New Soa

Damita

This is our up to date SOA with my partners change of jobs and me dropping hours.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 280
Partners monthly income after tax....... 900
Benefits................................ 0
Other income............................ 366 (This is my student loan)
Total monthly income.................... 1546

Monthly Expense Details
Mortgage................................ 459.79
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 11.6
Telephone (land line)................... 5
Mobile phone............................ 30 (two Pay as you go mobiles)
TV Licence.............................. 11.62
Satellite/Cable TV...................... 22
Internet Services....................... 10
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 50 (my partner drives to and from Tunbridge wells so this could be more)
Road tax................................ 0
Car Insurance........................... 22
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200 (my monthy train ticket for uni from Ore to Brighton)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 9.99
Contents insurance...................... 0
Life assurance ......................... 10.02
Other insurance......................... 31.82
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1153.83

Assets
Cash.................................... 2500
House value (Gross)..................... 120000
Shares and bonds........................ 500
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 160000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70,000........(459.79)...0
Total secured debts........... 70,000.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5611......150.......0
CD Deck Loan...................800.......33.71.....0
Total unsecured debts..........6411......183.71....-

Monthly Budget Summary
Total monthly income.................... 1,546
Expenses (including secured debts)....... 1,153.82
Available for debt repayments........... 403.78
Monthly UNsecured debt repayments....... 183.71
Surplus(deficit if negative)............ 208.46

Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total Secured debt...................... -70,000
Total Unsecured debt.................... -6,411
Net Assets.............................. -236,411

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

Any ideas how I can save more money???

I'm not including my CC as I get 1,000 next week which I got from the uni for getting high grades, I don't have an OD neither does my partner..

My partner works full-time and will be hopefully getting a second job
I am at uni full-time and work part-time
We are selling our car for a smaller engine..

Horace

Hi

Could you not ditch the satellite tv? How about taking on extra work. eg. part time work in a shop or a bar?

Use ebay or a carboot to sell what you don't use and clothes you dont wear.

Pay less on your PAYG mobiles?

HelzBelz

Have you checked that the train ticket you're getting is the cheapest and are you eligible for any sort of rail card

RAS

Hi

You have a healthy suprlus at the mment but

Car tax, Car insurance?

Presents, clothes, Holidays?

You need toallow more for food.

Read the boost your income thread

Jesthar

Hi Damita,

You seem to be doing quite well, really! You certainly seem to have a healthy monthly surplus you could use to start reducing your debts, and therefore also the interest they cost. It might be possible to reduce your grocery bill, perhaps, but it's already pretty good for two adults for a month. You might want to lok at reducing your cable/satellite TV - but is your internet and phone a part of that?

You might want to check your utility bills - your electricity in particular seems on the high side. If you haven't switched supplier recently, might be worth a check, and also look for ways to reduce your usage.

Aside from that, I'd suggest your £30 emergency fund would be better used clearing debts for now, and what is the 'Other Insurance' bit for?

Don't forget that you won't need a monthly train ticket whilst Uni is 'out' over Christmas, so that could be deployed elsewhere then, too. Also, are you elegible for any kind of railcard?

I think you may have missed Road Tax...

Congratulations on getting a prize for your grades - that will clear your credit card completely? If you have any left over, you could consider putting some towards another debt. Although I'd say you deserve a little treat, too!

You could also check out cashback sites if you buy things online, and you can even make a little regular money from them by doing 'daily clicks' - there's a very long thread on this in this forum somewhere. You could also check out some of the paid survey sites, too.

Hope that helps a little,

~Jes

Damita

Horace wrote: »

Hi

Could you not ditch the satellite tv? How about taking on extra work. eg. part time work in a shop or a bar?

Use ebay or a carboot to sell what you don't use and clothes you dont wear.

Pay less on your PAYG mobiles?

The tv is the only thing I have.

I can't work anymore as I am full-time student at uni and the hours I am doing still doesn't give me enough time for uni work

But my partner is going to get a saturday job as well as his full-time role.

I have being selling books on amazon...

£15 in the min to get free calls and text to 02 numbers (which I have made my family and friends get 02 sim cards as well ha ha!)

Damita

HelzBelz wrote: »

Have you checked that the train ticket you're getting is the cheapest and are you eligible for any sort of rail card

I tried to but as I do alot of traveling to uni before 9am for lectures at 9am, I live and hour and half away they won't let me as it's peek travel time

Damita

RAS wrote: »

Hi

You have a healthy suprlus at the mment but

Car tax, Car insurance?

Presents, clothes, Holidays?

You need toallow more for food.

Read the boost your income thread

Car insurance is £20 a month, car tax is about £100 a year, we are selling our car and getting a smaller engine one so hopefully it will be less.

Clothes, I only buy loads once every 6 months even then it's primark and ebay, holidays well we haven't been on a hol for about 3 years for me and about 7 for him, we have our honeymoon which are parents are paying for and our trip to Scotland to see my dad at xmas and he is paying for that.

Food, since it is just me and my partner plus two kittens, we don't spend alot I buy once a week off tescos website (where I get discount for being an employee!) and buy kitten food from cheap shops, we live of value food...

Damita

Jesthar wrote: »

Hi Damita,

You seem to be doing quite well, really! You certainly seem to have a healthy monthly surplus you could use to start reducing your debts, and therefore also the interest they cost. It might be possible to reduce your grocery bill, perhaps, but it's already pretty good for two adults for a month. You might want to lok at reducing your cable/satellite TV - but is your internet and phone a part of that?

You might want to check your utility bills - your electricity in particular seems on the high side. If you haven't switched supplier recently, might be worth a check, and also look for ways to reduce your usage.

Aside from that, I'd suggest your £30 emergency fund would be better used clearing debts for now, and what is the 'Other Insurance' bit for?

Don't forget that you won't need a monthly train ticket whilst Uni is 'out' over Christmas, so that could be deployed elsewhere then, too. Also, are you elegible for any kind of railcard?

I think you may have missed Road Tax...

Congratulations on getting a prize for your grades - that will clear your credit card completely? If you have any left over, you could consider putting some towards another debt. Although I'd say you deserve a little treat, too!

You could also check out cashback sites if you buy things online, and you can even make a little regular money from them by doing 'daily clicks' - there's a very long thread on this in this forum somewhere. You could also check out some of the paid survey sites, too.

Hope that helps a little,

~Jes

I tried to the daily clicks websites but didn't understand and the lightspeed surveys never added my points!! (They owe me about 500 now!).

Yeah my tv, line rental, sky and boardband is £37 a month with Sky

My elec went up a month ago, is it easy to change suppliers??

That £30 is payment protection which they made up take out when we got the mortgage... I don't know if I can get it anywhere else?

£30 goes into the savings account we like to have the savings to fall back on, for example, my partner is having a 3 week gap between his old job and new one so we thought it would be nice if he had the time of since he has been working since he was 16...

I will have to find out the road tax from my partner as I don't drive.

Yeah I should have some money left over from the £1,000 I got in october so fingers crossed we can clear his stupid cd deck debt off...

Do you get charged for overpaying your loan? and if you paid it off early?? this is in the future want to save £2,000 to pay of the loan once I finish uni//

Horace

Damita - you say that you are at Uni full time but I know that Uni courses don't have lectures every day. During the vacations have you thought about temping to earn some extra cash? You could even speak to the HR dept at your Uni as they may well have something called a peri system where you can work as a temp doing everything from filing to typing. Also, have you thought of putting your name forward to help during clearing week because Universities take on additional staff (often from the student body) to man the phones and talk to prospective students. Try also speaking to the Guild (also known as Students Union) to see if they have any bar jobs going or if they have any jobs that you can do?

There is no need to buy clothes every 6 months either - have swapsies with your uni chums and sell stuff that you don't wear on ebay or do a carboot.

Damita

Horace wrote: »

Damita - you say that you are at Uni full time but I know that Uni courses don't have lectures every day. During the vacations have you thought about temping to earn some extra cash? You could even speak to the HR dept at your Uni as they may well have something called a peri system where you can work as a temp doing everything from filing to typing. Also, have you thought of putting your name forward to help during clearing week because Universities take on additional staff (often from the student body) to man the phones and talk to prospective students. Try also speaking to the Guild (also known as Students Union) to see if they have any bar jobs going or if they have any jobs that you can do?

There is no need to buy clothes every 6 months either - have swapsies with your uni chums and sell stuff that you don't wear on ebay or do a carboot.

I'm doing a Computer Science course so I have lectures everyday plus class and lab classes. But I will ask my uni about cleaning and man the phones roles, I have been looking on thier special job hunting website, I will look into temping over the xmas period..

Just wanted to add that I dont' live on campus and live an hour and half away. I work weekends at Tescos (I hate my job here!) but I'm hoping to get this admin job on Monday so I can have weekend's free for maybe an extra job or get some of this 10 assignments and 1 presentation done for the first term... ha ha