SOA if I go it alone

chelseablue

Thank you all.


Normally I am debt free but had a couple of big purchases recently, anything over £100 I like to pay on my credit card. Plus I get cashback on my card


We have been together 3 years, living together for 18 months

eschaton

chelseablue wrote: »

Hi everyone


Can I post a hypothetical situation please? It's not actually happened yet but if I were to split from my partner I would like some advice on my SOA to see if I would be able to manage alone.


Please be as brutally honest as you like


My SOA as a singleton would be:


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1,887
Partners monthly income after tax....... 0
Benefits................................ 82
Other income............................ 230 This is child maintenance. I rang the child maintenance people to check how much my partner would have to give if he left
Total monthly income.................... 2199
Monthly Expense Details
Mortgage................................ 479
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 78
Council tax............................. 93 This is with the single person discount
Electricity............................. 31.33 This is what the D/D is at the moment for a 2 bed all electric flat.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 0
Mobile phone............................ 33
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 200 For everything (nappies, cleaning stuff, toiletries, packed lunch for work)
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 17.5
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 2.08 £25 a year for a parking permit for my road
Other travel............................ 0
Childcare/nursery....................... 760
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 Included in the management charge
Ground rent................................ 20
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 2029.91

Assets
Cash.................................... 42872
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 254872

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 92000....(479)......2.29
Total secured & HP debts...... 92000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................600.......5.........0
Total unsecured debts..........600.......5.........-

Monthly Budget Summary
Total monthly income.................... 2,199
Expenses (including HP & secured debts). 2,029.91
Available for debt repayments........... 169.09
Monthly UNsecured debt repayments....... 5
Amount left after debt repayments....... 164.09
Personal Balance Sheet Summary
Total assets (things you own)........... 254,872
Total HP & Secured debt................. -92,000
Total Unsecured debt.................... -600
Net Assets.............................. 162,272
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

With a monthly surplus of £164 and £600 on a Barclaycard - added to £47k in savings - why are you posting this?


If the above figures are accurate then you know that you can manage even without dipping into your £47k to treat yourself to the odd chocolate bar.

chelseablue

I thought I'd ask on here as I'm finding the prospect of being a single parent a bit daunting so wanted to see if my soa sounded manageable.

I'd rather not touch my savings as I will need them to put towards a new property so my son can live in an area with better schools

Zoology_Dragon

It seems incredibly unfair that you should have to foot the bill for nursery fees by yourself though I realise that's the way the system seems to work. Would you have 50/50 custody? If so, I would say a 50/50 split of nursery fees would be fair.

leicestersq

Why won't the ex have 50% of the child care? That is what I would try to get if I were a judge. If not 50%, then why should the mother have the majority of care? Maybe the dad might get a large share of the care?

My_Lovely_Carrot

Hi, If you have over £16K in savings, you will not be able to claim child tax credits.