Please help. SOA with 2 and little bean on his way!

obay

hi,

I've been made redundant 3 times this year (2013). and it's tight as it is. but now I have found a new full time job which is birllient and started my own business.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 / 1 child on way.
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1256
Partners monthly income after tax....... 547 if she wasn't on maternity should would bring home £1108
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1803

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 25
Rent.................................... 630
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 26
Gas..................................... 38
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 9.95
Mobile phone............................ 50 In March, her phone bill, £33 a month is ending. so we're saving this £33 from there.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 9.95
Groceries etc. ......................... 85
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 23.83 = x 6 months at £143.
Car Insurance........................... 44 - due to my age, this is the best I got £450 per year? I think
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 400 Just in case anything goes wrong - got it for my little bean!
Total monthly expenses.................. 1655.85


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 450


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
Phone BIll.....................0........(25).......0
Total secured & HP debts...... 0.........-.........-

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


Monthly Budget Summary
Total monthly income.................... 1,803
Expenses (including HP & secured debts). 1,655.85
Available for debt repayments........... 147.15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147.15

Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 450

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

anyone give me a hand where to cut down on?

thanks.

Tixy

Hi

Have you got no debts at all? Is the £25 to a phone bill an old account? how much is owed in total to it?

if so then having £547 for savings /emergency fund is looking pretty healthy, especially as thats with OH not being on a full wage.

But is £85 a month really all you spend on groceries for the 2 of you (including food/toiletries/cleaning products). If baby is nearly here whatever you spend now is likely to increase with baby nappies/wipes etc as well.

You probably want to think about budgeting for car maintenance (new tyres/servicing/mot etc) and think about getting some life insurance for you as you have a child on the way. You might also want to look at contents insurance which can be as little few quid a month.

Sedge123

I can't see anything obvious to cut but do you really only spend £85 per month on groceries?

[Deleted User]

obay wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 / 1 child on way.
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1256
Partners monthly income after tax....... 547 if she wasn't on maternity should would bring home £1108
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1803

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 25
Rent.................................... 630
Management charge (leasehold property).. 0
Council tax............................. 109 - If this is over 10 months, switching to 12 months will reduce it to £90-83.
Electricity............................. 26
Gas..................................... 38
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 9.95
Mobile phone............................ 50 In March, her phone bill, £33 a month is ending. so we're saving this £33 from there.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 9.95
Groceries etc. ......................... 85
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 23.83 = x 6 months at £143.
Car Insurance........................... 44 - due to my age, this is the best I got £450 per year? I think
Car maintenance (including MOT)......... 0 - Nothing ever?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 - Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - You should really have this. It needn't be expensive.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 400 - this seems a lot, given you are renting.

Total monthly expenses.................. 1655.85


Assets
Cash.................................... 0 - Nothing saved at all?
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 450


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
Phone BIll.....................0........(25).......0 - How can you be paying £25pm, when the balance is 0 :huh:

Total secured & HP debts...... 0.........-.........-

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


Monthly Budget Summary
Total monthly income.................... 1,803
Expenses (including HP & secured debts). 1,655.85
Available for debt repayments........... 147.15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147.15

Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 450

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

Not having any debts, puts you in a good (and enviable) position.

obay

Sedge123 wrote: »

I can't see anything obvious to cut but do you really only spend £85 per month on groceries?

around £23ish a week on food yeah, we buy all the groceries from supermarket brand, so like the anything under a quid. Tesco Value, Asda price etc etc.

obay

Originally Posted by obay View Post
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 / 1 child on way.
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1256
Partners monthly income after tax....... 547 if she wasn't on maternity should would bring home £1108
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1803

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 25
Rent.................................... 630
Management charge (leasehold property).. 0
Council tax............................. 109 - If this is over 10 months, switching to 12 months will reduce it to £90-83. Didn't think I could do this, however the council has taken into account that they'll also give us 25% discount upon my bean has been born.
Electricity............................. 26
Gas..................................... 38
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 9.95
Mobile phone............................ 50 In March, her phone bill, £33 a month is ending. so we're saving this £33 from there.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 9.95
Groceries etc. ......................... 85
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 23.83 = x 6 months at £143.
Car Insurance........................... 44 - due to my age, this is the best I got £450 per year? I think
Car maintenance (including MOT)......... 0 - Nothing ever?Sorry, forgot about this, £40 was our last MOT this month and it passed.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 - Never? My partner gets them for free as she's pregnant, I however don't go to the doctors regularly.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - You should really have this. It needn't be expensive.We did have contents and building cover from Nationwide, £23.10 per month however cancelled as the renewal was £36 but I didn't even claim?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 400 - this seems a lot, given you are renting. yeah, but I have the little one coming so I need to get the first month sorted, milk, nappies once I know if his going to breast feed or need follow-on milk

Total monthly expenses.................. 1655.85


Assets
Cash.................................... 0 - Nothing saved at all? Most likely around £20-30 most if it's in the bank
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 450


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0<
Phone BIll.....................0........(25).......0 - How can you be paying £25pm, when the balance is 0

Total secured & HP debts...... 0.........-.........-

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


Monthly Budget Summary
Total monthly income.................... 1,803
Expenses (including HP & secured debts). 1,655.85
Available for debt repayments........... 147.15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147.15

Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 450

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

Tried to anwser correctly. to you.

