my SOA

SecretSquirrel88

Hi

I have just posted on the Family board and was told to post here, I am thinking about moving back home to either my parents or OH parents place due to money reasons.


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 930
Partners monthly income after tax....... 750
Benefits................................ 0
Other income............................ 65
Total monthly income.................... 1745

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 500 including all bills
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50 2 mobiles
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 please dont be alarmed at this, I am on a very demanding diet (i see quite a few on the other boards are too) and its only a temporary thing, by March time the food bill should be about £200 p/month.
Clothing................................ 0
Petrol/diesel........................... 150 2 cars
Road tax................................ 30
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
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........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1180

Assets
Cash.................................... 440
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1100
Other assets............................ 0
Total Assets............................ 1540

No Secured Debt

Unsecured Debts These are all my OH debts
Description....................Debt......Monthly...APR
Virgin.........................2050......58........0
Barclaycard....................2992.05...67........29.9
Loan...........................7120.3....403.......15
Total unsecured debts..........12162.35..528.......-

Monthly Budget Summary
Total monthly income.................... 1,745
Expenses (including secured debts)....... 1,180
Available for debt repayments........... 565
Monthly UNsecured debt repayments....... 528
Surplus(deficit if negative)............ 37 its not neg. but its not alot

Personal Balance Sheet Summary
Total assets (things you own)........... 1,540
Total Secured debt...................... -0
Total Unsecured debt.................... -12,162.35
Net Assets.............................. -10,622.35

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

At the rate we are going we could do it (just!!) but OH will not be debt free for 14 months. Obviously if we move back to either parents we would be paying less and those extra £'s will clear the debt quicker. We need to be out of our rented place by Jan 09 and we will not be able to find somewhere for £500 inc all bills so this seems like our only option at the moment. I would rather be at home and paying less than out there, paying a fortune but having freedom, especially as this would only be temp. for approx a year.

Thanks

Gemmzie

Can you chuck that £440 cash at the Barclaycard? The interest on that is horrendous!

You can't afford any more Rent than you are currently paying out without re-jigging other things so I think that moving in with them might be the most sensible option. Then you can focus on hammering down that card

masterkay

SecretSquirrel88 wrote: »

Hi

I have just posted on the Family board and was told to post here, I am thinking about moving back home to either my parents or OH parents place due to money reasons.


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 930
Partners monthly income after tax....... 750
Benefits................................ 0
Other income............................ 65
Total monthly income.................... 1745
Anyway to up the income?

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 500 including all bills (That's a good deal)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50 2 mobiles
TV Licence.............................. 0 Why no licence?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 please dont be alarmed at this, I am on a very demanding diet (i see quite a few on the other boards are too) and its only a temporary thing, by March time the food bill should be about £200 p/month.
What is the diet? Not being nosy, just thinking there may be ways to cut back.
Clothing................................ 0
Petrol/diesel........................... 150 2 cars
Do you need two cars? Save on Petrol, running costs and you a lump sum when you sell
Road tax................................ 30
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
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........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1180

Assets
Cash.................................... 440 put as much as you can towards debt
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1100
Other assets............................ 0
Total Assets............................ 1540

No Secured Debt

Unsecured Debts These are all my OH debts
Description....................Debt......Monthly...APR
Virgin.........................2050......58........0
Barclaycard....................2992.05...67........29.9 pay BC one off first
Loan...........................7120.3....403.......15
Total unsecured debts..........12162.35..528.......-

Monthly Budget Summary
Total monthly income.................... 1,745
Expenses (including secured debts)....... 1,180
Available for debt repayments........... 565
Monthly UNsecured debt repayments....... 528
Surplus(deficit if negative)............ 37 its not neg. but its not alot

Personal Balance Sheet Summary
Total assets (things you own)........... 1,540
Total Secured debt...................... -0
Total Unsecured debt.................... -12,162.35
Net Assets.............................. -10,622.35

You only have £5 for Christmas, is that enough?. What about haircuts, clothes, birthdays, takeout, magazines, papers, coffee out, fun stuff etc? You haven't listed these. I suggest doing a spending diary to see exactly what you spend money on.

SecretSquirrel88

Gemmzie wrote: »

Can you chuck that £440 cash at the Barclaycard? The interest on that is horrendous!

You can't afford any more Rent than you are currently paying out without re-jigging other things so I think that moving in with them might be the most sensible option. Then you can focus on hammering down that card

Well yes I could, I've been holding back though as its my £440 but its OH's debt that he accumulated before we met. Also I had been saving it as a depost for the next rented place, but if we wont be needing that, I may consider doing it. Yes that the main thing that we are going for at the moment. get that debt out the way and will have so much more money a month. thanks x

masterkay

SecretSquirrel88 wrote: »

Well yes I could, I've been holding back though as its my £440 but its OH's debt that he accumulated before we met. Also I had been saving it as a depost for the next rented place, but if we wont be needing that, I may consider doing it. Yes that the main thing that we are going for at the moment. get that debt out the way and will have so much more money a month. thanks x

You listed your SOA as a joint one so it is not unreasonable for us to assume the money is for both of you to throw at the debt. If you are thinking like that now, maybe you should let him deal with his debt as an individual. I don't think there is a middle ground really. There are some big issues, should you pay someone else's debt. My opinion no unless you are married but each of us are different.

Do you not get the deposit back from your place when you leave? Can you not use that as deposit.

What you have at the minute sounds good to me, all inclusive in the rent. If you move home and don't like it you might not be able to find somewhere as good for the price.

I would encourage you to really work out in detail what you spend on items.

