SOA please help me trim the fat

Sareybox

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 1100
Benefits................................ 149
Other income............................ 0
Total monthly income.................... 2749

Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 54
Gas..................................... 54
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 14
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 25
Road tax................................ 19
Car Insurance........................... 18
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 16
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 55
Emergency fund.......................... 25
Misc.................................... 130
Donations............................... 25
Netflix................................. 6
Total monthly expenses.................. 1605


Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 214000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 142000...(680)......5.99
Total secured & HP debts...... 142000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card - MBNA.............3762......38........0
Credit card - Lloyds...........1905......19........0
Credit card - Santand..........2213......22........0
Credit card - Barclay..........5993......138.......0
Credit card - BOS 2............4698......80........0
Credit card - BOS 1............2332......47........0
Credit card - HSBC.............1999......60........0
Total unsecured debts..........22902.....404.......-


Monthly Budget Summary
Total monthly income.................... 2,749
Expenses (including HP & secured debts). 1,605
Available for debt repayments........... 1,144
Monthly UNsecured debt repayments....... 404
Amount left after debt repayments....... 740

Personal Balance Sheet Summary
Total assets (things you own)........... 214,000
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -22,902
Net Assets.............................. 49,098

This is after 2 months of trying to trim everything down & attack the debts, I think we're doing OK but welcome any suggestions! Thanks in advance :-)

[Deleted User]

2 children and no "other child related expenses"?
your mortgage is 5.99% apr which is very high any chance of approaching the lender for a better deal without the expense of a remortgage?

Sareybox

Yeah, I couldn't think if any... There are no regular payments & all other spending is in misc so if we go swimming or something it's in there. Hope that makes sense?
Our 5 year fixed rate ends next month so we'll remortgage then & pay around £500 then.

HappyMJ

It says you should have over £700 spare each month so what's that being spent on?

Sareybox

The last 2 months was the overdraft, this month & next will mostly be a mortgage valuation & fee and then it'll go to credit card repayments :-) but I'd like to throw more money at them if I can.

andyfromotley

Its a pretty slim SOA well done.

I would put the money to my Emergency fund first. Get that to £1k and then crack on with the CC's. Are all of the cards 0%? You obviously need to manage these to ensure that you avoid paying any interest on them.

By the time you remortgage you will have around £900 pm to throw at the debt which will clear it in about 2 years. Thats pretty good going.

Your only real other option is to try and increase your income to pay it quicker.

Good work.

Sareybox

Thanks Andy from Otley :-) were not too far from you, in Harrogate. Do you pay Yorkshire water as much as I do?!!

I'm actually applying for jobs at the moment & will be working more hours when the kids are in preschool so I'm hoping we can pay it off in 18 months, it's a target anyway.

I'm paying them off in order of shortest to longest interest free period & I'm on track to do that with all but the massive barclaycard bill, I'll do the sums at that point & see if it's worth doing another balance transfer.

I have been toying with the idea of an emergency fund but it seems silly when we'll be overpaying that amount each month so if I do have an emergency I could pay out of my overpayment if you see what I mean? What are your thoughts on that approach?

Thanks for your input :-)

andyfromotley

I dint think either option is terrible re the EF.

Yes i pay them about the same but the DD are on a funny six month? cycle. I suppose they might put it on 10 or 12 months if you asked them?

Like i say, i think you're doing a great job.

Sazzie23

Try doing some of the grocery challenges on this site or look at the skint dad blog for ideas on extra savings.

Doing well so far, and you have a plan, and that's more than most.

mum2one

Sareybox wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 1100
Benefits................................ 149
Other income............................ 0
Total monthly income.................... 2749

Monthly Expense Details
Mortgage................................ 680
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 54
Gas..................................... 54
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 14
Mobile phone............................ 15
TV Licence.............................. 0 - do u only watch catch up
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 200
Clothing................................ 0 .... thinking at least £50
Petrol/diesel........................... 25
Road tax................................ 19
Car Insurance........................... 18
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 .. none
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 16
Buildings insurance..................... 13 - is it combined with buildings
Contents insurance...................... 0
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 - sure thats all u spend
Haircuts................................ 0 - none ??
Entertainment........................... 0 - not at all ??
Holiday................................. 55
Emergency fund.......................... 25
Misc.................................... 130
Donations............................... 25 - nice but maybe not gd with debts
Netflix................................. 6
Total monthly expenses.................. 1605


Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 214000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 142000...(680)......5.99
Total secured & HP debts...... 142000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card - MBNA.............3762......38........0
Credit card - Lloyds...........1905......19........0
Credit card - Santand..........2213......22........0
Credit card - Barclay..........5993......138.......0
Credit card - BOS 2............4698......80........0
Credit card - BOS 1............2332......47........0
Credit card - HSBC.............1999......60........0
Total unsecured debts..........22902.....404.......-
Are they all on zero %

Monthly Budget Summary
Total monthly income.................... 2,749
Expenses (including HP & secured debts). 1,605
Available for debt repayments........... 1,144
Monthly UNsecured debt repayments....... 404
Amount left after debt repayments....... 740 - r u left with this every month

Personal Balance Sheet Summary
Total assets (things you own)........... 214,000
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -22,902
Net Assets.............................. 49,098

This is after 2 months of trying to trim everything down & attack the debts, I think we're doing OK but welcome any suggestions! Thanks in advance :-)

Sounds like some good cutting back, but there seems to be a lot of gaps - I would keep a spending diary and list everything and see what needs looking at x

Serendipitious

I agree you're doing a good job, well done.

Petrol/diesel seems low at £25 a month?

x