Newbie - mind taking a look at my SOA?

hydrangea_2

Sorry for being so confusing! Yes, we pay £775 for one bedroom, the roomate pays £625 for her room = £1400. Gas, electricity, water, broadband and council tax are split into 3. From now on, I'll be paying the rent for one room (£775 for 2 people) and bills for 2 people. Boyfriend will be paying his own mobile, food and other discretionary bits and pieces.

I'm looking to see if we can get a cheaper room further out of town, but the dog factor is proving a little tricky!

Thanks for the tip about multiplying by 4.33 - I had no idea. I also agree, a spending diary is a wise move. How long would you keep one before doing a new SOA? I might use this month's bank acc statement to create a very detailed one - don't use cash ever.

notanewuser

hydrangea wrote: »

Thanks for the tip about multiplying by 4.33 - I had no idea.

If you do 12 x 4 week months you only get 48 weeks to a year. Only 1 month has 28 days so its wrong to apply that to the other 11. 52 weeks divided by 12 months = 4.3333.

hydrangea_2

notanewuser wrote: »

If you do 12 x 4 week months you only get 48 weeks to a year. Only 1 month has 28 days so its wrong to apply that to the other 11. 52 weeks divided by 12 months = 4.3333.

@notanewuser There's a reason why I'm a copywriter, not an accountant, ha! I'm trying though. Will post a revised SOA tonight

Scottishmummy

Just wanted to mention a warning regarding shopping around for pet insurance. If your pet has a long standing or recurring condition that you have and need to make claims on then you MUST stay with the company you are with. If you change insurance companies they will NOT cover your pet for any pre-existing conditions thus negating the benefit of shopping around as you will then have to pay for any treatment for those conditions yourself.

dancingfairy

Depending on how your partner owned the bar they may want to seek their own advice from businessdebtline. It will depend on whether it was a sole partnership or public company what action he/she will take next. You also want to make sure that it is wound up neatly and doesn't come back to bite you. Also, of course this has a knock on effect on you as well.
df

hydrangea_2

Morning all. To make it a bit clearer, I've made the bills = household totals, and added in rental and bill income from my housemate.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 (+ roomate)
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2055.68
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 700
Total monthly income.................... 2755.68

Monthly Expense Details
Mortgage................................ 170
Secured/HP loan repayments.............. 0
Rent.................................... 1400 (household total)
Management charge (leasehold property).. 0
Council tax............................. 101 (household total)
Electricity............................. 35 (household total)
Gas..................................... 35 (household total)
Oil..................................... 0
Water rates............................. 33.21 (household total)
Telephone (land line)................... 0
Mobile phone............................ 12 (for me)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 21 (household total)
Groceries etc. ......................... 151.55 (for two)
Clothing................................ 5 (for me)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
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........................... 40 (for me & partner)
Holiday................................. 0
Emergency fund.......................... 50
Pet food................................ 18
Rates-Management for property........... 150
Total monthly expenses.................. 2336.76


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........5.6
Parents........................13702.....0.........0
Total unsecured debts..........16202.....30........-


Monthly Budget Summary
Total monthly income.................... 2,755.68
Expenses (including HP & secured debts). 2,220.21
Available for debt repayments........... 535.47
Monthly UNsecured debt repayments....... 30
Amount left after debt repayments....... 388.92

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


This SOA feels a lot more accurate, thank you for your help earlier. I've reduced transport as I am going to cycle to work at least 3 times a week - saving £8.7 a week (in a year this would be £450!). I also realise I need contents insurance, and will be looking into this ASAP (buildings for the flat is covered). I want to create an emergency fund once I've paid off my student loans, of three months expenses at least, should anything happen.

Need to look at that pet insurance too... My dog's an older girl, adopted from Battersea at age 7, so maybe that's why it's so high?

[Deleted User]

hydrangea wrote: »

Council tax............................. 101 (household total)

Is CT over 10 or 12 months?

If over 10, switching to 12 will reduce it to £84-17pm

Groceries etc. ......................... 35 (for me)

You can feed yourself etc. on barely £1 per day?

hydrangea_2

Bedsit_Bob wrote: »

Is CT over 10 or 12 months?

If over 10, switching to 12 will reduce it to £84-17pm

You can feed yourself etc. on barely £1 per day?

Thank you Bob, thats a good idea. Oh gosh, I'm so awful at these numbers. 35 x 4.33.

MallyGirl

if you look around for dog insurance make sure you go via quidco or topcashback as there are some good cashback deals around to soften the blow - I pay over £35 for each of my 2 dogs insurance so I know how expensive it can be (depending on breed, age & postcode).

[Deleted User]

hydrangea wrote: »

Oh gosh, I'm so awful at these numbers. 35 x 4.33.

So it's £35 per week, rather than per month?

That sounds more doable.