SecretSquirrel88

masterkay: We could get part time jobs, its just finding them. I do do abit of cleaning on the weekends but its only £15 p/week - every little helps! The Tv licence is inc. in the rent. the diet is called lighterlife and I know there are ways I could cut back but this is the diet I have chose to do atm. Its easy for me. And it wont be forever. We do need 2 cars really yes, as at the weekends we are often in different places. I am usually cleaning and OH is normally helping his dad with work. A the moment, most of the money is going towards the Barclaycard and only min payments are being made to the others. £5 isnt enough really no but we cannot afford any more. Fun stuff? You must be joking - we dont do anything like that. Dont buy takeways, magazines etc. Don't buy clothes - thats more of a personal issue (i hate shopping - thats why im on this mad diet)

SecretSquirrel88

masterkay wrote: »

You listed your SOA as a joint one so it is not unreasonable for us to assume the money is for both of you to throw at the debt. If you are thinking like that now, maybe you should let him deal with his debt as an individual. I don't think there is a middle ground really. There are some big issues, should you pay someone else's debt. My opinion no unless you are married but each of us are different.

Do you not get the deposit back from your place when you leave? Can you not use that as deposit.

What you have at the minute sounds good to me, all inclusive in the rent. If you move home and don't like it you might not be able to find somewhere as good for the price.

I would encourage you to really work out in detail what you spend on items.

Sorry I wasnt meant to sound like I was having a go, I was just saying. Well everything else is joint so I thought that was the best way to post it. We didnt pay a deposit on our place as a family member owns it, and its now being sold so we have to go.

masterkay

SecretSquirrel88 wrote: »

Sorry I wasnt meant to sound like I was having a go, I was just saying. Well everything else is joint so I thought that was the best way to post it. We didnt pay a deposit on our place as a family member owns it, and its now being sold so we have to go.

All makes more sense now. These little bits of info help us get a picture on the go.

Never heard of lighterlife before. Now googling it. Why is the food so expensive? Do you buy meals from them? Just found the answer on google.

I'm glad it's working. Try ebaying off your old clothes that are now too big for you.

Look into quidco, daily clicks and survey sites for earning extra cash. When taking on anything to earn extra cash worth out if it is worth it. I don't do the clicks or survey sites etc because I use the time I would spend doing it on overtime at my normal job and I get a bigger return. Think about is a job worth the petrol money as well.

Do people you know need baby sitters or dog walkers etc? All handy for extra cash. Royal mail and lots of places are taking on Christmas staff at the minute. Look into that.

General idea is cut back and up the income. For me it seems you can only cut back on rent and up the income.

JimmyTheWig

Putting that £440 against the Barclaycard would save about £10 a month in interest. That is worth doing, I'd say.
AS LONG AS you and your OH are in it for the long term. You would be giving him your life savings if you did this. I would, but it's not my decission.

Agree with masterkay - there seems to be a lot missing from your expenditure. The thing that bothers me is that if you have two old cars (total worth £1100) you are going to need more than £120 a year for MOT and repairs. That amount is barely going to give you change from two MOTs.

Only you can say if you can cut down your groceries. Is it a diet through choice or through necessity? Could the mobile bills come down a bit? You can get a lot on the 3 network for £15 a month. That might save you £20 a month.

Is the £7120 loan what's currently outstanding? How long has it been going for? How long left? Is there anything to show for what it was taken out for?
Really, this is where all of your spare money is going.


Best long-term plan will be to throw money at the Barclaycard. As much as you can, as quickly as you can. Can you sell stuff on eBay? Or one or both of you increase your working hours or take a second job?

SecretSquirrel88

masterkay wrote: »

All makes more sense now. These little bits of info help us get a picture on the go.

Never heard of lighterlife before. Now googling it. Why is the food so expensive? Do you buy meals from them? Just found the answer on google.

I'm glad it's working. Try ebaying off your old clothes that are now too big for you.

Look into quidco, daily clicks and survey sites for earning extra cash. When taking on anything to earn extra cash worth out if it is worth it. I don't do the clicks or survey sites etc because I use the time I would spend doing it on overtime at my normal job and I get a bigger return. Think about is a job worth the petrol money as well.

Do people you know need baby sitters or dog walkers etc? All handy for extra cash. Royal mail and lots of places are taking on Christmas staff at the minute. Look into that.

General idea is cut back and up the income. For me it seems you can only cut back on rent and up the income.

Thank you. Yes its includes food (well soups and shakes and bars) I am a member of Quidco and did recently get £60 cashback paid so I will keep an eye out on there. I will ask around for baby/dog sitters. Thank you for your help x

SecretSquirrel88

JimmyTheWig wrote: »

Putting that £440 against the Barclaycard would save about £10 a month in interest. That is worth doing, I'd say.
AS LONG AS you and your OH are in it for the long term. You would be giving him your life savings if you did this. I would, but it's not my decission.

Agree with masterkay - there seems to be a lot missing from your expenditure. The thing that bothers me is that if you have two old cars (total worth £1100) you are going to need more than £120 a year for MOT and repairs. That amount is barely going to give you change from two MOTs.

Only you can say if you can cut down your groceries. Is it a diet through choice or through necessity? Could the mobile bills come down a bit? You can get a lot on the 3 network for £15 a month. That might save you £20 a month.

Is the £7120 loan what's currently outstanding? How long has it been going for? How long left? Is there anything to show for what it was taken out for?
Really, this is where all of your spare money is going.


Best long-term plan will be to throw money at the Barclaycard. As much as you can, as quickly as you can. Can you sell stuff on eBay? Or one or both of you increase your working hours or take a second job?

We have 1 new and one old car. We cannot get out of our contracts until next year, which will be going over to PAYG when we can. That £7120 is his loan at £1045 which has been going for ages (before i met him), he bought a car with it - not that he has that car now! and that £218.85 p/month. It will be done in Feb09, and the remaining amount is for my car finance, which has 33 months of payments left at £184.10.