Tixy

around £23ish a week on food yeah, we buy all the groceries from supermarket brand, so like the anything under a quid. Tesco Value, Asda price etc etc.

Is this just food? does it include cleaning products/ things like toilet rolls/kitchen roll/bin liners etc i.e the non food side of groceries and also toiletries for you both as well?

You don't need buildings insurance if you rent, just contents insurance - which you should be able to get for less than £10 per month.

Under medical costs as well as prescriptions also think about dentist check ups / eye test etc that you might spend in a year between the 2 of you.

obay

Tixy wrote: »

Is this just food? does it include cleaning products/ things like toilet rolls/kitchen roll/bin liners etc and toiletries for you both as well?

You don't need buildings insurance if you rent, just contents insurance - which you should be able to get for less than £10 per month.

Under medical costs as well as prescriptions also think about dentist check ups / eye test etc that you might spend in a year between the 2 of you.

hi,

Everything I do I get coupons to save myself money, My eye tests for me and her was £5 each from specsavers, we don't go to the dentist yet but after bean is born we're going. That was last year.

Is this just food? does it include cleaning products/ things like toilet rolls/kitchen roll/bin liners etc and toiletries for you both as well?

We don't get cleaning products every week, she does part time work twice a week and gets them mainly free.

I am not 100% sure about contents cover.

mum2one

Originally Posted by obay View Post
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 / 1 child on way.
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1256
Partners monthly income after tax....... 547 if she wasn't on maternity should would bring home £1108
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1803

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 25
Rent.................................... 630
Management charge (leasehold property).. 0
Council tax............................. 109 - If this is over 10 months, switching to 12 months will reduce it to £90-83. Didn't think I could do this, however the council has taken into account that they'll also give us 25% discount upon my bean has been born. based on 25% discount this would bring it to £85 a month
Electricity............................. 26 - with the current climate this seems low?
Gas..................................... 38 - looks about right
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 9.95
Mobile phone............................ 50 In March, her phone bill, £33 a month is ending. so we're saving this £33 from there. R u going for sim only, new phone?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 9.95
Groceries etc. ......................... 85 -is that all, does see very low, maybe higher when OH at home - look at increasing,
Clothing................................ 10 - that is too low for 2 1/2...
Petrol/diesel........................... 100
Road tax................................ 23.83 = x 6 months at £143. so the other 6 months are you putting up to pay next time
Car Insurance........................... 44 - due to my age, this is the best I got £450 per year? I thinkalways shop around at next renewal, may take a couple of hrs but you should get there
Car maintenance (including MOT)......... 0 - Nothing ever?Sorry, forgot about this, £40 was our last MOT this month and it passed. - Should put up £30 er month towards repairs etc
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 - Never? My partner gets them for free as she's pregnant, I however don't go to the doctors regularly.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 If your renting you wont need buildings cover
Contents insurance...................... 0 - You should really have this. It needn't be expensive.We did have contents and building cover from Nationwide, £23.10 per month however cancelled as the renewal was £36 but I didn't even claim? Def agree you have this, shop around and your find a better price
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 15
Entertainment........................... 0 - no going out, no takeaways treats etc - Should have £30 in here
Holiday................................. 0
Emergency fund.......................... 400 - this seems a lot, given you are renting. yeah, but I have the little one coming so I need to get the first month sorted, milk, nappies once I know if his going to breast feed or need follow-on milk - so this is the 1st month at planning to save £400 - now youve got the job sorted

Total monthly expenses.................. 1655.85


Assets
Cash.................................... 0 - Nothing saved at all? Most likely around £20-30 most if it's in the bank
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 450


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0<
Phone BIll.....................0........(25).......0 - How can you be paying £25pm, when the balance is 0

Total secured & HP debts...... 0.........-.........-

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


Monthly Budget Summary
Total monthly income.................... 1,803
Expenses (including HP & secured debts). 1,655.85
Available for debt repayments........... 147.15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147.15

Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 450


Even with the £147 spare your doing well to try and save £400 per month xx

Tixy

It sounds like you are in a pretty healthy position then (unless the phone debt is very high).

Given that your spending in many areas is already very low and you have a reasonable surplus I wouldn't worry too much about trying to cut down further.

You should soon be able to save enough to have a reasonable emergency fund (providing you don't spend it of course).

obay

Tixy wrote: »

It sounds like you are in a pretty healthy position then (unless the phone debt is very high).

Given that your spending in many areas is already very low and you have a reasonable surplus I wouldn't worry too much about trying to cut down further.

The £33 a month ends in March, I am not too sure on what the actual cost of the phone on the £25 a month is... as I only just taken it out about 3 months ago.. I upgraded from £48 a month down to £25 a month for the excat same deal :P