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Second LBM, I think I've got a dodgy bulb!
aNom
Posts: 78 Forumite
Wow it's been a while! This is my second attempt at becoming debt free and my second diary, hopefully this time I'll get to the end!
Since my last attempt my life has changed quite considerably, I left what most people would consider a good stable job to do what I've always wanted to do - software development. It did mean I had to move 225 miles, out of my parents and start fending for myself, I love it! Unfortunately doing this meant my overall debt has remained very similar despite paying off around £1300
I've posted my SOA below if anyone has any suggestions I'm all ears 
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1245
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1245
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 15
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
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................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 927
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Vanquis........................147.18....0.........0
Lloyds TSB (Defaulted..........433.......0.........0
PaydayUK (Defaulted............187.......0.........0
Wonga (Defaulted...............684.......0.........0
T-Mobile (Defaulted...........1577......0.........0
Catalogue (Defaulted...........229.......0.........0
RBS (Defaulted.................322.......0.........0
Total unsecured debts..........3579.18...0.........-
Monthly Budget Summary
Total monthly income.................... 1,245
Expenses (including HP & secured debts). 927
Available for debt repayments........... 318
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 318
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,579.18
Net Assets.............................. -3,179.18
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Since my last attempt my life has changed quite considerably, I left what most people would consider a good stable job to do what I've always wanted to do - software development. It did mean I had to move 225 miles, out of my parents and start fending for myself, I love it! Unfortunately doing this meant my overall debt has remained very similar despite paying off around £1300
I've posted my SOA below if anyone has any suggestions I'm all ears Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1245
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1245
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 15
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
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................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 927
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Vanquis........................147.18....0.........0
Lloyds TSB (Defaulted..........433.......0.........0
PaydayUK (Defaulted............187.......0.........0
Wonga (Defaulted...............684.......0.........0
T-Mobile (Defaulted...........1577......0.........0
Catalogue (Defaulted...........229.......0.........0
RBS (Defaulted.................322.......0.........0
Total unsecured debts..........3579.18...0.........-
Monthly Budget Summary
Total monthly income.................... 1,245
Expenses (including HP & secured debts). 927
Available for debt repayments........... 318
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 318
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,579.18
Net Assets.............................. -3,179.18
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
0
Comments
-
Well done for posting you SOA, I bet you feel better already!
I am in a similar situation, I live on my own and I have a similar amount of debt.
Is your electricity really only £15 a month, I live in an all electric flat and I cannot get it any lower than £40 per month.0 -
frustrated12 wrote: »Is your electricity really only £15 a month, I live in an all electric flat and I cannot get it any lower than £40 per month.
I do feel better for writing it down, it's always scary looking at the figures I'm in debt by. On the up side the £100 deposit T-Mobile had requested is now being returned to me, that will come off one of the debts
I actually live in a flat share, and all bills except electric are included hence the low figure.0 -
Aaaaahhh this makes sense now.
I also set myself £150 for food etc, but this month is the first month that I have been keeping a spending diary, I now meal plan and try to batch cook wherever possible, I know I haven't finished the month yet but Ithink I will probably spend about £120, so maybe you could keep a spending diary and you could probably squeeze your groceries down further without even noticing.
Keep going and keep reporting on here, I find that really helps and I'm sure some lovely people will be along shortly and give you more advice. 0 -
Wow, what a day!
I really couldn't concentrate at work, maybe having a very strong coffee didn't help much, maybe I should goto the gym tonight - £40 a month is a waste if I don't us it. Spent £4 on lunch, I really need to cut it down a little?
P.S. Sorry for the randomness!0 -
That'll be the coffee talking lol
How about setting yourself some challenges this time ?0 -
Hey aNom, people will be able to provide better advice on your SOA if you include your minimum payments and interest rates.
Also, are you sure you've included all your expenditure on it? You just mentioned £40 pcm on the gym, yet this isn't listed!!! Are there any other items that have been missed off?
