Roast my SOA

abby1234519

Just putting in place 2017's pay off schedule. Please can someone look at the below and make any suggestions?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2One is car lease through work

Monthly Income Details
Monthly income after tax................ 1136 My income is low due to car lease through work.
Partners monthly income after tax....... 1507.5 student finance and wages
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 2725.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 140 Will go down to 90 in April
Electricity............................. 65both gas and elec
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36water meter
Telephone (land line)................... 0
Mobile phone............................ 45two mobile phones, will go down in September
TV Licence.............................. 25pay monthly, paying first 6 months in advance
Satellite/Cable TV...................... 43.97includes internet,netflix,spotify, amazon prime - we have freeview
Internet Services....................... 0
Groceries etc. ......................... 250should really be lower but includes weekly trip to mcdonalds for me and ds as well as a monthly takeaway
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 42 saving this per month because who knows how much OH's car will cost in insurance. Would rather save more
Car maintenance (including MOT)......... 30 saving per month
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 206 average monthly cost when taking into account holidays
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 goes into saving pot
Pet insurance/vet bills................. 10have a hamster, pays for straw and food and a little to go into savings as the last one was put down by vet due to having cancer and it cost a bomb
Buildings insurance..................... 0
Contents insurance...................... 6.91
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Don't actually spend this - I would rather save £50 for 6 months then drop it to £20 a month. Large family. Budget is usually £20 to cover birthdays and christmas. I'd rather not buy presents for the extended family but my mother in law is a dragon
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50 savings - don't plan to have a holiday but still putting it away
Emergency fund.......................... 200 we don't have an emergency fund so this is essential
DS Pocket Money......................... 10 £5 in coins and £5 into his bank account
OH Personal Expenses.................... 250student expenses such as books, printing etc, travel to university etc
Personal Expenses....................... 110Covers things like, Secret Santa, or taking DS to kids club cinema at weekend (£5 plus petrol). Buys my home hair dye, makeup, alcohol if I am socialising
Total monthly expenses.................. 2309.88


Assets
Cash.................................... 200
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
BarclayCard....................1570......40........0
Husbands DMP...................12600.....105.......0
Student Loan Company...........1300......10........0
V12 Bike Loan..................304.98....23.46.....0
V12 MB Loan....................980.37....36.31.....0
Family Loan....................7700......130.......0
Housing Benefit Debt...........950.......50........0
Total unsecured debts..........25405.35..394.77....-


Monthly Budget Summary
Total monthly income.................... 2,725.5
Expenses (including HP & secured debts). 2,309.88
Available for debt repayments........... 415.62
Monthly UNsecured debt repayments....... 394.77
Amount left after debt repayments....... 20.85

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,405.35
Net Assets.............................. -24,805.35

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

enthusiasticsaver

It does not look too bad to me. Obviously there is room to trim in the satellite, groceries and personal spends but to keep you on board it is not unreasonable to have the figures in your soa so you get to live a little bit too. Maybe when the council tax reduces and mobiles go down you could put that towards debt to get it paid off quicker. What interest rates are you paying on the V12 loans and Barclaycard? I assume the others are all 0%.

abby1234519

enthusiasticsaver wrote: »

It does not look too bad to me. Obviously there is room to trim in the satellite, groceries and personal spends but to keep you on board it is not unreasonable to have the figures in your soa so you get to live a little bit too. Maybe when the council tax reduces and mobiles go down you could put that towards debt to get it paid off quicker. What interest rates are you paying on the V12 loans and Barclaycard? I assume the others are all 0%.

I hoped it was reasonable, one of the reasons I got into debt was by not having personal money so I just went crazy with credit cards. Whereas now I've given myself £110 I'm doing really well at sticking to it.

£250 for OH sounds a lot but he has to pay everything out of it for university and he has quite expensive books. Even 2nd hand! He also travels to a city for uni so when you take £120 travel money out of it...

Yes when Council tax reduces I've already allocated the extra to debt but not with mobile phone. OH's phone is on its last legs, I will have to get him a new one at some point. Trying to convince him to go for a £130 Wileyfox. Or to save up himself out of his spending money.

Barclaycard is 0%

V12 can't remember. But one of them, if I pay early I only save £9, the other I save £30

DCFC79

Cant see much to cut back on, just 1 question though do you feel you have the £20 left a month ?

Where do you do your grocery shopping ?
Do you cook from scratch ?

Not sure if £250 a month is too much for shopping. If not already have a look at lidl/aldi.

anna_1977

are you entitled to any tax credits? I thought it was income under £40k or something is?

abby1234519

DCFC79 wrote: »

Cant see much to cut back on, just 1 question though do you feel you have the £20 left a month ?

Where do you do your grocery shopping ?
Do you cook from scratch ?

Not sure if £250 a month is too much for shopping. If not already have a look at lidl/aldi.

