soa help please

kimplus8 · 18 July 2019 at 11:53AM

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 8
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 762
Partners monthly income after tax....... 0
Benefits................................ 2519
Other income............................ 187
Total monthly income.................... 3468

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 38
Electricity............................. 22
Gas..................................... 32
Oil..................................... 0
Water rates............................. 0 9in CT as I'm in Scotland)
Telephone (land line)................... 0 (don't have land line)
Mobile phone............................ 40 (4 mobiles in household on PAYG)
TV Licence.............................. 0 (don't have a TV)
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 800
Clothing................................ 100
Petrol/diesel........................... 50
Road tax................................ 145
Car Insurance........................... 39.6
Car maintenance (including MOT)......... 40
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..................... 0
Contents insurance...................... 7.2
Life assurance ......................... 23.51
Other insurance......................... 0
Presents (birthday, christmas etc)...... 160
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 2247.31

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 3,468
Expenses (including HP & secured debts). 2,247.31
Available for debt repayments........... 1,220.69
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,220.69

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 800

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I never have this left so I must be seriously missing something???
any ideas where I can cut, I'm starting a spending diary this week too as I do buy a coffee every here and there which adds up and kids need money for stuff.
I want to get this as realistic as possible

CakeCrusader · 18 July 2019 at 12:06PM

Have you tried writing down exactly what you're spending so you can see where it's going? A coffee here, a newspaper there, 8 ice creams, it's often a slow trickle so goes unnoticed until you write everything down.

getmore4less · 18 July 2019 at 12:32PM

Go back over the last 12 months and try to work out where the money went.

You can use the same form but do 12months not one
Just over £40k for total income

Road tax looks wrong is that annual?

kimplus8 · 18 July 2019 at 1:25PM

getmore4less wrote: »

Go back over the last 12 months and try to work out where the money went.

You can use the same form but do 12months not one
Just over £40k for total income

Road tax looks wrong is that annual?

yeah thats the annual amount, I've typed it in wrong.

Yellow_mango · 18 July 2019 at 1:36PM

Do you have any debt?

Mumoffourkids · 18 July 2019 at 2:12PM

I have six kids and I have a general budget category which pays for anything the kids need for school or clubs etc which is £70 a week. Its amazing how the money that the kids need adds up.

Also is £40 enough for car maintenance on a car that is only worth £800.

Do you have any childcare costs at all? Holiday clubs or activities that your kids do?

As others have said it is probably worth going back over your previous few months to work out where the extra money is going.

Also just to say I put money aside for clothes each week for the kids as they don't always need stuff. Then when they do need some new shoes or new clothes, I have the money ready in a savings account.

kimplus8 · 18 July 2019 at 2:52PM

Yellow_mango wrote: »

Do you have any debt?

just my student loan.

kimplus8 · 18 July 2019 at 2:53PM

Mumoffourkids wrote: »

I have six kids and I have a general budget category which pays for anything the kids need for school or clubs etc which is £70 a week. Its amazing how the money that the kids need adds up.

Also is £40 enough for car maintenance on a car that is only worth £800.

Do you have any childcare costs at all? Holiday clubs or activities that your kids do?

As others have said it is probably worth going back over your previous few months to work out where the extra money is going.

Also just to say I put money aside for clothes each week for the kids as they don't always need stuff. Then when they do need some new shoes or new clothes, I have the money ready in a savings account.

I was hazarding a guess for the car as I've only just got it and don't really know what to allow. do you think £100 is better?
I'm going to go over my bank statements for a few months and then try to get a much better picture of where all the money is going

[Deleted User] · 18 July 2019 at 3:16PM

kimplus8 wrote: »

Road tax................................ 145

You pay £1740 a year in Road Tax? :eek:

Mnd · 18 July 2019 at 7:03PM

Road tax already corrected, that was a mistake, the annual figure was included.

Do you get any maintanence money

ScottishSaver14 · 18 July 2019 at 10:13PM

Now...I'm not an expert where multiple children are involved but the obvious one which is taking up a LOT is grocery. Grocery is also something which can go £20 or £30 over with top up shops, could this be the culprit?

I am assuming that you have discovered the joys of Aldi/Lidl but have you tried batch cooking, snack packs etc? The obvious enemy there is time, however it could work if you could get some of the kids involved in the prep process...

soa help please

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