Doodledos stop drifting and get shifting diary *new SOA*

doodledo_2

Following on from all the fabulous diaries that are already on here I have decided to start my own.

I had my LBM around a year ago and although I have not added to my debt and we are slowly paying things off I think if I shifted up a gear things could be moving much quicker.

I have done a new SOA and I am open to any suggestions however harsh or bizarre they may seem.

I have probably missed off important stuff from there so shout if you see anything.

On paper we look like we should be able to pay loads more off but we never have any spare cash. So I am thinking a spending diary may be needed.

Our family is me, hubby and a 3 year old. We both work full time but I am fortunate to work from home for the majority of the time so we have no childcare costs. The only benefits I get are the standard child tax credits and family allowance. Obviously with us both working we don't get anything else.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 1350
Benefits................................ 116
Other income............................ 0
Total monthly income.................... 2816

Monthly Expense Details
Mortgage................................ 367.83
Secured loan repayments................. 438.77
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 99
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 15
Mobile phone............................ 70
TV Licence.............................. 11.61
Satellite/Cable TV...................... 38
Internet Services....................... 5
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 66
Car maintenance (including MOT)......... 10
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..................... 15
Contents insurance...................... 15
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1768.21

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 170000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 41000....(367.83)...5.9
Secured Debt.................. 25000....(438.77)...10.1
Total secured debts........... 66000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................1021.67...35........24
Welcome Finance................6146.01...157.5.....21.4
Littlewoods ...................379.33....60........0
Monument.......................114.......10........12.8
Alliance & Leicester ..........2735.75...130.2.....10.9
Fashionworld...................801.86....50........0
Barclays.......................690.......30........0
Total unsecured debts..........11888.62..472.7.....-

Monthly Budget Summary
Total monthly income.................... 2,816
Expenses (including secured debts)....... 1,768.21
Available for debt repayments........... 1,047.79
Monthly UNsecured debt repayments....... 472.7
Surplus(deficit if negative)............ 575.09

Personal Balance Sheet Summary
Total assets (things you own)........... 170,000
Total Secured debt...................... -66,000
Total Unsecured debt.................... -11,888.62
Personal net worth...................... 92,111.38

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

Lucy1982_2

Hi!!

Diary is a great idea, I love mine, even if I do moan on it a lot!

SOA looks good to me, but I'm not very good with them. Sounds like a spending diary will be a good idea. I really need to get one started as like you I have money left in theory, but in reality it hides somewhere and I never see if again!

Good luck x

doodledo_2

Thanks Lucy

Gemmzie

You're in a very good position, outgoings are fine within your salary - although I'd check those mobile costs!

Upping the debt payments and snowballing is definitely good for motivation!

taxi73

Glad to see you've got your own...I can see where some of your spare money may be going you only have £10 p/m for car repairs etc..that's only £120 per year surely it costs more than that with servicing ,tyres brake pads..do you only use £200 fuel now that the prices have gone up..you have nothing down for prescriptions at all ..do you have eye tests ,dentists etc...nothing down for presents either..these are all costs that would add up substantially...
Apart from that it all looks good....a spending diary will be great as that really shows up our hidden spending.I look forward to reading this one..

doodledo_2

Car repairs - good point might be on the low side. Although cars don't tend to need much doing on them fortunately but this does seem a bit light.

Mobiles - this is for 2 mobiles. Contracts not up for renewal till later in the year though.

Prescriptions - can't think of any that would fall into this as fortunate our work (we work at the same place) cover all our costs and my daughters are free obviously.

Presents - good one definately need to add some in for that.

mizmir

Happy new diary doodledo! SOA looks reasonable - though you have nothing for personal spending and very little for entertainment - might be another clue as to where money actually goes - any personal spends (it is books and CDs in this house but could be hobbies or lattes or magazines or gardening or toys or whatever)? what about going out? £20 wouldn't even cover one night out for two so do you go out more than that - and if not do you ever have takeaways, DVD hire etc? Presents, Christmas? Definitely it is these sort of things that account for "missing money" in our house!

LilacPixie

£58 a month for phone/net/tv seem high to me. £20 a month clothing for 2 adults and a growing toddler seems a little low as well. If you do only spend that its great but I know that i'm more than that for new shoes for my toddler and she seems to need new one every 8 weeks or so so that might be another source of money disappearing.

Gas and electricity may be high depending on size of home, car insurance ditto depending on circumstances.

One thing i have realised is you get no rewards from these companies for being a loyal customer so shop around.

Jacks_xxx

:wave: Great name for a diary honeybun! Love it!

I'm off to beddibyes now but I'll look at youyr SOA tomorrow.

Love Jacks xxx

taxi73

Morning Doodledoo..have a great day xx

robnye

if you already have cable tv, couldnt you link it up with phone and internet....! you pay £58, i know virgin have advertised 3 for £30 ie phone/tv/broadband
i agree car maintenance needds to be higher, we have 2 cars and pay £40 per month, but even that doesnt seem enough
petro/diesel seems high, does your OH use the car driving to work?, could he cycle/use bus
electricity - go green... make sure all apliances are switched of at socket if not used.... who needs a clock on the microwave..., power adapters still use electricity even if not charging... ie if its warm unplug it.
£10 per month on haircuts..... change to bi monthly or quarterly

are you using the snowball effect, ie paying the minimum to the lower interest rate cards/loans and throwing any extra at the higher interest rate debts, ie MBNA, you could reduce payments (A&L) to minimum plus monthly interest.... then throw the extra at MBNA, then move onto the welcome finance