Soa

YetAgain!

Hi, My SOA is below, started here over a year ago but not really got going, been treading water and gaining debt. In part it's because we have brought a cheap house which is a money pit but also that I can't say no!

So we have now had a change in that my husband has lost his job and I am needing to return to full time work after the easter holidays, this SOA is for once that happens in 2 weeks time!

My car is due a balloon payment next Feb so need to save £300 pm towards that whilst trying to pay down the credit cards. The loan is going to have to tick on until car is paid I think. Have gone over the mileage allowance for car and some nice person has just bumped and run so best opto on is to keep it - is a little 1 litre so good for the amount of driving I do for work.

We have 5 contract mobile phones:eek: and these can't go at the moment.

Think pruning food shopping and holiday fund is the way to go - we live a distance from my step son and need to visit there regularly which is why it is so high but looking for ways to cut down on costs (unfortunately there is a ferry crossing involved:()

Have I missed anything obvious, all help gratefully received .

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1833.19
Partners monthly income after tax....... 0
Benefits................................ 524.39
Other income............................ 492.88
Total monthly income.................... 2850.46

Monthly Expense Details
Mortgage................................ 397.5
Secured/HP loan repayments.............. 135.89999999999998
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 122
Electricity............................. 50
Gas..................................... 55
Oil..................................... 0
Water rates............................. 30.03
Telephone (land line)................... 0
Mobile phone............................ 60.08
TV Licence.............................. 12.37
Satellite/Cable TV...................... 5.99
Internet Services....................... 33.61
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 260
Road tax................................ 16.62
Car Insurance........................... 77.04
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 200
Emergency fund.......................... 150
Total monthly expenses.................. 2352.14


Assets
Cash.................................... 450
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 91450


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 57000....(397.5)....4.2
Hire Purchase (HP) debt ...... 4000.....(135.9)....7.3
Total secured & HP debts...... 61000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco..........................1200......55........18
Barclaycard....................1100......25........0
Mbna...........................4300......45........0
NatWest loan...................14300.....245.1.....15
Total unsecured debts..........20900.....370.1.....-


Monthly Budget Summary
Total monthly income.................... 2,850.46
Expenses (including HP & secured debts). 2,352.14
Available for debt repayments........... 498.32
Monthly UNsecured debt repayments....... 370.1
Amount left after debt repayments....... 128.22

Personal Balance Sheet Summary
Total assets (things you own)........... 91,450
Total HP & Secured debt................. -61,000
Total Unsecured debt.................... -20,900
Net Assets.............................. 9,550

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

fatbelly

You need to do your sums carefully on the car. If you are trying to save £300 x 10 in order to keep something worth less than £3000 then there may be better options. They may be more clued up on the options at the end of a PCP deal over on the motoring board

Your emergency fund (£150 per month) may turn into a car purchase fund. How much do you have in it Is that the £450?

[Deleted User]

Freezing of entertainment and holiday fund would release 250 per month. Could look at doing that, at least temporarily;
.

YetAgain!

Yes it's the £450, seems to go down nearly as fast as it goes up!

Will have a look re: car thankyou:o

Cakeguts

Why is the car insurance so high?

datlex

Is the 3rd adult not contributing to the household?

YetAgain!

Car insurance is for 2 cars, and mine is used for work which puts it up a bit too - and our area is bad for car crime, no off street parking etc

Third adult is my eldest who has mental health issues, awaiting support for her but currently we support.

Thanks for the responses

fatbelly

YetAgain! wrote: »

Car insurance is for 2 cars, and mine is used for work which puts it up a bit too - and our area is bad for car crime, no off street parking etc

Third adult is my eldest who has mental health issues, awaiting support for her but currently we support.

Thanks for the responses

Worth a claim for PIP, with husband claiming Carers Allowance?

YetAgain!

Thankyou, hadn't thought of the carers side of it, we do need one person to be at home most the time so think it is justified. Have a new support worker for her starting soon (hopefully!) and they are going to look at the money side of things as cant get my head around it.

Can definitely trim the holiday amount if we are careful with how we arrange visits, entertainment is more my son's cadets, youth club etc so possibly wrong category!:o