My updated SOA

SuperBOB

Statement of Affairs and Personal Balance Sheet

SuperBOB

On paper this looks do-able, but every month I seem to get worse off.

How do I stop the rot, and get out of this?

laura2481

SuperBOB wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 50
Rent.................................... 630
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 30
Gas..................................... 60 This seems quite high
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20*All these with * could be cheaper if all from same supplier
Mobile phone............................ 40*
TV Licence.............................. 10
Satellite/Cable TV...................... 22*
Internet Services....................... 17.5*
Groceries etc. ......................... 125 I bet you actually spend more than this, does it include cleaning products and toiletries etc It all adds up
Clothing................................ 50 If you are struggling you could knock this on the head for a while
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50 Could it be more? Seems very low for two of you...
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 300 How much! Cutting down on this a little would free up some cash... Holiday................................. 0 No holidays?
Emergency fund.......................... 0 Should always aim for a little in emergency fund
Total monthly expenses.................. 1594.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 2000
Total Assets............................ 2000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 700......(50).......25
Total secured & HP debts...... 700.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................3500......120.......20
Virgin.........................3500......120.......20
Natwest........................1500......50........20
Current account................2150......0.........0
Total unsecured debts..........10650.....290.......-


Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,594.5
Available for debt repayments........... 905.5
Monthly UNsecured debt repayments....... 290
Amount left after debt repayments....... 615.5 Do you really have this much left at the end of each month? I'm guessing not..

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -700
Total Unsecured debt.................... -10,650
Net Assets.............................. -8,650

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

Hi! Left a few thoughts in red.
If you are anything like I was I never had left over what I 'should' have

A spending diary can help, either a good old note book and write down EVERYTHING (eg one coffee at £3 doesn't sound like much but 5 per week = £12 and then over a month that £48 and that's how your money disappears!) There is also an online spending diary which is free to use. Click HERE

I also started withdrawing a cash budget for the week eg £30 which I could spend on 'stuff' whether that was a magazine, or make-up or a bottle of wine, or whatever, and that was it. If I ran out then I had to wait till next week. Really makes you think about what you're buying!

Also, making overpayments at the start of the month, rather than waiting to see 'what was left' helped as I couldn't then spend that money- it was already gone to the credit card folks!

And as far as my overdraft went- I just tried to have a little more left of my overdraft everymonth, rather than running in right up to the limit (or over!:o) The last two months I haven't needed to use my overdraft at all, and that is a great feeling.:D

Good Luck

beanielou

Clothing & entertainment both seem quite high & you could most likely reduce them.