SOA Help

Mimi_Arc_en_ciel

standing_at_the_edge wrote: »

Hi all,

I'm looking for some critical help on my SOA. I am struggling with a high level of debt, high over heads, and a highish, but not sufficient income. I've got 5 children, aged 9, 10, 11, 16 & 17, all girls, and lots of clubs and trips to finance on top of keeping a roof over their head. We don't have any assets to speak of and only have the one income at present. We are in the process of moving house to a smaller and more economical place that we can squeeze into (rented).

Appreciate any thought on cost savings (or where people feel I have underestimated costs) (vehicle costs are fairly high as we live in the highlands and everywhere is about 30 miles away with little in the way of public transport) & internet/TV/Phone is all rolled into a single account. Mobile is high as each of the kids has a mobile (a luxury I know but allows them to contact us when needing picking up and for safety).

Thanks in advance

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.................... 1

Monthly Income Details
Monthly income after tax................ 4506
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 425
Total monthly income.................... 4931

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 388.7
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 100 This seems high. Are you in arrears? Look on Martins "Cheap Energy Club" to see if it can be reduced
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0 None?
Telephone (land line)................... 0
Mobile phone............................ 60 For how many? Seems high. EE package £11 a month 1000 min, unlimited text, 2k data, Pay monthly sim only
TV Licence.............................. 12.6
Satellite/Cable TV...................... 0
Internet Services....................... 30.49
Groceries etc. ......................... 650 Can you down grade products / supermarkets etc. Not sure how much you'd save on a family of 7 but worth a try
Clothing................................ 150 Do you spend this EVERY month? Do you use Quidco / buy in Sales? Charity shops?
Petrol/diesel........................... 303
Road tax................................ 23
Car Insurance........................... 56
Car maintenance (including MOT)......... 150 Every month?! This is high. MOT's are only £50ish
Car parking............................. 20
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0 You mention clubs but have no cost here?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 60
Other insurance......................... 5
Presents (birthday, christmas etc)...... 100 This is good - but is it right?
Haircuts................................ 50 Every month? This is high. Use a training college. The people cutting hair are NVQ Level2 trained - That's the same as the staff in Toni & Guys
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 100
Total monthly expenses.................. 3350.79


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5710.....(388.7)....28.3
Total secured & HP debts...... 5710......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Granite........................3423......169.......30.4
Halifax........................3610......97.6......25.95
Lloyds.........................2813......62........14.94
Barclays.......................7885......177.......17.43
Total unsecured debts..........17731.....505.6.....-


Monthly Budget Summary
Total monthly income.................... 4,931
Expenses (including HP & secured debts). 3,350.79
Available for debt repayments........... 1,580.21
Monthly UNsecured debt repayments....... 505.6
Amount left after debt repayments....... 1,074.61

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -5,710
Total Unsecured debt.................... -17,731
Net Assets.............................. -19,441

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

Hi, my comments are in red for you HTH x

Darksparkle

Mimi_Arc_en_ciel wrote: »

Hi, my comments are in red for you HTH x

Water rates are included in council tax in Scotland.

Mimi_Arc_en_ciel

Darksparkle wrote: »

Water rates are included in council tax in Scotland.

Ah - I didn't know this