SOA Please take a look.

[Deleted User]

flippin36 wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1931
Partners monthly income after tax....... 575.8
Benefits................................ 137.6
Other income............................ 166.66
Total monthly income.................... 2811.06

Monthly Expense Details
Mortgage................................ 684
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 123
Electricity............................. 24.6
Gas..................................... 24.6
Oil..................................... 0
Water rates............................. 62
Telephone (land line)................... 19
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 5.99
Internet Services....................... 0
Groceries etc. ......................... 450 - This is a lot, for 4 people. Try Lidl/Aldi, drop a brand level, batch cook, etc.
Clothing................................ 50 - Every month?
Petrol/diesel........................... 80
Road tax................................ 16.66
Car Insurance........................... 20.83
Car maintenance (including MOT)......... 41.66
Car parking............................. 0
Other travel............................ 46
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30 - This seems a lot. Is there a particular medical/ problem, causing it to be so high? Have you considered a pre-payment certificate?
Pet insurance/vet bills................. 0
Buildings insurance..................... 4.5
Contents insurance...................... 4.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0 - You need something in here, especially as a home owner.

Total monthly expenses.................. 1820.34


Assets
Cash.................................... 1500
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 252500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 71000....(684)......2.79
Total secured & HP debts...... 71000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................4541.85...100.......0
credit card....................4550......350.......0
credit card....................6771.71...70........0
credit card....................2710......100.......0
credit card....................4807.57...131.......0
credit card....................848.8.....31........0
credit card....................1000......100.......0
Total unsecured debts..........25229.93..882.......-


Monthly Budget Summary
Total monthly income.................... 2,811.06
Expenses (including HP & secured debts). 1,820.34
Available for debt repayments........... 990.72
Monthly UNsecured debt repayments....... 882
Amount left after debt repayments....... 108.72

Personal Balance Sheet Summary
Total assets (things you own)........... 252,500
Total HP & Secured debt................. -71,000
Total Unsecured debt.................... -25,229.93
Net Assets.............................. 156,270.07

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

My comments in red.

Not a huge lot to trim. However, on the plus side, you do have a surplus, so don't need to add to your debt each month.

Scott_Chegg

I agree,

Not a huge lot to trim. However, on the plus side, you do have a surplus, so don't need to add to your debt each month

PurpleFairy26

I know this might sound obvious but I assume you are no longer spending on the cards? You have done an SOA based on spends but have been paying fior things on 0% cards

You could also up your income by signing up for some surveys sites if you don't already useful for gifts etc..

By sticking to a budget you can easily get this cleared and still be in a great position with your mortgage. You probably should put at least £50 of the 'left' money in an EF each month so if something happens you don't rely on getting the cc out again.

flippin36

Thanks for your advice.

Firstly - yes we are no longer spending on the cards. For a couple of months we have been spending what is left over after direct debits etc. This is usually in the region of £700 (food, petrol, dinner money, bus fares, clothes, misc..). This seems doable often with a little left over (never £100 though! So need to tighten things up.)

Medical - Dentist (£160p/a just for check ups, we all wear glasses so occasionally prescription will change, the odd prescription from GP but no health problems, occasional over the counter things). Last year all averaged at £30

The budget I have given is accurate according to a years worth of collecting receipts, logging the totals and averaging it out. This was done to give me a good idea about how much we actually spend.

By September I would like to do an envelope system where I physically put money into each pot so we don't have to rely on CC's to see us through.

Plan of action
Cut groceries to £350
Pay cash for food and work in weekly amounts, shop at Aldi.
Add £50 to emergency fund each month. If not used can be used towards the end to speed things up.
Use an envelope system for non regular amounts so not ever adding to debt
Look for a Saturday job