Newbie - mind taking a look at my SOA?

hydrangea_2

Morning all! I've been a keen DFW reader for more than a year now, but I've never really posted. I've finally worked up the courage to post my SOA. I would love any advice or insights you have on it on where I could save a bit more. I am desperate to be free!

I live in London with my partner, and we share a 2br flat with a roomate and dog. I also have a flat in my home country, which is why there is a mortgage. I have 10 years left on this mortgage, but also owe my parents for the initial deposit.

My partner owned a bar, which shut its doors this weekend, hence 0 income right now. I have offered to pay rent/expenses until he gets a new job... So I pay two thirds of our household totals - which listed below. (Hope that makes sense!)

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.................... 0

Monthly Income Details
Monthly income after tax................ 2055.68
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2055.68

Monthly Expense Details
Mortgage................................ 170
Secured/HP loan repayments.............. 0
Rent.................................... 775
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 12
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 21
Groceries etc. ......................... 100
Clothing................................ 5
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 55
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
(Unnamed monthly expense)............... 0
Rates-Management for property........... 150
Total monthly expenses.................. 1554.4


Assets
Cash.................................... 0
House value (Gross)..................... 106000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 106000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76125....(170)......4.95
Total secured & HP debts...... 76125.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Student Loan...................2500......30........5.9
Parents........................13702.....0.........0
Total unsecured debts..........16202.....30........-


Monthly Budget Summary
Total monthly income.................... 2,055.68
Expenses (including HP & secured debts). 1,554.4
Available for debt repayments........... 501.28
Monthly UNsecured debt repayments....... 30
Amount left after debt repayments....... 471.28

Personal Balance Sheet Summary
Total assets (things you own)........... 106,000
Total HP & Secured debt................. -76,125
Total Unsecured debt.................... -16,202
Net Assets.............................. 13,673

[Deleted User]

hydrangea wrote: »

I have offered to pay rent/expenses until he gets a new job, so all numbers are two thirds of our household totals.

It would be more logical (and easier to follow and advise on), if all the household costs were used.

NHS_worker_bee

Your SOA looks good and you have a £471.28 surplus left over for debt repayments.

However, have you been totally honest in your SOA? Spending nothing on any of these seems very frugal indeed:

Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0

The only other thing I would suggest is that £55/month pet insurance for one dog is very expensive, shop around and you should be able to get this much cheaper

Which is your priority debt? Can you overpay on the mortgage to clear it sooner?

Do the student loan repayments come out of your wages automatically? If so, that's fine, just let them chip away at the debt. If not, can you overpay on this?

Obviously you want to repay your parents but do they want the money back straight away or are they happy to wait until you've paid off more of the mortgage? If they are happy to wait, great, if not, why not set up a standing order to them each month for an agreed amount that you can afford?

With a surplus of £471.28 each month, you've got a good amount to make extra repayments with.

I hope your partner finds a new job soon, best wishes.

hydrangea_2

@BedsitBob Good suggestion, thank you. I have edited it!

Rent total for the flat is £1400. We live in a central part of town, mostly so my partner could walk to work and home at 4am.

@NHS worker bee Haircuts/Holidays/Entertainment - I cut my own hair, holidays - there hasn't been any of these for many a moon, and entertainment - simply dog walking, cooking, and watching free on demand shows pretty much sums it up. And hanging out at the bar - funnily enough I don't drink so it has always been a cheap one for me!

My mum and dad have said they are happy to wait until my other debts are paid off or I sell the apartment, whichever comes first. My student loan is from my home country as well, so I pay monthly - I have tended to overpay on this. It has come down from around £15,000 :eek: However, with only one income, I am wary of overpaying right now.

I've done pretty well so far, getting rid of a credit card, a bank loan, and most of the student loan, it's just the final push I'm worried about... The sooner the better really!

Any suggestions on where to compare pet insurance?

notanewuser

Some very round numbers in there. If you've done 4x a weekly amount for something (eg groceries) then you're undercounting. You need to multiply the weekly amount by 4.333333

NHS_worker_bee

hydrangea wrote: »

I've done pretty well so far, getting rid of a credit card, a bank loan, and most of the student loan, it's just the final push I'm worried about... The sooner the better really!

That's brilliant, you're on the right track already. Have you used the snowball calculator to prioritise your repayments based on the interest rates?

http://www.whatsthecost.com/snowball.aspx

MSE website has some advice about finding cheap pet insurance here:

http://www.moneysavingexpert.com/insurance/cut-pet-insurance-costs

dreamdreamer

Are these numbers for both of you now you're paying OH's way while he job hunts? If so some of your numbers look quite low. Particularly groceries for 2 of you at £100 a month (this works out to only £11 per person per week, not accounting for the pet food), and 2 mobiles at £12.

I know you addressed this previously but you probably do spend something on 'entertainment' during the month. No takeouts ever? Never go to the cinema or have a coffee with a friend etc? Basically if you ever withdraw cash or spend on a debit card (other than in a supermarket), you haven't accounted for that in this SOA. Is it worth keeping a spending diary to see what your actual values are?

On the face of your SOA you should be able to comfortably manage with nearly £500 a month to spare. However I think some of this money is disappearing into areas you haven't accounted for. Still, even with the missing bits added I'd say you're in an okay position.

Is your OH going to sign up for jobseekers? That would help until he finds new work. But you seem to be a good debt busting mindset so I'm sure you'll be fine.

[Deleted User]

hydrangea wrote: »

Rent total for the flat is £1400.

But you are still listing it as £775 :huh:

You need to list the full cost of each item, otherwise the figures won't make sense.

If the rent is indeed £1,400pm then, not only do you not have 471.28, but you are actually short for your debt repayments.

hohum

Bedsit_Bob wrote: »

But you are still listing it as £775 :huh:

You need to list the full cost of each item, otherwise the figures won't make sense.

If the rent is indeed £1,400pm then, not only do you not have 471.28, but you are actually short for your debt repayments.

I think there is a third person in the house who pays a third of the rent, bills and council tax?

So she is listing her and boyfriend's share of bills.

I am assuming that food and other spends are not two/thirds of totals but full cost for 2 people.

[Deleted User]

hohum wrote: »

I think there is a third person in the house who pays a third of the rent, bills and council tax?

According to the SOA:-

Number of adults in household........... 2

If there is a third person, they're paying almost 1/2 of the rent.

hohum

Bedsit_Bob wrote: »

According to the SOA:-

Number of adults in household........... 2

If there is a third person, they're paying almost 1/2 of the rent.

That would make sense, esp in London... 2 bedrooms, pay per bedroom. 2 adults in her 'household', housemate doesn't count as part of household.