... :mad:


Council tax is over 12 months not 10...


We're on them pre pay keys for our gas and electricity, have been for years and happy doing it like that. We've done a search / compare thing to look for cheaper, but nobody could, some were saying it was we were on pre pay - others wanted stupid sized D/D's... :eek:
Just like to add here, we have a woodburner, and get our wood free from FIL, that certainly keeps the gas payments down which the energy companies don't like as we're classed as 'Low gas users'. So most payments goes on electricity for washing drying the kids clothes for school....


The grocery figure does include Washing powder, as we get a XXL sized box which lasts months, so spread over the year it's way cheap than the piddly sized boxes in supermarkets.


Clothing? No branded stuff in this house..... :rotfl:


Child care / nursery - the kids are 6 now so no need.


Other expenses - VERY rarely go out and kids don't do football, swimming etc, we actually tried to get them interested and they didn't like either?? Maybe too young still?


She's on a pre payment scheme prescription thing for her Crohns disease. Dentist....? Not been in years...


Other insurance is for our caravan, maybe need to up the car maintenance figure to add that on to there..?


The presents / birthday figure includes them Park Hamper vouchers spread over the year. As for the birthday side, the kid's birthday's are close to Christmas so we nearly combine them, and we're told never to spend on others who's birthday it is after that.


Don't do meals / cinemas out anymore...


Holidays? We use the caravan, but don't really spend once out, and £720 is about all we spent in total on last years holidays, 3 of them. Maybe it'll increase this year?


Assets...


As for cars, I was only going off the Parkers price guide - which shocked and annoyed me as the cars are 7 and 9 years old and well maintained! :mad:


The house? That's tricky, we're currently having a hospital built in the fields opposite us, there's rumours that the next field over is ear marked for houses for the hospital.
And so, every house in our street has gone for HUGE differences in price over the years, so I don't know where we stand at the moment, just wanting to hang on and see what happens after the hospital's finished. Our town has certainly gone way up in appeal over recent years, which may help our house price too...?


As for the repayment interest / APR rates, I'll have to check, that's why I left them blank for now....

[Deleted User]

Goldfinger09 wrote: »

The grocery figure does include Washing powder, as we get a XXL sized box which lasts months, so spread over the year it's way cheap than the piddly sized boxes in supermarkets.

Try the laundry gel from £land.

It's good stuff, and gives you 28 washes for £1.

For any really difficult washes, add in a scoop of Oxi Powder, which is also available from £land.