A question about : My SOA
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.................... 0
Monthly Income Details
Monthly income after tax................ 1646
Partners monthly income after tax....... 0
Benefits................................ 386
Other income............................ 0
Total monthly income.................... 2032
Monthly Expense Details
Mortgage................................ 456
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 121
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 36
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 75
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16.63
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Transfer to Husband..................... 150
Total monthly expenses.................. 1363.63
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...................... 95000....(456)......5.69
Total secured & HP debts...... 95000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Barclaycard....................5058.31...116...... .0
Nationwide.....................1142......25....... .19.9
Next...........................320.......35....... .25.99
Loan...........................7953.71...150...... .7.9
Total unsecured debts..........14474.02..326.......-
Monthly Budget Summary
Total monthly income.................... 2,032
Expenses (including HP & secured debts). 1,363.63
Available for debt repayments........... 668.37
Monthly UNsecured debt repayments....... 326
Amount left after debt repayments....... 342.37
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -14,474.02
Net Assets.............................. -109,474.02
Need to start sorting out my debt situation - my current plan is to repay Next card first (highest APR) then my Nationwide credit card. Grateful for any advice.
I live with my husband but we keep separate bank accounts and share the bills. I have not incuded my husband's income or the bills he pays in the above (eg he pays rent, service charges, BT broadband/phone calls etc).
I also have an overdraft facility of Ј1400 which I usually reach by the end of the month. The benefits I get are for my daughter (disability and child benefit).
Mortgage is interest only but we want to switch to repayment as soon as is practical (hence the need to clear some debt).
Best answers:
- Hi
Do you think you do have the Ј342 spare a month after paying minimum payments? if you do then that is great and you can at least care the Next this month. Agree with your order of payment. What fees or interest do you pay for the overdraft?
If you don't have that much spare then perhaps try keeping a spending diary for a couple of months and have a think about your average spend on entertainment/sundry etc over a year. Do you pay for haircuts for you or your daughter for exaple?
You mention rent and have a mortgage payment - are you in shared ownership.
Whilst you keep your finances separate do you and your husband reviews your costs and ensure the split between the 2 of you is fair to you both? - APR on the mortgage is high, can you move it to a different product with a better rate?
Might be a daft question but why is there a mortgage and rent/service charge, is it some kind of shared ownership?
Are you the highest earner in the household, you seem to pay for most of the bills?
You give your husband Ј150 a month is that for something specific or for savings/holiday etc?
There seems to be a decent amount left, are you sure the SOA is accurate if your overdraft is maxed out every month.
Good luck with it, others will be along soon to help as well - you don't spend a penny on entertainment, really?
Ј300 a month on food is a lot. Could cut that by Ј50-100 (depending on age of child) - Yes it's shared ownership. I work full time and earn the most, husband went part time after I returned to work from maternity leave, daughter has special needs. I give my husband Ј150 a month for a more even distribution of income eg he earns around Ј1000 a month but pays out Ј580 in rent/service charges. Also the benefits we get for our daughter all go into my bank account.
I guess the extra Ј300 is probably spend on extras such as meals out, going out with daughter eg cinema/swimming etc. I haven't included hairdressers as I don't go much (couple of times a year) and daughter probbaly only every couple of months at Ј10 a time.
Will need to check out APR on overdraft but pay around Ј15 a month in interest. - I think it's hard to say how much we spend on entertainment as it varies but we don't go out a lot - maybe once or twice a month. Daughter does swimming and gymnastics and that is included in SOA under other childcare.
- The extra must go somewhere, maybe try a spending diary.
- I log all the money going out of my bank account on a spreadsheet - the extra goes on buying clothes and toys for daughter, meals out eg in August spent Ј80 on meals. I didn't include on SoA as they are not "essentials" and amount spent varies month to month. But certainly an area I am cutting back on and instead using that money to pay off my Next card.
My husband does pay other bills too eg BT bill, dishwasher insurance and also has a credit card repayment and mobile phone bill to pay each month.
I have also been doing some ebaying/selling of stuff we don't need so have a small income from that too (variable) maybe Ј50 a month.
Do you think I could switch my mortgage even with having these debts? I could get a slightly better rate I think. - Hi Michelle,
Well done for asking for help, people on this board are great.. Really knowledgeable. However you do need to complete a full SOA to make the most of any help offered. As you log everything it should be easy to complete missing sections such. As clothing or entertainment costs by giving an average figure.
Listing your husband's information will be useful to because it will show if any savings can be made on the bills and then you will be able to transfer less t to him improving your SOA.
Hth
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