My SOA - be gentle!

Shoe_Gal

Hi

Seen loads of people getting good advice before so here goes! There's just me, no pets or anything. I have a fairly stable job, a longish commute and a desire to pay off my debts - whilst still having some sort of life!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1731
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1731

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 26
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16.57
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 15
Car Insurance........................... 27.91
Car maintenance (including MOT)......... 16.66
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6.47
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 18.5
Entertainment........................... 96
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1257.06

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000[/b]

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
DMP............................25000.....403.......0
Total unsecured debts..........25000.....403.......-

Monthly Budget Summary
Total monthly income...................
. 1,731
Expenses (including secured debts)...... 1,257.06
Available for debt repayments........... 473.94
Monthly UNsecured debt repayments....... 403
Surplus(deficit if negative)............ 70.94

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total Secured debt...................... -0
Total Unsecured debt.................... -25,000
Net Assets.............................. -20,000

Any suggestions would be appreciated!

Numpty_Monkey

Shoe_Gal wrote: »

Hi

Seen loads of people getting good advice before so here goes! There's just me, no pets or anything. I have a fairly stable job, a longish commute and a desire to pay off my debts - whilst still having some sort of life!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1731
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1731

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 26 seems low if no Gas aswell
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16.57
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 50 Cut this out for a several months
Petrol/diesel........................... 140
Road tax................................ 15
Car Insurance........................... 27.91 is this the cheapest? do the comparrisons and go through casback sites
Car maintenance (including MOT)......... 16.66
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6.47
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 18.5
Entertainment........................... 96 can you cut this down?
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1257.06

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000[/b]

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
DMP............................25000.....403.......0
Total unsecured debts..........25000.....403.......-

Monthly Budget Summary
Total monthly income...................
. 1,731
Expenses (including secured debts)...... 1,257.06
Available for debt repayments........... 473.94
Monthly UNsecured debt repayments....... 403
Surplus(deficit if negative)............ 70.94

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total Secured debt...................... -0
Total Unsecured debt.................... -25,000
Net Assets.............................. -20,000

Any suggestions would be appreciated!

Hi ShoeGal:hello:
I've left a few comments
Do you keep a spending diary?, very helpful for working out where the surplus goes

Is your DMP with a fee charging company?

dancingfairy

Having looked at your SOA.The things that stand out to me where some savings could be made:
Mobile is that contract? Have a look and see what the other providers are offering and then phone your provider and get them to give as many minutes (or more) for 20 or 25 pounds - haggle.
Food -seems pretty good to me but I am sure the good folks on MoneysavingOldStyle could help you shave a little off here if you wanted.
Clothing - 50 a month - do you really think this is realistic? it seems rather high to me. I would not buy any new clothes for now unless absolutely necessary -ie underwear or socks.
Entertainment - this does seem to be a little high to me - look out for BOGOFs in restaraunts/offers deals on days out etc. Have a drink (or 2!) before you head out if you are the clubbing sort of person. Invite people around for a dvd night/pizza night and xfactor/nibbles and makeovers/ beers from the supermarket and sports night/afternoon/clothes swap evening - whatever takes your fancy, go to the cinema when it is orange 2 for 1 - grab a cheap sim (or use a mates phone to get the deal!), etc, etc.
Also you need to find that 70 a month spare that the SOA says you have - grab a diary and a pen and keep a record of every single thing you spend - you should find a weakness for lunches at work/cd's/dvd's/bottled water/coke/chocolates from vending machines/the 'odd' bit of makeup/clothes/cigarettes etc - you can then see what is worth it and what you can cut back on.
Also the 50 a month emergency fund - seems quite handy to have that on a dmp - where's it going - I hope it's going somewhere with a decent rate of interest - preferrably an ISA.
Any savings you make I suggest go into the savings fund then if you have a tight month for some reason you will have a little spare and when you have enough you can offer full and final settlements.
df

edinburgher

Have you checked with your Council to make sure you're in the correct Council Tax band and that you're getting a single person discount?

Good luck getting debt free

Shoe_Gal

edinburgher wrote: »

Have you checked with your Council to make sure you're in the correct Council Tax band and that you're getting a single person discount?

Good luck getting debt free

Thanks for this. Unfortunately, I am in the correct band and have claimed my discount so no saving there!

savingholmes

Hi ShoeGal - I think most of the points have been covered...

