SOA for the new year

lazer-zxr

New year, new circumstances, new SOA.
Managed to reduce debt by just over 10k last year, a long way to go still.... frustrated by what's left to do, but looking to balance life and repayments.
Any thoughts and advice greatly appreciated.

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.................... 2

Monthly Income Details
Monthly income after tax................ 3093 - includes £420 cash allowance for car
Partners monthly income after tax....... 774
Benefits................................ 137 - Child Benefits, taxed at PAYE
Other income............................ 50 (Solar PV FIT income)
Total monthly income.................... 4054

Monthly Expense Details
Mortgage................................ 830
Secured/HP loan repayments.............. 100
Mortgage S.O. overpayment............... 80
Management charge (leasehold property).. 20
Council tax............................. 148
Electricity............................. 28
Gas..................................... 19
Water rates............................. 46
Telephone (land line)................... 16
Mobile phone............................ 7
TV Licence.............................. 12
Satellite/Cable TV...................... 0 - don't have this service
Internet Services....................... 2.5
Groceries etc. ......................... 280
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 22
Car Insurance........................... 56 - I know could get this £10 cheaper (This option is for £160,000 Decreasing Life cover inline with mortgage, with £160,000 Terminal Illness cover over a 23 year term), but wife has had back operations that make a new cover complicated. I need some advice on this.
Car maintenance (including MOT)......... 19
Public Transport........................ 20
Buildings and contents insurance........ 15
Life assurance ......................... 56
Haircuts................................ 20
Entertainment........................... 0 - not sure what should go in here
Holiday................................. 65
Emergency fund.......................... 50
Car depreciation..(so we can renew)..... 250
Caravan depreciation (so we can renew).. 70
Car Service............................. 15
Caravan Service......................... 18
Caravan Insurance....................... 24
Caravan Club............................ 4
Takeaway................................ 13
Going out / Treat....................... 30
Union (Wifes)........................... 2
Work lottery (myself and partners work). 15
Kids swimming lessons................... 28
National Trust Membership............... 7
Kids School Milk........................ 5
Our kids birthdays / xmas............... 50
Birthday / gifts outside our household.. 20
Wifes Slimming club..................... 20
My football subs........................ 14
Kids clubs (Brownies,dancing)........... 50
Total monthly expenses.................. 2656.5


Assets
Cash.................................... 3124 - (1950 in TSB account to Stooze the M&S credit card @ 5% interest)
House value (Gross)..................... 185000
Car(s).................................. 13000
Caravan ................................ 15000
Total Assets............................ 216124


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 142951...(830)......4.54 NRAM
Secured Debt.................. 21972....(100)......4.79 NRAM
Total secured & HP debts...... 164923....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
M&S CC - Stoozed...............1950......30........0
M&S Loan (Solar PV)............6208......168.......3.6
Yorkshire Bank.................11206.....208.......4.45
Monthly cleared CC.............1524......6.........17.9 - This is our monthly spend, cleared from CC at end of month for benefit of CC incentive incurring no interest charge. Slightly high this month as had to purchase new car, and was £1k short so went on CC
Barker Stonehouse Sofa..........1168......130.......0
Total unsecured debts..........22056.....542.......-


Monthly Budget Summary
Total monthly income.................... 4,054
Expenses (including HP & secured debts). 2,656.5
Available for debt repayments........... 1,397.5
Monthly UNsecured debt repayments....... 542
Amount left after debt repayments....... 855.5 - intention is all of this is to be thrown at debt, reality is 75% will be thrown at debt.

Personal Balance Sheet Summary
Total assets (things you own)........... 216,124
Total HP & Secured debt................. -164,923
Total Unsecured debt.................... -22,056
Net Assets.............................. 29,145

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Also trying to supplement income with matched betting (about £1100 last year, forecasting £600 this year) and ebay sales (about £600 last year, hoping for around £200 this year).

andyfromotley

Hi Lazer,

all looks good, as expected. Couple of things, without dragging up the whole NRAM fiasco is there anychance you could remortgage? I HATE the interest rate you are on?

Your comment about paying about 75% of excess to debt repayment suggests quite a bit of frittering going on with this spare cash!!! ;-)

lazer-zxr

Thanks for the reply Andy. Your own signature makes for great reading, well done.
You're right, the frittering needs to be controlled, shouldnt take the foot off the gas and all that. I'll rejig YNAB, look for 90% towards debt repayments.

I've looked at remortgaging, I need to shift this next £10k, then get out of NRAM. The bods on the mortgage board have advised I'm carrying too much debt for a remortgage at the moment.

Thanks again.

ViolaLass

Why are you overpaying the mortgage rather than the secured debt?

lazer-zxr

That overpayment does go to the secured loan only. Its a together product, the secured loan + mortgage. Sorry for the confusion.