We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
JET's SOA
jet77
Posts: 1,586 Forumite
Hi,
I've been battling with my debts for a couple of years (since discovering this site :money: ) Due to a lot of unavoidable big spends and falling off the wagon a few times :rolleyes: I'm still here :beer: but hoping to join the MFW sooner rather than later
I've done the SOA below (using the fab SOA calculator) so I can start from fresh:
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax inc TC's ...... 2070
Total monthly income.................... 2070
Monthly Expense Details
Mortgage................................ 657
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 90
Telephone (land line)................... 40
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 216
Clothing................................ 30
Petrol/diesel........................... 109
Road tax................................ 9.6
Car Insurance........................... 35.34
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings/contents insurance............ 28.61
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 55
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2052.55
Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 120500
Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 113500...(657)......0
Total secured debts........... 113500....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Overdraft......................2414.7....0........ .19.5
Loan...........................414.12....10....... .0
Total unsecured debts..........2828.82...10........-
Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including secured debts)....... 2,052.55
Available for debt repayments........... 17.45
Monthly UNsecured debt repayments....... 10
Surplus(deficit if negative)............ 7.45
Personal Balance Sheet Summary
Total assets (things you own)........... 120,500
Total Secured debt...................... -113,500
Total Unsecured debt.................... -2,828.82
Net Assets.............................. 4,171.18
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
As a die hard MSE fan I'm hoping that I've cut back on what i can but am posting on here in the hope that if I've missed anything/could be doing more, some kind MSE's will point it out to me.
It's just me and 2 kids (no dog but would love one soon :rolleyes: ) and 1 car. Where I've been unsure (e.g. presents/clothes) I've just guessed at a price that's more than it really is and the gas amount is a guesstimate too. As I'm on a prepayment metre and have been turned down by BG for a credit metre, I'm expecting the costs to be going up drastically over the winter months (haven't started using the ch yet but can't hold out for much longer).
Council Tax and Water Rates are higher than normal as I'm paying off arrears and telephone costs include broadband and tv.
I MUST get life assurance on mortgage!
Groceries - I'm a regular on the OS board and am working on cutting this one down. At the moment it's nearer to £175 per month but am aiming for £120 - note to self to start the grocery challenge.
Wow! just typing all this out and looking at everything on there has already helped me
Hope I get some more help and advice from all you experts out there :beer:
Thanks,
J
I've been battling with my debts for a couple of years (since discovering this site :money: ) Due to a lot of unavoidable big spends and falling off the wagon a few times :rolleyes: I'm still here :beer: but hoping to join the MFW sooner rather than later
I've done the SOA below (using the fab SOA calculator) so I can start from fresh:
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax inc TC's ...... 2070
Total monthly income.................... 2070
Monthly Expense Details
Mortgage................................ 657
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 90
Telephone (land line)................... 40
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 216
Clothing................................ 30
Petrol/diesel........................... 109
Road tax................................ 9.6
Car Insurance........................... 35.34
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings/contents insurance............ 28.61
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 55
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2052.55
Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 120500
Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 113500...(657)......0
Total secured debts........... 113500....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Overdraft......................2414.7....0........ .19.5
Loan...........................414.12....10....... .0
Total unsecured debts..........2828.82...10........-
Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including secured debts)....... 2,052.55
Available for debt repayments........... 17.45
Monthly UNsecured debt repayments....... 10
Surplus(deficit if negative)............ 7.45
Personal Balance Sheet Summary
Total assets (things you own)........... 120,500
Total Secured debt...................... -113,500
Total Unsecured debt.................... -2,828.82
Net Assets.............................. 4,171.18
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
As a die hard MSE fan I'm hoping that I've cut back on what i can but am posting on here in the hope that if I've missed anything/could be doing more, some kind MSE's will point it out to me.
It's just me and 2 kids (no dog but would love one soon :rolleyes: ) and 1 car. Where I've been unsure (e.g. presents/clothes) I've just guessed at a price that's more than it really is and the gas amount is a guesstimate too. As I'm on a prepayment metre and have been turned down by BG for a credit metre, I'm expecting the costs to be going up drastically over the winter months (haven't started using the ch yet but can't hold out for much longer).
Council Tax and Water Rates are higher than normal as I'm paying off arrears and telephone costs include broadband and tv.
I MUST get life assurance on mortgage!
Groceries - I'm a regular on the OS board and am working on cutting this one down. At the moment it's nearer to £175 per month but am aiming for £120 - note to self to start the grocery challenge.
Wow! just typing all this out and looking at everything on there has already helped me
Hope I get some more help and advice from all you experts out there :beer:
Thanks,
J
JUST DO IT ONE BRICK AT A TIME
PROUD TO BE DEALING WITH MY DEBTS
Weekly Budget: groceries£50/petrol£50/Unnecesary£15
DEBT PAID = 58% (£4,212/£8216):T
0
Comments
-
Jet
About the best thing I can suggest to you is to keep a spending diary to see where your money goes. Have you crunched numbers in what'sthecost.com to give you an idea of your debt free date?
Good luck
Cat.xDFW Nerd Club #545 Dealing With Our Debt
never attribute anything to malice which can be adequately explained by stupidity, [paranoia or ignorance] - ZTD&[cat]
the thing about unwritten laws is that everyone has to agree to them before they can work - *louise*
March GC £113.53 / £3250 -
Hi,
I'm assuming from your SOA you work. Your childcare costs, does the government help towards these? Are they for a nursery/childminder? Do you get anything funded, our work runs the BusyBee voucher scheme which helps with childcare costs, something to do with the government and getting money back/paying through your tax.
It might be something worth looking into. The link is here
HTH
Naomi x0 -
I've not snowballed as I'm cutting my hours as soon as a job share partners found so will wait til after that's happened. I did keep a spending diary but now draw out my weekly budget on a saturday and share it between marked mugs in the cupboard (e.g. shopping, petrol etc) and any left over goes on the electric/gas metre.
I do need to register for Busy Bees vouchers - will speak to childminder about that in a minute.
Thanks, J xJUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0 -
Just bumping incase anyone's got any more ideas JUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0
-
Do you get single persons allowance on your council tax?Pad, started 28.11.08 running total £3674.91:T
Sealed pot challenge member 346:T0 -
Yes I do get the discount on my CT
I've also got an appointment with some heating grant people in a couple of weeks to see if my loft needs further insulation (cavity walls have already been down).JUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0 -
Hi Jet, is your car petrol or diesel?0
-
The SOA looks pretty good to me, Jet. If you can't cut back any more, are you making the most of the clicks and surveys, and the like to up your income a bit more - ebay, amazon - you know the score!Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0
-
Water bill seems a little high. Are you really spending £90 a month on water?
Could you cut down landline/mobile bill combination? For example better use of your minutes? Are you on a contract?0 -
Sunderlandblackcat: My car is petrol but as it worth so little and I have to do an hour round trip to work every day don't think I'd get a reliable diesel for the same price
Hypno: Good to 'see' you I def need to get back in to ebaying and MB'ing. Daily clicks were driving me balmy so I stopped doing them but every little helps. When I go down to p/t I'll try them again :money:
Medic: My water bill is paying off arrears as well hence the high price. My contract for phone/broadband expires in Dec and my mobile contract does not expire until beg Sept 09JUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards