A question about : Tilly's Time to Tinker
Hi, I'm posting my SOA from the Stoozing Calc, I've tried to be as accurate as possible.
I'm in an OK position, not in debt that I cannot afford, but I need to get rid of my two outstanding loans as soon as possible so I can look favourably at remortgaging my property within the year so as to be able to go repayment from IO and take my mum off the title deeds (she has no financial input into the house, just her name on it, so only 2 years left as she is pensionable, hence my need to remortgage in my own right and get a longer term as Repayment)
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 0
Benefits................................ 88
Other income............................ 0
Total monthly income.................... 2188
Monthly Expense Details
Mortgage................................ 248.5
Secured/HP loan repayments.............. 301.5999999999999
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 47.51
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30.18
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 48
Car maintenance (including MOT)......... 0
Car parking............................. 20
Other travel............................ 20
Childcare/nursery....................... 34
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 29
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 50
Holiday................................. 100
Emergency fund.......................... 100
Total monthly expenses.................. 1795.91
Assets
Cash.................................... 3000
House value (Gross)..................... 90000
Shares and bonds........................ 500
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 100000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 73000....(248.5)....3.99
Hire Purchase (HP) debt ...... 7663.08..(155.9)....8.5
Loan...........................4302.....(145.7)... .7.5
Total secured & HP debts...... 84965.08..-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
CC.............................300.......25....... .16.9
Total unsecured debts..........300.......25........-
Monthly Budget Summary
Total monthly income.................... 2,188
Expenses (including HP & secured debts). 1,795.91
Available for debt repayments........... 392.09
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 367.09
Personal Balance Sheet Summary
Total assets (things you own)........... 100,000
Total HP & Secured debt................. -84,965.08
Total Unsecured debt.................... -300
Net Assets.............................. 14,734.92
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Best answers:
- Hi
Thats all looking pretty healthy. Do you have the Ј367 surplus each month and have you been using that to repay your debts? if so hopefully you can clear the card debt this month and then move on to overpaying the loans.
Do both loans allow partial overpayments with no penalty?
is the cash your emergency fund? or are you building up to pay off one of the loans in full?
Looking at your SoA a couple of comments - its sensible to try to budget for things like clothes/car maintenance etc by tryng to work out a rough annual spend so that you don't get an unexpected bill.
Your groceries etc costs could be signficantly cut if you want to free up more to put towards your debts each month. It could probably be halved but definitely could be reduced by Ј100 a month - take a look here for ideas - https://www.moneysavingexpert.com/sho...arket-shopping - I dont think your council tax is correct, it is half what I pay on a band A 3 bed terrace.
Groceries at Ј400 for 1 adult and 1 child is pretty high. I dont spend that for 2 adults and 3 children. You could certainly fix that somewhat and perhaps even halve it.
You have debts, but you are saving for a holiday? Do you think that is wise?
You have a mortgage and contents insurance but no buildings insurance...? Very unwise.
Do you truly spend Ј30 a month, every month on haircuts? - Thanks for your post FireWyrm, I have made some replies.
I dont think your council tax is correct, it is half what I pay on a band A 3 bed terrace.
I live in Northern Ireland, we pay Rates and yes I live in a 3 Bed terrace
Groceries at Ј400 for 1 adult and 1 child is pretty high. I dont spend that for 2 adults and 3 children. You could certainly fix that somewhat and perhaps even halve it.
I'm cutting down to Ј40 per week plus Ј10 treats so that shoudl come down
You have debts, but you are saving for a holiday? Do you think that is wise?
I put that in there as a bucket for emergency spends.
You have a mortgage and contents insurance but no buildings insurance...? Very unwise.
I have joint Buildings and Contents, I put the total amount in Contents.
Do you truly spend Ј30 a month, every month on haircuts?
I get a cut and colour every 8-10 weeks (depending on how long I can stand to show the grey!!! It costs Ј65 each time) - Ј60 for a Mobile seems quite high - is that paying for a handset as well? Has it got long to go?
I understand having an emergency fund but for 10% of what you have in cash you could pay off that 16.9% CC - otherwise it is going to take you 15 months at Ј25 pcm to clear. - One thing to consider is how much debt you would be left with on a card when you come to try to remortgage.
Traditionally mortgage lenders would probably prefer a debt on a loan with a fixed repayment structure rather than on a credit card.
I don't know whether things will be the same with the new affordability assesment criteria that has just come in but it may be worth considering. - I wonder if a mod could move this to DFDiaries???
Thanks!
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