new soa for december

littlepinkstars44

ok so after all the help i've had on here (thanks so much)
I have made a more realisitic SOA for December....so here goes!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 545
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 545

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 41 (£37.50+£3 for not having a direct debit set up)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 46 (£11.50 a week)
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)...... 50 (christmas pressies still to buy)
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 307

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
Additions......................165.86....25........39.7
Kays...........................213.......24........0
Arcadia Staff Card.............230.91....20........29.9
Bank of Scotland o/d...........1137.98...100.......0
Simply Be......................28........8.........NaN
Carphone Warehouse.............100.17....15........0
New Look Card..................48.24.....10........28.9
Dorothy Perkins Card...........207.......15........29.9
Total unsecured debts..........2131.16...217.......-

Monthly Budget Summary
Total monthly income.................... 545
Expenses (including secured debts)....... 307
Available for debt repayments........... 238
Monthly UNsecured debt repayments....... 217
Surplus(deficit if negative)............ 21

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -2,131.16
Net Assets.............................. -2,131.16

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

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

I have £50 in my play.com selling account which i can't transfer to the bank at the mo cause i changed my bank details with them, going to pay £30 of that to Additions, and treat myself with the £20 (i deserve it i think)
Also going to use HALF my Christmas money to pay towards my Arcadia Staff Card.
My birthday is in Jan, and again going to use half of it to pay towards a debt!

moo2moo

Wouldn't you be better off paying absolutely everything you've got to the additions account 39.7% is crippling interest. You're paying £5 of your £25 just to cover the months interest. You really don't need to treat yourself to £20 worth of anything 3 weeks before christmas. Paying the whole £50 off now brings your debt free date on that account forward from July 2009 to April 2009 saving you £10.09 in interest at the same time.

hypno06

I know your additions is the higher rate, but I would pay the whole £50 to the New Look card, which will clear it and then you can close it down and be rid of one debt completely.

You say that you deserve £20 as a treat, but why not get out all the make up you have bought in the last 6 weeks and remind yourself of the treats you have already got.

What you should be saying is "I deserve to feel fab about becoming debt free" and that feeling of control etc that comes with that is a bigger treat than anything at this stage!

I am sure you will be getting pressies for Christmas and your birthday as well, so you will have plenty of other treats coming your way.

doodledo_2

Morning and well done for posting your SOA.

I have to agree with the others that £20 treat I would definately throw at debt between either the New Look card or the Additions account. Like Hypno said use your new make up as your "treat".

Also noticed you are paying £3 a month for not having your mobile on direct debit. I know its not much but why don't you just set up one and save the £3.

Also notice you are paying £100 a month to an interest free overdraft. Could this stop and that £100 go towards your additions account as you would clear it in the New Year that way. Or is a condition of the overdraft paying back £100 a month.

TotallyBroke

littlepinkstars44 wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
Additions......................165.86....25........39.7
Kays...........................213.......24........0
Arcadia Staff Card.............230.91....20........29.9
Bank of Scotland o/d...........1137.98...100.......0
Simply Be......................28........8.........NaN
Carphone Warehouse.............100.17....15........0
New Look Card..................48.24.....10........28.9
Dorothy Perkins Card...........207.......15........29.9
Total unsecured debts..........2131.16...217.......-

Monthly Budget Summary
Total monthly income.................... 545
Expenses (including secured debts)....... 307
Available for debt repayments........... 238
Monthly UNsecured debt repayments....... 217
Surplus(deficit if negative)............ 21


I have £50 in my play.com selling account which i can't transfer to the bank at the mo cause i changed my bank details with them, going to pay £30 of that to Additions, and treat myself with the £20 (i deserve it i think)
Also going to use HALF my Christmas money to pay towards my Arcadia Staff Card.
My birthday is in Jan, and again going to use half of it to pay towards a debt!

That £20 treat money I would actually use to pay off the simplybe debt along with the normal £8 payment.
Where is your christmas money coming from? Do you know how much it is? I would suggest putting all of this into paying off Additions and possibly Kays.

Then in January I would use the play.com £50 to pay off the New look debt.
You would then have £8 (simplybe) £10 (New Look) £25 (Additions) = £43
Possibly £67 if you was able to pay off the Kays as well.

You could then use this to pay off Arcadia card. You could have this paid by April/May. You could be debt free by Christmas next year.
Have a look at https://www.whatsthecost.com/snowball and fiddle around with the calculator. It'll give you a confirmed date to work towards.

Good luck.. And none of my figures above take into account the £20 per month you already have spare. Use that every month towards your debts could see you debt clear by August/September 2009

littlepinkstars44

doodledo wrote: »

Also noticed you are paying £3 a month for not having your mobile on direct debit. I know its not much but why don't you just set up one and save the £3.

Also notice you are paying £100 a month to an interest free overdraft. Could this stop and that £100 go towards your additions account as you would clear it in the New Year that way. Or is a condition of the overdraft paying back £100 a month.

i get paid on a different day every month, so i wouldn't know what day to set it up for. Also i just sorted out my phone so from December it should only be £37.50 a month, i was gettin bills for £80-£100 a month before, so i didn't want to set up a direct debit as i couldn't pay the full amount to it.

The overdraft is my old BOS student account, and i need to pay £100 to it a month, or will be taken to court etc

littlepinkstars44

TotallyBroke wrote: »

Where is your christmas money coming from? Do you know how much it is? I would suggest putting all of this into paying off Additions and possibly Kays.

Christmas money from my grandpa - prob about £50

doodledo_2

Ahhh right makes sense then.

It must be hard when you don't know what date money is coming in to budget.

littlepinkstars44

hypno06 wrote: »

I am sure you will be getting pressies for Christmas and your birthday as well, so you will have plenty of other treats coming your way.

I doubt i'll be getting anythin for Christmas or my birthday, except from £50 from my grandpa.
My mum is in a lot more debt than me, and can barely manage to buy food for the month, never mind pressents for me and my little brother (whos birthday is also in jan)
My boyfriend has been lookin for a job for 2 months, and only gets £18 a week to live on, so won't be getting anythin from him either.
Thats why i'm keeping the £20, and buy myself something nice

TotallyBroke

December : Spare £21 = pay off simplybe along with normal £8
Grandpa's money £50 = Do what you like with it.
play.com money £50 = pay off new look along with normal £10.

From January 2009 reduce your presents amount in soa to a healthier amount planning for all gifts (birthday/xmas) and spreading over 12months. For my purpose here I'll say £30 each month.

January : £10 + £8 + £20 = £38 to start throwing at Additions. or if you are determined and have no spare cash £10 + £8 + £20 + £21 = £69
By playing around with the snowball calculator I mentioned earlier you could be debt free in August 2009 if not sooner if the interest rates you have shown are correct and what choices you decide. Additions paid off by March, Kays by April, Arcadia by June etc etc. Please play around with it with all differing amounts of money including treat and Granpa's money and you decide

Again good luck

littlepinkstars44

i now have £60 in my play.com acount, should be able to withdraw it in a week or so.
So am going to pay £40 to additions and £20 to me heh