SOA help

Angela84

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2916
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2916

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 900
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 48
Gas..................................... 0
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 20
Car Insurance........................... 51
Car maintenance (including MOT)......... 40
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...................... 0
Life assurance ......................... 0
Other insurance......................... 6
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 50
Total monthly expenses.................. 2156


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
Natwest........................3482......100.......17
Barclaycard....................2214......50........17
Lloyds.........................1558......50........0
rbs od.........................1250......0.........16
natwest od.....................1600......0.........16
Total unsecured debts..........10104.....200.......-


Monthly Budget Summary
Total monthly income.................... 2,916
Expenses (including HP & secured debts). 2,156
Available for debt repayments........... 760
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 560

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,104
Net Assets.............................. -10,104

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

Angela84

Just been doing my sums tonight and didnt realise how much debt i was in. Not good.
Filled in thei SOA and cant seem to figure out where the money is going. Need to kick start the budet tightening.
Im on my own, having recently sepearted from my husband. I have 5 children. I work hard to provide for them.
Any (nice!) advice would be appreciated.
Many thanks

Puddylove

Hi Angela.
I suppose I notice a few things. Firstly, does your income include child benefit, or child support from your ex? He should be helping pay for his kids.
Secondly, do you really have £760 left each month? If not, you need to keep a spending diary, to see where it really goes.
Thirdly, that's a fair bit on entertainment and holidays - no way of reducing this.

tallyhoh

just worried there may be a couple of things missing on your SOA, is your electricity really just £48? seems a low amount as you have no gas charges. Is there no contents insurance? you really should have this. £560 is a lot of money to go missing, suggest you keep a spending diary to find out where it goes, list everything you spend, even a cup of tea.

anna_1977

Angela84 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2916
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2916

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 900
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 48 seems extremely low for a house of 5 kids
Gas..................................... 0
Oil..................................... 0
Water rates............................. 23again seems low
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 20
Car Insurance........................... 51
Car maintenance (including MOT)......... 40
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...................... 0you should have some sort of insurance?
Life assurance ......................... 0
Other insurance......................... 6
Presents (birthday, christmas etc)...... 20is this accurate, you will only spend £20 per birthday and £20 at Xmas each child?
Haircuts................................ 20
Entertainment........................... 100is this necessary?
Holiday................................. 100
Emergency fund.......................... 50you have put £50 here but have no assets so I assume you're not saving
Total monthly expenses.................. 2156


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0you pay car insurance etc so there should be something in here
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................3482......100.......17
Barclaycard....................2214......50........17
Lloyds.........................1558......50........0
rbs od.........................1250......0.........16
natwest od.....................1600......0.........16
Total unsecured debts..........10104.....200.......-


Monthly Budget Summary
Total monthly income.................... 2,916
Expenses (including HP & secured debts). 2,156
Available for debt repayments........... 760
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 560

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,104
Net Assets.............................. -10,104

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

Welcome and well done for posting you SOA.

Please see my comments in red above.

As someone else has mentioned you seem to be missing child benefit and child maintenance from your ex husband.

how old are your children?

Angela84

Thank you for the responses!
I included the maintenance and child benefit in the whole salary thing if that's ok.
My electric is combined gas and electric, I must have found an amazing deal as people always comment it's so low! Water too. They've been this way for a year after meter readings so not expecting a sting.
I should really have contents insurance, pretty silly of me really. My family bought my car so I didn't want to include it as assets as I couldn't really sell it.
Spending diary starting today. I'm thinking a couple of trips out for tea as treats with my lot each month are easy £50 a time pops so I need to stop these really. We also have an old caravan I try to take away each month for a weekend somewhere so that's an expense too, although we only go to cheap campsites.
I have my gym membership which is £23 a month that I use very often.

anna_1977

just make sure you're not going to be an debt with your gas/electric. We pay £89 a month for 2 people and that's on a deal with E-On.
Spending diary is a great idea. Really tighten the belt and you could pay off a load of the debt in 12 months.

indesisiv

Keep a spending diary, I am sure that there are more spends that you are forgetting.
Also do you not have a mobile phone or pay for any of your kids?

The electricity and gas looks about right to me I pay £30 for gas/elect on my own (which puts me in credit each year ). The water seems low though for 5 kids and all the washing/bathing/showering that you must all inevitably be doing!

enjoyyourshoes

When calculating which to pay off when:-

add in any monthly bank charges for the 2 OD's

Factor in what the APR will be and when it starts on the 0% Lloyds deal.

Identify what your NEEDS are and spend only on them, any wants should be removed from the spending thus throw more at the debts.

DCFC79

Where do you shop ? Have you considered trying out the discounters if any are nearby/feasible.

MoneyMission2015

You have nothing at all for telephones, no land line or mobile. Is this correct? Or is the £25 internet including phone line?


What about childcare or other child expenses, such as school trips etc? And medical for prescriptions etc?


Keep a spending diary. I'd also recommend You Need a Budget. Its a software program that helps you to budget and keep track of things. Within the first month of me using it (on free trial) I managed to stay out of my overdraft, something I hadn't done for approximately 10 years! It's not for everybody but it has been a godsend for me, I now have savings for the first time ever and can pay for things with real money instead of credit cards


Edited to add: I find that if I have cash on me, I end up giving £1 here, £2 there to my daughters for ice cream, a magazine etc then before I know it I've spent £20 on nothing. I only have 2 children so I bet with 5 children you will find this is where a lot of your money is going. Keep track of it. My daughter loves the ice cream van but I have started keeping ice cream in the freezer again and my mum bought some ice cream sauces so she could make her own ice cream sundaes, she makes a mess but she has fun and I save money. For the cost of the tub of ice cream (87p asda smartprice vanilla), the sauce (around £1.30 in asda) and some sprinkles (£1) that's £3.17 for those 3 items, which will make around 20 bowls of ice cream. So even if the ice cream from the van was £1 each time (it's usually more for all the extras), I'm saving £16.83 for those 20 ice creams : )