We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

On the road to becoming a DFW...

So here I am, back again! This time i'm armed with an up to date SOA!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 945.63
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 945.63


Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 166.17
Management charge (leasehold property).. 0
Council tax............................. 17.5
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 80
Clothing................................ 5
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 45
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)...... 5
Haircuts................................ 0
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Savings................................. 50
Total monthly expenses.................. 590.67


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Littlewoods....................348.73....25........0
Overdraft......................1800......30........17.9
Computeach.....................1500......189.......0
Total unsecured debts..........3648.73...244.......-


Monthly Budget Summary
Total monthly income.................... 945.63
Expenses (including secured debts)....... 590.67
Available for debt repayments........... 354.96
Monthly UNsecured debt repayments....... 244
Surplus(deficit if negative)............ 110.96


Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total Secured debt...................... -0
Total Unsecured debt.................... -3,648.73
Net Assets.............................. -3,148.73


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



My plan is still to move in with my partner early next year and I realise now that i'm not going to be debt free by then. On the upside, I occasionally get the opportunity to earn around £20 - £300 (this month I earned £300 extra for example), should I be putting 100% of this towards my debts? If so, should it be the one that I pay interest on?

Also, is there anything else I can do to help pay my debts off quicker?

thanks,
Sam
Amount owed at LBM: £3,648.73
Currently Owe : £3,459.73

Debt-free : ???

Comments

  • Anyone help?
    Amount owed at LBM: £3,648.73
    Currently Owe : £3,459.73

    Debt-free : ???
  • penguin83
    penguin83 Posts: 4,817 Forumite
    Part of the Furniture Combo Breaker
    Hi bam - your SOA looks good with a healthy amount to go towards debt. I would keep a spending diary to track everything you pay out just to see how accurate it is.

    Have a look at the up your income board for ideas but have you ebayed/amazon'd everything that you no longer need/want/use?

    Well done for posting x x x x
    Pay Debt by Xmas 16 - 0/12000
    There is something about the outside of a horse that is good for the inside of a man.
  • **Amy**
    **Amy** Posts: 2,680 Forumite
    Hi

    I have looked at your SOA and to be honest there isnt anything you can cut down on there (that I can see).

    Turning to your debts. I would suggest paying off the debt that is charging you interest first, as the less you pay the more interest you end up paying.

    Trying using the snowball calculator.

    http://www.whatsthecost.com/snowball.aspx

    This helps you see what you could save by paying off certain debts first and when your debt free date should roughly be.

    Have you tried ebaying everything and anything? Amazon/play.com for books and DVDs you dont watch/use?

    Also might be worth signing up to Quidco.com. It sounds too good to be true, but its not. You sign up and can get money back from them by using their site to go to other sites (like Game, Viking etc.) and purchasing items you would buy normally. This is also the case for some insurances (gaining up to £50 back for switching etc.).

    Have a look on the "Up your income" board on the forum.

    x
    Debt: just my mortgage :D
  • JWF
    JWF Posts: 363 Forumite
    Hiya,

    Any extra money you want to put towards paying off your debts should go against the overdraft as you are paying interest on that.

    Make sure you are paying 0% on the Littlewoods debt as it seems unusual to me (though maybe it isn't a catalogue debt but related to a 0% deal on a single purchase).

    Good luck!

    JWF
    All I seem to hear is blah blah blah!
  • Robbda
    Robbda Posts: 169 Forumite
    check out the post we created yesterday for tips

    http://forums.moneysavingexpert.com/showthread.html?t=1120381
    Piggy Bank £12.....Delay repay claims for train delays £98.75! mystery shopper work £20 Quidco £9.77 You Gov £1.00
    Payment a day challenger 63 - Ebay cleared! MORTGAGE ARREARS CLEARED :T
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.8K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.