SOA-advice appreciated

Tjh1412

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 548.65
Other income............................ 0
Total monthly income.................... 1548.65

Monthly Expense Details
Mortgage................................ 100
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 9.99
Mobile phone............................ 32
TV Licence.............................. 12.12
Satellite/Cable TV...................... 21.5
Internet Services....................... 5
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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..................... 12.5
Contents insurance...................... 12.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 3.5
Entertainment........................... 35
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 574.11


Assets
Cash.................................... 2500
House value (Gross)..................... 200000
Shares and bonds........................ 4000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 206500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 160000...(100)......0
Total secured & HP debts...... 160000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC ............................1653.22...17.93.....6.9
Total unsecured debts..........1653.22...17.93.....-


Monthly Budget Summary
Total monthly income.................... 1,548.65
Expenses (including HP & secured debts). 574.11
Available for debt repayments........... 974.54
Monthly UNsecured debt repayments....... 17.93
Amount left after debt repayments....... 956.61

Personal Balance Sheet Summary
Total assets (things you own)........... 206,500
Total HP & Secured debt................. -160,000
Total Unsecured debt.................... -1,653.22
Net Assets.............................. 44,846.78

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

Tjh1412

Just a couple notes, I've been picking up overtime for the past couple months; so an extra £200 or so when that's available. My DFD is only 3 months away now and I've tackled most of bills etc but I'd appreciate some feedback to see if there is anything else I can do, determined to get the mortgage gone once the debt is shifted. Thanks in advance

Dobbibill

Hi Tjh,

Congrats on being only 3 months away from your DFD.

Your SOA is not looking too bad to be fair, just wondering......
Where is your C.Tax, electric, gas and water rates?

If I had to be really picky on other things I would say the mobile phone could be over a tenner a month cheaper.

Your building and contents insurance are very high - I've just renewed mine and after using TCB I have a net cost of just over £15 for the year, so it's worth shopping around and using cashback sites.

Tjh1412

My partner pays those,the outgoings listed are just what comes off my accounts and the assets are only the ones in my name sorry should have explained that

yasmin2

Can your partner get a job? Even a part-time one?

Can you cut back on entertainment or satellite tv? Just whilst you're clearing off your debt. I allow myself £12 a month - basic N**flix and A***on.

Tjh1412

He does have a job,but we don't have joint account or mortgage etc at all. I pay food,mortgage and for our sky package,he pays council tax water gas and electric plus car costs; I'll admit to not knowing what the car costs are as he pays that;only put him on the SOA so people would know that was food for 2 people not one.

tallyhoh

Do you have children, is that what the benefits is for?

redpete

100 a month on a 160000 mortgage, seems very low to me. Sure it's correct?

If it is then you will be able to clear the cc balance in a couple of months and then start overpaying on yhe mortgage.

Nothing on the monthly spend stands out as excessive but if you do have 956 left over every month you don't need to worry even if it is.

Dobbibill

Tjh1412 wrote: »

My partner pays those,the outgoings listed are just what comes off my accounts and the assets are only the ones in my name sorry should have explained that

Ah, that makes sense......I didn't think they would be left out without a good reason :rotfl:

If you are moving on to MFW, the only thing to add is watch those ERCs. Weigh up whether you are better to OP some and save anything you would incur ERCs on, to pay off when you change mortgage deals. So effectively aiming towards being mortgage neutral

One last thing.......when you reach DFD in 3 months. Give yourself a treat......you will have deserved it.

Tjh1412

Thanks everyone for the feedback. Yes mortgage payment is a minimum of £100 a month I am going to up this asap but as there's no interest to pay there I thought it made sense to clear interest bearing debts first?

Tjh1412

No Tallyhoh I have no children, this is WTC