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My SOA - I am 22 today!! new start for me, advice appreciated!

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littlepinkstars44
littlepinkstars44 Posts: 2,950 Forumite
in Debt-free wannabe
ok so today i hit the big 22! eek
and i have decided, new year and a fresh start!
I want to get as much of this debt cleared as possible this year, as i really want to move into my own flat when i finish college (possibly after i finish uni next year if i get it *fingers crossed*)

A quick bit of background about me...got into debt as soon as i turned 18, and have been ever since! Have had a few mental health problems over the years and have dropped out of 4 college courses! But i am back on track, and have just finished my HNC in tourism, am now studying for my HND and have applied for uni next year!
I work part time (9hrs a week) in Morrisons, i used to get more hours but all the hours have been cut recently and EVERYONE is just working their contract hours at the moment!

So here it is..the dreaded SOA!
If anyone has any advice, tips or ideas for me please share them, it will all be appreciated!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 209 (wages)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 348 (student loan and bursary)
Total monthly income.................... 557
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 150 (to my mum)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40 (have got it down from £80+ a month, have 7mths left on contract)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 46 (£11.50 for a week ticket to travel to college&work)
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)...... 0
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 276

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
New Look Card..................60........10........28.9
Topshop Card...................220.......15........29.9
Dorothy Perkins Card...........210.......15........29.9
RBS student overdraft..........1400......0.........0
BOS student overdraft..........1020......50........0
Additions......................180.......15........39.9
Kays...........................155.......5.........0
Total unsecured debts..........3245......110.......-

Monthly Budget Summary
Total monthly income.................... 557
Expenses (including HP & secured debts). 276
Available for debt repayments........... 281
Monthly UNsecured debt repayments....... 110
Amount left after debt repayments....... 171
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,245
Net Assets.............................. -3,245
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
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Comments

  • littlepinkstars44
    littlepinkstars44 Posts: 2,950 Forumite
    Also, even though it says i have £171 left over every month, it never feels like that!
  • SuzySu
    SuzySu Posts: 3,478 Forumite
    Hi Littlepinkstars

    Hi and welcome to the forum and congratulations on having the sense to get money-wise at such a young age (says she at the ripe old age of 42 - I still feel 18 tho!!).

    I know what you mean about having money left over 'on paper' but not in reality.

    Re your mobile: could you contact your provider and ask to go onto the lowest tarrif they do - worked for me. Well done for halving your bill thus far.

    Keep up the good work, you're off to a great start.

    Oh....and happy birthday!!
    YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)

    really....it's not hard to understand :T
  • TurnaroundSue
    TurnaroundSue Posts: 1,214 Forumite
    Hi, welcome to the boards:hello: and happy birthday!!

    The good thing is your age. You have recognised that an early age you need to sort out your finances and this could be the start of the rest of your life on how to manage your finances in the future.

    I notice from your SOA that you have nothing for birthdays, christmas etc and that you don't have anything for haircuts. You say that it doesn't feel like you have £171 left over every month, so my suggestion would be is to start a spending diary. Write everything down, and I mean EVERYTHING, whether it's a packet of crisps, a coffee or a pair of shoes. That way it will help to see where your money goes each month.

    Also you need to try snowballing. I am sorry but don't have the link to the thread to show you what to do, but someone more qualified than myself will be along shortly to help you with this. Basically it allows you to put in all your debts, aprs etc and will then tell you which debt to pay off first, whilst paying the minimum balance on the rest. Then once that debt has been paid off you move onto the next one, adding to this the amount you were paying on the first debt and so on and so on. This will also give you your debt free date (DFD) and you will know then when you will be debt free.

    I would also contact your phone company and see if you can reduce your contract now, as I know that some of them allow this. Do not wait until the 7 months are up as you can reduce this amount alot sooner than that, even if they don't allow it just now.

    Good luck and lots of hugs :grouphug: - you have taken the hardest step and that is acknowledging your debts and coming to this wonderful forum where you will get lots of help and support from everyone who frequents it.
    When you were born, you were crying and everyone around was smiling. Live your life so at the end, you're the one who is smiling and everyone around you is crying! :rotfl:
  • OberonSH
    OberonSH Posts: 1,792 Forumite
    Hi Little Pink,

    First off, well done girl. Taking that forst step and totting it all up is horrible, and it's usually twice what you thought it was.

    I can't see much that yuo can cut down. So if you can't reduce outgoings, you have to maximise income. Have a scount round and sort out stuff you don't need any more. Ebay is your new best mate.

    Start keeping a diary of how much you actually spend. All the 30p bars of chocs, the papers, everything. If it leaves your purse/bank account it goes in the book. You'll be surprised where it goes.

