SOA Review Please

MasterG83

Just wanted to re post an SOA as it is currently, after a difficult year at work, (commission based) I just wanted to make sure I haven't missed anything.
I have averaged out my take home pay this year as its varied from £2600 to £1882 so far, next year should pick up.
I have also been working Amazon Flex and will be starting weekends at the post office soon, earnings so far this month on Amazon has been around £290 but havent included this as some is going into my emergency fund.

By my snowball calculations I should be debt free apart from my house in April 2024

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 2157
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2157

Monthly Expense Details
Mortgage................................ 478
Secured/HP loan repayments.............. 0
Rent.................................... 278.05 rent portion on shared ownership home
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 41
Gas..................................... 0
Oil..................................... 0
Water rates............................. 4
Telephone (land line)................... 0
Mobile phone............................ 30.53
TV Licence.............................. 13.26
Satellite/Cable TV...................... 58.5 Includes line rental and broadband
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 25
Petrol/diesel........................... 0 Company Fuel Card
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 290
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15.61
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1561.95


Assets
Cash.................................... 325
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90325


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63444....(478)......3.2
Total secured & HP debts...... 63444.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Santander......................1233.64...50........0
Sainsburys.....................2668......58.78.....0
M&S............................14708.9...262.6.....5.9
Hitachi........................220.......43.36.....0
Total unsecured debts..........18830.54..414.74....-


Monthly Budget Summary
Total monthly income.................... 2,157
Expenses (including HP & secured debts). 1,561.95
Available for debt repayments........... 595.05
Monthly UNsecured debt repayments....... 414.74
Amount left after debt repayments....... 180.31

Personal Balance Sheet Summary
Total assets (things you own)........... 90,325
Total HP & Secured debt................. -63,444
Total Unsecured debt.................... -18,830.54
Net Assets.............................. 8,050.46

Created using the SOA calculator at https://www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.

blunt

Water rates £4, is that a typo, as it's very low? No Medical expenses, you don't buy any paracetamol or go to the dentist etc? Groceries sounds low at £80 pcm, is that really the case? How about home repairs, home furnishings and so on - none of that? Any other digital services such as cloud storage, Spotify, etc?

MasterG83

blunt wrote: »

Water rates £4, is that a typo, as it's very low? No Medical expenses, you don't buy any paracetamol or go to the dentist etc? Groceries sounds low at £80 pcm, is that really the case? How about home repairs, home furnishings and so on - none of that? Any other digital services such as cloud storage, Spotify, etc?

Thanks for the help, the £4 DD has gone up from £3 believe it or not, I have checked the water meter and its correct and has been for 3 years. I live alone, shower twice a day and wash up once a day.

I dont take any unnatural medications, dentist I do need to visit but havent recently. But point noted.

House is 3 years old in the new year, so far nothing spent, but I will probably need to buy paint and stuff in the next 12 months.

Hitachi loan was for the sofa which will be cleared in March.

£9.99 I tunes is in with the EE phone bell, hence £30 not £20 SIM only. Considering ditching this but I do listen to a lot of music at home and in the car, which I am in most of the day.

enthusiasticsaver

The water bill is really low but then we live in the south west where it is extortionate so as long as you are sure you are not going to be landed with a big bill I would count your lucky stars on that. Is council tax over 12 or 10 months? That might help with budgeting. Groceries are low. I would up that to £100.

How did you accrue so much debt and are you sure that soa is accurate? What was the M and S loan for? Do you have £180 spare each month? If it is I would up your emergency savings to £100 until you have a £1000 EF and put the remaining £60 towards Santander and when the Hitachi loan has gone also put that towards Santander and snowball the debt.

I assume the £290 is child maintenance?

MasterG83

Correct, £290 is child maintenance.
10 months on the council tax.

The debt really was a combination of trying to keep going after a divorce, I had a house almost paid for but got married and after ten years we divorced. Under pressure I gave my ex all the proceeds to ensure my children had a decent roof over their heads etc.
So partly to furnish a flat in 2012 and the rest really accumulated from not too extravagant dining out, couple of cheap holidays abroad etc.

Exactly what I will be doing on the snowball, Hitachi, Santander, Sainsburys and then M&S

I will also be able to put the £290 child maintenance to good use after September next year when it ends.

