sinkorswim's SOA

sinkorswim_2

Thanks, Seaxwyn - just done my signature!! and Sister Cas for encouragement. X

nmm

I would buy a cheap TV or a USB TV for your pc (around £20) and get rid of the rental one. They are such a waste of money, my mum has had a rental tv for years, she has paid for the tv several times over, but yet she still doesn't own it :rolleyes:

paybacktime2008

sinkorswim wrote: »

Just done my SOA and copied and pasted onto this post, as instructed, but it doesn't look like any other one I've seen. Do I need to delete some of the detail? Just keep the headlines? Anyway, just getting my head around the enormity of my debt and have done the 'snowball' calculator as well. Now need to get through Xmas without spending too much, and really get stuck into repayments in January. Any advice, help, suggestions welcome. I've been reading this site for months, and didn't have the courage to total up all my debts, but it really is inspiring to see how everyone here is dealing with debt and helping each other. I can hardly believe I can clear all this before I retire. (Should be retiring this year, but aim to try and clear the debt in two and a half years (That's what the snowball calculator told me!) So debt-free by July 2011!!??

[b]Monthly Income Details[/b]
Monthly income after tax................ 2400


Monthly Expense Details
Mortgage................................ 324
Secured loan repayments................. 408 (no council tax????)

Electricity............................. 49
Gas..................................... 70(Huge bills you can definately reduce these)

Water rates............................. 23
Telephone (land line)................... 35(ditto)
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 27
Internet Services....................... 10
Groceries etc. ......................... 300(ditto)
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 12
Car Insurance........................... 44(Ditto)
Car maintenance (including MOT)......... 20

Other travel............................ 10

Medical (prescriptions, dentist etc).... 20

Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 25
Emergency fund.......................... 15
Total monthly expenses.................. 1544

Assets

House value (Gross)..................... 150000

Car(s).................................. 3000

Total Assets............................ 153000[/b]

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 30000....(324)......6.54
Secured Debt.................. 4928.....(408)......7.96
Total secured debts........... 34928.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
marb...........................7672......0.........24.9
BC.............................6350......0.........17.9
CarCit.........................480.......0.........19.5
Zopa...........................800.......0.........12.5
AmExpr.........................400.......0.........17.6
Cap1...........................1366......0.........19.6
Total unsecured debts..........17068.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,400
Expenses (including secured debts)....... 1,544
Available for debt repayments........... 856

Surplus(deficit if negative)............ 856[/b](so where is it going???????)

Personal Balance Sheet Summary
Total assets (things you own)........... 153,000
Total Secured debt...................... -34,928
Total Unsecured debt.................... -17,068
Net Assets.............................. 101,004

Hi sinkorswim and welcome. I think now you have done your soa you will be feeling a little like i did when i did mine. I too had a surplus, and now realise just how much I was wasting every month. A spending diary kept for a couple of weeks will really help you see where that money is going www.spendingdiary.com Please do try comparison sites for your utilities etc. Since starting on my journey (couple of weeks) I have reduced my phone/internet package by £9 a month...just rung them and said i was thinking of leaving and could they help me. AA membership reduced by £20 cos i rang ans said i wiould have to cancel as I couldn't afford it. Car insurance reduced £50 a year by shopping around, House insurance reduced by £260!!!!! again by shopping around. But i think the most important thing I've learnt is.....If I have a surplus even when I'm paying debts what on earth am I doing with my money. that's when the bottle of wine, the magazine, the trip to the garden centre (in my case) REALLY ADDS UP. Oh and now i shudder at all that food I used to just bin from the fridge.

Good Luck. You will be fine!

sinkorswim_2

You're right, paybacktime! So much money just drifting carelessly into other people's pockets! I think the snowballing idea will help - I've been paying a bit more than the minimum on everything, instead of focusing on one target debt, so that's a revelation to me - but I just can't (or couldn't, till now!) keep money in my purse - I could always see something nice to buy - often for someone else! I'm going to be really mean from now on.

I'll go through everything during this week, and systematically try reducing all utilities and insurances - great to have another head on the problem. Thank V much!

sinkorswim_2

nmm - Ive never even heard of a USB TV - that's one to investigate! Will give myself a fortnight to get shot of rental TV. Yippee!! I'm on my way! X

nmm

They've been around for years, i've not looked for a while its now £25, here a link to a freeview one clicky I'm not saying buy that one just showing you what they are. You can probably get them cheaper on ebay.

paybacktime2008

Another thing that has worked for me is withdrawing a set amount of money each week....friday is my 'payday'. All the cards get left at home. Handing over cash has a very powerful effect on me. i.e I want to hold on to it as much as I can!

sinkorswim_2

Yea - good idea to stick to cash - it feels real and it does make you more aware when you spend. A lot of bad habits to change - but I'm up for it.

Just started a spending diary too, so that should help.