Urgent please help with my SOA

lilly81

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1166.96
Other income............................ 0
Total monthly income.................... 1166.96

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 0 benefit covers this
Electricity............................. 38
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25 includes internet
Mobile phone............................ 40 is a PAY as you go
TV Licence.............................. 11.99
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 45
Road tax................................ 11
Car Insurance........................... 33
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 20
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)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1208.99

Assets
Cash.................................... 1500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 1950

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................4500......25........0
Total unsecured debts..........4500......25........-

Monthly Budget Summary
Total monthly income.................... 1,166.96
Expenses (including secured debts)....... 1,208.99
Available for debt repayments........... -42.03
Monthly UNsecured debt repayments....... 25
Surplus(deficit if negative)............ -67.03

Personal Balance Sheet Summary
Total assets (things you own)........... 1,950
Total Secured debt...................... -0
Total Unsecured debt.................... -4,500
Net Assets.............................. -2,550

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

======== Enter any other useful information below ========

This is for one adult and one 6 year old boy.
My son has some food allergies.
The money in savings is basically what I have put to one side, am planning to use £1000 and keep £500 to cover any emergencies with the car etc and to cover £200 towards college
Any comments will be most welcome!

halight

Hi,
Some people will be along later to show you were you can make savings in your SOA but untill then have a look at the nobey saving old style threds and also the up your income threds,
Why dont you also try strting a speding diry. I started one a few weeks ago and found it really helpful. just right down everything you speed on a daly bacis.
It has showed me were i can cut back were i can make savings and most inportan were my money is going and how much waste there is.
i hope this has been of some help to you

Good luck with your SOA
And all the best

Sharon87

Why do you usually spend £40 on your phone? Texts? Phone calls? Can you change networks and go on one of the special deals where you get free calls/texts when you top by £10/£15? Orange good to try.

Whats's the £50 spent of entertainment include? Can you save here by trying free entertainment (I'm sure people will give lots of ideas).

lilly81

£40 is on T-mobile PAYG, top up £10 and get £10 free for weekends, but have recently become single so this may cost less. I never use my land line for mobile calls.
£50 entertainment includes trips with my son, or babysitters if i get a night out.
Forgot to say I got dimissed from my trial at work today, hence the panic!

sophiesmum_2

Hi Lilly:D
((hugs))) feel so sorry that your job ended and right before xmas too, which is even worse.
Have had quick peek at your soa, just about to leave for gym will look properly later. Of the top of my head I would say you could cut back on food shopping, mobile phone use, entertainment, and even presents (although this may be hard at moment with xmas around the corner.)

Spending diary a good idea as halight says:D

Will catch up again later, take care
SM

98jdougl

have you thought about free/low cost trips? thinks like museums etc.
Have you got family members who would be iwlling to babysit in return for say a bottle of wine or something like that once in a while?

orange do good package payg deals, o2 have their bundle deals etc might be worthwhile shopping around for that.

dancingfairy

Hi. I'm not sure if paying off the loan is a good idea to be honest because
a) it may not be possible
b) because of the way they calculate it the interest is all added up front usually I think and that it doesn't pay to pay it off - not really sure about the technicality of it all.

Perhaps the best thing to do is save it up in an ISA- get as much interest as you can and save up to pay it up in full. You may unfortunately need it - depending on how things work out with a job.

The areas to cut back on are - mobile, food (possibly? check out Moneysavingoldstyle), entertainment.

Good Luck
df

fatbelly

Can you confirm a few things from your soa

1. You get full Council Tax Benefit but the shortfall on your Housing Benefit is £700 per month.

2. water and sewerage is free.

3. Your loan is interest free so £25 per month clears the balance in 15 years.

urg123

lilly81 wrote: »

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1166.96 Now that your circumstances have changed - are you getting everything you are entitled to?
Other income............................ 0
Total monthly income.................... 1166.96

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 0 benefit covers this
Electricity............................. 38 Can you switch this to a cheaper deal.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25 includes internet
Mobile phone............................ 40 is a PAY as you go can this be reduced?
TV Licence.............................. 11.99
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160 Look at the old style board
Clothing................................ 20 Can this be reviewed for a little while? Hard with a 6 year old I know!
Petrol/diesel........................... 45 Are there other ways for you and your son can travel to keep these costs down?
Road tax................................ 11
Car Insurance........................... 33
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 20
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)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1208.99

Assets
Cash.................................... 1500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 1950

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................4500......25........0
Total unsecured debts..........4500......25........-

Monthly Budget Summary
Total monthly income.................... 1,166.96
Expenses (including secured debts)....... 1,208.99
Available for debt repayments........... -42.03
Monthly UNsecured debt repayments....... 25
Surplus(deficit if negative)............ -67.03

Personal Balance Sheet Summary
Total assets (things you own)........... 1,950
Total Secured debt...................... -0
Total Unsecured debt.................... -4,500
Net Assets.............................. -2,550

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== Enter any other useful information below ========

This is for one adult and one 6 year old boy.
My son has some food allergies.
The money in savings is basically what I have put to one side, am planning to use £1000 and keep £500 to cover any emergencies with the car etc and to cover £200 towards college
Any comments will be most welcome!

Hi Lily,

Just wanted to send you hugs after your bad news. I'm really sorry to hear what has happened.
I've added my comments.

As well as looking at shaving costs have a look at making some money - ie
selling stuff on ebay and amazo

Hope this helps

URG x x

lilly81

*The income is total of all benefits I am entitled to including housing benefit.
*I have just switched electricity supplier.
*Petrol is just a guess
*Water is included in my rent
*Loan has interest frozen and has been passed to a different company by barclays.

Thanks to everyone who has commented and keep the advice coming

sophiesmum_2

What sort of food allergies does your son have lilly? does it impact on the type of stuff you have to buy for meals? will he qualify for free school meals? - that would help with the food bill if he gets those.

You could definately make savings on the shopping bill, as others have said have a look on the moneysaving oldstyle board - in particular check out the grocery challenge thread and the store cupboard challenge thread.:D