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Tranquil
Posts: 67 Forumite
Hi - I am looking for any advice on my SOA. Struggling a bit the last few months and always seem short at the moment. Thanks
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... I don't own a car but have a car on hire purchase
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750
Monthly Expense Details
Mortgage................................ 317.4
Secured/HP loan repayments.............. 149.3
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 don't pay this
Electricity............................. 59.11
Gas..................................... 0 no gas
Oil..................................... 0
Water rates............................. 0 included in council tax which I am not eligible to pay
Telephone (land line)................... 0
Mobile phone............................ 0 family member pay this
TV Licence.............................. 12.25
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 10.5
Car Insurance........................... 44.15
Car maintenance (including MOT)......... 30
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 9.35
Contents insurance...................... 9.35
Life assurance ......................... 10.55
Other insurance......................... 3.33
Presents (birthday, christmas etc)...... 30 this is probably more in reality but I wasn't sure how to calculate this
Haircuts................................ 7.5
Entertainment........................... 45
Holiday................................. 40 ideally I would save around £80 a month for a once a year holiday but this is all I am managing at the moment
Emergency fund.......................... 0
Family (private)........................ 160
Music................................... 25 musical instrument
Total monthly expenses.................. 1297.79
Assets
Cash.................................... 0
House value (Gross)..................... 108000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 108000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(317.4)....3
Hire Purchase (HP) debt ...... 3136.22..(149.3)....10.3
Total secured & HP debts...... 83136.22..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1833.02...50........0
Loan...........................9225.26...286.1.....10.1
Student Loan...................486.......100.......3
Total unsecured debts..........11544.28..436.1.....-
Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,297.79
Available for debt repayments........... 452.21
Monthly UNsecured debt repayments....... 436.1
Amount left after debt repayments....... 16.11
Personal Balance Sheet Summary
Total assets (things you own)........... 108,000
Total HP & Secured debt................. -83,136.22
Total Unsecured debt.................... -11,544.28
Net Assets.............................. 13,319.5
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... I don't own a car but have a car on hire purchase
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750
Monthly Expense Details
Mortgage................................ 317.4
Secured/HP loan repayments.............. 149.3
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 don't pay this
Electricity............................. 59.11
Gas..................................... 0 no gas
Oil..................................... 0
Water rates............................. 0 included in council tax which I am not eligible to pay
Telephone (land line)................... 0
Mobile phone............................ 0 family member pay this
TV Licence.............................. 12.25
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 10.5
Car Insurance........................... 44.15
Car maintenance (including MOT)......... 30
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 9.35
Contents insurance...................... 9.35
Life assurance ......................... 10.55
Other insurance......................... 3.33
Presents (birthday, christmas etc)...... 30 this is probably more in reality but I wasn't sure how to calculate this
Haircuts................................ 7.5
Entertainment........................... 45
Holiday................................. 40 ideally I would save around £80 a month for a once a year holiday but this is all I am managing at the moment
Emergency fund.......................... 0
Family (private)........................ 160
Music................................... 25 musical instrument
Total monthly expenses.................. 1297.79
Assets
Cash.................................... 0
House value (Gross)..................... 108000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 108000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(317.4)....3
Hire Purchase (HP) debt ...... 3136.22..(149.3)....10.3
Total secured & HP debts...... 83136.22..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1833.02...50........0
Loan...........................9225.26...286.1.....10.1
Student Loan...................486.......100.......3
Total unsecured debts..........11544.28..436.1.....-
Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,297.79
Available for debt repayments........... 452.21
Monthly UNsecured debt repayments....... 436.1
Amount left after debt repayments....... 16.11
Personal Balance Sheet Summary
Total assets (things you own)........... 108,000
Total HP & Secured debt................. -83,136.22
Total Unsecured debt.................... -11,544.28
Net Assets.............................. 13,319.5
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
0
Comments
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:wave:
So your stuent loan only has 4 1/2 months left to run? Say 5 months?
Once that is gone things will be a lot easier.
Anything you can sell meantime to help things along?I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Do you need the life assurance? You don't say you have dependants so may not need this.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
I don't get why you are not due to pay council tax? If you are a student why are you already paying back a student loan?Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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Hi Tranquil
It's a little unclear why you are not paying council tax and water, assuming that you are no longer classed as a student. Can you explain more on that so we understand the situation?
Your SOA shows you have £16 per month surplus, do you think that sounds correct? If you think you have less than that it may be because you have underestimated on some of your outgoings, for example you think your present budget may be too low.
I'd advise to start a spending diary which should show you exactly where your money is going. In terms of presents, write a list of everyone you need to buy for through the year and give each person a budget. That way you can work out exactly how much you need to put aside each month.
You have an outgoing of £160 per month to family. Is that a debt you owe? If so, would the family member consider a slightly lower repayment?
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Hi - I have completed my undergrad and so paying back a student loan. I am doing another course at the moment, so I’m counted as a student, but I am funded to do this, hence why I am paid. So a really good deal actually!0
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intersting.
MY DS is doing a Masters at the mo but does not have to pay his loan off yet.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
That is probably because he isn't earning who.
I continued education whilst working full time. I became liable for my council tax etc & had to pay my under grad loan back at the same time0
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