SOA - please help!! I want to start today!

Forward_thinking

Thanks everyone. Appreciate your time. To clarify a few quick questions asked:

£450 month isn't on presents - it includes all xmas presents, birthday gifts and 4 parties each year. (But I agree - needs to go!)

£200 clothes - actually we don't buy many but even 4 pairs of shoes and trainers adds up over the year.

Car -£630 - we have to hire a car at the moment as we can't afford to put the money down for a seven seater - cards are full.

£60 isn't just for the landline - this includes the internet and tv.

£85 medical includes dentists which is private for 6 people - NHS around here is impossible. Also contact lenses for £35 a month.

Cards - would be lovely to get onto 0% but that isn't possible because we would immediately fail on the credit checks with our balances.

Car tax - paid by parents.

Elec/gas - five bedroom house. Would like to move somewhere cheaper but our accountant has told us we would fail the checks.

Yes, it is a mess. I'm about to start looking for work - hoping to get around 30k. Should be possible. Would be self-employed.

matchboxfull

Roughly what part of the country do you live in? Would you say that your rent is necessary or extravagant?

As other posters have pointed out, unless you've got ccjs or been bankrupt you'll pass checks for another rental; they are very basic.

lee111s

I, probably like others on here, fear that you're extra 30k income will be swallowed up by more spending. As someone mentioned above, you don't need more money, you need to change how much you're spending on things.


Cutting your grocery budget in half and not hiring a cleaner would save you £820 PER MONTH. That's £10000 in one year just from those 2 changes. Ten thousand pounds!


If you continue like this you're going to end up bankrupt.


Why do you need to hire a car that is so expensive? You can get a second hand 7 seater for a couple of grand that should easily last a couple of years. That £630 you're spending on a car you'll never own could be split, £300 towards debt and £330 saving for a newer one in a few years time? Or dare you not be seen in something that isn't a 65 plate brand spanking new SUV?

getmore4less

You say you have 2 cars [STRIKE]and there is what looks like season ticket in there as well.
[/STRIKE]
review.

how much is the hire car?

Might be that you need to look at leasing if the 7 seat vehicle is needed and gets used enough, probably £250-£300pm for something decent and if that takes out the uncertainty and risk of owning it might be a solution for a year or two till you sort out the rest.


edit : scrub that season ticket sure I saw extra travel somewhere might be a different SOA.

Pixie5740

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 7000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 7000

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 2225
Management charge (leasehold property).. 0
Council tax............................. 300
Electricity............................. 350
Gas..................................... 0
Oil..................................... 0
Water rates............................. 250
Telephone (land line)................... 60
Mobile phone............................ 15
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 1200
Clothing................................ 200
Petrol/diesel........................... 340
Road tax................................ 0
Car Insurance........................... 25
Car maintenance (including MOT)......... 660
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 386
Medical (prescriptions, dentist etc).... 85
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 60
Other insurance......................... 300
Presents (birthday, christmas etc)...... 450
Haircuts................................ 130
Entertainment........................... 75
Holiday................................. 500
Emergency fund.......................... 0
Cleaner/ironing......................... 220
Total monthly expenses.................. 7886


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
Virgin.........................20000.....500.......17
Barclays.......................11000.....500.......17
Parents........................18000.....0.........0
Total unsecured debts..........49000.....1000......-


Monthly Budget Summary
Total monthly income.................... 7,000
Expenses (including HP & secured debts). 7,886
Available for debt repayments........... -886
Monthly UNsecured debt repayments....... 1,000
Amount short for making debt repayments. -1,886

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,000
Net Assets.............................. -49,000

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

anna_1977

Do you mind me asking how old the children are?
Also like someone one has asked, where do you live? I'm in the South East in a town that is known for being pricey yet my water is only £60 (was £70 pre meter) and Gas is £80 for a 4 bed house?

I think the car hire is bonkers, you'd be cheaper driving everywhere in the 2 separate cars that hiring one!

getmore4less

Another option as you will have two cars is don't get a 7 seater for short/medium trips just take 2 small cars.

if really necessary hire for the longer trips where one car would be better.

anna_1977

Pixie5740 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 7000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 7000

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 2225
Management charge (leasehold property).. 0
Council tax............................. 300
Electricity............................. 350 - surely this can be reduced
Gas..................................... 0
Oil..................................... 0
Water rates............................. 250 - massive amount, are you on a meter?
Telephone (land line)................... 60 - even with internet far too hire - cancel the TV
Mobile phone............................ 15
TV Licence.............................. 10 - this should be £12.12 if paid over the year
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 1200 - even with 5 kids this is high
Clothing................................ 200 - do you really spend this much every month?
Petrol/diesel........................... 340 - cut down on all but essential (work related) usage
Road tax................................ 0 - nothing here?
Car Insurance........................... 25
Car maintenance (including MOT)......... 660 - bonkers but that's already been commented on - lose the hire car
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 386 - what does this cover?
Medical (prescriptions, dentist etc).... 85
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 60
Other insurance......................... 300 - what insurances are left that aren't covered above?
Presents (birthday, christmas etc)...... 450 - this does need to do
Haircuts................................ 130 - £50 per mth for a mans cut is huge
Entertainment........................... 75 - you can't afford this
Holiday................................. 500 - again look at your deficit, this would cover nearly half
Emergency fund.......................... 0
Cleaner/ironing......................... 220 - should go
Total monthly expenses.................. 7886


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
Virgin.........................20000.....500.......17
Barclays.......................11000.....500.......17
Parents........................18000.....0.........0
Total unsecured debts..........49000.....1000......-


Monthly Budget Summary
Total monthly income.................... 7,000
Expenses (including HP & secured debts). 7,886
Available for debt repayments........... -886
Monthly UNsecured debt repayments....... 1,000
Amount short for making debt repayments. -1,886

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,000
Net Assets.............................. -49,000

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

Hi,

I had commented earlier but SOA much easier to read thanks to Pixie5740

Well done on posting..... however,You really need to re-evaluate your lifestyle. You could easily reduce your SOA by £1k by taking on board the comments

Pixie5740

Assuming your SOA is accurate then you are short by almost £2k every month. The good news is that there is lots of fat that can be trimmed from your SOA. You mention in your SOA that nappies are included in your grocery shopping so I think the cost of childcare will wipe out most of your income.
.

Pixie5740

With respect to your account he is not a prospective landlord and does not sound as though he knows what checks landlords and letting agencies do. So moving could be an option.