Come and Sort of my SOA?!

icklemissus

Ok, So I think this is it, please tell me if I have missed something! This is our bare minumum spend on bills etc, can we improve?
We spend over our means every month fritter away money, 2 years ago we had £10,00 i the bank we now owe £12,500! Where did it go?

Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 1280.11
Expenses (including secure debts)....... 1075.06
Available for debt repayments........... 205.04999999999995
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 205.05

Personal Balance Sheet Summary
Total assets (things you own)........... 140500
(Assets less secured debt).............. 50500
Total liabilities(what you owe)......... 100000
Personal net worth...................... 40500

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1200
Benefits................................ 80.11
Other income............................ 0
Total monthly income.................... 1280.11

Monthly Expense Details
Mortgage................................ 468.7
Secure loan repayments.................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 80
Electricity............................. 26.5
Gas..................................... 26.5
Oil..................................... 0
Water rates............................. 32.1
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 11.61
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 260
Clothing................................ 15
Haircuts................................ 0
Entertainment........................... 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 27.83
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 17.32
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 19.75
Contents insurance...................... 19.75
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1075.06

Secure Debts
Description.................Debt...Monthly...APR
Mortgage....................90000..(468.7)....N/A
Total secured debts.........90000....N/A.....N/A

Unsecured Debts
Description.................Debt...Monthly...APR
FIL Crisis Loan.............10000.....0.....5
Total unsecured debts.......10000...0....N/A

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 140500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Clariman

Hi icklemissus
You might want to edit your post just to put the missing [ in front of font=courier and it should format better. Don't worry - you are not alone. I think I need to make it easier for people to copy and paste out of the results page.

Clariman

icklemissus

there we go, thanks, although I dont like that font! he he he
I know our situation is not that bad, compared to others, but I really want to stay at home with Children and would love to have a bigger family so need to sort it out now!

firesidemaid

hi there

the soa is a little difficult to decipher still. your income seems low - what about child benefit and child or working tax credits?

your b+c insurance seems very high - that's nearly £500 a year. i just got my annual b+c for £158.

have a look at quidco for cashback if you don't use it already. my car insurance for the year just cost £233, but i will also get £100 cashback.

Clariman

icklemissus wrote: »

there we go, thanks, although I dont like that font! he he he

I'm still trying to find a better one, but most fonts won't line up the table properly because they are not monospaced. With a monospaced font, each character takes up exactly the same width. The plus side of this is that the calculator can position the text in just the right place for the numbers to line up with each other. The down side is that a monospaced font looks slightly unusual because it means that typically quite wide letters like "m" take up the same space as a narrow one like "i".

I think it displays slightly better on the Motley Fool website than here. Here is a real life SOA as an example http://boards.fool.co.uk/Message.asp?mid=10975276

The other alternative would be for me to create it in a table if I can find way of doing that with the MSE forum software. You will be pleased to know that the "Printer Friendly" option on the calculator does use tables so it has a nicer font. You can copy and paste that into a Word document or an email and it will format fine.

Clariman (sorry to bore you all with the technical details)

IWantToBeFree_2

icklemissus wrote: »

Ok, So I think this is it, please tell me if I have missed something! This is our bare minumum spend on bills etc, can we improve?
We spend over our means every month fritter away money, 2 years ago we had £10,00 i the bank we now owe £12,500! Where did it go?

Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 1280.11
Expenses (including secure debts)....... 1075.06
Available for debt repayments........... 205.04999999999995
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 205.05

Personal Balance Sheet Summary
Total assets (things you own)........... 140500
(Assets less secured debt).............. 50500
Total liabilities(what you owe)......... 100000
Personal net worth...................... 40500

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1200
Benefits................................ 80.11
Other income............................ 0
Total monthly income.................... 1280.11

Monthly Expense Details
Mortgage................................ 468.7 Go interest only for a while?
Council tax............................. 80 Is this spread over 10 months or 12,if 10, see if you can switch to 12
Electricity............................. 26.5 Is this cheapest, if you find it isn't switch via quidco for cashback
Gas..................................... 26.5 See above
Water rates............................. 32.1 Are you metered?

TV Licence.............................. 11.61
Satellite/Cable TV...................... 20 Ditch this
Groceries etc. ......................... 260 How many mouths is this feeding? Go across to oldschool board for tips on how to cut down shopping spends
Clothing................................ 15

Petrol/diesel........................... 50
Road tax................................ 0 Do you not tax your car?
Car Insurance........................... 27.83

Childcare/nursery....................... 17.32

Buildings insurance..................... 19.75 See if you can get cheaper & switch via quidco
Contents insurance...................... 19.75 Ditto above

Total monthly expenses.................. 1075.06

Secure Debts
Description.................Debt...Monthly...APR
Mortgage....................90000..(468.7)....N/A
Total secured debts.........90000....N/A.....N/A

Unsecured Debts
Description.................Debt...Monthly...APR
FIL Crisis Loan.............10000.....0.....5
Total unsecured debts.......10000...0....N/A

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 140500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

See my comments in red, hope they help!

icklemissus

Sorry Clariman, wasn't being horrible, just I'm a girly pink person and I like curvy fonts! i understand what you mean about spacing though!

Child Benefit - That the 80 a month figure, obviously will be going up next month due to a new baby.

WTC - not a chance

CTC - dont get me started on that one, we owe them apparently so are currently not receiving nething. Although I am pregnant due April, so that will change. I dont really want to include that though, would like to put it away in the bank as it seems that every year we owe them more and more, so we never get anything!!! GGGRRRRrrrrr

B+C Insurance - Can you change mid year, our policy runs out in June, do we have to wait until then, or can we change before?

icklemissus

Iwantobefree...

