My first SOA - words of wisdom needed!

zigmeister · 4 June 2009 at 12:33AM

Hi,

I've been a lurker for ages, and I started a diary a while ago (see my sig) but I realised I haven't actually done a SOA yet. I probably should have done one at the beginning of my debt free journey but didn't. But better late than never so here it is!

Just to explain something, my wages are £215 a month, so even tho it says I get an extra £500 a month it isn't true. I get my student loan paid in three installments over the year (£2000 an installment) so I added them together and divided that over the year. Does that make sense?!

I also have an agreement with my landlord where by I pay my rent in three installments to coincide with my student loan payments. But if I were to pay it monthly then it would be £360 a month.

Sorry if I've confused anyone! If anyone has any advice then I'd be very grateful

Zig x

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 215
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 500
Total monthly income.................... 715

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 360
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15.5
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 175
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 675.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................800.......0.........0
Total unsecured debts..........800.......0.........-

Monthly Budget Summary
Total monthly income.................... 715
Expenses (including HP & secured debts). 675.5
Available for debt repayments........... 39.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 39.5

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -800
Net Assets.............................. 1,200

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

ghostmadlittlemiss · 4 June 2009 at 6:10AM

Your groceries are quite high, have a look on the OldStyle board, they can help you half that. Also, do you really need to spend £20 on clothes every month? And why is there no money listed for other car expenses, only petrol (which also looks a bit high to me)? Your mobile looks good though.

I'm a student in debt as well so I know how tough it can be. Try keeping a spending diary. You'll soon find those extra trips to the shop all add up.

Hope this helps.
Kayleigh

Tixy · 4 June 2009 at 8:16AM

No car insurance / road tax or motor expenses. You need to budget for these monthly so that you have the funds available even if you pay them annually.

Are gas & elec etc all included in rent?

Students usually need to have a TV licence although this depends on what sort of accom you are in.

I expect that you could cut you groceries. It can be hard when you are a student as you may not have loads of storage/freezer space to batch cook and freeze goods. But do look at old style to get idea for cheap, healthy and easy to cook meals. Buy things like pasta and rice in large quantities as these form the basis for lots of filling meals.

£30 on entertainment is really good (esp for a student!)

Taye · 4 June 2009 at 8:19AM

Also i noticed you have a 2nd person in the household doens't he/she bring any money in?? even just benifits?

zigmeister · 4 June 2009 at 2:52PM

Thanks for the comments, I'll explain some of the points made!

I live with my OH's mate. But I put a household of two because I cook for my OH. Rent includes everything - TV, bills etc.

My OH works in a garage so he sorts out everything to do with the car, and pays the insurance. I just pay for petrol which has been high lately cuz I've been on school placement and travelling to uni. But it rarely goes over £15 a week.

I don't go out drinking so that helps cuz entertainment costs! That £30 includes lovefilm and if we go to the cinema which isn't very often. I think I included takeaways in that amount too.

I wasn't sure how much to put for clothes, cuz I don't buy clothes every month. So I averaged it out a bit cuz some months I spend more/less. I needed clothes for placement recently, and because I have put on weight and it was getting to the point where I was really upset cuz nothing fitted and I didn't wanna go out. I'm actully quite good at saying no to myself tho when it comes to clothes. I just need to carry on with my diet now!

Food is a big problem for me cuz I'm a right foodie! I know I spend way too much on food so I definately need to cut that down.

Thanks again and sorry about the long reply!

Zig x

Dinah93 · 4 June 2009 at 3:29PM

I'm a real foodie too Zig, but I love to cook so even when a student it was rare I spent more than £60 a month (for just me). Have you considered doing an evening course to learn some recipies so you don't have to get so many ready meals and the like (expensive, nutritionally devoid and unfilling, but that's just my two pence worth!).

There is really very little else in there to cut (although you could save £75 on the groceries with a little work), I think you need to focus on doing some challenges and upping your income rather than cutting costs - cos there is very little to play with!

zigmeister · 4 June 2009 at 3:41PM

Thanks Dinah,

I love cooking too, but we ended up eating a lot of crap lately because I was on placement and was just too busy and tired to cook so ended up getting takeaways and stuff. That was partly down to me being disorganised though.

When I get into a routine, and actually plan ahead, then it's ok. £60 a month is impressive! Maybe I'll aim for spending £25 a week and see how it goes. It's gonna be difficult not to just buy whatever and not worry about the cost but if other people can do it then I should be able to.

I think you're right about doing more challenges. I'm starting the £5 a day one next week so that'll be helpful if I can get some more money in!

My first SOA - words of wisdom needed!

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