my soa and lightbulb moment

lincs1205

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1473
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1473

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 160
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 95
Car Insurance........................... 30.91
Car maintenance (including MOT)......... 90
Car parking............................. 118
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.1
Pet insurance/vet bills................. 10.92
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 120
Haircuts................................ 26
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 757.93

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
vanquis........................500.......32........34
capital one....................512.2.....15.37.....21.6
car finance....................9043.37...269.6.....15.5
Total unsecured debts..........10055.57..316.97....-

Monthly Budget Summary
Total monthly income.................... 1,473
Expenses (including secured debts)....... 757.93
Available for debt repayments........... 715.07
Monthly UNsecured debt repayments....... 316.97
Surplus(deficit if negative)............ 398.1

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -10,055.57
Net Assets.............................. -10,055.57i currently live with my parents therefore all grocery, heating and other household bills are included in my rent.
any advice or questions please ask , give all gratefully received.my union fee is 15.42 per month

ajaney

lincs1205 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1473
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1473

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 160
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 95 surely this is wrong or in wrong column?
Car Insurance........................... 30.91
Car maintenance (including MOT)......... 90 :eek: This is very high. What kind of car is it?
Car parking............................. 118 :eek: is there an alternative to this?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.1
Pet insurance/vet bills................. 10.92
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 120 £1440 a year on gifts???
Haircuts................................ 26
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 757.93

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
vanquis........................500.......32........34
capital one....................512.2.....15.37.....21.6
car finance....................9043.37...269.6.....15.5
Total unsecured debts..........10055.57..316.97....-

Monthly Budget Summary
Total monthly income.................... 1,473
Expenses (including secured debts)....... 757.93
Available for debt repayments........... 715.07
Monthly UNsecured debt repayments....... 316.97
Surplus(deficit if negative)............ 398.1

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -10,055.57
Net Assets.............................. -10,055.57i currently live with my parents therefore all grocery, heating and other household bills are included in my rent.
any advice or questions please ask , give all gratefully received.my union fee is 15.42 per month

Hi
All your costs seem to be on your car & gifts!

Please tell us what car you have on finance & is it the only car you are running?

Please check the amounts you have put in your SOA for Car maintainence & Car tax

Do you really spend £1440 a year on presents?

doodledo_2

Hi and welcome to the forum.

Quickly glancing through your SOA I think you have put in the annual amounts for some of your outgoings rather than monthly. eg car tax, maintenance, parking etc.

Tweek your SOA and repost as these are taking up a lot of your available balance at the moment.

Once done you should have quite a hefty amount left over which you can plough onto your debts.

It may be worth considering a spending diary to see where your surplus is currently going each month.

~Beanie~

lincs1205 wrote: »

Monthly Expense Details


Road tax................................ 95 - Per month???

Car maintenance (including MOT)......... 90 - Per month??? £1080 per year?

Car parking............................. 118 - Again, per month??

Presents (birthday, christmas etc)...... 120 - Way too high if it is each month :eek:

Monthly Budget Summary
Total monthly income.................... 1,473
Expenses (including secured debts)....... 757.93
Available for debt repayments........... 715.07
Monthly UNsecured debt repayments....... 316.97
Surplus(deficit if negative)............ 398.1

I can't really see a major problem - you have £400 per month left over to throw at your debts, assuming that your figures are correct.

Are they definately per month? Car related expenses are extortionate if it is correct! And presents, £1440 per year? Cut it down!!!

TotallyBroke

By putting in the correct figures for the car You could pay off the vanquis debt in 1 month!!!!! If you could find the spare cash that is showing.

As for your presents amount. I personally don't find that too expensive depending on the size of your family. For my family, for cards and presents for birthdays and christmas, my budget for this year was £850. (It will be less next year) But I do suggest you put that amount into a savings pot so it is there when you need it.