Fuzzipeg's flight to financial freedom

fuzzipeg

Finally got around to creating an SOA and am quite surprised that using just gut-feeling it comes out with about what I expected. The overpayment to the mortgage was £300 (which I've just cancelled) and we just about broke even every month.

Maybe I've got a better instinctive feel of the family finances than I thought!

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................ 1400
Partners monthly income after tax....... 0
Benefits................................ 600
Other income............................ 250
Total monthly income.................... 2250

Monthly Expense Details
Mortgage................................ 470
Council tax............................. 130
Electricity............................. 50
Gas..................................... 50
Water rates............................. 32
Telephone (land line)................... 28 (includes broadband)
Mobile phone............................ 0 (covered by work for both)
TV Licence.............................. 0 (no TV)
Groceries etc. ......................... 300 (high but includes nappies x 2)
Clothing................................ 50 (generous, but 2 growing kids!)
Petrol/diesel........................... 50 (one tank of diesel a month)
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Childcare/nursery....................... 250 (covered by "benefits" above)
Other child related expenses............ 50 (swimming, messy play, forest school etc.)
Medical (prescriptions, dentist etc).... 10
Buildings insurance..................... 8
Contents insurance...................... 6
Life assurance ......................... 32
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 200 (generous and could be trimmed)
Holiday................................. 100 (covers 3/4 wks in a caravan p/a)
Emergency fund.......................... 0
Total monthly expenses.................. 1906


Assets
Cash.................................... 10000
House value (Gross)..................... 250000
Shares and bonds........................ 0 (do have pensions but no up to date figures and couldn't cash them in in a pinch anyway)
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 268000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(470)......1.99
Total secured & HP debts...... 100000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,250
Expenses (including HP & secured debts). 1,906
Available for debt repayments........... 344
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 344

Personal Balance Sheet Summary
Total assets (things you own)........... 268,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -0
Net Assets.............................. 168,000

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