SOA, help please!

stinabean · 14 June 2019 at 11:50AM

Updated SOA below. I may have put things in the wrong place, please just shout and I'll adjust. Also no APRs on the cards etc as I simply don't know off hand (and am meant to be working

)

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1312
Partners monthly income after tax....... 1257
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 2651

Monthly Expense Details
Mortgage................................ 574.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 42
Gas..................................... 21
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 0
Mobile phone............................ 29
TV Licence.............................. 12.88
Satellite/Cable TV...................... 78.87
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 17.06
Car Insurance........................... 35.51
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 682.5
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 14
Buildings insurance..................... 0
Contents insurance...................... 22
Life assurance ......................... 27.95
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 26.97
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2132.54

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 144000...(574.8)....0
Total secured & HP debts...... 144000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Windows........................1720.4....39.1......0
Boiler.........................416.65....83.33.....0
MBNA...........................1568.13...28........0
Car............................9500......219.8.....0
Lloyds.........................1950......20........0
Barclays.......................948.15....21.82.....0
Barclays.......................1147.31...29........0
Halifax........................1633.98...41........0
Total unsecured debts..........18884.62..482.05....-

Monthly Budget Summary
Total monthly income.................... 2,651
Expenses (including HP & secured debts). 2,132.54
Available for debt repayments........... 518.46
Monthly UNsecured debt repayments....... 482.05
Amount left after debt repayments....... 36.41

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -144,000
Total Unsecured debt.................... -18,884.62
Net Assets.............................. -162,884.62

wjr4 · 14 June 2019 at 12:49PM

Please never, ever cancel life assurance! However, what exactly does that policy cover? Does it also cover critical illness?

MEM62 · 14 June 2019 at 1:00PM

stinabean wrote: »

We'd love higher salaries!

stinabean wrote: »

Neither of us went to further education and therefore only get standard unskilled work.

Don't write yourselves off so cheaply. It is perfectly possible to earn a better salary without the benefits of further education and there are many ways into this, such as learning new skills etc. It is amazing what a little thought and ambition can achieve.

chelseablue · 14 June 2019 at 1:07PM

MEM62 wrote: »

Don't write yourselves off so cheaply. It is perfectly possible to earn a better salary without the benefits of further education and there are many ways into this, such as learning new skills etc. It is amazing what a little thought and ambition can achieve.

This /\ /\

I didn't go to further education and my salary is almost £40k (I hope that doesn't come across as boastful, I certainly don't mean it in that way!)

Although I do live in South East England, if I moved north (which we may do next year) the same job gets around £25-£28K. Highest I've seen advertised up there is £30k

Although hopefully we'll be almost mortgage free so I wont care so much what I earn :rotfl:

stinabean · 14 June 2019 at 2:20PM

MEM62 wrote: »

Don't write yourselves off so cheaply. It is perfectly possible to earn a better salary without the benefits of further education and there are many ways into this, such as learning new skills etc. It is amazing what a little thought and ambition can achieve.

We've thought about learning new skills every so often, but it's always expensive to take the course and then seem to not have enough time to do the learning with working too!

stinabean · 14 June 2019 at 2:22PM

chelseablue wrote: »

This /\ /\

I didn't go to further education and my salary is almost £40k (I hope that doesn't come across as boastful, I certainly don't mean it in that way!)

Although I do live in South East England, if I moved north (which we may do next year) the same job gets around £25-£28K. Highest I've seen advertised up there is £30k

Although hopefully we'll be almost mortgage free so I wont care so much what I earn :rotfl:

Not boastful but am certainly jealous!

We're originally from South East and moved to Norfolk for cheaper living otherwise we couldn't have bought a house etc.
I'll have a look around but I'm just not very hopeful

chelseablue · 14 June 2019 at 2:24PM

stinabean wrote: »

Not boastful but am certainly jealous!

We're originally from South East and moved to Norfolk for cheaper living otherwise we couldn't have bought a house etc.
I'll have a look around but I'm just not very hopeful

Never give up hope

We're thinking of Lancashire as we have friends near Preston

MEM62 · 14 June 2019 at 4:08PM

stinabean wrote: »

We've thought about learning new skills every so often, but it's always expensive to take the course and then seem to not have enough time to do the learning with working too!

Your giving up too easily. Many jobs offer 'on the job' training that will allow you to start and the bottom and develop some kind of career path. There are also industries and companies that will recognise talent and invest in it. Two of the young ladies that work for me in supervisory positions started as picker/packers in the warehouse. They had drive and were capable of better things so we developed their skills and careers. Start by looking at what is around you and then think about what you might be good at, enjoy or are just interested in.

Already we know that you can use a PC and have a good command of English. You are also likely to be sensible and forward thinking as you saw the value in moving to buy your own house. Now if I can identify those positive points from a forum post then you should be able to see a lot more in yourself.

Opportunities are out there but you have to go find them. If you convince yourself that your current lot is all it can be then that is all it will be.

