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

obay

mum2one wrote: »

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

hi,

in my emergency fund I have £400 for when my son is born. That's what I meant.

Entatainment-wise - We stopped buying take-away's on 31st december 2013, as a new year thing, we was buying EVERY SINGLE WEEK. Now we're not doing it, 4 weeks cool (Y).

Tax - Yes, I put the lump of £143 on each six month and within the six months I save the the next lot.

Phone : - She's going to get a sim plan, around £7.50 - £10 monthly. Saving us another cool £23 whatever happens.

Electric : - We're actually spending £18.80 a month on this, but paying £26. This includes putting meter readings in every single month.

Is that Emergency fund £400 per month? OR what we actually have in there? If so it's not £400 per month.. AT ALL lol, just what we got in there..

Tixy

So the £25 a month you have listed in secured debts - is that an ongoing contract monthly usage? or an old debt you have built up and are repaying?

obay

No. it's not a debt. Just a phone contract.. renewed.

Ah right yeah, the £400 is per month, no I am wrong, It's just what I have in the account, currently..

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.................... 1

Monthly Income Details
Monthly income after tax................ 1256
Partners monthly income after tax....... 547
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
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 9.95
Groceries etc. ......................... 85
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 23.83 = 143 for six month!
Car Insurance........................... 44
Car maintenance (including MOT)......... 40 Yearly.
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.......................... 0
Total monthly expenses.................. 1295.85


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<
mobile hpone...................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). 1,295.85
Available for debt repayments........... 507.15
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 507.15

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.

We have built up a credit on electric and gas... around £100 each on both services, to cover us for winter. :-)

thought that contracts was listing in there? I may have made a mistake somewhere with them, £25 me £33 hers. So total, £58 but her contract ends in March.

Tixy

So as things are at the moment after all the listed expenditure you should be able to save £507 a month in to an emergency fund/savings. That is really good on your income.

Once your child arrives you'll likely find some costs increase a bit(clothes/groceries/water if on a meter etc) but you should easily still have a surplus to put in to savings each month.

You look to be in a strong position.

obay

Thank you,

So what else can I do ? no further action? £507 is loads.. thats why it came back the first time as it was..

Ah, pretty good. Hopefully I'll stay at this job for a long time then.

Thanks.

[Deleted User]

obay wrote: »

Didn't think I could do this

Some Councils keep quiet about it, but yes you can pay over 12 months.

however the council has taken into account that they'll also give us 25% discount upon my bean has been born.

Are you sure they said you qualify for a 25% discount, when the baby is born?

The 25% is the single person's discount, claimable when only one adult is living at a property.

obay

Bedsit_Bob wrote: »

Some Councils keep quiet about it, but yes you can pay over 12 months.



Are you sure they said you qualify for a 25% discount, when the baby is born?

The 25% is the single person's discount, claimable when only one adult is living at a property.

hi,

I'm not living on my own but with my partner, yes they have stated that we're allowed to have 25% discount with the council..

retepetsir

obay wrote: »

hi,

I'm not living on my own but with my partner, yes they have stated that we're allowed to have 25% discount with the council..

That probably isn't right and you'll want to check this. My other half is on maternity leave as we've just had a baby and we receive no discount.

Also you might want to spend a bit more on food as it'll definitely help the baby, particularly when born if b/f

vics1928

Can I just ask how you spend 85 on food a month for 2 people

Neil_948

retepetsir wrote: »

That probably isn't right and you'll want to check this. My other half is on maternity leave as we've just had a baby and we receive no discount.

Also you might want to spend a bit more on food as it'll definitely help the baby, particularly when born if b/f

Something we both probably need to look into after seeing this:-

Council Tax reductions