my soa

laura-1984_2

Hi

I have credit card debit worth £2200. Can you have a look at my SOA and advise where i can cut back ?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1036
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1036

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 312.5
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 60
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
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...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 100
Entertainment........................... 50
Holiday................................. 100
Emergency fund.......................... 50
Total monthly expenses.................. 907.5

Assets[/b]
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
mastercard.....................2200......40........19.5
Total unsecured debts..........2200......40........-

Monthly Budget Summary
Total monthly income.................... 1,036

Thanks

Happytogetdebtfree

laura-1984 wrote: »

Hi

I have credit card debit worth £2200. Can you have a look at my SOA and advise where i can cut back ?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1036
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1036

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 312.5
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 60
Clothing................................ 50 cut back onthis for a few months
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
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...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 cut back on this for a few months
Haircuts................................ 100 oooo half that !
Entertainment........................... 50 im afraid cancel that for now !
Holiday................................. 100 half holiday saves
Emergency fund.......................... 50 why emergency when you have debt clear debt then save ?
Total monthly expenses.................. 907.5

Assets[/b]
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
mastercard.....................2200......40........19.5
Total unsecured debts..........2200......40........-

you can cut back on some things and cut some stuff out for awhile that would mean you can clear some of the debt quicker ? can you not get a 0% balance transfer os all cash goes on debt ? if not you need to clear the 2200 because intrest will be eating the majority of payment up x act fast with such a small amount otherwise it could spiral x

laura-1984_2

sadly I cant cut back the holiday as its already booked and thats the amount i have to pay until its paid off

RAS

You can definately reduce hair cuts, that is massive. See if you can get college sessions or go to apprentice sessions at your usual hairdressers for a few times.

Scrap cable TV, cut out clothing for a few months and halve entertainment and presents. No point having an emergency fund if you have expensive debts, so pay that off the CC each month.

talana

£100pm on haircuts is a mistake surely?

laura-1984_2

its not sadly i have my hair cut and highlighted every 4 weeks

talana

laura-1984 wrote: »

its not sadly i have my hair cut and highlighted very 4 weeks

You've just answered your own question where you can cut back then.
No-one needs a haircut every single month, and no need to spend £100 when you do.
The rest I agree with - cut out presents and clothing for a while, no point having an emergency fund. All that will give you £200-250 to throw at the debt.

laura-1984_2

thank you all for your posts. I dont think £100 a month is expensive as i have been paying that since i was 16 and started working (more a mindset which is harder to tackle)

patchwork_cat

That is a phenomenal amount to be spending on your hair. Why do your highlights need doing every month - your hairdresser must rub her hands with glee when you come in! My highlights and cut are £55 and that is for 3 colours and foil and that seems expensive I have them done 4 times a year. Do you think that your hairdresser puts too many highlights in? If they need doing that often you might be better to have an all over colour that would be cheaper and roots done every month/ 6 weeks.

talana

laura-1984 wrote: »

thank you all for your posts. I dont think £100 a month is expensive as i have been paying that since i was 16 and started working (more a mindset which is harder to tackle)

I appreciate it's a mindset thing if that's what you've always done.
But look at it this way, that's 10% of your income spent on your hair!! :eek:

I spend £10 every 3 months on mine (but I'm a bloke so not directly comparable!)

RAS

Laura

In ten months that credit card debt will be gone and you can do what you like with your hair.