SOA Help

funkypriest

Wondering if anyone can help me cut some of these bills down as don't seem to have much spare at the moment!

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2085
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2085

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 60
Gas..................................... 65
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 12
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 13
Car Insurance........................... 82
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
ADT Alarm............................... 25
Total monthly expenses.................. 1549


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Debt...........................12000.....60........0
Personal Loan..................4000......198.......50
Total unsecured debts..........16000.....258.......-


Monthly Budget Summary
Total monthly income.................... 2,085
Expenses (including HP & secured debts). 1,549
Available for debt repayments........... 536
Monthly UNsecured debt repayments....... 258
Amount left after debt repayments....... 278

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,000
Net Assets.............................. -16,000

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

HappyMJ

You say you don't have much spare but your SOA is showing £278 per month spare.

Where's that gone then? That's more than enough spare cash for almost anyone.

Keep a spending diary and write everything in it. Drinking coffee or tea when out every now and again and the cost adds up very quickly.

funkypriest

Problem is something always seems to take up the extra money, like an expense that hasn't been planned for etc and isn't a monthly expense.

This month it is 2 new tyres..!

anna_1977

funkypriest wrote: »

Wondering if anyone can help me cut some of these bills down as don't seem to have much spare at the moment!

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2085
Partners monthly income after tax....... 0
Benefits................................ 0 - Child benefit?
Other income............................ 0
Total monthly income.................... 2085

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 60
Gas..................................... 65
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 0
Mobile phone............................ 55 - very high, can you change to SIM only contract or cheaper one
TV Licence.............................. 12
Satellite/Cable TV...................... 40 this could go and just have freesat
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 250seems a lot but I'm assuming for work
Road tax................................ 3
Car Insurance........................... 82 what car is this for? very high, have you shopped about?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
ADT Alarm............................... 25
Total monthly expenses.................. 1549


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Debt...........................12000.....60........0
Personal Loan..................4000......198.......50
Total unsecured debts..........16000.....258.......-


Monthly Budget Summary
Total monthly income.................... 2,085
Expenses (including HP & secured debts). 1,549
Available for debt repayments........... 536
Monthly UNsecured debt repayments....... 258
Amount left after debt repayments....... 278

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,000
Net Assets.............................. -16,000

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

Hi
Please see my comments in red above. As someone else has says your SOA says you have £278 a month spare that must go somewhere,
How old is the child?

Good luck

HappyMJ

funkypriest wrote: »

Problem is something always seems to take up the extra money, like an expense that hasn't been planned for etc and isn't a monthly expense.

This month it is 2 new tyres..!

That would then mean the £20 a month that you are putting aside for car maintenance is insufficient. What have you really spent over the last 12 months on car maintenance? £50 would be a much fairer figure as your fuel figure is quite high. I would even consider £100 a month to be reasonable considering in your mind the car has no scrap value therefore it must be quite old and require a lot of maintenance.

anna_1977

HappyMJ wrote: »

That would then mean the £20 a month that you are putting aside for car maintenance is insufficient. What have you really spent over the last 12 months on car maintenance? £50 would be a much fairer figure as your fuel figure is quite high. I would even consider £100 a month to be reasonable considering in your mind the car has no scrap value therefore it must be quite old and require a lot of maintenance.

That's what I thought originally untill I noticed tax is only £3 per month so must be a newer one with low emissions

funkypriest

Hi thanks for posting.

Mobile phone is in contract I'm afraid until next September!
Satellite/Cable includes broadband and phone too so cheapest I could find as I need fibre broadband for working from home occasionally.

Petrol is for work yes. The car is a Seat Ibiza Cupra 2015 plate. Cheapest insurance I could get for me and my partner both insured.

Child has just turned 1 however benefits are all paid to my other half and is used on baby food/toiletries etc which inst covered by my grocery shop.

funkypriest

Sorry tax is £13 a month over 10 months.

HappyMJ

funkypriest wrote: »

Hi thanks for posting.

Mobile phone is in contract I'm afraid until next September!
Satellite/Cable includes broadband and phone too so cheapest I could find as I need fibre broadband for working from home occasionally.

Petrol is for work yes. The car is a Seat Ibiza Cupra 2015 plate. Cheapest insurance I could get for me and my partner both insured.

Child has just turned 1 however benefits are all paid to my other half and is used on baby food/toiletries etc which inst covered by my grocery shop.

So how much is it worth? You've put zero which implies to me that it's worth nothing.

You really need to be accurate. The advice from me with a car worth nothing and no assets would be to consider a DRO or Bankruptcy but as the car has value you would lose it if you went bankrupt.

The benefits are paid to you as a couple. You need to include all benefits you get as a couple and put down an increased figure for groceries. If you're spending £200 a month on groceries and another £200 (of the child benefit and child tax credit) on groceries too then it also makes the advice I give inaccurate as £400 a month for three would then be quite high but £200 a month is excellent. You've also got zero for child related costs but you do actually spend something on that.

funkypriest

HappyMJ wrote: »

That would then mean the £20 a month that you are putting aside for car maintenance is insufficient. What have you really spent over the last 12 months on car maintenance? £50 would be a much fairer figure as your fuel figure is quite high. I would even consider £100 a month to be reasonable considering in your mind the car has no scrap value therefore it must be quite old and require a lot of maintenance.

That's the service plan payment.

I do need to put more away for the car. I think it may be a case of trying to figure out what potentially could go wrong/need paying for and budgeting monthly accordingly.

anna_1977

funkypriest wrote: »

Hi thanks for posting.

Mobile phone is in contract I'm afraid until next September!
Satellite/Cable includes broadband and phone too so cheapest I could find as I need fibre broadband for working from home occasionally.

Petrol is for work yes. The car is a Seat Ibiza Cupra 2015 plate. Cheapest insurance I could get for me and my partner both insured.

Child has just turned 1 however benefits are all paid to my other half and is used on baby food/toiletries etc which inst covered by my grocery shop.

Thanks for clarifying On the phone/BB thing i have sky house phone (basic package as mobile has unlimited) and sky fibre optic for £25 all in - I haggled, might be worth a shot


So assuming it's only the £82 child benefit you get your monthly food shop of £200 seems high if the baby food & toiletries are not included. I would have thought you could get that down a bit

You haven't listed the car as an asset, is it part of the loan in your debts?