    Your debt seems to all be on storecards, so shifting to a 0% card isn't an easy option, So you need to start whacking chunks off now, since the interest is so high. Some people go for the highest interest first, or you can start with the smallest to give you a boost. And don't forget to 'snowball' - when you finish paying off one card, add that payment to the next. You'll be astonished how much it adds up.

    Have you considered doing surveys, cashback sites etc? Some pay cash, most in vouchers, but these will be really handy when birthdays and Xmas rolls around.

    Keep us all posted.
    This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!

    Current Pay Off Target : £1500 :mad:
  • littlepinkstars44
    littlepinkstars44 Posts: 2,950 Forumite
    TurnaroundSue wrote: »
    Hi, welcome to the boards:hello: and happy birthday!!

    Thanks!
    TurnaroundSue wrote: »
    I notice from your SOA that you have nothing for birthdays, christmas etc and that you don't have anything for haircuts. You say that it doesn't feel like you have £171 left over every month, so my suggestion would be is to start a spending diary. Write everything down, and I mean EVERYTHING, whether it's a packet of crisps, a coffee or a pair of shoes. That way it will help to see where your money goes each month.

    All our birthdays have already been, we are all in Jan! mines is the last, no more buying pressents for another year! yay.
    My mum is a hairdresser, so i've never paid for a haircut in my life! lol
    TurnaroundSue wrote: »
    Also you need to try snowballing. I am sorry but don't have the link to the thread to show you what to do, but someone more qualified than myself will be along shortly to help you with this. Basically it allows you to put in all your debts, aprs etc and will then tell you which debt to pay off first, whilst paying the minimum balance on the rest. Then once that debt has been paid off you move onto the next one, adding to this the amount you were paying on the first debt and so on and so on. This will also give you your debt free date (DFD) and you will know then when you will be debt free.

    Thanks, will take a look at this!
    TurnaroundSue wrote: »
    I would also contact your phone company and see if you can reduce your contract now, as I know that some of them allow this. Do not wait until the 7 months are up as you can reduce this amount alot sooner than that, even if they don't allow it just now.

    I have a blackberry, and its the lowest tarrif o2 do - £30 a month plus i pay £7.50 for a bolt on for unlimited texts, as i was going way over my 400 text limit, which was making my bill £80+ a month!
  • littlepinkstars44
    littlepinkstars44 Posts: 2,950 Forumite
    OberonSH wrote: »
    I can't see much that yuo can cut down. So if you can't reduce outgoings, you have to maximise income. Have a scount round and sort out stuff you don't need any more. Ebay is your new best mate.

    I have just started an ebay account the other day! So i'm really going to look into this!
    OberonSH wrote: »
    Start keeping a diary of how much you actually spend. All the 30p bars of chocs, the papers, everything. If it leaves your purse/bank account it goes in the book. You'll be surprised where it goes.

    Great idea, thanks!
    OberonSH wrote: »

    Your debt seems to all be on storecards, so shifting to a 0% card isn't an easy option, So you need to start whacking chunks off now, since the interest is so high. Some people go for the highest interest first, or you can start with the smallest to give you a boost. And don't forget to 'snowball' - when you finish paying off one card, add that payment to the next. You'll be astonished how much it adds up.

    I doubt i'd be able to get a 0% card, my credit rating is really bad, as i always miss payments!
    OberonSH wrote: »
    Have you considered doing surveys, cashback sites etc? Some pay cash, most in vouchers, but these will be really handy when birthdays and Xmas rolls around.

    I use Valued Opinions, and usually take Boots vouchers, which helps fund my make up addiction! lol
  • MissKJ
    MissKJ Posts: 780 Forumite
    happy birthday!
    unsecured Debts at [strike]August 2007 £79,984[/strike] September £79,579 [STRIKE]Snowballing date July 2013[/STRIKE].

    May 2009, £76,772 unsecured debts

    DMP started Dec 2008, End date at start 2133!
  • SouthernSoftie
    SouthernSoftie Posts: 408 Forumite
    There are links to a few snowball calculators in this thread.....

    http://forums.moneysavingexpert.com/showthread.html?t=30116

    And happy birthday!:beer:
  • littlepinkstars44
    littlepinkstars44 Posts: 2,950 Forumite
    loaner wrote: »
    Use this £59.25 £2 Savers club: £46

    to pay this

    180.......15....... .39.9


    I can't its my spending money for Palma in March, it's a college study visit. And i still need to pay £100 to it.
  • littlepinkstars44
    littlepinkstars44 Posts: 2,950 Forumite
    SouthernSoftie wrote: »
    There are links to a few snowball calculators in this thread.....

    http://forums.moneysavingexpert.com/showthread.html?t=30116

    And happy birthday!:beer:

    thank you!
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