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Any advice on SOA appreciated
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Tranquil
Posts: 67 Forumite
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1960
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1960
Monthly Expense Details
Mortgage................................ 317.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 23
Gas..................................... 65
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.88
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 250
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 10.42
Car Insurance........................... 25.06
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 11.97
Contents insurance...................... 0
Life assurance ......................... 10.55
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 10
Apple icloud............................ 2.15
Apple music............................. 4.99
Total monthly expenses.................. 988.32
Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 109000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81100....(317.3)....2.98
Total secured & HP debts...... 81100.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................4584.05...269.6.....3.4
Loan...........................2800......155.6.....0
Credit card 1..................3963.12...60........0
Credit card 3..................1350......60........0
Credit card 2..................4657.07...100.......0
Total unsecured debts..........17354.24..645.2.....-
Monthly Budget Summary
Total monthly income.................... 1,960
Expenses (including HP & secured debts). 988.32
Available for debt repayments........... 971.68
Monthly UNsecured debt repayments....... 645.2
Amount left after debt repayments....... 326.48
Personal Balance Sheet Summary
Total assets (things you own)........... 109,000
Total HP & Secured debt................. -81,100
Total Unsecured debt.................... -17,354.24
Net Assets.............................. 10,545.76
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
- I don't pay council tax (long story)
- A relative pays my phone bill (lucky)
- I pay my tv licence, buildings and contents (together), and road tax once per year, not monthly.
- I have entered my fixed direct debit amount for my debt, rather than the minimum payment
- I don't pay water charges
- All my credit cards/loans are 0% interest (I worked hard to figure all this out!), apart from one loan.
I do usually have around £300 extra a month which I usually end up spending on clothes/make up etc.
Is there anything anyone would recommend changing?
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1960
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1960
Monthly Expense Details
Mortgage................................ 317.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 23
Gas..................................... 65
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.88
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 250
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 10.42
Car Insurance........................... 25.06
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 11.97
Contents insurance...................... 0
Life assurance ......................... 10.55
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 10
Apple icloud............................ 2.15
Apple music............................. 4.99
Total monthly expenses.................. 988.32
Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 109000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81100....(317.3)....2.98
Total secured & HP debts...... 81100.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................4584.05...269.6.....3.4
Loan...........................2800......155.6.....0
Credit card 1..................3963.12...60........0
Credit card 3..................1350......60........0
Credit card 2..................4657.07...100.......0
Total unsecured debts..........17354.24..645.2.....-
Monthly Budget Summary
Total monthly income.................... 1,960
Expenses (including HP & secured debts). 988.32
Available for debt repayments........... 971.68
Monthly UNsecured debt repayments....... 645.2
Amount left after debt repayments....... 326.48
Personal Balance Sheet Summary
Total assets (things you own)........... 109,000
Total HP & Secured debt................. -81,100
Total Unsecured debt.................... -17,354.24
Net Assets.............................. 10,545.76
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
- I don't pay council tax (long story)
- A relative pays my phone bill (lucky)
- I pay my tv licence, buildings and contents (together), and road tax once per year, not monthly.
- I have entered my fixed direct debit amount for my debt, rather than the minimum payment
- I don't pay water charges
- All my credit cards/loans are 0% interest (I worked hard to figure all this out!), apart from one loan.
I do usually have around £300 extra a month which I usually end up spending on clothes/make up etc.
Is there anything anyone would recommend changing?
0
Comments
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I do usually have around £300 extra a month which I usually end up spending on clothes/make up etc.
The point is, that if you can have a little self-control on clothes and makeup spending, then you would be able to tackle your unsecured debt much more quickly.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
I would follow the Dave Ramsey baby steps. Reduce your food shopping, stop spending on clothes, sell what you can on eBay and take up any part-time jobs you can to increase your income.
1. Save a starter emergency fund of £1,000 so you don't have to rely on credit in the near future.
2. Reduce debts to the minimum payments and throw everything at the smallest debt first.
3. Work your way through each debt, aiming to pay around £600/month on each debt until it's cleared, then move to the next.
Following this, I think you could be debt free within a couple of years. You can then go back to normal spending and will now have £1,000 surplus to save, rather than give to finance companies.0 -
Why do you have life assurance with no children/partner?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
You need to start building your emergency fund so that you are not reliant on credit in the future. If you have £300 surplus each month don't buy clothes or make up for the next 3 months and you pretty much have your £1k emergency fund saved.
Once you have that in place you can start really paying down the debt. It's great that you have a 0% interest on a number of your lines of credit. When does the 0% rate end? What is the interest rate after the 0% period and will you have cleared the balance by then?
In terms of your SOA your gas usage looks a little high to me for 1 person. Are you locked in to your current provider/ tariff? Could you find a better deal? Similarly your internet could be cheaper assuming you are outside of the contract period.
Good luck- Original mortgage end date: March 2041
- Current mortgage end date: Dec 2032
- MFW 2025 #15 £128.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
- Daily interest is currently £4.48
0 -
Gas and food bills are high.
Car maintenance budget and emergency fund are too low.
I would reduce food spending down by £100 and stick to a shopping list, meal planning, add £50 to each of your car and emergency fund budgets.
As a homeowner, you need money in the bank to cover replacement of furniture, decoration, upgrade, repairs / servicing.Mortgage started 2020, aiming to clear 31/12/2029.0 -
theoretica wrote: »Why do you have life assurance with no children/partner?
Presumably a condition of the mortgageNo.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
Unlikely a requirement of the mortgage and if single with no dependents, probably unnecessary.
However if it is an income protection/critical illness policy - this would be good to have potentially.0 -
Thanks for your replies. The life insurance was advised when I took out my mortgage but not a requirement. It also includes critical illness cover. I am keen to keep it as I have been diagnosed with a few health conditions since I took the policy out so I am assuming it will be more expensive to take out again in the future (I may be wrong). I am also planning to have children within the next 3 years.0
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The simple solution is to not buy any new clothes and make up for 12 months.
£300 x 10 = £3600
You could also reduce your food shopping bill. I spend £90 a week (so £360/month) for 2 adults, 3 kids and 2 dogs!! You could easily cut yours down to £45 a week, saving £70 a month.
£70 x 12 = £840.
This would then pay off loan 1 an some of loan 2 after a year.
(For clothes, try buying bundles on eBay then sell off anything you don’t want in the bundle...)Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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