My SOA - Suggestions Please!

pinkjen

Monthly Income Details
Monthly income after tax................ 1420.9
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1420.9

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 363.42
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 28.03
Gas..................................... 27.08
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 18
Mobile phone............................ 30
TV Licence.............................. 11.61
Satellite/Cable TV...................... 36
Internet Services....................... 5
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 90
Road tax................................ 12.08
Car Insurance........................... 36.93
Car maintenance (including MOT)......... 4.17
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...................... 6.08
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 37.5
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 964.9

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9500
Other assets............................ 0
Total Assets............................ 9500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2700......0.........29.6
egg card.......................1368......40........0
Total unsecured debts..........4068......40........-

Monthly Budget Summary
Total monthly income.................... 1,420.9
Expenses (including secured debts)....... 964.9
Available for debt repayments........... 456
Monthly UNsecured debt repayments....... 40
Surplus(deficit if negative)............ 416

Personal Balance Sheet Summary
Total assets (things you own)........... 9,500
Total Secured debt...................... -0
Total Unsecured debt.................... -4,068
Net Assets.............................. 5,432

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

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of cars included in the SOA or anything else that may be useful.[/FONT]

of cars included in the SOA or anything else that may be useful. I know this doesn't look too terrible but I never have this over at the end of the month & don't really know where I'm going wrong!!Any suggestions??

beanielou

Can u ditch the lottery meantime?
Your contents ins are sky high~was that a typo?
Can u downgrade your Sky/satallite?

You also need to start keeping a spendng diary to see where it all goes.
Best of Scottish!

wendybird

Hello -

I'm not great at these, but a few things stand out to me.

1) Your mobile phone bill - could you get this cheaper with PAYG?
2) Your contents insurance is really expensive! Could you switch this (using quidco) and get cheaper? I've got an expensive ring covered on mine and yours is at least 3x as high!
3) TV and internet are high - could you get a package deal or switch to freeview?
4) Keep track of your spending - even if it is for a month or so - you should be able to figure out where it is going. Or, transfer your non-bill money into a seperate account and only withdraw cash to use for spends. If you have to make a special effort to use the extra money you're more likely to clock that and figure out where it is going!

Hope that helps!

Wendybird

pinkjen

Hi beanielou

That was a typo, my mistake it should be £6.08.

I'm in the lottery with someone else & never thought to ask if they could take over the payments till i'm more sorted so will look into that one.

This is into the month long sub for the sports channels as i love footie, but i could see about watching elsewhere or just waiting for the highlights!

I think a spending diary will be the best option as I thought I was quite good but am over every month so I really need to see where it's all going!

Thanks

Deep_In_Debt

Can you reduce your groceries? How many people are you feeding? If it's just you then you can reduce it. I'm on my own and eat well for half of that - can you shop in Lidl/Aldi etc?

Your contents insurance seems high...can you look into reducing this?

Kickboxing classes may seem essential but if you give them up = an extra £20 per month to chuck towards your debts. Might not seem a lot but it does help.

pinkjen

Hi Deep In Debt

I'm feeding myself & a 14 yr old boy, I have tried to cut it by buying own brand bits but meat shops tend to be a bigger spend. (sainsburys shopper)

I've altered the contents insurance now as it's a typo & is £6.08 pm (sorry) I'm a newbie at this stuff!

I'll see if i can stop the classes & do some diy excercising at home.

Thanks

pinkjen

My mobile is on a contract until Feb '09 so i can't change that as yet though i will look at this before it ends to bring it down