SOA - worried - please help before the SHTF?

forgetthat

hi Sellotape

I understand where you are coming from, a little here and a little there and the money soon vanishes.
I have started doing some of my food shop at lidl, fruit and veg..there are some foods that we still go to supermarket for but it makes a difference i'm no longer spending £50 at T e s c o. Like you there is only me and my daughter and she can get a little fussy about her food but now prefers some of the lidl products.
use places like home bargains, they will have the products a lot chaper than boots and superdrug
wqe dont use our central heating over night but have the hot water bottles and heavy blankets on top of duvets.
Start with the small this and move on to the higher spend, i agree with on of the other posters if your renovations are not urgent leave them for a bit and if they are not major task do what i do and look it up on you tube to do your self. I recently changed the lock/handle on two of my pvc windows...cost me £50 for one replacement last time. £12 for a pack of two handles i saved £88

good luck x

theoretica

selloptape wrote: »

Hi Everyone,

Today I added up the totals in my spending diary (Jan - July) to do an SOA. 1

selloptape wrote: »

TOTAL SPEND AV MTHLY SPEND
totals 884.72 110.59

Just to check your numbers - Jan to July is seven months, but you divided by eight?

A lot of people look at SOAs, as here, by looking at what you are currently spending and then how to trim bits here and there. I find it can be very useful to also look from the other side - you have £1600, what are you going to spend it on?

PasturesNew

selloptape wrote: »

Monthly Income Details
Monthly income after tax................ 1518.98

Monthly Expense Details
Mortgage................................ 322.13

Council tax............................. 79
Electricity............................. 20
Gas..................................... 80
Water rates............................. 30.84
TV Licence.............................. 12.12

Telephone (land line)................... 0 (included in internet)
Mobile phone............................ 12.50
Internet Services....................... 34.99

Groceries etc. ......................... 250
Alcohol ……………..32 - £0. You don't need this.
Clothing................................ 187- £20. You don't need this. I've left in £20 max for the child

Petrol/diesel........................... 26
Road tax................................ 13
Car Insurance........................... 42
Car maintenance (including MOT)......... 7
Car parking............................. 12
Other travel............................ 54

Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 22

Buildings insurance..................... 17 (buildings and cont)

Life assurance ......................... 32.73

Presents (birthday, christmas etc)...... 40 - £20. £240/year should be more than enough for a cascade of gift-giving
Haircuts................................ 3
Entertainment........................... 40 - £20. You've got a telly, that's entertainment

Emergency fund.......................... 20
Misc.................................... 110 - £0. You can't burn through that much and just call it Misc. If it's not a NEED then you're just frittering money
House Renovations/Decorating…..400 - £0. This is not a need and is an exceptional amount. What are you doing, filming for Grand Designs?

I've put above what I think you should aim for.

I've just shaved £750 off your monthly spending

[Deleted User]

selloptape wrote: »

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................ 1518.98
Partners monthly income after tax....... 0
Benefits................................ 89.70 (No TC's inc as currently repaying overpayment plus will no longer be entitled next year)
Other income............................ 0 (no child support :mad: )
Total monthly income.................... 1608.68

Monthly Expense Details
Mortgage................................ 322.13
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 79
Electricity............................. 20
Gas..................................... 80
Oil..................................... 0
Water rates............................. 30.84
Telephone (land line)................... 0 (included in internet)
Mobile phone............................ 12.50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 34.99 - That is a lot. Several companies are offering free BB, where you just pay the line rental, which is ~ half what you are currently paying.
Groceries etc. ......................... 250 - This is a lot, for only 2 people.
Alcohol ……………..32 - You can't afford this.
Clothing................................ 187 - You're spending £2,244 pa, for clothes for 2 people? :eek:
Petrol/diesel........................... 26
Road tax................................ 13
Car Insurance........................... 42
Car maintenance (including MOT)......... 7 - Only £84 pa, for MOT and maintenance?
Car parking............................. 12
Other travel............................ 54
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 17 (buildings and cont)
Contents insurance...................... 0
Life assurance ......................... 32.73
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 - That's £480 pa. Give token presents, and "house" gifts to couples.
Haircuts................................ 3
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 20
Misc.................................... 110 - What does this cover?
House Renovations/Decorating…..400
Total monthly expenses.................. 2236.31


Assets
Cash.................................... 15,000
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 141000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 77089...(322.13)......2.79
Total secured & HP debts...... 77089

Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts.................-


Monthly Budget Summary
Total monthly income.................... 1608.68
Expenses (including HP & secured debts). 2236.31
Amount short -627.63

Personal Balance Sheet Summary
Total assets (things you own)........... 141000
Total HP & Secured debt................. -77089
Total Unsecured debt.................... 0
Net Assets.............................. 63911

My comments/questions in red.

selloptape

Thank you so much everyone for taking the time to comment, and the hints, tips and common sense, I really appreciate it and think after I’ve ticked a lot of these off my list I’ll be able to revise my budget and it won’t feel so desperate… I’m really sorry but it won’t let me quote anyone’s comments on my SOA in my quote so I’ve tried to reply in one go here, hopefully that’s not too confusing.


