Part SOA - Getting ahead

Mimi_Arc_en_ciel

Hi,


This year I am sorting out my finances and finally getting on top and looking forward and planning ahead.


I've paid my yearly debts in full, and I'm stashing the (what would be) monthly payments into a savings account to earn interest.


Can anyone think of anything that I am missing? I think I've covered all bills....


- Except for school dinners and school trips. I will add these from Sept -


*I have a CC that is £3k in debt until 2017. I am paying the minimum off each month and putting the "repayment" money into a savings account to earn interest, will pay off in full before the 0% runs out*






Statement of Affairs and Personal Balance Sheet


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 90 CC minimum repayment
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 28.12
Telephone (land line)................... 4.5 PlusNet deal. Have paid for line rental in advance (Line rental Standing order for next year is below)
Mobile phone............................ 50 is usually around £35 but I schedule for £50. Will be cancelling in Dec when contract ends.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0 Inc with phone
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 23.36
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 340
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Free prescriptions
Pet insurance/vet bills................. 0
Buildings insurance..................... 23.36
Contents insurance...................... 0 Inc in buildings
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 0 Friend does these as an when for cheap
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 50
Parents................................. 200 Paid for repairs on my house (£10k) - £9k outstanding! happy for me to pay £200 a month
Broadband Line rental................... 13
New car................................. 100
Credit Card (0%)........................ 200 This is going in savings account to earn interest until 0% interest is up
Swimming Lessons........................ 22
Coal.................................... 43
Brownies................................ 6
DD2 Savings............................. 34.53
DD1 savings............................. 48.34
DD1 pocket Money........................ 20
Total monthly expenses.................. 1935.33

HappyMJ

You have free prescriptions and dental yet your expenses show a level of income that wouldn't qualify you for those items for free.

You've not said how many people this is for...editing the SOA helps you hide some things but it makes it impossible to advise correctly what is low and/or high.

£5 for car maintenance is very low. Have you never had to have a service in the car. Even tyres need regularly replacing they cost more than that.

You've got electricity, gas and coal. The sum of all three is quite high. Yet your council tax is quite low. How big is this house you're in. You've got no mortgage or rent. Do you own it outright?

You have children yet no life insurance. It's something to consider. If you are young it's quite cheap.

You can put swimming lessons, browniies and something else into the Entertainment category. You don't need a separate entry for each.

bexster1975

Hi

All as happy MJ says and we don't know your net incomings a month, so I have no idea whether £1935 outgoings a month is good bad or indifferent. I think fuel is high and buildings insurance appears high but agree can't work out what sort of property you are in. You save quite a bit for your kids, as well as pocket money for one of them. If you have plenty of spare cash at end of month this is fine, but assuming outgoings equals incomings that about 5% of you wages going straight in cash to the kids, ignoring pall other small person spends!

Good luck with it, I agree the mobile is an unnecessary extravagance at £50 a month budgeted.

Bexster

Mimi_Arc_en_ciel

Sorry, I purposely took wages etc out, last time I included these someone got very angry with me! In total, from everything (work, WTC, CB and maintainence) i have around £2k a month

Theres me and 2 kids

Prescriptions - I have a medical exemption card due to having a tumour/thyroid removal.

Dentist isn't free, should add that

Nope never had a service on car (dad's an ex mechanic so he repairs for me) and the £5 covers the MOT. Replace tyres but I get these cheap too but will add them into budget - what would be a realistic cost? New tyres are around £100 for 4. Repairs, cars been a belter and never had a major replair. Most parts come from a scrappy and dad repairs with payment of coffee and a bacon buttie

The elec and gas were set by supplier, I've not been in house a year so not sure how much it will actually cost during winter. Coal cost is based on half a ton a yer (want to use fire in evenings during winter)

Council tax - took figure from my bill.

House - owned outright - 3 bed

Life insurance - looking into, have sorted will etc probably won't be cheap due to pre existing medical conditions though

Buildings insurance - this also includes contents insurance. Not sure whether you realised that.

Kids savings - whilst I can afford to do this then I'd like to continue

I actually forgot a kid expense 😏 they have a better social life than me haha

Mobile: yes expensive, as said, usually it's around £34 but I always put £50 just in case but I'll be getting rid when out of contract

bexster1975

Hi

Thanks for clarification. I'm sorry someone got cross about your income -how strange!

I don't have buildings insurance ( leaseholders responsibility) but from what I've seen your premium for both still seems high. Try Quidco or topcashback at renewal and see if you can get a deal. Use a comparison site first to get best prices. Some places offer deals on buildings and contents.

I agree if you can save for your children that's great. Just wasn't sure if this was do -able on your income.

I think a bit budgeted for car and dentist is a good idea. I confess I couldn't do this on a SOA today as they are not the sorts of things I have specific pots for. Horses for courses I guess.

You look in ok shape really. Good luck with the plan

Bexster

[Deleted User]

It would help if you could redo it, using the, more detailed, MSE template.

http://www.stoozing.com/calculator/soa.php

Choose format for MSE, before C&P-ing it in.

Mimi_Arc_en_ciel

Buildings: I think its slightly higher because I went through a broker (my thinking was if anything happens I can call them and they sort everything out without me having to do much) my renewal is in Sept so will have a look


Children: yes - still doable. Originally I budgeted more but have cut it down. If I struggle at any point these will be stopped immediately / reduced to fit into a budget


Dentist: I try to avoid him as much as possible :roll: Generally I just go every 6 months with the kids and only have a check up & polish. Luckily my teeth haven't required treatment since I had braces in my teens!


Car: I know I should up this, and I know dad wont be about forever. I think if I increase this to £30.00 a month (so yearly: £60 for MOT and £300 for repairs) this should be ok. If I find I don't spend it all I can put it towards a new car for when it does give up the go

Mimi_Arc_en_ciel

Bedsit_Bob wrote: »

It would help if you could redo it, using the, more detailed, MSE template.

http://www.stoozing.com/calculator/soa.php

Choose format for MSE, before C&P-ing it in.

Thanks - but that is what I used. I removed parts from the SOA (Explanation above)

[Deleted User]

Well, the main one you've removed, which makes it tricky to give precise advice, is the salary, hence we don't know what, if anything, you have left each month.

Also, you've removed how many adults and children.

BTW. If you are renting, which, given you have £0 for mortgage, seems likely, why do you need buildings insurance?

HappyMJ

Bedsit_Bob wrote: »

Well, the main one you've removed, which makes it tricky to give precise advice, is the salary, hence we don't know what, if anything, you have left each month.

Also, you've removed how many adults and children.

BTW. If you are renting, which, given you have £0 for mortgage, seems likely, why do you need buildings insurance?

The own the house outright and probably the reason the replies came back as "you're more than fine - what's the problem" last time and probably took the thread off track. The SOA would have shown a massive asset surplus yet it's only the value of the house they live in.

rockm87

haha yeah this is a tricky one!

What is OP asking? I feel like I'm playing a game of guess how many bills I have ;-)