Soa posted - Is this healthy or am I in trouble?

lemonmoney

Hi guys please see our soa below

We have a surplus of 400 a month but feel like we just manage each month. There is nothing missing but just feels like there isn't much left to save for a holiday abroad etc.

Just sharing as this is my light bulb moment.

Don't really know what I'm looking for just feels good to say here I am...I've messed up but want to improve
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1880
Partners monthly income after tax....... 860
Benefits................................ 0
Other income............................ 100
Total monthly income.................... 2840

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 245
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 100
TV Licence.............................. 12
Satellite/Cable TV...................... 70
Internet Services....................... 0
Groceries etc. ......................... 170
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 44
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1881


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 16000....(245)......0
Total secured & HP debts...... 16000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................12000.....255.......0
Vanquis........................2250......120.......0
Aqua...........................2250......100.......0
Very ..........................900.......60........0
Total unsecured debts..........17400.....535.......-


Monthly Budget Summary
Total monthly income.................... 2,840
Expenses (including HP & secured debts). 1,881
Available for debt repayments........... 959
Monthly UNsecured debt repayments....... 535
Amount left after debt repayments....... 424

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -16,000
Total Unsecured debt.................... -17,400
Net Assets.............................. -33,400

Aamberle

Hi, I have had a quick look and I would say of you don't think you have any money left maybe do a spending diary for a month. Be honest with it, it is quite an eye opener as the pounds really do add up..

Good luck on your journey x

lemonmoney

Thank you. According to that I have 400 to clear off some debts but I know that's not reality. I'm often panicking about money each month.
I think there is probably daily shops to tesco for top up items that gets out of control X

ViolaLass

Got a child but no benefits?

Rent and mobile phones seem high.

I agree that you need a spending diary - if you're struggling then this SOA isn't accurate.

lemonmoney

Child benefit currently is £80 and pays off a small loan taken out for our boiler but this is to my dad and he also had owed me some so we write this off.

My partner is with Vodafone and it's 60
Mine is orange for 40
It is high but we don't have a landline and my partner uses his smart phone a lot for work to write on etc

My soa is correct I've just checked our online banking...which has unearthed that spend so so much money on odd pizza here or £20 taken out there so partner can go to the pub once a fortnight and shock horror I spent £59 in one month in charity shops...

It's helped writing all this....we totally overspend and live a champagne lifestyle on lemonade money

Kitten868

First job is finding this £400 and sticking to this budget. I'm terrible at this so I pay the £400 to my credit card when I get paid and then it's not there to spend. It's bad advice but it works for me.
Second job is to reduce all your bills. It'll make you feel fab.
If you stick to finding this £400 a month you'll have paid off very and can close it in two months! X

lemonmoney

Thank you that is really good advice just paying it X

Once very is gone that would be an extra £60 so 484 theoretically to then spend on debts X

enthusiasticsaver

How have the credit cards built up? If you cannot pinpoint the reason why you have debt the answer is simply that you are spending more than you bring in so the soa is not correct.

The groceries are low for three people and there is nothing in entertainment. Is that really correct? No haircuts, clothes or holidays (ever?) or car maintenance. Often the missing figure in SOAs are just cash withdrawals which disappear on odds and ends and are not recorded.

I would suggest you keep a spending diary and I think you may be surprised.

Is the debt really all at 0%? Are you still using the credit cards and is the debt increasing or reducing? I would also put something towards an emergency fund so you can stop using the cards every time you have an unexpected bill.

suki1964

Go back and relook at your soa

Examples being, no benefits? You have a child so there's some at least coming in

Nothing for haircuts, holidays, birthdays and Christmas etc?

Unless you are Jewish Jehovahs that's not true

Be totally honest. The credit cards have just mounted up on fresh air

lemonmoney

Thanks

I have already explained I only receive child benefit and this is being paid monthly to a family member for a personal loan on a boiler.

The debts came about when I became pregnant whilst studying to be a teacher. I got no maternity pay as I was a student and so all bills, items needed for a child etc went on it. 8k was from student days.

The cards are not on 0% I just don't know what they are I need to check I've just blurted this all out this evening.

£40 per week for 2 adults (1 small child) was our food budget for basics but I think this is where we are going wrong. I'm easily spending some days another £10-£20 topping bits up but then buying treats and rubbish!

I get my hair done free from my sister

£30 a month I keep aside for Christmas
Me and partner don't buy each other presents just for our child and all my friends and family don't do presents for birthdays maybe one or two at £20 three times a year

lemonmoney

I think answering all your questions has made me see we just do not stick to our food budget and instead can easily triple that with daily withdrawals and food bits etc

At least I know how to cut back now

Thanks for all your help

It really has just been a case of totally not budgeting or watching what we spend