Statement of Affairs and Personal Balance Sheet (Oops – this was over 8 months and included xmas last year – sorry for confusion)

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................ 1518.98
Partners monthly income after tax....... 0
Benefits................................ 89.70 (No TC's inc as currently repaying overpayment plus will no longer be entitled next year)
Other income............................ 0 (no child support ) I will call Child Maintenance, should have done it years ago but was worried about the inevitable battle and getting my son caught in the middle, hopefully he'll understand now he's older
Total monthly income.................... 1608.68

Monthly Expense Details
Mortgage................................ 322.13
Council tax............................. 79 This is over 12 months
Electricity............................. 20
Gas..................................... 80 I will defo change provider
Oil..................................... 0
Water rates............................. 30.84
Telephone (land line)................... 0 (included in internet)
Mobile phone............................ 12.50
TV Licence.............................. 12.12
Internet Services....................... 34.99 contract is up in Dec and I’ll look to change
Groceries etc. ......................... 250 am doing grocery challenge and will keep doing to try and reduce more
Alcohol ……………..32 Fair point – will stop for Nov and cut down going forward, fitting this into grocery budget
Clothing................................ 187 No more clothes for me for the year, and possibly next yr too! Yep I do have plenty, I have started an ebay pile and will try and declutter any that I don’t wear to add to the ebay pile.
Petrol/diesel........................... 26 I’ll work out if bus is cheaper than car for work… I get a lot of pain in my knees if I carry shopping from the Supermarket but perhaps I could get a shopping trolley instead of car, will be a lot cheaper 
Road tax................................ 13
Car Insurance........................... 42
Car maintenance (including MOT)......... 7 Yes – this was all the cost of last MOT - think I've been lucky with this car
Car parking............................. 12
Other travel............................ 54 Mainly train tickets to see family and friends - nearest family is over 150 miles away and hard to cut back on visits
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 17 (buildings and cont)
Contents insurance...................... 0
Life assurance ......................... 32.73 I’ll get quotes for a cheaper policy
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 This was mainly on my son for birthday and Christmas and also included my son’s party, apart from him I buy for four relatives at xmas, budget is £10 for each, I don’t buy for any friends. Also only get birthday cards for family, not gifts, which I feel terrible about
Haircuts................................ 3
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 20
Misc.................................... 110 A mixed bag of one offs – I should have included n the orig post - Sat Nav 59.99, Make Up 31.22, Stamps/postage 25.56, Laundrette 63.2, Ice scraper 2, Xmas Decs 8.85, Charity 10, Diary 4.99, Bike 101.89, Suitcase 57.98, Hen Do 362.02, Wedding Clothes 107.9, Moth Repellent 49.12.
House Renovations/Decorating…..400 Easy to judge I know sadly I haven’t done any decorative work to the house and a lot of work is needed still, spend so far included drain repair 1.5k, boiler replacement, both very expensive but necessary… There’s loads more to do – damp proof course, walls repointing, needs insulating, roof repairs, concrete floor needs replacing inside and that’s just for starters… I never would have taken this on if I’d known I’d be facing it as a single person  I think what I need to do is set a priority list of jobs with a budget for each, put the £5k money set aside for the repairs into a separate pot and save a set amount into this pot each month so that I’m not trying to pay out of my living expenses each month. Instead I’ll be paying out of that pot and then saving up for each job in turn as a few people have suggested.
Also need to prioritise these jobs so that the ones most likely to make the house fall down get done first.


Thanks again everyone x

tealady

Hi
Check with your utility suppliers to see if you qualify for a grant for insulation. If you don't try others and see if it is worth switching.

When_the_going_gets_tough

Just a thought is the house right for you in your present circumstances? Do you love it and will enjoy it once refurbished or would it be worth looking into selling up and buying somewhere needing less work. No need to discuss online but maybe worth thinking about. Good luck.

selloptape

tealady wrote: »

Hi
Check with your utility suppliers to see if you qualify for a grant for insulation. If you don't try others and see if it is worth switching.

Thanks tealady, will do

selloptape

When_the_going_gets_tough wrote: »

Just a thought is the house right for you in your present circumstances? Do you love it and will enjoy it once refurbished or would it be worth looking into selling up and buying somewhere needing less work. No need to discuss online but maybe worth thinking about. Good luck.

Thank you When The Going Gets Tough I have been wondering this, going to give it another year and then re-assess

zenshi

House Renovations/Decorating…..400 Easy to judge I know sadly I haven’t done any decorative work to the house and a lot of work is needed still, spend so far included drain repair 1.5k, boiler replacement, both very expensive but necessary… There’s loads more to do – damp proof course, walls repointing, needs insulating, roof repairs, concrete floor needs replacing inside and that’s just for starters… I never would have taken this on if I’d known I’d be facing it as a single person  I think what I need to do is set a priority list of jobs with a budget for each, put the £5k money set aside for the repairs into a separate pot and save a set amount into this pot each month so that I’m not trying to pay out of my living expenses each month. Instead I’ll be paying out of that pot and then saving up for each job in turn as a few people have suggested.
Also need to prioritise these jobs so that the ones most likely to make the house fall down get done first.

I am the same with my house! You need to prioritise the urgency of the jobs. Get quotes for works and save in order. Grants are available for insulation and boilers.

I had issues with leaky roof and front door, render cracked and blown. I knew this but didn't save as I thought debts more important. This changed when water started coming in ground floor room from the top! My front door has leaked water for 17 years but I had tiles, so I had towels down when it rained to soak up. A new door was priced at £1500 but by searching the net, I have got a brand new made to measure door and be able to have it fitted for less than half that! It will be after Xmas before I've saved the fitting money and have it installed but I'm getting there
I have learnt many skills over the years and know what jobs I can tackle myself and those I need a tradesman for.