On the road to becoming a DFW...

bambenson

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

bambenson

Anyone help?

penguin83

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

**Amy**

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

JWF

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

Robbda

check out the post we created yesterday for tips

http://forums.moneysavingexpert.com/showthread.html?t=1120381