I dont each much, I'm on a keto diet so one meal a day and two days of Intermittent fasting means I dont eat for two periods of 24 hours, Friday lunchtime to Saturday evening and then usually Wednesday lunchtime to Thursday lunchtime. Could be wiser though with my shop which I get every few days fresh from local COOP and I only buy what I need, no treats, I dont drink either, how boring lol

enthusiasticsaver

OK. That clarifies things. Sounds like you have a plan and your soa looks fine. Tackling it in the order you suggest is I think the most efficient way of sorting it although technically if the credit cards really are at 0% the loan should be targeted first but 5.9% is not a bad rate and it depends when the 0% rates finish. An extra £290 in a years time will definitely help.

Kudos for getting your grocery shop so low and nothing boring about not drinking Much healthier. I could never do the fasting for 24 hours though.

theoretica

No buildings insurance? Won't that be a requirement of the mortgage, or is it covered under the rent?

MasterG83

theoretica wrote: »

No buildings insurance? Won't that be a requirement of the mortgage, or is it covered under the rent?

Covered by the housing association on the shared ownership.

MasterG83

enthusiasticsaver wrote: »

OK. That clarifies things. Sounds like you have a plan and your soa looks fine. Tackling it in the order you suggest is I think the most efficient way of sorting it although technically if the credit cards really are at 0% the loan should be targeted first but 5.9% is not a bad rate and it depends when the 0% rates finish. An extra £290 in a years time will definitely help.

Kudos for getting your grocery shop so low and nothing boring about not drinking Much healthier. I could never do the fasting for 24 hours though.

I have the back up of a 0% card ready to switch the Sainsburys by the end of the year, this then gives me 28 months but I would be disappointed if I wasnt cleared by then obviously.

I think I will up the emergency fund money or use the Amazon Flex money and withdraw all of that to the emergency fund.

EssexHebridean

One thing that leaps out is that you have a company car but are doing evening work delivering for Amazon - I take it that you have written agreement from your company for using the car in this way and confirmation that the company car insurance will cover for this? Also they are happy with you using their fuel for this amount of personal mileage?

Disregarding the nature of your diet try frozen veggies & fruit rather than more regular shops and buying fresh all the time - it often works out better on both the financial and nutrient front to eat frozen versions. I trust you're not fasting on the days you are also doing driving work though?
(No - it's no good - In all conscience I can't just ignore what you're saying about food. Have you run this method of eating past a nutrition professional? On 1 meal a day and not even that for two days of the week it's close to impossible that you're getting all the nutrients that your body requires. Regardless of whether you are doing this for weightloss or for other reasons, this level of restriction should not be in place without having run it past a nutritionist or registered dietitian, first.)

Either switch the council tax to 12 months or make sure to remember the two months when you'll not be paying that - those monthly amounts should go straight against debt at this stage I'd suggest.

Your contents insurance is high - you should be able to reduce that at renewal.

If your mobile contract includes unlimited data which I assume it does as you're using it for music streaming out and about have you considered whether you need broadband at home too? You could potentially tether to the phone for your home internet?

MasterG83

EssexHebridean wrote: »

One thing that leaps out is that you have a company car but are doing evening work delivering for Amazon - I take it that you have written agreement from your company for using the car in this way and confirmation that the company car insurance will cover for this? Also they are happy with you using their fuel for this amount of personal mileage?

Disregarding the nature of your diet try frozen veggies & fruit rather than more regular shops and buying fresh all the time - it often works out better on both the financial and nutrient front to eat frozen versions. I trust you're not fasting on the days you are also doing driving work though?
(No - it's no good - In all conscience I can't just ignore what you're saying about food. Have you run this method of eating past a nutrition professional? On 1 meal a day and not even that for two days of the week it's close to impossible that you're getting all the nutrients that your body requires. Regardless of whether you are doing this for weightloss or for other reasons, this level of restriction should not be in place without having run it past a nutritionist or registered dietitian, first.)

Either switch the council tax to 12 months or make sure to remember the two months when you'll not be paying that - those monthly amounts should go straight against debt at this stage I'd suggest.

Your contents insurance is high - you should be able to reduce that at renewal.

If your mobile contract includes unlimited data which I assume it does as you're using it for music streaming out and about have you considered whether you need broadband at home too? You could potentially tether to the phone for your home internet?

Hi, you make some good points, I do use broadband at home when I'm working at home but I guess for half the time its unused so worthy of a consideration, I will see how much of my data I'm using and see if I can tether.

The Keto and IF diet I have been doing for 18 months, I'm in the best health I have ever been, play sport 3 times a week, I just dont need the carbs. Its properly researched and my recent new doctor who I signed up with said I'm in great shape, from Blood sugars to cholestrol and heart, my BMI is 20 and my BF is around 18

As with regard to the car its not a company car but a private car scheme via work through the manufacturer, taken from my wages and insured through a company individual use policy that covers for business use I have checked before proceeding.