New SOA

A question about : New SOA

So, finally we have almost made it to the other side. At the end of June 4 of the 5 remaining debts/payment plans will be cleared leaving only Ј1000 left I have recently started working part time too which is adding a little extra every month so I thought I would do a new SOA and see if there's anything I've missed out or anything I'm paying far too much for. I've pre-empted a few questions I thought may crop up but if there's anything else let me know (Please be gentle!)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 329
Partners monthly income after tax....... 1721
Benefits................................ 288.4
Other income............................ 0
Total monthly income.................... 2338.4

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750 (looking for somewhere cheaper for when our lease ends)
Management charge (leasehold property).. 0
Council tax............................. 224 (This should reduce if we find somewhere cheaper as we are living in an expensive area)
Electricity............................. 80 (Seems expensive but we've checked it out)
Gas..................................... 80 (ditto above)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 37 (includes broadband, locked in for 2 years due to moving twice mid way through a 12 month contract)
Mobile phone............................ 25 (2 x PAYG)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 130
Road tax................................ 0
Car Insurance........................... 39.64
Car maintenance (including MOT)......... 50 (includes car tax)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 18.88 (Insurance and petplan with the vets to get freebies and discounts)
Buildings insurance..................... 0
Contents insurance...................... 4.49
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 100 (general spending money for the whole family for the month)
Holiday................................. 0
Emergency fund.......................... 40
Netflix................................. 5.99 (We use this a lot so it's worth it for us)
kids savings............................ 30
ISA..................................... 250 (This will be used from Aug-Nov to pay off the final Ј1000 owing then it will be being put into an ISA)
Total monthly expenses.................. 2337.12

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

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

Monthly Budget Summary
Total monthly income.................... 2,338.4
Expenses (including HP & secured debts). 2,337.12
Available for debt repayments........... 1.28
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1.28

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,000

Best answers:

• Hi I think you should allow more for car maintenance. You will need tyres at some time and also things like a service, even if you do it yourselves you will still need to buy parts.
  I would suggest you get an energy monitor to see why your energy usage is high. Maybe your energy company will send you a free one if you ask. Have you checked to make sure you are with the cheapest supplier - if not it may be worth changing.
  You can google to see ways to cut your energy usage so perhaps worth checking that out.
  Maybe you need to put something in for Dentists visits and also for prescriptions if you pay for them.
  I think your clothing allowance is very low for 5 of you. If you think about how many different items of clothes you buy in a year it will cost considerably more unless you manage to get them from friends or charity shops. You will also need to allow for new Shoes for the children so maybe you need to recalculate this amount.
  Well done for getting rid of the debts so far.
• The payg seems expensive / ave you looked at giff gaff as an alternative ?
• I think your doing great and well doing for doing part time work. That's ace - it will help with social aspect too for you and your own development, not just economic benefits. I can't offer any good advice like others on here but with 3 kids I think you are doing really well!!!
  NYD x