I've finally done an SOA....oh god, help!!!

ellerose

Finally done my SOA and feeling pretty fed up..... Help!! I've compiled it using information from my last six months' bank statements, so it's what I've been spending rather than what I want to continue to spend....so a lot of it I know full well is going!! But I would appreciate your advice.
A bit about me..... I'm 25 and have just moved in with my very financially secure boyfriend, who earns twice what I do. Our finances are currently separate, which is why there's a 'rent' payment, which is my contribution, but nothing for elec/gas etc as he pays all that and uses my contribution towards everything. I know how lucky I am to be in this situation and I want to make some serious headway into my debts... I ran them up when supporting my ex who basically leeched off me and physically abused me for 4 years...not trying for sympathy here but just trying to explain that I've had 4 years living desparately beyond my means and now here I am.

So.....

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.................... 2
Monthly Income Details
Monthly income after tax................ 1476
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1476
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 (due for renewal soon so that's getting sorted)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 45 (going!)
Petrol/diesel........................... 45
Road tax................................ 10.42
Car Insurance........................... 59.32 (quotes for renewal next month are much less)
Car maintenance (including MOT)......... 52
Car parking............................. 90 (renting a space in my apartment block)
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 6.5 (contact lenses, online through Quidco)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 45 (on dating...I know I know, found cheaper ways to entertain ourselves now!!)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 898.24

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Oasis Card.....................132.79....5.........28.9
Next Account...................483.3.....49........26.9
Capital One....................671.18....20........17.9
Amex...........................445.53....12........4.9
HSBC CC........................6166.69...155.......15.9
HSBC Graduate Loan.............3610.26...116.4.....0
Total unsecured debts..........11509.75..357.4.....-

Monthly Budget Summary
Total monthly income.................... 1,476
Expenses (including HP & secured debts). 898.24
Available for debt repayments........... 577.76
Monthly UNsecured debt repayments....... 357.4
Amount left after debt repayments....... 220.36
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,509.75
Net Assets.............................. -10,759.75
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.



I can see that the car is an expense but my workplace is incredibly badly served by public transport and so it is a necessary evil for now. As soon as I get a job on a bus route, it's going for a while. I also need to start keeping a spending diary as I'm not feeling that surplus by a long stretch!

All comments welcomed.... do your worst.....

urg123

Hi

Well done on posting your SOA - you already know where the main 'drain's on your finances are.

£100 - food. Is this just for you or for both of you? I also allocate £100 per month but I know I need to pull back. Some people manage on £100=120 for two people. have a look at the grocery challenge on the Old-Style board.

Next look at ways of making money - selling stuff on ebay, amazon and car boots etc; daily clicks; use quidco for all purchases (I even get OH to spend his money via my account as he can't be bothered to use it!).

whatatwit

Hi, well done for posting.

You have already identified where you can make changes to your spending, I think you should look at paying off your Next & Oasis cards first.
The APR is high on both of them and it would give you a boost to get rid of them.

Good luck.

ellerose

I agree, I put the numbers through the snowball calculator and it recommended this too. Unfortunately my credit rating is shot so I can't move my money about to anywhere cheaper, so I'm stuck with it as it is! It says February 2012 though, which doesn't seem so far away!

whatatwit

It's less than 2 years

Have a look at the Payment A Day thread.....it's great for paying off little bits of money on a daily basis, ideal if you are set to do online payments to your cards, Capital One would soon vanish then

Don't forget Quidco either, that really can be a boost.

ellerose

If I can pay off £11K in 2 years, I must have been seriously overspending. That's mental.

Trying_to_be_good

Well done for posting, and good luck with your challenge.

Even on your 'old' spending habits, you (should?) have £220 surplus income per month - can you clear the oasis balance this month? It would be a really good boost to have a debt gone already.

ellerose

I most certainly don't see that surplus - hence the resolution to begin a spending diary!! It seems to be there on paper but it's disappearing somewhere......

Silaqui

Hiya ElleRose!
I'm 25 (in July) too and living with b/f so similar kind of situation to you. I had my LBM last year and posting my SOA really helped to get advice and stuff, even though like you I kind of knew what I had to cut down on.

Here's my 2pence worth...