EssexHebridean · 15 June 2019 at 12:08AM

well done for getting this sorted - some of the comments may be the same as previous but I'll try to add extra thoughts in the light of your further information. As usual, in red...

stinabean wrote: »

Updated SOA below. I may have put things in the wrong place, please just shout and I'll adjust. Also no APRs on the cards etc as I simply don't know off hand (and am meant to be working )

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1312
Partners monthly income after tax....... 1257
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 2651

Monthly Expense Details
Mortgage................................ 574.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125 Definitely get this changed to 12 months not 10 - that frees up an additional £20 per month that can be used against your debt.
Electricity............................. 42 Have you checked your meter readings and made sure they are correct with your energy supplier? You should be able to do this through your account online. Also check with something like the MSE Cheap Energy club that you are on the best tariff.
Gas..................................... 21 Again, worth a check to make sure you're on the best tariff.
Oil..................................... 0
Water rates............................. 24 Metered?
Telephone (land line)................... 0
Mobile phone............................ 29 Can the more expensive sim only deal be cut back to the level of the £9 one?
TV Licence.............................. 12.88
Satellite/Cable TV...................... 78.87 When does the contract with Virgin actually come to a close? Is it actually in July or really in August? If they tell you that you cannot cancel with them until the contract has ended they aren't being truthful - you will need to give 30 days notice but they have a habit of giving the impression you can only do this when the contract has actually ended - not true - you can ring them a month ahead and tell them you are leaving.
Internet Services....................... 0
Groceries etc. ......................... 300 From now, get yourself and notebook and write down everything that you spend on groceries, toiletries and household cleaning items - that will make you stop to think but also will show you exactly what you are spending here. There are guides on the main MSE site about cutting down shopping bills, the Old Style board on here is great for hints & tips and they're really helpful on there too.
Clothing................................ 20 make sure you put this aside each month for when things are needed.
Petrol/diesel........................... 40
Road tax................................ 17.06
Car Insurance........................... 35.51
Car maintenance (including MOT)......... 10 I hate to say it but I don;t think this is enough - you'll be lucky to get a service and MoT test for that. Regardless, make sure you put this money aside every month without fail to cover bills as they arrive.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 682.5
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 14
Buildings insurance..................... 0
Contents insurance...................... 22 Buildings & contents combined, yes?
Life assurance ......................... 27.95
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Make sure you put this aside every month
Haircuts................................ 0
Entertainment........................... 26.97
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2132.54

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 144000...(574.8)....0
Total secured & HP debts...... 144000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Windows........................1720.4....39.1......0
Boiler.........................416.65....83.33.....0
MBNA...........................1568.13...28........0
Car............................9500......219.8.....0
Lloyds.........................1950......20........0
Barclays.......................948.15....21.82.....0
Barclays.......................1147.31...29........0
Halifax........................1633.98...41........0
Total unsecured debts..........18884.62..482.05....- You need to find interest rates on all of these really, to get the full picure

Monthly Budget Summary
Total monthly income.................... 2,651
Expenses (including HP & secured debts). 2,132.54
Available for debt repayments........... 518.46
Monthly UNsecured debt repayments....... 482.05
Amount left after debt repayments....... 36.41

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -144,000
Total Unsecured debt.................... -18,884.62
Net Assets.............................. -162,884.62

On the gas/electric tariffs, be sure to check individually as well as dual fuel deals - we're low gas users and higher electric, and separate is always the way forwards for us.

OK - you still have a surplus albeit a very squeaky small one - but it's there. There are savings to be made as we know - the groceries budget is an easy win. If it were me I'd start doing a weekly check of the Aldi & Lidl Super 6 & pick of the week offers for fruit & veg - then plan around those as much as you can. Sometimes they're useful, sometimes less so - Tesco also do 5 fresh fruit and veg items at a cheap price each week so again if you have one nearby keep an eye on those - you can check them all online. If you don't already do it then start meal planning as well - I always shop on a friday so start by working out anything I have in that needs using up, and checking those deals, as well as what I already have in the fridge, freezer & storecupboard, then I plan my meals from there. Once your meals are planned out you can write a list of the things you need to buy ton make those meals as well as items for lunches and breakfasts. Generally the less times per week you shop the less you will spend overall too, as you avoid impulse spending.

My suggestion for you to start with is going to be to keep the debt payments ticking over as they are, and make savings on your expenditure anywhere you can - whatever you save start to stash away as an emergency fund - which will also double up to top up any extra spending you need for car servicing etc. Normally for a homeowner with a car we'd say £1000 is a good basic figure but that's probably a bit beyond your reach right now, so intially aim at £300. Once you hit that figure continue to put any savings you make aside, but from then pay 50% of those monthly savings to the most expensive (ie highest interest rate) debt, to start making an impact. as you get shot of things like Virgin, and subsequently the boiler payments, you'll be able to make more headway, but for the next couple of months you are possibly best just to make a start on tightening your budget.

And yes, I still think you need to tell your OH to get his head out of his....well, let's say "the sand" about his netflix/spotify etc habit!

Clarence1971 · 17 June 2019 at 8:48PM

I think if I were you I would look at your debts first to see what the interest rates are and if you can consolidate, pay less interest and a set monthly amount.

I would then look at car costs, they seem disproportionate compared with usage (£40 petrol per month) downsize, get family to come to you, hire a car, it’s surprisingly cheap. Just some ideas.

I think you get some free childcare at age 3 (15 hours a week I think, but might be out of date) so that will help.

I wouldn’t worry too much about the Spotify, Netflix, PSN, it’s cheap entertainment and you’ve got to have some pleasures, right?

It’s tough for young families, well done for being pro-active. Very best of luck.

SOA, help please!

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