My SOA

bitter-roses · 18 May 2009 at 11:06AM

Finally managed to pull one together – although the amount that it says I have left after paying what I must pay and the amount that I have in my bank account at the end of the month don’t look remotely similar.

The amount for gas looks high, but that’s because I’ve had a gas bill in and previously hadn’t budgeted a monthly amount for it; it’ll go down next month to a more usual £20.

Grateful for any suggestions people have.

This SOA is what I am going to institute from next month; I've had enough of having the best part of £2,000 leaving my account each month but with my not having anything to show for it.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1,666.83
Benefits................................ 0
Total monthly income.................... 1,666.83
Monthly Expense Details
Rent.................................... 450
Council Tax............................. 83
Electricity............................. 30
Gas..................................... 80
Mobile phone............................ 10
Internet Services....................... 12.22
Telephone (Land Line)................... 15
TV Licence.............................. 11.95
Groceries etc........................... 108.33
Clothing................................ 10
Medical (prescriptions, dentist etc).... 10
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Monthly Travel [TFL bus pass]........... 53
Monthly Allowance....................... 100
Charity Donations....................... 19
Laundrette fees [don’t have machine] ... 86.67
Total monthly expenses.................. 1,099.17

Assets
Cash.................................... 60.00
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Secured Debt.................. 0.........- ......-
Total secured & HP debts...... 0 .....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Lloyds-TSB Personal Loan.......-3373.80...196.98...?
Egg Personal Loan..............-1010.40...207.00...6.73
Student Loan [Arrears]........ -1096.60...50.00....?
Total unsecured debts..........-5480.80...453.98...-

Monthly Budget Summary
Total monthly income.................... 1,666.83
Expenses (including HP & secured debts). 1,099.17
Available for debt repayments........... 567.66
Monthly UNsecured debt repayments....... 453.90
Amount left after debt repayments....... 113.76
Personal Balance Sheet Summary
Total assets (things you own)........... 60
Total HP & Secured debt................. 0
Total Unsecured debt.................... -5,480.80
Net Assets.............................. -5,420.80

talana · 18 May 2009 at 11:12AM

Monthly Allowance....................... 100

What's this precisely?
Buying a washing machine would be a better deal than the launderette fees. Would pay for itself in a few months

bitter-roses · 18 May 2009 at 11:24AM

talana wrote: »

What's this precisely?

That’s the £20 a week “pocket money” I give myself to spend on what I want; when it’s gone, it’s gone. It’s an attempt to rein in my spending (the main reason, I suspect, that the figure the SOA tells me I have left at the end of the month isn’t the figure that ends up on my bank statement.)

talana wrote: »

Buying a washing machine would be a better deal than the launderette fees. Would pay for itself in a few months

I agree.

But it’s having the money to pay for it in the first place that’s the problem. Besides which, I’m not sure my flat has the correct plumbing for a washing machine (but I am not an expert.)

talana · 18 May 2009 at 12:23PM

bitter-roses wrote: »

I agree.
But it’s having the money to pay for it in the first place that’s the problem. Besides which, I’m not sure my flat has the correct plumbing for a washing machine (but I am not an expert.)

Well, your monthly allowance of £100 + the £86 you allocate to launderette fees anyway would buy a basic washing machine in a single month.

Tesco (for example) have a machine for £176

poppy10_2 · 18 May 2009 at 1:17PM

Washing machines often come up for free on freecycle, too.

bitter-roses · 18 May 2009 at 5:56PM

Just read a text message that came in from my sister; my mum was going to give me her old washing machine but didn't because nobody knew how to plumb it in. Apparently now she is sending me a Curry's gift card so I can buy me a washing machine.

So that might sort that problem, just not immediately (do any of you lot know how much it costs to get somebody to plumb these things in?)

Anybody else have any bright ideas? This SOA is from next month, because there is no way this is what's been leaving my account lately (a look at this month's bank statements is enough to prove this), but if there are ways to skim it further then of course I'm interested in hearing them ...

RAS · 18 May 2009 at 6:11PM

hi

you need to know the APRs on those laons and whether you can repay any of them early without penalty.

Horace · 18 May 2009 at 6:16PM

You need to keep a spending diary so you know where your money is going.

£108 a month is a lot for groceries when you live on your own - my own bill is varies between £20 to £50 a month and for that I can eat very well. Look at the moneysaving oldstyle board for tips on meal planning.

Not sure how much a plumber costs the only firm that I know of in London is Pimlico Plumbers but as to their costs I have no idea.

As you have allowed yourself £100 a month for fripperies, cut this down and go without for a while and chuck this at your debts likewise the clothing allowance - shop from your wardrobe instead. What no longer fits, sell on ebay.

Why use a launderette - use your sink and bath at home and get an airer and dry the clothes on that - saves money but if you are getting a washing machine use that and then use an airer to dry your clothes on so you don't need to use a tumbledryer.

bitter-roses · 29 May 2009 at 12:27AM

Not sure it’s worth creating a new thread for this, but if you lot think I should then I will.

Seems I’ve done my sums wrong and I am getting about £200 less a month than I have in this SOA. Which means I need to cut back more, obviously. Groceries and the weekly allowance I give myself are obvious ways in which this can be done, but can anybody think of any others?

tealady · 29 May 2009 at 4:06AM

Hi. A few thoughts.
Are you getting your 25% discount for your Council Tax
Can you pay over 12 months
Is your gas/electricity on the cheapest tarif (check via a cashback website)
Keep a spending diary (back of an envelope will do). Write in it EVERYTHING you buy even if its just a 20p paper. You will be amazed at the small amounts that get frittered away
You need to find the APR's on your debts then use the snowballer to see which to clear 1st.
Good luck

p00hsticks · 29 May 2009 at 4:48AM

bitter-roses wrote: »

Apparently now she is sending me a Curry's gift card so I can buy me a washing machine.

So that might sort that problem, just not immediately (do any of you lot know how much it costs to get somebody to plumb these things in?)

If you get Curry's to deliver it for you, I think the installation is included in the price, provided that you have the basic pipework for a washing machine already there.....

From their website.......

Our engineer will:

<LI type=disc>Disconnect the existing appliance if the existing plumbing and pipe work is in good order. We will not be able to disconnect if it is hardwired into a fused spur, tap connections are seized up, it is unable to be moved or in moving, damage could occur to the floor covering. <LI type=disc>Connect the appliance to existing pipe work as long as it is within reach of the standard hose <LI type=disc>Connect the waste outlet to an existing water tap or stand pipe <LI type=disc>Connect the appliance to an accessible electrical socket within 1.5 metres of the appliance <LI type=disc>Level the machine to ensure minimum vibration <LI type=disc>Test the appliance

You need to check: <LI type=disc>There is clear access to the pipe work and waste outlet <LI type=disc>There is enough space for the appliance
[*]There is a usable waste outlet within reach - we will not plumb two waste pipes into one

My SOA

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