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Newbie1170
Newbie1170 Posts: 21 Forumite
First Anniversary First Post
in Debt-free wannabe
Hi have just moved in with my boyfriend after years of being single and am trying g adjust.
Attached my soa for you to tear apart.
Have some cash and am going to pay off my debt but it’s not my main priority.
My son is starting work soon so will be paying his own mobile

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1846.67
Partners monthly income after tax....... 503
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2349.67

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 443.69
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 43.33
Gas..................................... 43.33
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22.75
Mobile phone............................ 58
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 260
Clothing................................ 0
Petrol/diesel........................... 130
Road tax................................ 16.75
Car Insurance........................... 23.99
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)...... 0
Haircuts................................ 0
Entertainment........................... 64.98
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1271.19


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
Credit cards...................2500......133.......25.9
Total unsecured debts..........2500......133.......-


Monthly Budget Summary
Total monthly income.................... 2,349.67
Expenses (including HP & secured debts). 1,271.19
Available for debt repayments........... 1,078.48
Monthly UNsecured debt repayments....... 133
Amount left after debt repayments....... 945.48

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,500
Net Assets.............................. -2,500

[

Comments

  • Arleen
    Arleen Posts: 1,164 Forumite
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    Do you really have 900 quid to save at the end of every month?
  • Newbie1170
    Newbie1170 Posts: 21 Forumite
    First Anniversary First Post
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    Not sure yet. That’s my plan this is a new budget
  • Arleen
    Arleen Posts: 1,164 Forumite
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    Ah, so it's a budget, not a SOA! What you will want then is a spending diary to go along with it, noting down where every single penny is spent for a month or 3. This will give you a real picture of where your money is going, and there are many mobile apps that will make running a complete diary easy. And when I say every penny I mean it, no bean can go unaccounted for.
  • MrsSave
    MrsSave Posts: 1,817 Forumite
    First Anniversary Name Dropper First Post
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    Newbie1170 wrote: »
    Hi have just moved in with my boyfriend after years of being single and am trying g adjust.
    Attached my soa for you to tear apart.
    Have some cash and am going to pay off my debt but it’s not my main priority.
    My son is starting work soon so will be paying his own mobile

    Household Information[/b]
    Number of adults in household........... 3
    Number of children in household......... 0
    Number of cars owned.................... 2

    Monthly Income Details
    Monthly income after tax................ 1846.67
    Partners monthly income after tax....... 503
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2349.67

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 443.69
    Management charge (leasehold property).. 0
    Council tax............................. 152
    Electricity............................. 43.33
    Gas..................................... 43.33
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 22.75
    Mobile phone............................ 58
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 260
    Clothing................................ 0
    Petrol/diesel........................... 130
    Road tax................................ 16.75
    Car Insurance........................... 23.99
    Car maintenance (including MOT)......... 0 nothing here?
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0 nothing here?
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0 you should have something here?
    Life assurance ......................... 0 nothing here?
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0 nothing here?
    Haircuts................................ 0 nothing here?
    Entertainment........................... 64.98
    Holiday................................. 0
    Emergency fund.......................... 0 you need something here
    Total monthly expenses.................. 1271.19


    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
    Credit cards...................2500......133.......25.9
    Total unsecured debts..........2500......133.......-


    Monthly Budget Summary
    Total monthly income.................... 2,349.67
    Expenses (including HP & secured debts). 1,271.19
    Available for debt repayments........... 1,078.48
    Monthly UNsecured debt repayments....... 133
    Amount left after debt repayments....... 945.48

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,500
    Net Assets.............................. -2,500

    [

    I've added some notes in purple, mainly things that you haven't budgeted for and could perhaps think of.

    The APR is high on the credit card. Could you do a 0% balance transfer? The balance isn't very high, so with a bit of work you could pay it off relatively quickly.
    Starting a new debt free journey
    Starting Debt: £5,250
    Current Debt: £4,995.50
    Amount Paid: £254.50 Percentage Paid: 4.84%
    Emergency Fund: £350
  • datlex
    datlex Posts: 2,239 Forumite
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    OP You say your son is an adult an has a job. Why is his household contribution shown? I know there has been a lot of debate on how much his should contribute but I would suggest 1/3 of bills excluding mortgage/rent.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • theoretica
    theoretica Posts: 12,315 Forumite
    First Post Name Dropper Photogenic First Anniversary
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    I suggest for the first while until your spending is settled that you are very wary about taking on any subscriptions (phones, broadband, TV) that would be hard to cancel or decrease.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary First Post Debt-free and Proud!
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    If you really have £945.48 left each month, I'd suggest putting £900 of that to the Credit Card, thereby cutting 21 months off the time needed to clear it (you can have it cleared in just 3 months), and saving yourself £612 in interest.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,614 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
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    The soa is incomplete and you need to put savings aside each month for car maintenance, presents and emergency fund. Having nothing in clothing or holiday is fine if you really do not take holidays or buy new clothing but long term that won't work.

    Your credit card is expensive and on a high interest rate so I suggest you either make it a priority or balance transfer it to a 0% card.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • tallyhoh
    tallyhoh Posts: 2,305 Forumite
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    Car seems a big expense for someone who only earns £503 a month when you factor in petrol, tax, insurance, MOT, maintenance & servicing & perhaps breakdown cover.

    Is it really necessary?
    Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!
  • Newbie1170
    Newbie1170 Posts: 21 Forumite
    First Anniversary First Post
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    Thanks for your replies. The 503 is my partners contribution to his half of the bills. He pays his own car, Petrol phone etc and we half the food rent and council tax.
    When my son starts work next week he will be giving me 30a week
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