Complete my SOA would apreciate any help

GreenManG0

Hello,
I have been on here for a month now trying to manage my debts, and thought i would take a big step and post my SOA.

My story:
I have been working in Wales for just over 12months now on industrial placement, im a student so will be returning to university in October and living with my parents.
This past year I have gotten into a mess with my finances and have spent my student loan of £2500 and my over draft is up to £1400, i have no other money. My parents give me £250 each month to help with bills but every payday the money just dissapears.
Last month I went to Natwest, they have been helpful, I went through my direct debits cancelled any that I do not use ie, gym, and also set up anoter account where all my direct debits have been transferred to so that my current account with £1400 overdraft (interest free as im a student) has no outgoings so i can work on reducing it, but theres little left so it never reduces.

My SOA
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 947

Other income............................ 250
Total monthly income.................... 1197

Monthly Expense Details
Rent.................................... 550
Electricity............................. 20
Gas..................................... 20
Water rates............................. 21.5
Telephone (land line)................... 14
Mobile phone............................ 35
TV Licence.............................. 12
Internet Services....................... 5
Groceries etc. ......................... 80
Clothing................................ 20
Petrol/diesel........................... 160
Road tax................................ 10
Car Insurance........................... 60
Car maintenance (including MOT)......... 10
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 1092.5

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................1400......0.........0
Post office CC.................932.......24........15.9
Total unsecured debts..........2332......24........-

Monthly Budget Summary
Total monthly income.................... 1,197
Expenses (including secured debts)....... 1,092.5
Available for debt repayments........... 104.5
Monthly UNsecured debt repayments....... 24
Surplus(deficit if negative)............ 80.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -2,332
Net Assets.............................. -2,332

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========This will be my situation until 29th August 2008, when I will stop working and move back in with my parents, this means I will have no monthly incomings, will not be paying rent, gas, water, elec, broadband, tv licence. But will still have mobile bills, overdraft and creditcard. M boyfriend is helping me to pay of the credit card, so hopefully I will only have £200 so my total debt should be £1600. Im trying to arrange a temp job for 2weeks beween finishing work and returning to uni, apart from that im at a complete loss, any of you help would be really appreicated. Thank you

CLAPTON

you are paying a very high rent for your income but it may be too late to do much about this now

is the car essential ... most students live without a car.

when you return home will you then be in receipt of student loans?

you need to post up a new SOA with the figures after you go home... the current one doesn't really last long enough to do much about your situation.

lucielle

Do you need a land line and a mobile?

beanielou

As has been said your rent is high in relation to income.
Are you sharing?

tirednewdad

beanielou wrote: »

As has been said your rent is high in relation to income.
Are you sharing?

This is probably gonna be shouted down as a post as its not very moneysaving, but here goes...

You a student, so really enjoy yourself because the life of work has a lot more downsides to the life of study.
your entertainment buget seems really cheap for a student. Do you need your car? Mobiles are a student essentail, as it helps with women and going out, but you can probably find a better tarriff.

Are you planning on liveing with your parents afterwards. I know it sound terrible, but it will allow you to save so much money, so quickly that your debts will quickly disappear. If not then you will have to save and be boring.

I know people will disagree but life is for enjoying.

GreenManG0

Thank you,
I used to go out 5 days a week when I wa at uni bu since workin and paying bills i think i have been out 4 times this year as i just done have the money.
My boyfriend has the same attitude as you tirednewdad, i just get worried everytime my statements come through, I hate spnding money that isnt mine. Im studying engineering so i guess the good side it graduate starting wages are good. Im hoping to stay ith my parents fo abit whilst saving for a house with the boyfriend.
Thank you tirednewdad you havegot my head a lttle less jumbled, i guess its a short term problem with a long term solution!