SOA. Childcare fees and want to save for a house!

chelseablue

Hi everyone

Next week is my last week at home before I return to work after maternity leave.

Really want to move in a few years time, Id be grateful if anyone would take a look at my SOA below and suggest ways I can trim it down?

Thank you



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1270
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 3152
Monthly Expense Details
Mortgage................................ 479
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 80
Council tax............................. 93
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 0
Mobile phone............................ 89 For 2 phones
TV Licence.............................. 12.12
Satellite/Cable TV...................... 39
Internet Services....................... 18.25
Groceries etc. ......................... 300 Includes formula and nappies. Last month we spent £276
Clothing................................ 0 Dont have a monthly budget, just buy when needed, hardly ever!
Petrol/diesel........................... 140
Road tax................................ 25
Car Insurance........................... 110
Car maintenance (including MOT)......... 25
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 507
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)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Ground Rent............................. 20
Total monthly expenses.................. 2063.37

Assets
Cash.................................... 0
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 168000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(479)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 3,152
Expenses (including HP & secured debts). 2,063.37
Available for debt repayments........... 1,088.63
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,088.63
Personal Balance Sheet Summary
Total assets (things you own)........... 168,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 168,000
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Claree__x

From your SOA it doesn't look like you have to trim down to be saving a decent wedge - do you often end up with £1,000 at the end of the month or are you frittering?

chelseablue

My aim is to save £800 a month.

Currently live in a flat but would love a house, houses are very expensive round here though

I thought Id post my SOA to see if theres anything I can do to cut costs even more

Claree__x

chelseablue wrote: »

My aim is to save £800 a month.

Currently live in a flat but would love a house, houses are very expensive round here though

I thought Id post my SOA to see if theres anything I can do to cut costs even more

Yeah - totally appreciate that I was just wondering if your SOA is a true reflection or are there other expenses not included to give us a better idea?

chelseablue

Forgot to put my one thing I spend on myself.........my haircut and highlights cost £100 :eek: but I only go twice a year.

My justification is I dont drink or smoke

Puzzcat

You also left the amount blank for outstanding mortgage, you pay _479 a month but your soa shows 0 owing.

chelseablue

Good point!

I'll have to dig out my annual statement, but I still owe about £95,000

pinkgiraffe2014

You haven't budgeted anything for new clothes or shoes go your little one. Granted you've got enough spare each month to deal with these but just thought it was worth a mention. My little girl had sudden growth spurts so quite often she needed everything including shoes all in one go!

chelseablue

Yes they do grow quick!

I'll have to keep a note of how much I spend on his clothes.

I try and mainly buy them from Asda and Primark (got him a lovely top yesterday for £1.50)

But occasionally I do get him the odd item from Next and GAP

midnight_express

Mobiles seem very high.

Bobarella

Hi there
You are paying a lot combined to run your car. Is it an absolute must have? £110 a month for car insurance is very high indeed. your car is costing you £302 a month to run. If you could take another transport option then that would be ideal. Obviously have no idea of your living situation so easy to say, but not necessary to do. I gave up my car in August last year & cycle or walk everywhere. We are in south london on a great transport network though. But we've managed to convert around £100 from that into savings every month.
Bob