SOA - Can it be tweaked.

Jvic28

Hi All,

I don't think I can squeeze anything more out of this but any hints would be gratefully appreciated. The reason I ask is I desperately want to start putting money aside for various reasons. I have nothing left at the end of the month and it really worries me.


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1060
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1060

Monthly Expense Details
Mortgage................................ 487.62
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 50
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 56
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 844.62

Assets
Cash.................................... 0
House value (Gross)..................... 83250
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 83250

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79204....(487.62)...7.45
Total secured debts........... 79204.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CCCS...........................10083.4...103.......0
Dads Capital One...............1825.86...54.78.....34.27
Total unsecured debts..........11909.26..157.78....-

Monthly Budget Summary
Total monthly income.................... 1,060
Expenses (including secured debts)....... 844.62
Available for debt repayments........... 215.38
Monthly UNsecured debt repayments....... 157.78
Surplus(deficit if negative)............ 57.6

Personal Balance Sheet Summary
Total assets (things you own)........... 83,250
Total Secured debt...................... -79,204
Total Unsecured debt.................... -11,909.26
Net Assets.............................. -7,863.26


Thanks

~Beanie~

You don't seem to have anything for utility bills or contents insurance, don't you have these? Could your mobile phone bill be lowered at all?

Also I notice that the interest rate on the capital one card is 34.27% :eek: I personally would want to get rid of that before putting any savings aside. There is no point having money stashed to one side if you are paying such a high interest rate on your debts.

The only way to get more money is to increase your income. Can you get a 2nd job? Sell stuff on Ebay, do Mystery Shopping?

Bargainfinder_3

Just bumping this up to front page to see if there's anyone else who can help?

newlywed

Do you really spend £80 on entertainment?????
That's the same amount as your food bill!!!

My entertainment is down as £20 a month as I feel guilty spending money going out when I'm trying to pay debt off

Also, you should really have some sort of emergency fund even if it's just £10 a month

Jvic28

~Beanie~ wrote: »

You don't seem to have anything for utility bills or contents insurance, don't you have these?

My boyfriend pays the bills whilst I pay the mortgage (luckily). None of our debt are joint so I've kept it completely seperate.

~:13366361 wrote:

Could your mobile phone bill be lowered at all?

To be honest, I'm in arrears on my Orange contract so have told them I will pay £35 a month until it's cleared. I think they've passed it on to a DCA now as I had a phone call from someone on behalf of Orange the other day. I have a PAYG sim now which I top up with £5 very occassionally out of my shopping budget.

~:13366361 wrote:

Also I notice that the interest rate on the capital one card is 34.27% :eek: I personally would want to get rid of that before putting any savings aside. There is no point having money stashed to one side if you are paying such a high interest rate on your debts.

I completely agree. Any money left at the end of the month I'd probably use to put towards the repayments on the credit card. Problem is at the moment I never have any money left at the end of the month.

#:13366361 wrote:

Can you get a 2nd job? Sell stuff on Ebay, do Mystery Shopping?

I know it's really naughty but I don't want to get another job as my boyfriend moveed 200 miles to be with me and it would mean me never seeing him.

I think I've sold everything of any value I have on ebay. How do clothes go on ebay cos I have loads of them that I don't wear but not sure how much money I could make out of them.

Also, I have registered with Gapbusting but they don't seem to pay very well for Mystery Shopping. I have also registered with Pinecone (which pay £4 occassionally) and Onepoll (but I have to wait ages before I get any money off them, only on £5 odd at the moment).

Thanks for your comments. Highlighting the credit card was useful, I really need to think about getting that paid off so the repayments are less.

newlywed

If you're on a DMP, is the orange debt and the credit card not included with that

lilac_lady

Does your boyfriend share the expenses equally? If you're paying £487.62 per month mortgage payment is he paying the same amount to other bills? If not, maybe he should pay more into the household budget to allow you to pay more of your crdit card bills off.

Jvic28

newlywed wrote: »

Do you really spend £80 on entertainment?????
That's the same amount as your food bill!!!

My entertainment is down as £20 a month as I feel guilty spending money going out when I'm trying to pay debt off

I know what your saying. To be honest though, it's more like I allow myself £160 for the month to spend on food, cinema, my PAYG mobile, petrol when I borrow my boyfriends car and anything else I haven't planned for. For eg. My sister and my uncle had birthdays this month which weren't in my budget. So £160 gets used up pretty quickly.

Jvic28

newlywed wrote: »

If you're on a DMP, is the orange debt and the credit card not included with that

I suppose I could include the Orange debt now. When I started the DMP, I tried to continue with my Orange Contract but my bills were always coming in over the £35 allowed so the debt built up. Thanks, thats a good idea.

The credit card is my dads. He lent it to me a while ago before all this kicked off and I am continueing to make the monthly payments. It's included in my CCCS Budget as a family loan.

rayday2

I just wanted to say re not taking a second job I completely understand that, you are on a DMP with the effect on your credit rating you will be aware so why do that and then work yourself to the bone and jeopodise a relationship. Its debt not your life!

I am rubbish with SOA but I agree with including Orange in your DMP. Have you ever thought about asking the credit card your dad has to lower the apr? Just a bit of a shot in the dark don't know if they would or not.

newlywed

Jvic28 wrote: »

I know what your saying. To be honest though, it's more like I allow myself £160 for the month to spend on food, cinema, my PAYG mobile, petrol when I borrow my boyfriends car and anything else I haven't planned for. For eg. My sister and my uncle had birthdays this month which weren't in my budget. So £160 gets used up pretty quickly.

I probably wouldn't have put it all down as "entertainment" then. I often use the "emergency" money in my budget for presents etc.

If you have a month where you don't spend all of that, can you pay extra off your dad's credit card at all, to try and get that down a bit more?