We've all got to start somewhere ...

So nearly 12 years after last using MSE to become accountable with my debts and my spending I'm back and ready to start again. Since then I've got married, had two children and bought a house so it's a new username, new SOA and a new start.
SOA isn't 100% accurate yet as I need to chase the details on some of the loans and check how realistic the figures are for food, fuel, clothes, presents etc.
However, what this has shown me is that we're overspending. Sounds ridiculous to say and as if I'm stating the obvious but I need the obvious stating at the minute to try and bring things back in line.
So what first? A cup of tea and a chat with hubby I think. 
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 2343.56
Partners monthly income after tax....... 1163
Benefits................................ 138.2
Other income............................ 0[b]
Total monthly income.................... 3644.76[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 705.2
Secured/HP loan repayments.............. 857.05
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 161
Electricity............................. 83
Gas..................................... 0
Oil..................................... 0
Water rates............................. 42.92
Telephone (land line)................... 0
Mobile phone............................ 90.46
TV Licence.............................. 13.26
Satellite/Cable TV...................... 73.15
Internet Services....................... 0
Groceries etc. ......................... 480
Clothing................................ 40
Petrol/diesel........................... 320
Road tax................................ 17.93
Car Insurance........................... 43.23
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 33.86
Buildings insurance..................... 53.21
Contents insurance...................... 40.03
Life assurance ......................... 31.65
Other insurance......................... 0
Presents (birthday, christmas etc)...... 90
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Caravan fees/Insurance ................. 46
Union fees.............................. 16.03[b]
Total monthly expenses.................. 3902.98[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 205000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 5000[b]
Total Assets............................ 219000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 143261...(705.2)....1.79
Secured Debt.................. 18831.4..(440.1)....3.9<
Loan 3.........................4000.....(250)......3.9<
Loan 2.........................1375.72..(55.08)....20.9<
Boiler Loan....................0........(84.26)....0<
Sofa Loan......................0........(27.61)....0[b]
Total secured & HP debts...... 167468.1.-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR[b]
Total unsecured debts..........0.........0.........-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 3,644.76
Expenses (including HP & secured debts). 3,902.98
Available for debt repayments........... -258.22
Monthly UNsecured debt repayments....... 0[b]
Amount short for making debt repayments. -258.22[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 219,000
Total HP & Secured debt................. -167,468.12
Total Unsecured debt.................... -0[b]
Net Assets.............................. 51,531.88[/b]

[i]Created using the SOA calculator at www.stoozing.com. 
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]


Replies

  • loumchandsloumchands Forumite
    2 Posts
    First Post
    Newbie
    So hubby is now fully aware of SOA. I've always managed the household finances so although he knows we have loans and debts to pay, he's never been fully aware of all the details. He;s currently off work sick but should be looking at a phased return soon so there will be an increased income there when he is well enough to work full time.
    Next steps are to look at reducing bills.
    Phones, Sky and electric are first on the list.
  • DancingInTheRainDancingInTheRain Forumite
    1.2K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    Good luck on your DF journey.
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