My SOA - feedback please

ScarletGirl

Hi everyone, here is my SOA for you to pick over! I know that I should be absolutely fine as I'm very lucky and have a decent income, but I just seem to struggle anyway. There are a few items on here which I know are appallingly extravagant and need to go, but I thought it best to start off being honest about where the money goes. I just find it really hard to motivate myself to cut back on the things I enjoy - I tend to just say "oh well, I work hard so I deserve a treat"; needs to stop I know.

Any motivational tips will be gratefully received!

Just a bit of background info - I'm 30 and live in a shared flat with one other, so a number of the bills you see are just a 50% share.


]Monthly Income Details[/b]
Monthly income after tax................ 2800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 30
Gas..................................... 35
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 12
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 150
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30 contacts
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 60
Entertainment........................... 200 this is an estimate, including lunch at work etc
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1534

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 9000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Loan and Credit Cards..........20000.....1300......0 will pull together the full breakdown of this when I get home!
Total unsecured debts..........20000.....1300......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including secured debts)....... 1,534
Available for debt repayments........... 1,266
Monthly UNsecured debt repayments....... 1,300
Surplus(deficit if negative)............ -34

Personal Balance Sheet Summary
Total assets (things you own)........... 9,000
Total Secured debt...................... -0
Total Unsecured debt.................... -20,000
Net Assets.............................. -11,000

98jdougl

the £45 for the phone seems high, as does £60 per month for your hair and £100 for presents and holidays when you are in deficit at the end of the month. Clothing is another area you should be looking at

dancingfairy

Yes you have a good income but do you ever want to own your own home? what do you want to do but can't because of your debts? Also bear in mind that you are lucky to have a job at the moment but given the state of the economy (not to mention the fact you could be run over by a bus) you would have a lot more chance of financial survival without all those debts hanging over you.
You can do it!
df

urg123

ScarletGirl wrote: »

Hi everyone, here is my SOA for you to pick over! I know that I should be absolutely fine as I'm very lucky and have a decent income, but I just seem to struggle anyway. There are a few items on here which I know are appallingly extravagant and need to go, but I thought it best to start off being honest about where the money goes. I just find it really hard to motivate myself to cut back on the things I enjoy - I tend to just say "oh well, I work hard so I deserve a treat"; needs to stop I know.

Any motivational tips will be gratefully received!

Just a bit of background info - I'm 30 and live in a shared flat with one other, so a number of the bills you see are just a 50% share.


]Monthly Income Details[/b]
Monthly income after tax................ 2800 Great income!
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 475 Do you live on your own or with others
Management charge (leasehold property).. 0
Council tax............................. 75 If you are on your own - does this include single person discount
Electricity............................. 30 Have you switched recently. If not look to see if you are getting the best deal.
Gas..................................... 35
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 12
Mobile phone............................ 45 Quite high - are you on the best packagde for your usage.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 150 This can be reduced - even by £100. How many clothes are there in your wardrobe that you haven't worn for a while!
Petrol/diesel........................... 50 Can you use publich transport.
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30 contacts See if you can buy in bulk from a cheap website. Martin lists some of these on his website.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 This is a bit generous given your financial position. People understand that things are tight and so will understand if you get cheaper pressies.
Haircuts................................ 60 Can you really afford this at the moment? Try and lengthen out hte time between cuts; try student nights;
Entertainment........................... 200 this is an estimate, including lunch at work etc !!!!! This really needs to be watched! Your lunch should be part of the grocery budget. this was my weakness - I now take a packed lunch at least three days a week.
Holiday................................. 100 Have a look at reducing this
Emergency fund.......................... 0
Total monthly expenses.................. 1534

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 9000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Loan and Credit Cards..........20000.....1300......0 will pull together the full breakdown of this when I get home! Whilst you are looking - have a look to see what the limits of the cards are and see if there are any 0% deals that you can take advantage of.
Total unsecured debts..........20000.....1300......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including secured debts)....... 1,534
Available for debt repayments........... 1,266
Monthly UNsecured debt repayments....... 1,300
Surplus(deficit if negative)............ -34

Personal Balance Sheet Summary
Total assets (things you own)........... 9,000
Total Secured debt...................... -0
Total Unsecured debt.................... -20,000
Net Assets.............................. -11,000

HI Scarlet Girl

I've made loads of comments above - I speak from fairly bitter experience. What's great is that you have realised that this isn't quite right and you want to do something about it. My main bit of advice is keep a spending diary - this is your key to learning about your own spending habits. Write down EVERYTHING!
Start shaving things off your budget - set yourself little challenges. I have joined the No Spend Day challenge and the Grocery Challenge. There are all sorts of challenges that you can set for yourself. Just don't join everything all at once - it might be too easy to let yourself down!

That's enough from me - good luck

URG x x