Yes I do. I have a little bit more actually as certain categories are underspent - for example if there is 37 pence left over on something, I transfer it to a credit card. On Ynab, every pound is budgeted for so that £20 might vary and so it gets allocated to debt as a mini snowball

anna_1977 wrote: »

are you entitled to any tax credits? I thought it was income under £40k or something is?

Goes up and down, September it was £5 a week, December its £13 a week. I don't included it because I do NOT trust tax credits, every year we have an overpayment so the money goes into a regular saver as I am convinced that this year we will owe them more than we are entitled to in the next year.

EssexHebridean

abby1234519 wrote: »

Just putting in place 2017's pay off schedule. Please can someone look at the below and make any suggestions?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2One is car lease through work

Monthly Income Details
Monthly income after tax................ 1136 My income is low due to car lease through work.
Partners monthly income after tax....... 1507.5 student finance and wages
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 2725.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 140 Will go down to 90 in April Over 12 months? Or 10? If 10 remember to set aside the "spare" money from the two dead months rather than leaving it to get frittered
Electricity............................. 65both gas and elec
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36water meter
Telephone (land line)................... 0
Mobile phone............................ 45two mobile phones, will go down in September
TV Licence.............................. 25pay monthly, paying first 6 months in advance When will that drop to the £12.12 standard monthly?
Satellite/Cable TV...................... 43.97includes internet,netflix,spotify, amazon prime - we have freeview Do you really need all those things? Do they all get watched/used?
Internet Services....................... 0
Groceries etc. ......................... 250should really be lower but includes weekly trip to mcdonalds for me and ds as well as a monthly takeaway Don't take this the wrong way - BUT why not make McDonalds a monthly thing, or even better just as an occasional treat, and invest the cost in ingredients for a simple dish that you & DS can cook together at home? Great life lesson for little ones to learn to cook, and FAR better for them than instilling in them a fast food "habit" rather than just as a treat?
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 0 Is OH's car zero tax?
Car Insurance........................... 42 saving this per month because who knows how much OH's car will cost in insurance. Would rather save more So this is being saved up to pay next lot of insurance upfront is it?
Car maintenance (including MOT)......... 30 saving per month Is your maintenance, insurance etc included in the lease agreement?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 206 average monthly cost when taking into account holidays If this is an average, on months it's less, you need to set the balance aside to take account of the months when it's more
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 goes into saving pot
Pet insurance/vet bills................. 10have a hamster, pays for straw and food and a little to go into savings as the last one was put down by vet due to having cancer and it cost a bomb
Buildings insurance..................... 0
Contents insurance...................... 6.91
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Don't actually spend this - I would rather save £50 for 6 months then drop it to £20 a month. Large family. Budget is usually £20 to cover birthdays and christmas. I'd rather not buy presents for the extended family but my mother in law is a dragon Noted - sometimes you have to do what you have to do!
Haircuts................................ 0 Never? Do you wrap it round your feet in bed at night to keep them warm?!
Entertainment........................... 0 This being zero is acceptable as you have entertainment accounted elsewhere
Holiday................................. 50 savings - don't plan to have a holiday but still putting it away
Emergency fund.......................... 200 we don't have an emergency fund so this is essential
DS Pocket Money......................... 10 £5 in coins and £5 into his bank account
OH Personal Expenses.................... 250student expenses such as books, printing etc, travel to university etc
Personal Expenses....................... 110Covers things like, Secret Santa, or taking DS to kids club cinema at weekend (£5 plus petrol). Buys my home hair dye, makeup, alcohol if I am socialising
Total monthly expenses.................. 2309.88


Assets
Cash.................................... 200 Where is the cash you're putting away monthly for your car expenses, presents etc? With everything including your emergency fund savings it totals £392 a month - but you only have this amount in savings?
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
BarclayCard....................1570......40........0
Husbands DMP...................12600.....105.......0
Student Loan Company...........1300......10........0 This presumably comes straight out of your pay? If so it doesn't need to be shown here.
V12 Bike Loan..................304.98....23.46.....0
V12 MB Loan....................980.37....36.31.....0
Family Loan....................7700......130.......0
Housing Benefit Debt...........950.......50........0
Total unsecured debts..........25405.35..394.77....-


Monthly Budget Summary
Total monthly income.................... 2,725.5
Expenses (including HP & secured debts). 2,309.88
Available for debt repayments........... 415.62
Monthly UNsecured debt repayments....... 394.77
Amount left after debt repayments....... 20.85

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,405.35
Net Assets.............................. -24,805.35

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

A few notes there - I've used bold rather than the usual red as you'd used red for your notes.

My biggest concern is that currently it looks as though you are accounting for money being set aside for things but not actually doing it. It might be an idea to look at setting up separate savings account for car expenses, emergency fund, holiday etc, and setting automated transfers to take the money to each of them straight after payday each month?

abby1234519

EssexHebridean wrote: »

A few notes there - I've used bold rather than the usual red as you'd used red for your notes.