If I was to make a really radical suggestion.... Could you cope with sharing a rented house or even renting a room with fixed costs in a shared house? That would be the quickest way to become debt free- not for everyone I know. Is there anyway you could live with that? Would it be possible to move to a cheaper rented place?

HTH

Shoe_Gal

dancingfairy wrote: »

Having looked at your SOA.The things that stand out to me where some savings could be made:
Mobile is that contract? Have a look and see what the other providers are offering and then phone your provider and get them to give as many minutes (or more) for 20 or 25 pounds - haggle. Yes, it's contract. I do use all my texts and minutes and struggle to get a better deal as I have non landline and can only get Vodafone signal where I am!
Food -seems pretty good to me but I am sure the good folks on MoneysavingOldStyle could help you shave a little off here if you wanted.
Clothing - 50 a month - do you really think this is realistic? it seems rather high to me. I would not buy any new clothes for now unless absolutely necessary -ie underwear or socks. I knoiw, just needed to see it in black and white!
Entertainment - this does seem to be a little high to me - look out for BOGOFs in restaraunts/offers deals on days out etc. Have a drink (or 2!) before you head out if you are the clubbing sort of person. Invite people around for a dvd night/pizza night and xfactor/nibbles and makeovers/ beers from the supermarket and sports night/afternoon/clothes swap evening - whatever takes your fancy, go to the cinema when it is orange 2 for 1 - grab a cheap sim (or use a mates phone to get the deal!), etc, etc. Am having the girls round on Friday, I know I need to cut this but wanted to be realistic with Christmas/New Year this month
Also you need to find that 70 a month spare that the SOA says you have - grab a diary and a pen and keep a record of every single thing you spend - you should find a weakness for lunches at work/cd's/dvd's/bottled water/coke/chocolates from vending machines/the 'odd' bit of makeup/clothes/cigarettes etc - you can then see what is worth it and what you can cut back on. A great idea - I know a few of these are my downfall!
Also the 50 a month emergency fund - seems quite handy to have that on a dmp - where's it going - I hope it's going somewhere with a decent rate of interest - preferrably an ISA. Yes, in an ISA. Hope to stop paying into this in a few months and start throwing it at my debts - as long as there are no emergencies! Just get scared, being on my own, that I need something to fall back on if disaster strikes
Any savings you make I suggest go into the savings fund then if you have a tight month for some reason you will have a little spare and when you have enough you can offer full and final settlements.
df

Thanks for all your advice, just what I needed to give me that extra motivation. Being trying to tackle my debts for nearly a year now but sometimes it feels I'm not making much progress!

Shoe_Gal

Numpty_Monkey wrote: »

Hi ShoeGal:hello:
I've left a few comments
Do you keep a spending diary?, very helpful for working out where the surplus goes

Is your DMP with a fee charging company?

Thanks for this, definately need the spending diary - I know the money is coning in but it keeps disappearing

I was with CCCS but had a few problems so now going it alone. Have seen all the dire warnings about companies charging fees so haven't fallen into that trap

anniecave

I wish my car insurance was as low as yours!

was your car bought on finance or by a loan?
By how much per year is your car depreciating?
How are you saving up towards the next one?

Shoe_Gal

savingholmes wrote: »

Hi ShoeGal - I think most of the points have been covered...

If I was to make a really radical suggestion.... Could you cope with sharing a rented house or even renting a room with fixed costs in a shared house? That would be the quickest way to become debt free- not for everyone I know. Is there anyway you could live with that? Would it be possible to move to a cheaper rented place?

HTH

Hi, the suggestion is radical and I have considered it but, having lived on my own for such a long time, I would really like to avoid it if I can. I would like to move some where cheaper, and possibly nearer to where I work, but I am worried that I would not pass a credit check. I have been where I am for 2 years and have never missed/been late with the rent, however, I rent from a friend of a friend so have never been credit checked. Do you think I would be able to get somewhere based on this?

Shoe_Gal

anniecave wrote: »

I wish my car insurance was as low as yours!

was your car bought on finance or by a loan?
By how much per year is your car depreciating?
How are you saving up towards the next one?

I was lucky enough too sell my rather nice car and buy this not so nice one outright - so low tax and insurance too! No real plans for the next one, hoping to get 2-3 years out of it and hopefully will have improved my financial situation a bit by then