My SAO

seasidelol

Hello

I've been pointed in this direction by people on the old style board who say you can help if i post a sao and you could advise where i can make savings.
i'm not actually in debt, but had my pay cut to four days a week, due to the "economic climate" and i'm going to struggle to make ends meet,

so here it is i hope its ok

incoming

wages £230 per week
child benefit £20 per week
tax credit £25.14 per week

outgoing

rent £100 per week
electric £9 per week (on average as its a meter)
gas n/a
council tax £85 per month
mobile phone mine £20 every 2 months (on payg)
mobile phone my daughters £20 per month (on contract)
food £350 per month
petrol £40 per week
car insurance £22 per month
car tax £155 per year
tv license £12 per month
credit card £25 per month, debt of £1,250 moved to a 0% until april next year (any extra money i have been putting in a saving account to pay this off when it come due
debt to parents £75 a month, (interest free)
daughters class £25 per month
home contents insurance £24 per month
weight loss class £5 per week

don't have home phone, internet or sky or anything like that,

i hope someone can help,

thanks,

debrag

check out - http://www.makesenseofcards.com/soacalc.html it will be easier for people to comment.

how many people in the house for £350 a month?

Do you do loads of driving for £40 a week!

seasidelol

just me and my daughter, when i've added up my reciepts it does sound a lot, so have been looking at the grocery challenge on old style.

The petrol is cos i have a half hour drive to and from work, this does go down a bit some weeks when i can cadge a lift a couple of days, but i can't always do this as some days i leave early to pick up my daughter, and other times the lift isn't available.

TotallyBroke

Agree with debrag use the link for the soa.
Also multiply your weekly amounts by 52 and then divide by 12 to get the monthly amounts. It's a lot easier to have them all the same while working out if you have a cash surplus or not.

seasidelol

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 995.9
Partners monthly income after tax....... 0
Benefits................................ 194.85
Other income............................ 0
Total monthly income.................... 1190.75
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 433
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 38.97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 340
Clothing................................ 50
Petrol/diesel........................... 173.2
Road tax................................ 12.91
Car Insurance........................... 22
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1336.08

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................1250......25........0
Parents Loan...................4500......75........0
Total unsecured debts..........5750......100.......-

Monthly Budget Summary
Total monthly income.................... 1,190.75
Expenses (including HP & secured debts). 1,336.08
Available for debt repayments........... -145.33
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -245.33
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,750
Net Assets.............................. -5,750

seasidelol

have quickly done the above, hope thats helpful, as i can only log on when i'm at work.
thank you for pointing me in the right direction for the soa, i hope that'll be better.

~Beanie~

seasidelol wrote: »

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 995.9
Partners monthly income after tax....... 0
Benefits................................ 194.85
Other income............................ 0
Total monthly income.................... 1190.75
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 433
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 38.97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 340 - Way too high, can definately be cut.
Clothing................................ 50 - could be cut for a while, can you wear what you already have?
Petrol/diesel........................... 173.2 - Wow, that's high!
Road tax................................ 12.91
Car Insurance........................... 22
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 40 - you can't really afford this at the moment.
Emergency fund.......................... 0
Total monthly expenses.................. 1336.08

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................1250......25........0
Parents Loan...................4500......75........0
Total unsecured debts..........5750......100.......-

Monthly Budget Summary
Total monthly income.................... 1,190.75
Expenses (including HP & secured debts). 1,336.08
Available for debt repayments........... -145.33
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -245.33
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,750
Net Assets.............................. -5,750

Just a couple of ideas above. Do you have any way to increase your income? Do some mystery shopping, sell stuff on EBay, do on-line surveys etc?

debrag

seasidelol wrote: »

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 995.9
Partners monthly income after tax....... 0
Benefits................................ 194.85
Other income............................ 0
Total monthly income.................... 1190.75
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 433
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 38.97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 340 - meal plan to cut down
Clothing................................ 50 - cut out for now
Petrol/diesel........................... 173.2 - see if you are using the cheapest station
Road tax................................ 12.91
Car Insurance........................... 22
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - cut out for now or down
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 40 - cut out for now
Emergency fund.......................... 0
Total monthly expenses.................. 1336.08

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................1250......25........0
Parents Loan...................4500......75........0
Total unsecured debts..........5750......100.......-

Monthly Budget Summary
Total monthly income.................... 1,190.75
Expenses (including HP & secured debts). 1,336.08
Available for debt repayments........... -145.33
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -245.33
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,750
Net Assets.............................. -5,750

you can make up a lot of your short fall by cut down/out of a few things

epsilondraconis

I susepct you could reduce your mobile bill from the current £30. Even if you are still in contract, it may be possible to reduce it. Try calling your provider to see what they can do. If you don't get any reduction on the first attempt, try calling another couple of times as different customer service folk may be able to do something to help.

TotallyBroke

seasidelol wrote: »

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1 How old is our child? Will your benefits be stopping?
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 995.9
Partners monthly income after tax....... 0
Benefits................................ 194.85
Other income............................ 0
Total monthly income.................... 1190.75
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 433
Management charge (leasehold property).. 0
Council tax............................. 85 Is this with single person's discount and paid over 10 or 12months
Electricity............................. 38.97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30 Reduce the tariff down on the contract phone. You could save £5+ per month
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 340 You can really cut this back with careful meal planning. I spend less than half this and I have a child in nappies still
Clothing................................ 50 Needs to stop. Only buy as presents
Petrol/diesel........................... 173.2 You need to consider cutting this back.
Road tax................................ 12.91
Car Insurance........................... 22
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24 Is this the best deal can it be cheaper
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 40 You can't afford this at the moment
Emergency fund.......................... 0
Total monthly expenses.................. 1336.08

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................1250......25........0
Parents Loan...................4500......75........0
Total unsecured debts..........5750......100.......-

Monthly Budget Summary
Total monthly income.................... 1,190.75
Expenses (including HP & secured debts). 1,336.08
Available for debt repayments........... -145.33
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -245.33
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,750
Net Assets.............................. -5,750

I've posted a few comments but think you will struggle to still break even without stopping the classes etc.

seasidelol

to answer some questions

my child is 12, so child benefit will continue for a few years yet
council tax is with single persons discount, over 10 months, starts again 1st April,
clothes i threw a figure at, i rarely buy clothes for me, mainly for daughter, so this may be high, but i wanted to make sure all school uniform etc was covered. holiday is an extended family thing, its booked and paid for, all i have to find now is spends, although if need be we won't go if i can't afford to, i divided the total cost over 12 months. there won't be another one next year the way things are at present.
mobile phone, 1 phone is on contract which is my daughters at £20 a month, i'll ring and see if they would drop the tariff on this, didn't know they could or would do that. mine is on payg, and costs me roughly £10 a month, less some months, thats a topside figure.
contents insurance is up for renewal in may, so is on my list of things to look at to find a better deal, just redone motor car insurance in february using comparethemarket, and saved over £20 a month on that, can't believe how easy it was to do.
petrol is high, its my one bug bear, has anyone any idea how to make sure i'm using cheapest station, i know the one i use is cheaper than one round corner, but driving round checking seems like it'd cost me more in petrol.