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.................... 2
Monthly Income Details
Monthly income after tax................ 1476
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1476
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 (due for renewal soon so that's getting sorted) I'm guessing this is contract, try and haggle for a better deal, I have unlimited texts and 400mins plus free photos and web time from orange for £18pm, tell them you are thinking of quitting and get put through to retentions. There is more on this on the Mobile board.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100 Can you clarify what this is for? Is it your half of a shared budget, or do you pay for all groceries, or is it over and above the ordinary shopping? I've got ours to around £80-£100 a month including beer! Check out the OS board and start meal planning!
Clothing................................ 45 (going!)Good! When I first had my LBM I had a massive clear out to see what I already had. It's amazing what outfits you can find! And then you know that you have those jeans and that top, so all you need to buy is the belt to go with rather than the whole outfit - primarni of course! At £45 a month you must have a good wardobe - I have over 300 pairs of shoes but they don't pay the bills....
Petrol/diesel........................... 45 A silly one really, but try and buy from a supermarket so you can get loyalty points. I always buy mine from tesco because of the clubcard points, Morrisons do a scheme aswell.
Road tax................................ 10.42
Car Insurance........................... 59.32 (quotes for renewal next month are much less) You may already do this, but putting a second, more experienced driver can lower your quote too, my b/f put me on his and it took a good 60 quid of the quote.
Car maintenance (including MOT)......... 52
Car parking............................. 90 (renting a space in my apartment block) Is this per month? No alternative?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 6.5 (contact lenses, online through Quidco)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 45 (on dating...I know I know, found cheaper ways to entertain ourselves now!!)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 898.24

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Oasis Card.....................132.79....5.........28.9
Next Account...................483.3.....49........26.9
Capital One....................671.18....20........17.9
Amex...........................445.53....12....... .4.9
HSBC CC........................6166.69...155.......15.9
HSBC Graduate Loan.............3610.26...116.4.....0
Total unsecured debts..........11509.75..357.4.....-

Monthly Budget Summary
Total monthly income.................... 1,476
Expenses (including HP & secured debts). 898.24
Available for debt repayments........... 577.76
Monthly UNsecured debt repayments....... 357.4
Amount left after debt repayments....... 220.36
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,509.75
Net Assets.............................. -10,759.75


Hope some of the purple comments are helpful.
Definitely find out where that surplus is going, start a spending diary, you will soon find out. Mine was takeawaya and magazines...:o

What helped me is aiming for 'NSD's - No Spend Days at first, because it really made me think about where the money was going. It also helps turn it into a habit, I don't count nsd's any more because I now don't spend anyway unless I really have to.

The other good one in the Payment a Day challenge - it becomes addictive and you find yourself depriving yourself of all sorts just to be able to make a good payment every day!

Depending on the grocery situation, definitely start meal planning. I started by planning a week at a time but now I plan a whole month, and do one big shop at the start of the month that will last and then just top it up with fresh stuff like milk, fruit, as needed. I don't stick to it religiously but it does help to control your spending as you can write the shopping list to fit the plan.

I think thats plenty from me for now lol! Good luck with it all! I'll bookmark you

xx

ellerose

Thank you for that!
With the food shopping we take it in turns to go to the supermarket, and a shop lasts around three weeks or so, so I suppose it's my half of the bill really.
There's no alternative to the parking really...I live in the middle of the city where parking is at a premium and my space is pretty cheap. Mind you, moving in with him has saved me over £200 a month in petrol as it's sooooo much closer to work, so it's swings and roundabouts there... Wish I could ditch the car for a few years though!
I know what you mean about money disappearing...I imagine I spend that spare £200 on magazines and bars of chocolate!!
The £45 a month on clothes is a bit misleading really, as it hasn't been like that all the time, more just the past few months where I've had to replace battered old clothes so it's been on my bank statements. I'm very much a fan of the capsule wardrobe (specially now I'm sharing one - had to sell so many shoes to move in!)

GeorgeUK

Are you on the electoral roll at your current address? This is imperritive for a good credit score.

I think getting a few 0% cards may assist you in getting rid of this debt quicker. You can have about 3 credit checks in a 6 month period, but if you aren't paying interest on the debt, then you will be saving quite a bit.