Third time lucky...

lizzie4785

Ok so I'm back again. Below is a SOA for March, it's very vague because I actually have no idea where my money is going. I live at home with my parents so have very minimal outgoings, but for the next month I also have very little income.
I am happy to answer any questions and really need your help to get a grip of my finances. I want to move into my own place, hopefully within the next 12 months, but I know I cant do that until I've paid back everything I owe and got myself out of my damn overdraft!!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 485
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 485
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
Car parking............................. 20
Other travel............................ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 250

Assets
Cash.................................... 107
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 8107

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................412.44....9.........18.9
Overdraft......................2000......0.........17.8
Family Loan....................1500......0.........0
Total unsecured debts..........3912.44...9.........-

Monthly Budget Summary
Total monthly income.................... 485
Expenses (including HP & secured debts). 250
Available for debt repayments........... 235
Monthly UNsecured debt repayments....... 9
Amount left after debt repayments....... 226
Personal Balance Sheet Summary
Total assets (things you own)........... 8,107
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,912.44
Net Assets.............................. 4,194.56
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I hope this has worked and that someone can offer me some advice for staying on track.

Lizzie xxxx

trina2010

£480 is quite high for car insurance, is this the cheapest you could get?

I think the only thing I can really say for this is...extra income? second job etc? maybe some mystery shopping? just to top up your income.

How much is your income in a normal month? at this level of income i certainly wouldnt consider moving out. based on a very rough, looking at a reasonably, not too high priced area.

Rent 450
Power and heating 30
TV license 11.95
groceries 50-100
insurance (contents) 10
council tax 80-100
tv internet phone package (optional) 20-30

I may have missed things, trying to think through all the bills!

That totals to £650-720.This is before considering your car or anything else

Trying to afford that if you have months like this will be difficult and may plunge you further into debt. Think about it carefully

urg123

Hi Lizzie,

A diary is a great start. I've got some ideas for you.

You say that you don't have any idea of where your money goes. A spending diary is a great way of working out what you do with your money.

Join some challenges: No spend days; make £10 per day; 100 day challenge - challenge yourself to do without some thing. Start clicking to make some money.

Set yourself a clear budget for small things and take out the cash and leave your card at home.

Will your finances change in April? How?

Hope this helps.

urg x x

lizzie4785

Thanks urg and trina for the quick replies.

I'll try and answer a few of your questions, forgive me if I miss anything.

I do have 2 jobs, one is at two local theatres and the other is at a theme park, income is low this month and probably next as my contract at the theme park doesn't start again until 25th March, and the theatre work has been quieter since Christmas but this is normal.

I've just had a new car bought for me, it is an 08 reg, I have had my full license since mid 2005 but i dont have any no claims so the car insurance was the most reasonable quote and it is paid in full for this year, due for renewal Feb 2010.

The situation of moving out is also not so straightforward. My parents own another house that is currently empty, in order for me to live there I would pay to them the same £100 that I currently pay, but bills and other expenses would be my own responsibility.

I do have a degree, but currently cannot make a firm decision on how I want to use it, and with the current climate and the job market in my area I am happy to stay put in the two jobs I love despite the low income.

If i can just get my spending and debt repayments under control to begin with then I feel I will have the foundations to build on and get to where I want to be financially.

Lizzie xxxx

Nargleblast

£30 a month for a mobile phone is quite a lot - are you on a contract? Could you go Pay As You Go say £10 a month and use texts rather than calls as these are cheaper?

The value of your car - check with local dealers and Parkers online guide - if this is an accurate value it might be worth selling it and getting a cheaper one to free up a couple of thousand or so to pay things off.

lizzie4785

My mobile phone is PAYG, cant get a contract at the moment and for a £30 top up I get unlimited texts and the £30 credit which is more than enough for the calls I make. Works out cheaper than topping up less but having to pay for the extra texts, I am a bit of a text addict.

That is an accurate value for the car, I've had it a week and a half and there is no way I would consider selling it. My dad bought it for me, I love it and it costs me far less than the old falling apart mini I had before which was costing me a fortune in repairs and petrol.

Lizzie xxxx

TurnaroundSue

Hi Lizzie - definitely start a spending diary. I note from your SOA that you do not have anything for entertainment - is that correct? If so, then quite abit of your surplus income could be used to throw at the debts. Try snowballing at www.whatsthecost.com which will show you which debt to pay off first (usually the one with the highest interest rate) and also give you a debt free date. This will help to focus you to a day when you will be able to move into your own home.

Have you got anything to ebay or do a car boot sale? Go to up your income thread which might show you have to make extra money without formally getting another job, especially as you are not working in the theme park til end of March.

Good luck and keep posting letting us know how you are getting on.

lizzie4785

Hi Sue (and anyone else who is reading)

The issue you raise about there being no figure for entertainment is a very good one.
I'm 23 so obviously this is not a true reflection, I have a feeling this is where most of my money has been going, a night out here, dvds & shopping sprees there.

I like the idea of a spending diary, this worked well for me before but as I started Christmas shopping it all quickly went to pot!

I have recently decided that I want to train to be a teacher, so money now needs saving in order to finance this career move.

Thanks for your input, and I look forward to hearing more words of wisdom & advice.

Lizzie xxxx

Nargleblast

I think you are right, you need to do a spending diary first to account for every single penny that you spend. Then hopefully potential savings should be glaringly obvious. Buying stuff for Christmas can be done in dribs and drabs throughout the year, and setting a firm budget on what you spend on people for Christmas and birthdays is a good idea. It sounds like you have a very supportive family, which is a start. At least you don't have to fork out for Council Tax and utilities on top of rent. Your car as you have already learnt can be a perpetual drain on resources - once you get behind a wheel you never stop putting your hand in your pocket. If the time comes to change your car remember - the smaller the engine size the lower the road fund licence. Also take into account insurance brackets. In the meantime enjoy Dad's gift and look after it. Learn about how to drive smoothly and the best speed for economical use of fuel (usually around 55 mph I believe).
If you are strict with yourself now you will be able to get shot of your debts and hopefully keep debt to a minimum whilst training for your new career.
Good luck in these tough financial times.

lizzie4785

Hi and thanks for the input.

To be honest my car is one of those essential outgoings that I won't budge on (and I know I'll probably get flamed for that) but I honestly couldn't live without it and therefore don't mind the costs.

I also realise that my debts are nowhere near what alot of people on these boards are facing, and that they are well under control. I just want them gone so I can concentrate on saving up to move into my own place, as my parents other house needs furnishing before I even consider moving into it and the bills.

Is anyone any good with estimating how much bills might cost me, I'd like to be able to get some figures in place so I know what I'm aiming for. And also, if I was to move into the new place on my own, then go back to uni to do my teacher training, what would be the situation with council tax??I find it all very confusing

I've started my spending diary beginning with yesterdays NSD, and hope to continue with more of the same today. I have no social plans until Thursday, payday is on Friday, but I do need to take my phone into the shop to be fixed, so may have to pay for parking on one day. Hoping to keep spending low this week though.

Oh my days!! I think my posts are getting more rambling as this diary progresses!!

Lizzie xxxx

TurnaroundSue

lizzie4785 wrote: »

Hi and thanks for the input.

To be honest my car is one of those essential outgoings that I won't budge on (and I know I'll probably get flamed for that) but I honestly couldn't live without it and therefore don't mind the costs.

I also realise that my debts are nowhere near what alot of people on these boards are facing, and that they are well under control. I just want them gone so I can concentrate on saving up to move into my own place, as my parents other house needs furnishing before I even consider moving into it and the bills.

Is anyone any good with estimating how much bills might cost me, I'd like to be able to get some figures in place so I know what I'm aiming for. And also, if I was to move into the new place on my own, then go back to uni to do my teacher training, what would be the situation with council tax??I find it all very confusing

I've started my spending diary beginning with yesterdays NSD, and hope to continue with more of the same today. I have no social plans until Thursday, payday is on Friday, but I do need to take my phone into the shop to be fixed, so may have to pay for parking on one day. Hoping to keep spending low this week though.

Oh my days!! I think my posts are getting more rambling as this diary progresses!!

Lizzie xxxx

Hi Lizzie - if you need to furnish the house, then log onto your local freecycle site https://www.freecycle.co.uk . It is a site where people give away their unwanted items. It is amazing what you can pick up and it is completely FREE! You could then store them in your parent's house (the one you will be living in) and then when it comes to moving in day - hey presto! your house will be furnished.

Really can't help you wish costs of bills etc personally. I run a 4 bedroomed detached house which costs £115 in gas and electricity alone. Alot of people would there that is a mega amount to pay (and yes it is), but I can't seem to get it down any lower than I am now and I refuse to be cold; sorry, what I am trying to say is, that what one person can tolerate - another one can't. I suppose it depends on the size of your house, how well insultated it is, does it have cavity wall, is it double glazed etc etc. I know there are alot of grants available at the moment so it might be worth you while seeing if there is anything available to you to help with your insulation. Look at the energe website and get help and advice from there.

Sorry, will stop rambling now - my posts always seem to be so flipping long - cant seem to do them nice and precise like alot of posters on here ......see here I go again!:eek: :eek: :rotfl: :rotfl: :rotfl: shut up sue - okay I off:silenced: :silenced: :silenced: