We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

MY FINAL SOA - any comments?

Options
I think these are the final figures for my SOA .......!!
I rent privately with my 2 children aged 14 and 18.
My car is worth approx £3500 but is owned/bought by my Mother about 4 years ago and she is the registered owner. I pay for insurance etc.
In my last SOA, I forgot to inc pet food, my gas/electric has increased (just received bill) and I have had to take out a new pet ins policy (realised my old one lapsed over a year ago). On the plus side, I have managed to change mobile tariffs for my son and myself.

Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 566
Partners monthly income after tax....... 0
Universal Credit................................ 1100
Child Benefit..............................  151
Child Maintenance............................ 210
Total monthly income.................... 2027

Monthly Expense Details
Washer/Dryer HP repayments.............. 42
Rent.................................... 675
Council tax............................. 77
Electricity............................. 65
Gas..................................... 50
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 14
Internet Services....................... 30
Groceries etc. ......................... 400
Clothing................................ 45
Petrol/diesel........................... 110
Road tax................................ 11
Car Insurance........................... 37
Car maintenance (including MOT)......... 35
Car parking............................. 10
School Bus............................ 32
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 38
Contents insurance...................... 11
Life assurance ......................... 21
Presents (birthday, christmas etc)...... 25
Haircuts................................ 30
Entertainment........................... 10
Holiday................................. 30
Emergency fund.......................... 30
Pet food................................ 40
Child spend............................. 20
Scouts & brass band.......................... 20
School Dinners.......................... 48
Toiletries.............................. 20
Total monthly expenses.................. 2036

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

Unsecured Debts
Total unsecured debts.........£.45K+

Monthly Budget Summary
Total monthly income.................... 2,027
Expenses (including HP) .... 2,051
Available for debt repayments........... -24

I'm really sorry but I feel that I have been constantly asking questions on this Forum all week .... I just need to sort everything.
Flora x

Comments

  • mwarby
    mwarby Posts: 2,048 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I’d put down 10 or 20 for prescription and dental. A checkup and filling would easily use 100, and prescriptions could easily be 20 or 30 in a year 
  • Flora_McDora
    Flora_McDora Posts: 39 Forumite
    10 Posts Second Anniversary
    I have free dental and prescriptions as I get Universal Credit. However, the children and I take multi vitamins and cod liver oil tablets so I suppose I should put in £5 pm
  • Minkym00
    Minkym00 Posts: 791 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    What is “child spend”? 

    You our need to be careful here. You only have a few months left of the Brighthouse payments and then you are at -£18. The minimum for a an IPA to be put in place is £20. You need to beef some up. You are only allowed £10 per adult too.
  • mwarby
    mwarby Posts: 2,048 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I can’t recall if you’ve said ages of children, but the clothing spend maybe a touch low. Consider what you spend on uniforms, shoes and day to day clothes. I’d say £20 for yourself is ok 
  • Flora_McDora
    Flora_McDora Posts: 39 Forumite
    10 Posts Second Anniversary
    Child spend is £10 spending money for each child per month. 
    By the time my Brighthouse payments finish, my son will be away at uni so my income will reduce considerably.
  • george_112
    george_112 Posts: 126 Forumite
    Fourth Anniversary 10 Posts
    I had £50 per month clothing for me and two children plus £180 per year for school uniforms and it wasn’t questioned. That was on Monday. I also had £40 leisure per month, £30 per month presents, £20 per month hairdresser and some alcohol budget. I was prepared to explain and try make my claim but nothing was questioned and she actually added some extra in.
    i also put £5 each per week pocket money and that was accepted too. 
  • Flora_McDora
    Flora_McDora Posts: 39 Forumite
    10 Posts Second Anniversary
    Did you get an IPA or did you end up with ‘negative’ amount left ?
  • george_112
    george_112 Posts: 126 Forumite
    Fourth Anniversary 10 Posts
    I had a diff of £5, the only IPA I have is until the end of the tax year. It’s £30 and for the council tax I won’t be paying. My actual council tax is £98 but the lady added some bits more to my expenses as she said “you never know what might pop up”

    i had had already been generous with myself as I was going to be close with an IPA I thought. 

    I am off off work but at full pay and she allowed work lunches as she said I am just eating at home so no difference and if I go back to work next week they’d only be spending more time doing it again. 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.6K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.6K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.