You should definitely be taking lunch into work - £4 if that's every day, you're spending approx a grand on lunches at work over the year :eek:
Good luck.Total money owed: [STRIKE]31/07/11- £17,877[/STRIKE], LBM - 14/10/12 :j, 01/06/13 - £0 DEBT FREE!!!! :beer:
New challenge- save an extra £5000 from non-salary -£1600 (32%)0 -
FallenArcher wrote: »Hey aNom, people will be able to provide better advice on your SOA if you include your minimum payments and interest rates.
Also, are you sure you've included all your expenditure on it? You just mentioned £40 pcm on the gym, yet this isn't listed!!! Are there any other items that have been missed off?
You should definitely be taking lunch into work - £4 if that's every day, you're spending approx a grand on lunches at work over the year :eek:
Good luck.
I'm ashamed to admit it but all except Vanquis have been defaulted on so I don't have any minimum payments as such.
When you put it as £1000 it starts to feel like real money, I know that sounds silly but I don't seem to realise all the small amounts soon add up to large amounts.0 -
It's funny how different it makes it sound huh!?
So, your SOA, how realistic is it? The £318 that you supposedly have left over for debt, do you actually have it left over? (and put it towards your debt?) I'm guessing not if work lunches and gym (as well as probably a coffee shop trip here and there, a magazine, etc) haven't been accounted for in the SOA. I've been there, so know how quickly it adds up! I now have "piggy banks" for almost everything.
Some comments on what you have put there:
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0 presume included in your "rent" if you're house-sharing?
Electricity............................. 15
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50 - this is really high, when does your contact end?
TV Licence.............................. 0 - presume included in your "rent" if you're house-sharing?
Satellite/Cable TV...................... 0
Internet Services....................... 0 presume included in your "rent" if you're house-sharing?
Groceries etc. ......................... 150 this is pretty good, but you could easily lower this - check out the old style board, start batch cooking etc
Clothing................................ 20 every month?
Petrol/diesel........................... 100 all trips essential?
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
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 I doubt this is included in house share - would strongly suggest you get some - less than £10 pcm
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20 every month?
Entertainment........................... 50
Holiday................................. 0 definitely no holidays? (mine just used to come from overdraft!)
Emergency fund.......................... 0 useful to put a little something away each month
Total monthly expenses.................. 927 (needs recalculating - include gym or better still cancel it - go running/cycling/use your local park to work out for free!)
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Vanquis........................147.18....0........ .0
Lloyds TSB (Defaulted..........433.......0.........0
PaydayUK (Defaulted............187.......0.........0
Wonga (Defaulted...............684.......0.........0
T-Mobile (Defaulted...........1577......0.........0
Catalogue (Defaulted...........229.......0.........0
RBS (Defaulted.................322.......0.........0
Total unsecured debts..........3579.18...0.........-
Can't really advise on this, as no idea how defaults work. Am sure others will though.
Monthly Budget Summary
Total monthly income.................... 1,245
Expenses (including HP & secured debts). 927
Available for debt repayments........... 318
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 318 (use a spending diary to see where this goes)
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,579.18
Net Assets.............................. -3,179.18Total money owed: [STRIKE]31/07/11- £17,877[/STRIKE], LBM - 14/10/12 :j, 01/06/13 - £0 DEBT FREE!!!! :beer:
New challenge- save an extra £5000 from non-salary -£1600 (32%)0 -
Hi FallenArcher,
I'm really sorry I haven't replied sooner! Congratulations on being debt free!
...
Whoops, I've almost just set fire to the kitchen again - I really should look at what setting I'm putting things on. Grilled potato anyone?
I'll post an up to date SOA later tonight, a few things have changed, unfortunately the debt has risen rather than fallen 0 -
Ok still no updated SOA, I've been a little bit busy doing a little bit of freelance work the past couple of nights but I'll hopefully get it up for the end of the week - maybe ...
I'm a *little* bit skint this month after my mothers birthday, £150 on gifts, £100 on fuel to get back up north and £30 for a meal on one of the nights. Oh well, only 9 more days before payday and my new increased pay packet, woo!0
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