First Post - SOA included

Ta2dUK

Just wondering if someone fancies having a look at my SOA. OH has recently had to change his job so has taken a pay cut, and we need to make some savings somewhere.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1017 Hopefully I'm due a payrise soon!
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1967

Monthly Expense Details
Mortgage................................ 551.6
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 95
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 10.93
Telephone (land line)................... 15
Mobile phone............................ 50 This is 2 mobile phones, mine & OH's
TV Licence.............................. 11.61
Satellite/Cable TV...................... 55 Internet is included here
Internet Services....................... 0
Groceries etc. ......................... 200 I'm sure it's slightly less
Clothing................................ 20 We wait for b'days/Christmas for clothes
Petrol/diesel........................... 150
Road tax................................ 10 I pay for 12 months up front
Car Insurance........................... 120 It was paid for by my Dad & I pay it back (High due to my age & one claim which wasn't my fault, but it's yet to go to court)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 If that
Pet insurance/vet bills................. 15.03 This is due up in July, I know I can get cheaper
Buildings insurance..................... 23 I know I can get cheaper on this in July
Contents insurance...................... 23 And I can get cheaper for this too
Life assurance ......................... 30 Both of us
Other insurance......................... 20 Mobile phone insurance etc (I think I should cancel it though)
Presents (birthday, christmas etc)...... 25 Only buy for neice/nephew, so probably much less on a monthly basis.
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1525.17

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 115000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(551.6)....0 Think this is around 5.65% APR. Fixed until 2010
Total secured debts........... 85000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................5000......157.5.....9.9
Halifax Loan...................2500......91........8
Co-operative Bank Loa..........4500......150.......5.5
Total unsecured debts..........12000.....398.5.....-

Monthly Budget Summary
Total monthly income.................... 1,967
Expenses (including secure debts)....... 1,525.17
Available for debt repayments........... 441.83
Monthly UNsecured debt repayments....... 398.5
Surplus(deficit if negative)............ 43.33

Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total Secured debt...................... -85,000
Total Unsecured debt.................... -12,000
Personal net worth...................... 18,000

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

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I've tried to include as much information as possible. But I'm sure there will be something I'm forgetting.

Can anyone see somewhere I can save money here (other than the insurances), and what would you suggest paying off first to be closer to being debt free?

We haven't yet had OH's first payslip on his new wage, so his is just an estimate.

Thanks in advance to anyone that might be able to help.

C

amani_2

Hi Ta2dUK and welcome, sorry cant help myself, but just wanted to bump up your post.

amani_2

Can anyone help a first poster????????

weezl74

Hiya,

All the best with sorting your debts out, you're in the right place!

You could pop over to the old-style board and join us in the monthly grocery challenge, loads of tips and recipes for shaving loads off your monthly grocery bill.

Take care,

Weezl x

Bunnyinthelights

Have you looked at the 'snowball' calcualtor?

There is a sticky that will help, good luck.

andan

Not overly great at giving advice but a few things i noticed was your grocery bill. How many people is that for. £200 a month seems rather high, you could do things like Martin's challenge of swapping a few things on shopping list each month for cheap brands instead of proper brands. check on the oldstyle board for tips on your grocery bill as they also have a grocery challenge.

Your satelite and cable package is also high, there are better deals out there. Alternatively you could get a freeview box which is a lot cheaper than sky!

Also i would personally cancel the mobile insurance if you don't need it, especially as you seem to have quite a few insurance policies up there.

Most importantly, welcome to the board and best of luck with it all. Am sure some real die hard money savers will be along shortly who will do wonders for you SOA.

andan

Figured i would give this a little bump up.

Ta2dUK

Bunnyinthelights wrote: »

Have you looked at the 'snowball' calcualtor?

There is a sticky that will help, good luck.

What's a snowball calculator?

Ta2dUK

weezl74 wrote: »

Hiya,

All the best with sorting your debts out, you're in the right place!

You could pop over to the old-style board and join us in the monthly grocery challenge, loads of tips and recipes for shaving loads off your monthly grocery bill.

Take care,

Weezl x

Thanks for the recommendation! I'll have to have a look at that!

Ta2dUK

andan wrote: »

Not overly great at giving advice but a few things i noticed was your grocery bill. How many people is that for. £200 a month seems rather high, you could do things like Martin's challenge of swapping a few things on shopping list each month for cheap brands instead of proper brands. check on the oldstyle board for tips on your grocery bill as they also have a grocery challenge.

Your satelite and cable package is also high, there are better deals out there. Alternatively you could get a freeview box which is a lot cheaper than sky!

Also i would personally cancel the mobile insurance if you don't need it, especially as you seem to have quite a few insurance policies up there.

Most importantly, welcome to the board and best of luck with it all. Am sure some real die hard money savers will be along shortly who will do wonders for you SOA.

The grocery bill is for 2 people. I know I put it a little on the high side, but included in the total I've included things like razor blades for OH, shampoo, washing powder, cat food/cat litter, household cleaning supplies and things that are one off purchases broken down over a 12 month period, like a hoover/microwave/pots & pans/cuttlery etc. In reality, probably only £100-£125 is the monthly bill for just food.

The sky package is high, I agree. Unfortunately, because we took out the telephone and broadband with them too, we have to keep the package at the highest level. I'm pretty sure we have about 4-5 months left before we can reduce the package.

We have a lot of insurance! OH loves insurance and persuades me to take it out on EVERYTHING! I understand car insurance & building and contents. I also like the ASU and life assurance just in case, but things like mobile phone insurance are pretty useless I think. It's cheaper to spend £10 on a new SIM and £20 on a second hand phone!

Thanks for the welcome =o)

crisam

Ta2dUK wrote: »

What's a snowball calculator?

check this out:

http://www.whatsthecost.com/snowball.aspx


goodluck!



-c-