My biggest concern is that currently it looks as though you are accounting for money being set aside for things but not actually doing it. It might be an idea to look at setting up separate savings account for car expenses, emergency fund, holiday etc, and setting automated transfers to take the money to each of them straight after payday each month?

OH is a student so council tax should be £90 a month over 12. It’s £140 at the mo as a mistake was made (council didn’t process my wage slips correctly, I got too much housing benefit and council tax benefit)

TV Licence will drop to £13ish in 3 months


TV costs – Yes we do use everything. Previously we have TIVO and were paying £60 a month plus netflix etc. We both use Spotify (£4.99 with student discount) to download playlists offline and plug them into the car or listen round the house. Saves CD costs or itunes etc, radio doesn’t work in car. We also can't get a decent radio signal in our house. Amazon Prime is half price at £40 a year and I use it a lot. Netflix is £7 and we use that for all the Netflix originals as well as DS watching cartoons or Power Rangers. We watch Netflix and Amazon more than freeview to be honest. I have at times cancelled Netflix and Spotify, but resubbed within days as we missed it. So my concession was to cancel Tivo as we hadn't watched it in months.

I cook with DS a lot, we made flapjack last night for example. The reason we go to McDonalds on a Saturday lunchtime is because OH is sleeping after a night shift. So We go out to the park/for a walk/to kids club cinema as its cheap, and then go to McDonalds for lunch afterwards. By the time we get back OH hopefully has had enough sleep. DS is very noisy….We do also go visit my mum but that’s £20 petrol there and back. McDonalds isn’t every week, but it is most weeks. We could take a picnic but it's freezing at the moment up north! I only have a Happy Meal anyway so its £5 for food then £5 for cinema. I take popcorn made at home and a bottle of drink.

Missed road tax! £12.68 for that, but I pay it yearly and I’ve already got the money saved.

Car Insurance – Yes – It was £450 last year so I’ve rounded it up to £500 which is about £42pm so I have been putting that aside for OH’s insurance in April. I rounded it up just in case it went up.

Car Maintenance £30 is solely for OH car. All mine including tyres, road tax and insurance is included.
Childcare I don’t put the money aside if it’s under, I just let it roll over on Ynab. It stays in the bank account.

Haircuts – come out of our spending money, DS hair is paid for by OH mum. She doesn’t trust me after I cut his fringe….badly….

Assets
Emergency Fund is the £200 – It was recently cleared out due to an emergency. Everything else is put away in to separate accounts for each purpose, I don’t count them as part of available cash as they will be spent on the allocated thing-y. For example there is one savings account with £330ish in for car insurance. If the car insurance costs me less than £500 I will put the surplus straight onto debt without going through the budget.

Debt’s

No student loan is an overpayment of grant. My childcare company deregistered from ofsted, didn’t tell me and so I got stung by student finance refusing to pay for the £1400 worth of childcare I had used towards the end of my degree. So I’ve been paying £10 back a month.

abby1234519

Received the family loan today - I need to work out the best debts to pay off first. I'm not bothered about interest as only two things have it and it won't make much difference clearing it. BUT it would make sense to engineer it so that I kill off those with the biggest minimum payments as then I would have more to snowball

Edit: V12 loans are 9.9%

EssexHebridean

abby1234519 wrote: »

Received the family loan today - I need to work out the best debts to pay off first. I'm not bothered about interest as only two things have it and it won't make much difference clearing it. BUT it would make sense to engineer it so that I kill off those with the biggest minimum payments as then I would have more to snowball

Edit: V12 loans are 9.9%

Nope - definitely bin the interest bearing ones first so long as there is no (or only small) penalties. Otherwise it's just throwing money away. If you make enough progress then it may well be that when the 0% periods finish on other things, you'll be able to balance transfer onto a new 0% deal anyway. 9.9% isn't exactly a low rate!

abby1234519

EssexHebridean wrote: »

Nope - definitely bin the interest bearing ones first so long as there is no (or only small) penalties. Otherwise it's just throwing money away. If you make enough progress then it may well be that when the 0% periods finish on other things, you'll be able to balance transfer onto a new 0% deal anyway. 9.9% isn't exactly a low rate!

Well I've just done some maths.

You are right I should get rid of the interest bearing ones. However - for a different reason. By getting rid of them (and they are only £1200 in total) I free up £50 a month. Whereas if I don 't clear them, I pay interest and also have less money to snowball.

My dilemma actually is what to do with the rest of the £6499.65 loan. The rest of the debts are interest free. I did want to clear them starting with the smallest, however I worked out:

Pay off Biggest Debt (5k card) etc

New monthly payment £334

Pay off debts in balance order (smallest first):

New Monthly payment £361

So what should I do. I prefer to pay off all the little debts so I have less "debts". But at the same time, if I do it that way, I'll only be able to pay off a third of the 5k card using this family loan