Mortgage - is already interest only

Council Tax - Automatically is on 12 months

Gas/Electic- Looked into that, the cheapest last night was Southern, so we are gonna wait until April when they put their prices up and see again

Water - Not metered, cant decide whether it will work for us. 2 Bed Converted Flat, 2 Adults, 1 Toddler, 1 New baby

Sat/Cable Charge- That includes Phone/Broadband/Freeview Cable

Food £260- 2 Adults, 1 Toddler, 1 New baby (baby only included for nappies and wipes) Thats lunches and dinner for all, no takeaways!

Car Tax/MOT money, we have only just paid(FIL pays half) I want to see if we can survive with the car, if not, it might be going?! Im in a quandrey over that one.

I hope that explains

chimp_choker

Originally Posted by icklemissus
Ok, So I think this is it, please tell me if I have missed something! This is our bare minumum spend on bills etc, can we improve?
We spend over our means every month fritter away money, 2 years ago we had £10,00 i the bank we now owe £12,500! Where did it go?

Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 1280.11
Expenses (including secure debts)....... 1075.06
Available for debt repayments........... 205.04999999999995
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 205.05

Personal Balance Sheet Summary
Total assets (things you own)........... 140500
(Assets less secured debt).............. 50500
Total liabilities(what you owe)......... 100000
Personal net worth...................... 40500

Monthly Income Details
Monthly income after tax................ 0 I know you don't want to work, We chose to have me off work to look after our son but we have sacrificed a lot for that decision. Can you not get part time work on a night say in asda while your partner babysits?
Partners monthly income after tax....... 1200 You are missing out on working tax credits. Current limit is £15,525.
Benefits................................ 80.11
Other income............................ 0
Total monthly income.................... 1280.11

Monthly Expense Details
Mortgage................................ 468.7 Go interest only for a while?
Council tax............................. 80 Is this spread over 10 months or 12,if 10, see if you can switch to 12 Also have you applied for council tax benefit? Chances are your partner is earning too much but still check
Electricity............................. 26.5 Is this cheapest, if you find it isn't switch via quidco for cashback
Gas..................................... 26.5 See above
Water rates............................. 32.1 Are you metered?

TV Licence.............................. 11.61
Satellite/Cable TV...................... 20 Ditch this
Groceries etc. ......................... 260 How many mouths is this feeding? Go across to oldschool board for tips on how to cut down shopping spends I have competitions with myself to feed 3 of us. Currently it is £100 a month or less but I grow my own veg and spend 2 days a week cooking / baking.
Clothing................................ 15

Petrol/diesel........................... 50 £50 a month seems low. I know i depend on my car but I spend £60 a week. If you use a bus where is this cost?
Road tax................................ 0 Do you not tax your car?
Car Insurance........................... 27.83
I use greasy palms for my cashback site. There is currently £60 cashback off home insurance and also loads off car insurance. If you join greasy palms using this link http://www.greasypalm.co.uk/r/?l=958795
Then I get £7.00 but only after you save money,lol.
Childcare/nursery....................... 17.32

Buildings insurance..................... 19.75 See if you can get cheaper & switch via quidco
Contents insurance...................... 19.75 Ditto above

Total monthly expenses.................. 1075.06

Secure Debts
Description.................Debt...Monthly...APR
Mortgage....................90000..(468.7)....N/A
The rate is 6.25%
Total secured debts.........90000....N/A.....N/A

Unsecured Debts
Description.................Debt...Monthly...APR
FIL Crisis Loan.............10000.....0.....5
Total unsecured debts.......10000...0....N/A

Assets
Cash.................................... 0
House value (Gross)..................... 140000 Your loan to value is about 63% so not worth remortgaging
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 140500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

my comments in blue. hope they help,

chimpchoker

chimp_choker

icklemissus wrote: »

Iwantobefree...

Mortgage - is already interest only

Council Tax - Automatically is on 12 months Council tax is generally over 10 months unless you ask for special measures. I pay weekly, is this an option for you?

Gas/Electic- Looked into that, the cheapest last night was Southern, so we are gonna wait until April when they put their prices up and see again

Water - Not metered, cant decide whether it will work for us. 2 Bed Converted Flat, 2 Adults, 1 Toddler, 1 New baby A Water meter will be expensive for you. Here is a water use calculator. http://www.ccwater.org.uk/server.php?show=nav.388

Sat/Cable Charge- That includes Phone/Broadband/Freeview Cable

Food £260- 2 Adults, 1 Toddler, 1 New baby (baby only included for nappies and wipes) Thats lunches and dinner for all, no takeaways!

Car Tax/MOT money, we have only just paid(FIL pays half) I want to see if we can survive with the car, if not, it might be going?! Im in a quandrey over that one. You should still budget for this over a year as it will come around next year. with a new baby and a toddler can you really see yourself on a bus ?? (Been there, done that and got the sick teeshirt),lol.

I hope that explains

......................
Chimpy my comments in blue

Cleosmum

icklemissus wrote: »

Food £260- 2 Adults, 1 Toddler, 1 New baby (baby only included for nappies and wipes) Thats lunches and dinner for all, no takeaways!

You can get this right down, visit the old style board for tips. Im currently managing fine on £200 pm for 2 adults and 3 children. Maybe you can do a storecupboard challenge and live from what you have for a few weeks? How about joining the grocery challenge? What about buying the next brand down? If you currently buy heinz, try tesco, if you currently buy tesco own, try value, some things will be ok, some wont, its trial and error. How about joining the ebay challenge, make some money and pay some debts off?